DOKTER M. MELLEBEEK: 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.
DOKTER M. MELLEBEEK
Largest movements
- Current investments +€54,367
up €54,367 (+16.8%), from €322,806 to €377,173
- Receivables within one year +€16,588
up €16,588 (+7.7%), from €215,099 to €231,687
of which Other amounts receivable: +€15,855
- Reserves +€92,858
up €92,858 (+11.7%), from €793,461 to €886,320
of which Distributable reserves: +€92,858
- Accrued charges and deferred income -€14,177
down €14,177 (-26.1%), from €54,410 to €40,233
- Gross operating margin -€12,758
down €12,758 (-10.7%), from €119,098 to €106,340
- Financial income +€9,481
up €9,481 (+30.1%), from €31,470 to €40,951
- Taxes +€2,618
up €2,618 (+5.5%), from €47,293 to €49,911
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 | €984,154 | €1,060,850 | +€76,696 | +7.8% |
| Fixed assets | 21/28 | €440,540 | €439,191 | -€1,348 | -0.3% |
| Tangible fixed assets | 22/27 | €65,540 | €64,191 | -€1,348 | -2.1% |
| Land and buildings | 22 | €473 | - | -€473 | |
| Plant, machinery and equipment | 23 | €2,757 | €2,270 | -€487 | -17.7% |
| Other tangible fixed assets | 26 | €62,309 | €61,921 | -€388 | -0.6% |
| Financial fixed assets | 28 | €375,000 | €375,000 | = | 0.0% |
| Current assets | 29/58 | €543,614 | €621,659 | +€78,045 | +14.4% |
| Amounts receivable within one year | 40/41 | €215,099 | €231,687 | +€16,588 | +7.7% |
| Trade receivables | 40 | - | €733 | +€733 | |
| Other amounts receivable | 41 | €215,099 | €230,954 | +€15,855 | +7.4% |
| Current investments | 50/53 | €322,806 | €377,173 | +€54,367 | +16.8% |
| Cash at bank and in hand | 54/58 | €4,037 | €11,407 | +€7,370 | +183% |
| Deferred charges and accrued income | 490/1 | €1,672 | €1,392 | -€280 | -16.8% |
| Total equity and liabilities | 10/49 | €984,154 | €1,060,850 | +€76,696 | +7.8% |
| Equity | 10/15 | €908,990 | €1,001,849 | +€92,858 | +10.2% |
| Contributions | 10/11 | €12,395 | €12,395 | = | 0.0% |
| Capital | 10 | €12,395 | - | -€12,395 | |
| Issued capital | 100 | €12,395 | - | -€12,395 | |
| Reserves | 13 | €793,461 | €886,320 | +€92,858 | +11.7% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €791,602 | €884,460 | +€92,858 | +11.7% |
| Profit (loss) carried forward | 14 | €103,134 | €103,134 | = | 0.0% |
| Amounts payable | 17/49 | €75,164 | €59,002 | -€16,162 | -21.5% |
| Amounts payable within one year | 42/48 | €20,753 | €18,769 | -€1,984 | -9.6% |
| Financial debts | 43 | €8,759 | €7,753 | -€1,005 | -11.5% |
| Credit institutions | 430/8 | €8,759 | €7,753 | -€1,005 | -11.5% |
| Trade debts | 44 | €5 | - | -€5 | |
| Suppliers | 440/4 | €5 | - | -€5 | |
| Taxes, remuneration and social security | 45 | €11,990 | €11,016 | -€974 | -8.1% |
| Taxes | 450/3 | €11,990 | €11,016 | -€974 | -8.1% |
| Accrued charges and deferred income | 492/3 | €54,410 | €40,233 | -€14,177 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,348 | €1,348 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,726 | €2,090 | +€365 | +21.1% |
| Gross operating margin | 9900 | €119,098 | €106,340 | -€12,758 | -10.7% |
| Operating profit (loss) | 9901 | €116,024 | €102,902 | -€13,122 | -11.3% |
| Financial income | 75/76B | €31,470 | €40,951 | +€9,481 | +30.1% |
| Recurring financial income | 75 | €31,470 | €40,951 | +€9,481 | +30.1% |
| Financial charges | 65/66B | €755 | €1,084 | +€329 | +43.5% |
| Recurring financial charges | 65 | €755 | €1,084 | +€329 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €146,739 | €142,769 | -€3,970 | -2.7% |
| Income taxes | 67/77 | €47,293 | €49,911 | +€2,618 | +5.5% |
| Profit (loss) for the period | 9904 | €99,446 | €92,858 | -€6,588 | -6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,446 | €92,858 | -€6,588 | -6.6% |
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 31 October 2026 via checked.be.