The Netherlands has traditionally focused on managing flood risk. However, the frequent occurrence of droughts in recent years has brought attention to managing both extremes. Transitions between these opposite extremes pose additional challenges to water management, requiring a trade-off between water storage during dry periods and flood control during wet periods. In this study, we develop a framework to define wet and dry meteorological events and study their transitions using timeseries of meteorological data namely, precipitation, temperature and potential evapotranspiration. The magnitudes of event characteristics are retained, which presents a different approach to the normalized climate indices (like the Standardized Precipitation Index) commonly used in literature. We apply this framework to the Dutch part of the Meuse River basin in northwestern Europe using climate observations between 1951 and 2022. Our analysis shows a statistically significant increase in the amount of water lost from potential evapotranspiration compared to water gained from precipitation between April and September of the water year and an increase in the length of this drying period over the past decades. Such trends in the drying period are related to variability in potential evapotranspiration caused by rising temperatures in the region, indicating the potential for increased water shortage in Spring and Summer due to future temperature increases. We also identify abrupt transitions between opposite extreme events where there is a lack of water at the end of the second event as meteorological situations that challenge water management due to overlapping impacts like flash flooding, less time for water storage, and reduced water availability. We see such conditions occur in 6% of the wet-dry transitions and 20% of the dry-wet transitions, highlighting meteorological scenarios to which the hydrological response of the catchment can be simulated to increase our understanding of the combined risk of floods and droughts.