WIM MEEUSSEN: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
WIM MEEUSSEN
Largest movements
- Cash +€331,095
up €331,095 (+94.8%), from €349,394 to €680,489
mainly Net result for the year (+€361,793) and Other debts (+€33,819)
- Stocks and contracts +€58,645
up €58,645 (+21.3%), from €275,019 to €333,664
- Reserves +€361,793
up €361,793 (+97.0%), from €372,920 to €734,713
- Other debts +€33,819
up €33,819 (+30.1%), from €112,362 to €146,181
- Trade debts -€13,243
down €13,243 (-63.7%), from €20,774 to €7,531
- Gross operating margin +€55,706
up €55,706 (+7.2%), from €775,045 to €830,751
- Taxes +€53,486
up €53,486 (+48.2%), from €111,029 to €164,515
- Staff costs -€23,075
down €23,075 (-9.6%), from €241,055 to €217,980
- Other operating charges +€8,649
up €8,649 (+12.2%), from €70,953 to €79,602
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €651,895 | €1,042,340 | +€390,445 | +59.9% |
| Fixed assets | 21/28 | €16,147 | €11,881 | -€4,267 | -26.4% |
| Tangible fixed assets | 22/27 | €15,764 | €11,497 | -€4,267 | -27.1% |
| Plant, machinery and equipment | 23 | €9,251 | €7,216 | -€2,035 | -22.0% |
| Furniture and vehicles | 24 | €6,513 | €4,281 | -€2,232 | -34.3% |
| Financial fixed assets | 28 | €384 | €384 | = | 0.0% |
| Current assets | 29/58 | €635,748 | €1,030,460 | +€394,712 | +62.1% |
| Stocks and contracts in progress | 3 | €275,019 | €333,664 | +€58,645 | +21.3% |
| Stocks | 30/36 | €275,019 | €333,664 | +€58,645 | +21.3% |
| Amounts receivable within one year | 40/41 | €6,736 | €14,827 | +€8,091 | +120% |
| Trade receivables | 40 | €6,736 | €14,827 | +€8,091 | +120% |
| Cash at bank and in hand | 54/58 | €349,394 | €680,489 | +€331,095 | +94.8% |
| Deferred charges and accrued income | 490/1 | €4,599 | €1,480 | -€3,119 | -67.8% |
| Total equity and liabilities | 10/49 | €651,895 | €1,042,340 | +€390,445 | +59.9% |
| Equity | 10/15 | €391,520 | €753,313 | +€361,793 | +92.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €372,920 | €734,713 | +€361,793 | +97.0% |
| Distributable reserves | 133 | €372,920 | €734,713 | +€361,793 | +97.0% |
| Amounts payable | 17/49 | €260,375 | €289,027 | +€28,652 | +11.0% |
| Amounts payable within one year | 42/48 | €259,542 | €283,469 | +€23,927 | +9.2% |
| Trade debts | 44 | €20,774 | €7,531 | -€13,243 | -63.7% |
| Suppliers | 440/4 | €20,774 | €7,531 | -€13,243 | -63.7% |
| Taxes, remuneration and social security | 45 | €126,407 | €129,756 | +€3,350 | +2.7% |
| Taxes | 450/3 | €70,740 | €107,646 | +€36,906 | +52.2% |
| Remuneration and social security | 454/9 | €55,666 | €22,110 | -€33,556 | -60.3% |
| Other amounts payable | 47/48 | €112,362 | €146,181 | +€33,819 | +30.1% |
| Accrued charges and deferred income | 492/3 | €833 | €5,558 | +€4,726 | +568% |
| Non-recurring operating income | 76A | €1,132 | - | -€1,132 | |
| Remuneration, social security and pensions | 62 | €241,055 | €217,980 | -€23,075 | -9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,037 | €5,471 | +€433 | +8.6% |
| Other operating charges | 640/8 | €70,953 | €79,602 | +€8,649 | +12.2% |
| Gross operating margin | 9900 | €775,045 | €830,751 | +€55,706 | +7.2% |
| Operating profit (loss) | 9901 | €458,000 | €527,699 | +€69,698 | +15.2% |
| Financial income | 75/76B | €2,002 | €2,554 | +€553 | +27.6% |
| Recurring financial income | 75 | €2,002 | €2,554 | +€553 | +27.6% |
| Financial charges | 65/66B | €3,765 | €3,945 | +€180 | +4.8% |
| Recurring financial charges | 65 | €3,765 | €3,945 | +€180 | +4.8% |
| Profit (loss) for the period before taxes | 9903 | €456,237 | €526,308 | +€70,071 | +15.4% |
| Income taxes | 67/77 | €111,029 | €164,515 | +€53,486 | +48.2% |
| Profit (loss) for the period | 9904 | €345,208 | €361,793 | +€16,585 | +4.8% |
| Profit (loss) for the period to be appropriated | 9905 | €345,208 | €361,793 | +€16,585 | +4.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.