MEL & RAPH: 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.
MEL & RAPH
Largest movements
- Stocks and contracts +€25,205
up €25,205 (+8.3%), from €305,123 to €330,328
- Tangible fixed assets -€8,585
down €8,585 (-28.3%), from €30,314 to €21,729
of which Furniture and vehicles: -€8,391
- Other debts +€45,031
up €45,031 (+43.1%), from €104,490 to €149,521
- Short-term financial debts -€12,262
down €12,262 (-6.7%), from €182,262 to €170,000
- Trade debts -€8,059
down €8,059 (-35.0%), from €23,024 to €14,966
- Profit (loss) carried forward -€6,219
down €6,219 (-35.9%), from -€17,320 to -€23,539
- Gross operating margin +€2,771
up €2,771 (+109.5%), from €2,532 to €5,303
- Financial charges -€207
down €207 (-10.0%), from €2,068 to €1,861
- Financial income -€183
down €183 (-100.0%), from €183 to €0
- Other operating charges +€154
up €154 (+16.7%), from €922 to €1,076
- Depreciation -€64
down €64 (-0.7%), from €8,648 to €8,585
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 | €351,677 | €368,734 | +€17,057 | +4.9% |
| Fixed assets | 21/28 | €30,314 | €21,729 | -€8,585 | -28.3% |
| Tangible fixed assets | 22/27 | €30,314 | €21,729 | -€8,585 | -28.3% |
| Land and buildings | 22 | €5,126 | €4,933 | -€193 | -3.8% |
| Furniture and vehicles | 24 | €25,188 | €16,797 | -€8,391 | -33.3% |
| Current assets | 29/58 | €321,363 | €347,005 | +€25,642 | +8.0% |
| Stocks and contracts in progress | 3 | €305,123 | €330,328 | +€25,205 | +8.3% |
| Stocks | 30/36 | €305,123 | €330,328 | +€25,205 | +8.3% |
| Amounts receivable within one year | 40/41 | €12,799 | €12,364 | -€435 | -3.4% |
| Trade receivables | 40 | €4,840 | €11,646 | +€6,806 | +140.6% |
| Other amounts receivable | 41 | €7,959 | €718 | -€7,242 | -91.0% |
| Cash at bank and in hand | 54/58 | €2,604 | €3,218 | +€613 | +23.6% |
| Deferred charges and accrued income | 490/1 | €836 | €1,096 | +€259 | +31.0% |
| Total equity and liabilities | 10/49 | €351,677 | €368,734 | +€17,057 | +4.9% |
| Equity | 10/15 | €18,875 | €12,656 | -€6,219 | -32.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €17,595 | €17,595 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,735 | €15,735 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,320 | -€23,539 | -€6,219 | -35.9% |
| Amounts payable | 17/49 | €332,802 | €356,078 | +€23,276 | +7.0% |
| Amounts payable after more than one year | 17 | €16,334 | €13,370 | -€2,964 | -18.1% |
| Financial debts | 170/4 | €15,739 | €9,175 | -€6,564 | -41.7% |
| Other amounts payable | 178/9 | €595 | €4,195 | +€3,600 | +605.0% |
| Amounts payable within one year | 42/48 | €316,080 | €342,308 | +€26,228 | +8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,304 | €6,564 | +€260 | +4.1% |
| Financial debts | 43 | €182,262 | €170,000 | -€12,262 | -6.7% |
| Credit institutions | 430/8 | €182,262 | €170,000 | -€12,262 | -6.7% |
| Trade debts | 44 | €23,024 | €14,966 | -€8,059 | -35.0% |
| Suppliers | 440/4 | €23,024 | €14,966 | -€8,059 | -35.0% |
| Taxes, remuneration and social security | 45 | - | €1,257 | +€1,257 | |
| Taxes | 450/3 | - | €1,257 | +€1,257 | |
| Other amounts payable | 47/48 | €104,490 | €149,521 | +€45,031 | +43.1% |
| Accrued charges and deferred income | 492/3 | €387 | €400 | +€12 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,648 | €8,585 | -€64 | -0.7% |
| Other operating charges | 640/8 | €922 | €1,076 | +€154 | +16.7% |
| Gross operating margin | 9900 | €2,532 | €5,303 | +€2,771 | +109.5% |
| Operating profit (loss) | 9901 | -€7,039 | -€4,358 | +€2,681 | +38.1% |
| Financial income | 75/76B | €183 | €0 | -€183 | -100.0% |
| Recurring financial income | 75 | €183 | €0 | -€183 | -100.0% |
| Financial charges | 65/66B | €2,068 | €1,861 | -€207 | -10.0% |
| Recurring financial charges | 65 | €2,068 | €1,861 | -€207 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | -€8,924 | -€6,219 | +€2,704 | +30.3% |
| Profit (loss) for the period | 9904 | -€8,924 | -€6,219 | +€2,704 | +30.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,924 | -€6,219 | +€2,704 | +30.3% |
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 12 October 2026 via checked.be.