MELANIE DAUBE: 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.
MELANIE DAUBE
Largest movements
- Cash +€1.4m
up €1.4m (+289%), from €475,741 to €1.9m
mainly Net result for the year (+€1.1m) and Other debts (+€717,370)
- Receivables within one year +€1.1m
up €1.1m (+83.4%), from €1.3m to €2.4m
of which Trade receivables: +€1.1m
- Current investments -€713,918
down €713,918 (-32.8%), from €2.2m to €1.5m
- Other debts +€717,370
up €717,370 (+833%), from €86,124 to €803,494
- Trade debts +€522,803
up €522,803 (+132%), from €395,419 to €918,222
- Reserves +€353,692
up €353,692 (+15.3%), from €2.3m to €2.7m
- Tax, wage and social debts +€160,849
up €160,849 (+75.6%), from €212,644 to €373,493
of which Taxes: +€160,638
- Gross operating margin +€600,678
up €600,678 (+54.3%), from €1.1m to €1.7m
- Taxes +€193,457
up €193,457 (+57.4%), from €336,975 to €530,432
- Staff costs -€29,659
down €29,659, from €29,036 to -€623
- Financial charges +€29,004
up €29,004 (+1,430%), from €2,028 to €31,032
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 | €4,586,191 | €6,325,562 | +€1.7m | +37.9% |
| Fixed assets | 21/28 | €480,596 | €440,157 | -€40,439 | -8.4% |
| Intangible fixed assets | 21 | €4,218 | €3,774 | -€444 | -10.5% |
| Tangible fixed assets | 22/27 | €239,978 | €198,318 | -€41,660 | -17.4% |
| Land and buildings | 22 | €32,272 | €31,363 | -€909 | -2.8% |
| Plant, machinery and equipment | 23 | €3,098 | €1,542 | -€1,556 | -50.2% |
| Furniture and vehicles | 24 | €201,468 | €164,275 | -€37,193 | -18.5% |
| Other tangible fixed assets | 26 | €3,141 | €1,138 | -€2,002 | -63.8% |
| Financial fixed assets | 28 | €236,400 | €238,066 | +€1,665 | +0.7% |
| Current assets | 29/58 | €4,105,595 | €5,885,404 | +€1.8m | +43.4% |
| Amounts receivable after more than one year | 29 | €100,000 | €100,000 | = | 0.0% |
| Other amounts receivable | 291 | €100,000 | €100,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,313,891 | €2,409,770 | +€1.1m | +83.4% |
| Trade receivables | 40 | €1,248,894 | €2,322,290 | +€1.1m | +85.9% |
| Other amounts receivable | 41 | €64,997 | €87,480 | +€22,484 | +34.6% |
| Current investments | 50/53 | €2,176,147 | €1,462,228 | -€713,918 | -32.8% |
| Cash at bank and in hand | 54/58 | €475,741 | €1,851,765 | +€1.4m | +289% |
| Deferred charges and accrued income | 490/1 | €39,817 | €61,641 | +€21,824 | +54.8% |
| Total equity and liabilities | 10/49 | €4,586,191 | €6,325,562 | +€1.7m | +37.9% |
| Equity | 10/15 | €3,846,935 | €4,200,626 | +€353,692 | +9.2% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €2,310,879 | €2,664,571 | +€353,692 | +15.3% |
| Distributable reserves | 133 | €2,310,879 | €2,664,571 | +€353,692 | +15.3% |
| Profit (loss) carried forward | 14 | €1,521,795 | €1,521,795 | = | 0.0% |
| Amounts payable | 17/49 | €739,257 | €2,124,936 | +€1.4m | +187% |
| Amounts payable after more than one year | 17 | €21,693 | €1,678 | -€20,015 | -92.3% |
| Financial debts | 170/4 | €21,693 | €1,678 | -€20,015 | -92.3% |
| Amounts payable within one year | 42/48 | €717,525 | €2,123,236 | +€1.4m | +196% |
| Current portion of amounts payable after more than one year | 42 | €21,436 | €21,673 | +€237 | +1.1% |
| Financial debts | 43 | €1,902 | €6,354 | +€4,452 | +234% |
| Credit institutions | 430/8 | €1,902 | €6,354 | +€4,452 | +234% |
| Trade debts | 44 | €395,419 | €918,222 | +€522,803 | +132% |
| Suppliers | 440/4 | €395,419 | €918,222 | +€522,803 | +132% |
| Taxes, remuneration and social security | 45 | €212,644 | €373,493 | +€160,849 | +75.6% |
| Taxes | 450/3 | €211,283 | €371,921 | +€160,638 | +76.0% |
| Remuneration and social security | 454/9 | €1,361 | €1,572 | +€211 | +15.5% |
| Other amounts payable | 47/48 | €86,124 | €803,494 | +€717,370 | +833% |
| Accrued charges and deferred income | 492/3 | €40 | €21 | -€18 | -45.9% |
| Remuneration, social security and pensions | 62 | €29,036 | -€623 | -€29,659 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,202 | €74,670 | -€2,532 | -3.3% |
| Other operating charges | 640/8 | €4,441 | €3,406 | -€1,035 | -23.3% |
| Gross operating margin | 9900 | €1,106,777 | €1,707,455 | +€600,678 | +54.3% |
| Operating profit (loss) | 9901 | €996,098 | €1,630,002 | +€633,904 | +63.6% |
| Financial income | 75/76B | €50,413 | €61,280 | +€10,867 | +21.6% |
| Recurring financial income | 75 | €50,413 | €61,280 | +€10,867 | +21.6% |
| Financial charges | 65/66B | €2,028 | €31,032 | +€29,004 | +1,430% |
| Recurring financial charges | 65 | €2,028 | €31,032 | +€29,004 | +1,430% |
| Profit (loss) for the period before taxes | 9903 | €1,044,483 | €1,660,250 | +€615,766 | +59.0% |
| Income taxes | 67/77 | €336,975 | €530,432 | +€193,457 | +57.4% |
| Profit (loss) for the period | 9904 | €707,508 | €1,129,818 | +€422,310 | +59.7% |
| Profit (loss) for the period to be appropriated | 9905 | €707,508 | €1,129,818 | +€422,310 | +59.7% |
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 30 October 2026 via checked.be.