MELADU: 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.
MELADU
Largest movements
- Tangible fixed assets +€148,728
up €148,728 (+144%), from €103,164 to €251,892
of which Leasing and similar rights: +€165,606
- Cash -€62,310
down €62,310 (-53.8%), from €115,843 to €53,533
mainly Investment in fixed assets (net) (-€193,945) and Current portion of long-term debt (-€9,418)
- Debts after one year +€82,929
up €82,929 (+3,258%), from €2,546 to €85,475
- Reserves +€18,100
up €18,100 (+60.2%), from €30,082 to €48,182
- Current portion of long-term debt -€9,418
down €9,418 (-29.9%), from €31,489 to €22,071
- Tax, wage and social debts -€5,260
down €5,260 (-73.8%), from €7,125 to €1,865
of which Taxes: -€5,274
- Depreciation -€4,859
down €4,859 (-9.7%), from €50,076 to €45,217
- Gross operating margin +€2,506
up €2,506 (+3.9%), from €64,426 to €66,932
- Taxes -€1,182
down €1,182 (-35.9%), from €3,288 to €2,106
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 | €272,123 | €357,863 | +€85,740 | +31.5% |
| Fixed assets | 21/28 | €103,164 | €251,892 | +€148,728 | +144% |
| Tangible fixed assets | 22/27 | €103,164 | €251,892 | +€148,728 | +144% |
| Plant, machinery and equipment | 23 | €65,272 | €54,592 | -€10,680 | -16.4% |
| Furniture and vehicles | 24 | €25,175 | €17,959 | -€7,216 | -28.7% |
| Leasing and similar rights | 25 | €12,717 | €178,323 | +€165,606 | +1,302% |
| Other tangible fixed assets | 26 | - | €1,018 | +€1,018 | |
| Current assets | 29/58 | €168,959 | €105,971 | -€62,989 | -37.3% |
| Amounts receivable within one year | 40/41 | €49,748 | €50,065 | +€317 | +0.6% |
| Trade receivables | 40 | €48,901 | €32,825 | -€16,077 | -32.9% |
| Other amounts receivable | 41 | €847 | €17,240 | +€16,393 | +1,936% |
| Cash at bank and in hand | 54/58 | €115,843 | €53,533 | -€62,310 | -53.8% |
| Deferred charges and accrued income | 490/1 | €3,368 | €2,373 | -€995 | -29.5% |
| Total equity and liabilities | 10/49 | €272,123 | €357,863 | +€85,740 | +31.5% |
| Equity | 10/15 | €115,120 | €133,262 | +€18,142 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €30,082 | €48,182 | +€18,100 | +60.2% |
| Distributable reserves | 133 | €30,082 | €48,182 | +€18,100 | +60.2% |
| Profit (loss) carried forward | 14 | €66,439 | €66,481 | +€42 | +0.1% |
| Amounts payable | 17/49 | €157,003 | €224,600 | +€67,598 | +43.1% |
| Amounts payable after more than one year | 17 | €2,546 | €85,475 | +€82,929 | +3,258% |
| Financial debts | 170/4 | €2,546 | €85,475 | +€82,929 | +3,258% |
| Amounts payable within one year | 42/48 | €153,529 | €138,613 | -€14,916 | -9.7% |
| Current portion of amounts payable after more than one year | 42 | €31,489 | €22,071 | -€9,418 | -29.9% |
| Trade debts | 44 | €12,500 | €11,236 | -€1,264 | -10.1% |
| Suppliers | 440/4 | €12,500 | €11,236 | -€1,264 | -10.1% |
| Taxes, remuneration and social security | 45 | €7,125 | €1,865 | -€5,260 | -73.8% |
| Taxes | 450/3 | €5,274 | €0 | -€5,274 | -100% |
| Remuneration and social security | 454/9 | €1,851 | €1,865 | +€14 | +0.8% |
| Other amounts payable | 47/48 | €102,415 | €103,442 | +€1,027 | +1.0% |
| Accrued charges and deferred income | 492/3 | €928 | €512 | -€415 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,076 | €45,217 | -€4,859 | -9.7% |
| Other operating charges | 640/8 | €678 | €694 | +€16 | +2.4% |
| Gross operating margin | 9900 | €64,426 | €66,932 | +€2,506 | +3.9% |
| Operating profit (loss) | 9901 | €13,673 | €21,022 | +€7,349 | +53.8% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €1,400 | €773 | -€627 | -44.8% |
| Recurring financial charges | 65 | €1,400 | €773 | -€627 | -44.8% |
| Profit (loss) for the period before taxes | 9903 | €12,272 | €20,248 | +€7,976 | +65.0% |
| Income taxes | 67/77 | €3,288 | €2,106 | -€1,182 | -35.9% |
| Profit (loss) for the period | 9904 | €8,984 | €18,142 | +€9,158 | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €8,984 | €18,142 | +€9,158 | +102% |
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 16 October 2026 via checked.be.