M.E.L.: 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.
M.E.L.
Largest movements
- Tangible fixed assets -€18,757
down €18,757 (-10.4%), from €179,611 to €160,854
of which Land and buildings: -€11,368
- Receivables within one year -€13,709
down €13,709 (-39.1%), from €35,068 to €21,359
of which Trade receivables: -€28,025
- Cash -€6,604
down €6,604 (-67.8%), from €9,742 to €3,139
mainly Debts after one year (-€21,346) and Trade debts (-€13,792)
- Debts after one year -€21,346
no longer reported in 2025 (was €21,346)
- Trade debts -€13,792
down €13,792 (-99.6%), from €13,845 to €53
- Profit (loss) carried forward -€12,182
new in 2025: -€12,182
- Other debts +€7,783
up €7,783 (+7.8%), from €99,822 to €107,605
- Gross operating margin -€11,946
down €11,946 (-50.3%), from €23,748 to €11,802
- Depreciation +€1,714
up €1,714 (+10.1%), from €17,044 to €18,757
- Taxes -€1,387
down €1,387 (-66.5%), from €2,087 to €700
- Financial charges -€561
down €561 (-25.9%), from €2,164 to €1,603
- Other operating charges +€534
up €534 (+22.4%), from €2,390 to €2,924
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 | €224,421 | €185,352 | -€39,070 | -17.4% |
| Fixed assets | 21/28 | €179,611 | €160,854 | -€18,757 | -10.4% |
| Tangible fixed assets | 22/27 | €179,611 | €160,854 | -€18,757 | -10.4% |
| Land and buildings | 22 | €162,917 | €151,549 | -€11,368 | -7.0% |
| Plant, machinery and equipment | 23 | €6,816 | €4,718 | -€2,098 | -30.8% |
| Furniture and vehicles | 24 | €9,877 | €4,586 | -€5,291 | -53.6% |
| Current assets | 29/58 | €44,810 | €24,498 | -€20,312 | -45.3% |
| Amounts receivable within one year | 40/41 | €35,068 | €21,359 | -€13,709 | -39.1% |
| Trade receivables | 40 | €28,195 | €169 | -€28,025 | -99.4% |
| Other amounts receivable | 41 | €6,874 | €21,190 | +€14,316 | +208% |
| Cash at bank and in hand | 54/58 | €9,742 | €3,139 | -€6,604 | -67.8% |
| Total equity and liabilities | 10/49 | €224,421 | €185,352 | -€39,070 | -17.4% |
| Equity | 10/15 | €66,833 | €54,650 | -€12,182 | -18.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €48,233 | €48,233 | = | 0.0% |
| Distributable reserves | 133 | €48,233 | €48,233 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€12,182 | -€12,182 | |
| Amounts payable | 17/49 | €157,589 | €130,702 | -€26,887 | -17.1% |
| Amounts payable after more than one year | 17 | €21,346 | - | -€21,346 | |
| Financial debts | 170/4 | €21,346 | - | -€21,346 | |
| Amounts payable within one year | 42/48 | €136,243 | €130,702 | -€5,542 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €20,567 | €21,346 | +€778 | +3.8% |
| Trade debts | 44 | €13,845 | €53 | -€13,792 | -99.6% |
| Suppliers | 440/4 | €13,845 | €53 | -€13,792 | -99.6% |
| Taxes, remuneration and social security | 45 | €2,009 | €1,697 | -€311 | -15.5% |
| Taxes | 450/3 | €2,009 | €1,697 | -€311 | -15.5% |
| Other amounts payable | 47/48 | €99,822 | €107,605 | +€7,783 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,044 | €18,757 | +€1,714 | +10.1% |
| Other operating charges | 640/8 | €2,390 | €2,924 | +€534 | +22.4% |
| Gross operating margin | 9900 | €23,748 | €11,802 | -€11,946 | -50.3% |
| Operating profit (loss) | 9901 | €4,314 | -€9,879 | -€14,194 | |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €2,164 | €1,603 | -€561 | -25.9% |
| Recurring financial charges | 65 | €2,164 | €1,603 | -€561 | -25.9% |
| Profit (loss) for the period before taxes | 9903 | €2,157 | -€11,482 | -€13,639 | |
| Income taxes | 67/77 | €2,087 | €700 | -€1,387 | -66.5% |
| Profit (loss) for the period | 9904 | €70 | -€12,182 | -€12,252 | |
| Profit (loss) for the period to be appropriated | 9905 | €70 | -€12,182 | -€12,252 |
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.