Immo Melkert: what changed
Two fiscal 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.
Immo Melkert
Largest movements
- Tangible fixed assets -€66,455
down €66,455 (-34.6%), from €192,059 to €125,604
of which Furniture and vehicles: -€64,187
- Cash +€58,008
up €58,008 (+81.0%), from €71,629 to €129,637
mainly Investment in fixed assets (net) (+€47,116) and Receivables within one year (+€46,760)
- Receivables within one year -€46,760
down €46,760 (-34.2%), from €136,555 to €89,795
of which Trade receivables: -€60,147
- Deferred charges and accrued income +€30,108
up €30,108 (+431.7%), from €6,975 to €37,083
- Reserves -€26,000
down €26,000 (-13.1%), from €199,210 to €173,210
of which Distributable reserves: -€26,000
- Trade debts +€21,681
up €21,681 (+82.0%), from €26,445 to €48,126
- Debts after one year -€21,110
no longer reported in 2025 (was €21,110)
- Current portion of long-term debt -€19,384
no longer reported in 2025 (was €19,384)
- Tax, wage and social debts +€11,107
up €11,107 (+108.8%), from €10,208 to €21,315
of which Remuneration and social security: +€8,843
- Other operating charges +€8,841
up €8,841 (+29.0%), from €30,528 to €39,369
- Staff costs -€6,018
down €6,018 (-48.2%), from €12,480 to €6,462
- Depreciation -€5,273
down €5,273 (-21.4%), from €24,611 to €19,339
- Gross operating margin +€4,612
up €4,612 (+4.5%), from €103,074 to €107,686
- Taxes +€1,947
up €1,947 (+8.8%), from €22,067 to €24,014
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.
Cash bridge derived
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 | €407,217 | €382,119 | -€25,099 | -6.2% |
| Fixed assets | 21/28 | €192,059 | €125,604 | -€66,455 | -34.6% |
| Tangible fixed assets | 22/27 | €192,059 | €125,604 | -€66,455 | -34.6% |
| Plant, machinery and equipment | 23 | €7,979 | €5,711 | -€2,268 | -28.4% |
| Furniture and vehicles | 24 | €184,080 | €119,893 | -€64,187 | -34.9% |
| Current assets | 29/58 | €215,159 | €256,515 | +€41,356 | +19.2% |
| Amounts receivable within one year | 40/41 | €136,555 | €89,795 | -€46,760 | -34.2% |
| Trade receivables | 40 | €118,403 | €58,256 | -€60,147 | -50.8% |
| Other amounts receivable | 41 | €18,152 | €31,539 | +€13,387 | +73.7% |
| Cash at bank and in hand | 54/58 | €71,629 | €129,637 | +€58,008 | +81.0% |
| Deferred charges and accrued income | 490/1 | €6,975 | €37,083 | +€30,108 | +431.7% |
| Total equity and liabilities | 10/49 | €407,217 | €382,119 | -€25,099 | -6.2% |
| Equity | 10/15 | €276,706 | €250,770 | -€25,935 | -9.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €199,210 | €173,210 | -€26,000 | -13.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €180,460 | €154,460 | -€26,000 | -14.4% |
| Profit (loss) carried forward | 14 | €58,896 | €58,960 | +€65 | +0.1% |
| Amounts payable | 17/49 | €130,512 | €131,348 | +€837 | +0.6% |
| Amounts payable after more than one year | 17 | €21,110 | - | -€21,110 | |
| Financial debts | 170/4 | €21,110 | - | -€21,110 | |
| Amounts payable within one year | 42/48 | €109,254 | €127,863 | +€18,609 | +17.0% |
| Current portion of amounts payable after more than one year | 42 | €19,384 | - | -€19,384 | |
| Financial debts | 43 | €9,381 | €12,927 | +€3,546 | +37.8% |
| Credit institutions | 430/8 | €9,381 | €12,927 | +€3,546 | +37.8% |
| Trade debts | 44 | €26,445 | €48,126 | +€21,681 | +82.0% |
| Suppliers | 440/4 | €26,445 | €48,126 | +€21,681 | +82.0% |
| Advances received on contracts in progress | 46 | €4,361 | €631 | -€3,729 | -85.5% |
| Taxes, remuneration and social security | 45 | €10,208 | €21,315 | +€11,107 | +108.8% |
| Taxes | 450/3 | €9,421 | €11,686 | +€2,264 | +24.0% |
| Remuneration and social security | 454/9 | €787 | €9,629 | +€8,843 | +1123.9% |
| Other amounts payable | 47/48 | €39,475 | €44,863 | +€5,388 | +13.6% |
| Accrued charges and deferred income | 492/3 | €148 | €3,486 | +€3,338 | +2250.2% |
| Remuneration, social security and pensions | 62 | €12,480 | €6,462 | -€6,018 | -48.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,611 | €19,339 | -€5,273 | -21.4% |
| Other operating charges | 640/8 | €30,528 | €39,369 | +€8,841 | +29.0% |
| Gross operating margin | 9900 | €103,074 | €107,686 | +€4,612 | +4.5% |
| Operating profit (loss) | 9901 | €35,455 | €42,516 | +€7,061 | +19.9% |
| Financial income | 75/76B | €3 | €723 | +€720 | +23840.1% |
| Recurring financial income | 75 | €3 | €723 | +€720 | +23840.1% |
| Financial charges | 65/66B | €2,257 | €3,494 | +€1,237 | +54.8% |
| Recurring financial charges | 65 | €2,257 | €3,494 | +€1,237 | +54.8% |
| Profit (loss) for the period before taxes | 9903 | €33,201 | €39,745 | +€6,544 | +19.7% |
| Income taxes | 67/77 | €22,067 | €24,014 | +€1,947 | +8.8% |
| Profit (loss) for the period | 9904 | €11,134 | €15,731 | +€4,597 | +41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €11,134 | €15,731 | +€4,597 | +41.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.