M. MELIS: 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. MELIS
Largest movements
- Stocks and contracts +€1.3m
up €1.3m (+66.4%), from €1.9m to €3.2m
- Cash -€175,714
down €175,714 (-33.1%), from €530,228 to €354,514
mainly Stocks and contracts (-€1.3m) and Contributions, distributions and other (-€189,511)
- Receivables within one year -€153,017
down €153,017 (-79.9%), from €191,445 to €38,427
of which Trade receivables: -€152,670
- Debts after one year +€970,369
up €970,369 (+85.2%), from €1.1m to €2.1m
- Reserves -€72,672
down €72,672 (-4.0%), from €1.8m to €1.7m
- Other debts +€71,973
up €71,973 (+58.0%), from €124,174 to €196,147
- Financial charges +€42,596
up €42,596 (+92.7%), from €45,952 to €88,548
- Taxes -€27,298
down €27,298 (-36.1%), from €75,638 to €48,340
- Gross operating margin -€22,126
down €22,126 (-7.0%), from €314,034 to €291,908
- Other operating charges +€12,045
up €12,045 (+190.4%), from €6,327 to €18,373
- Depreciation +€3,294
up €3,294 (+19.9%), from €16,546 to €19,840
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 | €3,239,672 | €4,204,493 | +€964,821 | +29.8% |
| Fixed assets | 21/28 | €281,381 | €277,122 | -€4,259 | -1.5% |
| Tangible fixed assets | 22/27 | €281,381 | €277,122 | -€4,259 | -1.5% |
| Land and buildings | 22 | €239,836 | €244,459 | +€4,624 | +1.9% |
| Plant, machinery and equipment | 23 | €4,145 | €3,023 | -€1,122 | -27.1% |
| Furniture and vehicles | 24 | €37,400 | €29,639 | -€7,761 | -20.8% |
| Current assets | 29/58 | €2,958,292 | €3,927,371 | +€969,080 | +32.8% |
| Amounts receivable after more than one year | 29 | €300,000 | €300,000 | = | 0.0% |
| Other amounts receivable | 291 | €300,000 | €300,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €1,928,886 | €3,209,789 | +€1.3m | +66.4% |
| Stocks | 30/36 | €1,928,886 | €3,209,789 | +€1.3m | +66.4% |
| Amounts receivable within one year | 40/41 | €191,445 | €38,427 | -€153,017 | -79.9% |
| Trade receivables | 40 | €191,097 | €38,427 | -€152,670 | -79.9% |
| Other amounts receivable | 41 | €348 | €1 | -€347 | -99.8% |
| Cash at bank and in hand | 54/58 | €530,228 | €354,514 | -€175,714 | -33.1% |
| Deferred charges and accrued income | 490/1 | €7,734 | €24,641 | +€16,907 | +218.6% |
| Total equity and liabilities | 10/49 | €3,239,672 | €4,204,493 | +€964,821 | +29.8% |
| Equity | 10/15 | €1,807,076 | €1,734,404 | -€72,672 | -4.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,794,676 | €1,722,004 | -€72,672 | -4.0% |
| Distributable reserves | 133 | €1,794,676 | €1,722,004 | -€72,672 | -4.0% |
| Amounts payable | 17/49 | €1,432,596 | €2,470,089 | +€1.0m | +72.4% |
| Amounts payable after more than one year | 17 | €1,139,335 | €2,109,704 | +€970,369 | +85.2% |
| Financial debts | 170/4 | €1,139,335 | €2,109,704 | +€970,369 | +85.2% |
| Amounts payable within one year | 42/48 | €285,605 | €353,429 | +€67,825 | +23.7% |
| Current portion of amounts payable after more than one year | 42 | €123,065 | €127,077 | +€4,012 | +3.3% |
| Trade debts | 44 | €6,291 | €3,318 | -€2,973 | -47.3% |
| Suppliers | 440/4 | €6,291 | €3,318 | -€2,973 | -47.3% |
| Taxes, remuneration and social security | 45 | €32,075 | €26,887 | -€5,188 | -16.2% |
| Taxes | 450/3 | €32,075 | €26,887 | -€5,188 | -16.2% |
| Other amounts payable | 47/48 | €124,174 | €196,147 | +€71,973 | +58.0% |
| Accrued charges and deferred income | 492/3 | €7,656 | €6,955 | -€701 | -9.2% |
| Non-recurring operating income | 76A | €196,455 | - | -€196,455 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,546 | €19,840 | +€3,294 | +19.9% |
| Other operating charges | 640/8 | €6,327 | €18,373 | +€12,045 | +190.4% |
| Gross operating margin | 9900 | €314,034 | €291,908 | -€22,126 | -7.0% |
| Operating profit (loss) | 9901 | €291,160 | €253,695 | -€37,465 | -12.9% |
| Financial income | 75/76B | €22 | €33 | +€11 | +51.0% |
| Recurring financial income | 75 | €22 | €33 | +€11 | +51.0% |
| Financial charges | 65/66B | €45,952 | €88,548 | +€42,596 | +92.7% |
| Recurring financial charges | 65 | €45,952 | €88,548 | +€42,596 | +92.7% |
| Profit (loss) for the period before taxes | 9903 | €245,230 | €165,180 | -€80,050 | -32.6% |
| Income taxes | 67/77 | €75,638 | €48,340 | -€27,298 | -36.1% |
| Profit (loss) for the period | 9904 | €169,592 | €116,839 | -€52,752 | -31.1% |
| Profit (loss) for the period to be appropriated | 9905 | €169,592 | €116,839 | -€52,752 | -31.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.