MELAGOM: 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.
MELAGOM
Largest movements
- Receivables within one year -€42,091
down €42,091 (-66.7%), from €63,067 to €20,976
of which Trade receivables: -€33,560
- Tangible fixed assets +€32,483
up €32,483 (+15.7%), from €206,327 to €238,810
of which Furniture and vehicles: +€27,356
- Stocks and contracts +€13,391
up €13,391 (+137.2%), from €9,758 to €23,149
- Cash -€12,360
down €12,360 (-44.3%), from €27,904 to €15,544
mainly Investment in fixed assets (net) (-€98,215) and Trade debts (-€28,073)
- Trade debts -€28,073
down €28,073 (-22.4%), from €125,112 to €97,039
- Tax, wage and social debts +€11,990
up €11,990 (+67.1%), from €17,871 to €29,861
of which Remuneration and social security: +€9,476
- Debts after one year +€3,646
up €3,646 (+3.3%), from €109,955 to €113,601
of which Financial debts: +€7,720
- Profit (loss) carried forward +€3,366
up €3,366 (+17.7%), from €19,009 to €22,375
- Gross operating margin +€30,311
up €30,311 (+28.2%), from €107,337 to €137,648
- Depreciation +€18,185
up €18,185 (+38.2%), from €47,586 to €65,770
- Staff costs +€4,961
up €4,961 (+10.2%), from €48,526 to €53,487
- Financial charges +€3,170
up €3,170 (+40.8%), from €7,769 to €10,939
- Other operating charges +€3,138
up €3,138 (+331.1%), from €948 to €4,086
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 | €309,610 | €303,344 | -€6,266 | -2.0% |
| Formation expenses | 20 | €39 | - | -€39 | |
| Fixed assets | 21/28 | €206,502 | €238,985 | +€32,483 | +15.7% |
| Tangible fixed assets | 22/27 | €206,327 | €238,810 | +€32,483 | +15.7% |
| Plant, machinery and equipment | 23 | €56,741 | €53,760 | -€2,981 | -5.3% |
| Furniture and vehicles | 24 | €46,847 | €74,203 | +€27,356 | +58.4% |
| Leasing and similar rights | 25 | €66,369 | €78,789 | +€12,420 | +18.7% |
| Other tangible fixed assets | 26 | €36,370 | €32,058 | -€4,312 | -11.9% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €103,069 | €64,359 | -€38,710 | -37.6% |
| Stocks and contracts in progress | 3 | €9,758 | €23,149 | +€13,391 | +137.2% |
| Stocks | 30/36 | €9,758 | €23,149 | +€13,391 | +137.2% |
| Amounts receivable within one year | 40/41 | €63,067 | €20,976 | -€42,091 | -66.7% |
| Trade receivables | 40 | €43,911 | €10,351 | -€33,560 | -76.4% |
| Other amounts receivable | 41 | €19,156 | €10,625 | -€8,530 | -44.5% |
| Cash at bank and in hand | 54/58 | €27,904 | €15,544 | -€12,360 | -44.3% |
| Deferred charges and accrued income | 490/1 | €2,341 | €4,690 | +€2,350 | +100.4% |
| Total equity and liabilities | 10/49 | €309,610 | €303,344 | -€6,266 | -2.0% |
| Equity | 10/15 | €24,009 | €27,375 | +€3,366 | +14.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,009 | €22,375 | +€3,366 | +17.7% |
| Amounts payable | 17/49 | €285,601 | €275,969 | -€9,633 | -3.4% |
| Amounts payable after more than one year | 17 | €109,955 | €113,601 | +€3,646 | +3.3% |
| Financial debts | 170/4 | €88,027 | €95,747 | +€7,720 | +8.8% |
| Other amounts payable | 178/9 | €21,928 | €17,854 | -€4,075 | -18.6% |
| Amounts payable within one year | 42/48 | €175,646 | €162,368 | -€13,278 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | €32,663 | €35,468 | +€2,805 | +8.6% |
| Trade debts | 44 | €125,112 | €97,039 | -€28,073 | -22.4% |
| Suppliers | 440/4 | €125,112 | €97,039 | -€28,073 | -22.4% |
| Taxes, remuneration and social security | 45 | €17,871 | €29,861 | +€11,990 | +67.1% |
| Taxes | 450/3 | €12,533 | €15,047 | +€2,514 | +20.1% |
| Remuneration and social security | 454/9 | €5,338 | €14,813 | +€9,476 | +177.5% |
| Remuneration, social security and pensions | 62 | €48,526 | €53,487 | +€4,961 | +10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,586 | €65,770 | +€18,185 | +38.2% |
| Other operating charges | 640/8 | €948 | €4,086 | +€3,138 | +331.1% |
| Gross operating margin | 9900 | €107,337 | €137,648 | +€30,311 | +28.2% |
| Operating profit (loss) | 9901 | €10,278 | €14,305 | +€4,027 | +39.2% |
| Financial income | 75/76B | €603 | - | -€603 | |
| Recurring financial income | 75 | €603 | - | -€603 | |
| Financial charges | 65/66B | €7,769 | €10,939 | +€3,170 | +40.8% |
| Recurring financial charges | 65 | €7,769 | €10,939 | +€3,170 | +40.8% |
| Profit (loss) for the period before taxes | 9903 | €3,112 | €3,366 | +€254 | +8.2% |
| Profit (loss) for the period | 9904 | €3,112 | €3,366 | +€254 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €3,112 | €3,366 | +€254 | +8.2% |
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.