Dr. Mellaerts: 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.
Dr. Mellaerts
Largest movements
- Current investments +€182,119
up €182,119 (+21.5%), from €846,833 to €1.0m
- Tangible fixed assets +€39,646
up €39,646 (+3,156%), from €1,256 to €40,903
of which Furniture and vehicles: +€40,096
- Cash -€22,393
down €22,393 (-8.5%), from €262,657 to €240,264
mainly Current investments (-€182,119) and Contributions, distributions and other (-€120,545)
- Reserves +€215,776
up €215,776 (+20.7%), from €1.0m to €1.3m
- Gross operating margin +€13,546
up €13,546 (+2.9%), from €460,215 to €473,761
- Financial charges -€11,053
down €11,053, from €5,763 to -€5,290
- Taxes +€8,059
up €8,059 (+5.5%), from €147,483 to €155,542
- Depreciation +€5,068
up €5,068 (+5,425%), from €93 to €5,162
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 | €1,112,157 | €1,321,347 | +€209,191 | +18.8% |
| Fixed assets | 21/28 | €1,256 | €40,903 | +€39,646 | +3,156% |
| Tangible fixed assets | 22/27 | €1,256 | €40,903 | +€39,646 | +3,156% |
| Plant, machinery and equipment | 23 | €1,256 | €806 | -€450 | -35.8% |
| Furniture and vehicles | 24 | - | €40,096 | +€40,096 | |
| Current assets | 29/58 | €1,110,900 | €1,280,445 | +€169,544 | +15.3% |
| Amounts receivable within one year | 40/41 | €401 | €10,495 | +€10,094 | +2,518% |
| Trade receivables | 40 | €401 | €193 | -€208 | -51.8% |
| Other amounts receivable | 41 | - | €10,302 | +€10,302 | |
| Current investments | 50/53 | €846,833 | €1,028,952 | +€182,119 | +21.5% |
| Cash at bank and in hand | 54/58 | €262,657 | €240,264 | -€22,393 | -8.5% |
| Deferred charges and accrued income | 490/1 | €1,010 | €734 | -€276 | -27.3% |
| Total equity and liabilities | 10/49 | €1,112,157 | €1,321,347 | +€209,191 | +18.8% |
| Equity | 10/15 | €1,058,996 | €1,274,772 | +€215,776 | +20.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,040,396 | €1,256,172 | +€215,776 | +20.7% |
| Distributable reserves | 133 | €1,040,396 | €1,256,172 | +€215,776 | +20.7% |
| Amounts payable | 17/49 | €53,160 | €46,575 | -€6,586 | -12.4% |
| Amounts payable within one year | 42/48 | €53,160 | €46,575 | -€6,586 | -12.4% |
| Trade debts | 44 | €577 | €142 | -€435 | -75.5% |
| Suppliers | 440/4 | €577 | €142 | -€435 | -75.5% |
| Taxes, remuneration and social security | 45 | €6,812 | €3,000 | -€3,812 | -56.0% |
| Taxes | 450/3 | €6,812 | - | -€6,812 | |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €45,772 | €43,433 | -€2,338 | -5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93 | €5,162 | +€5,068 | +5,425% |
| Other operating charges | 640/8 | €2,167 | €1,507 | -€660 | -30.5% |
| Gross operating margin | 9900 | €460,215 | €473,761 | +€13,546 | +2.9% |
| Operating profit (loss) | 9901 | €457,955 | €467,092 | +€9,138 | +2.0% |
| Financial income | 75/76B | €20,886 | €19,481 | -€1,406 | -6.7% |
| Recurring financial income | 75 | €20,886 | €19,481 | -€1,406 | -6.7% |
| Financial charges | 65/66B | €5,763 | -€5,290 | -€11,053 | |
| Recurring financial charges | 65 | €5,763 | -€5,290 | -€11,053 | |
| Profit (loss) for the period before taxes | 9903 | €473,078 | €491,863 | +€18,785 | +4.0% |
| Income taxes | 67/77 | €147,483 | €155,542 | +€8,059 | +5.5% |
| Profit (loss) for the period | 9904 | €325,595 | €336,321 | +€10,726 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €325,595 | €336,321 | +€10,726 | +3.3% |
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 14 October 2026 via checked.be.