MELARD: what changed
Two fiscal 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.
MELARD
Largest movements
- Receivables within one year -€164,693
down €164,693 (-64.5%), from €255,252 to €90,559
of which Other amounts receivable: -€164,870
- Tangible fixed assets +€81,319
up €81,319 (+4.0%), from €2.0m to €2.1m
of which Land and buildings: +€83,544
- Cash -€51,464
down €51,464 (-72.3%), from €71,229 to €19,764
mainly Net result for the year (-€214,329) and Investment in fixed assets (net) (-€201,700)
- Profit (loss) carried forward -€168,435
down €168,435 (-1509.9%), from -€11,155 to -€179,590
- Current portion of long-term debt +€100,317
up €100,317 (+120.4%), from €83,287 to €183,604
- Reserves -€45,895
down €45,895 (-6.9%), from €662,519 to €616,625
of which Tax-exempt reserves: -€45,895
- Other debts +€33,350
up €33,350 (+8.8%), from €377,162 to €410,512
- Tax, wage and social debts -€24,089
down €24,089 (-76.3%), from €31,583 to €7,494
of which Taxes: -€25,178
- Financial charges +€167,090
up €167,090 (+471.3%), from €35,449 to €202,539
of which Non-recurring financial charges: +€170,000
- Gross operating margin -€76,565
down €76,565 (-37.9%), from €201,936 to €125,372
- Depreciation +€7,848
up €7,848 (+7.0%), from €112,532 to €120,380
- Financial income -€5,550
down €5,550 (-100.0%), from €5,550 to €0
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 | €2,377,793 | €2,242,776 | -€135,017 | -5.7% |
| Fixed assets | 21/28 | €2,049,276 | €2,130,595 | +€81,319 | +4.0% |
| Tangible fixed assets | 22/27 | €2,049,132 | €2,130,451 | +€81,319 | +4.0% |
| Land and buildings | 22 | €2,043,904 | €2,127,448 | +€83,544 | +4.1% |
| Furniture and vehicles | 24 | €5,228 | €3,003 | -€2,225 | -42.6% |
| Financial fixed assets | 28 | €144 | €144 | = | 0.0% |
| Current assets | 29/58 | €328,517 | €112,181 | -€216,336 | -65.9% |
| Amounts receivable within one year | 40/41 | €255,252 | €90,559 | -€164,693 | -64.5% |
| Trade receivables | 40 | €454 | €631 | +€177 | +39.1% |
| Other amounts receivable | 41 | €254,798 | €89,928 | -€164,870 | -64.7% |
| Cash at bank and in hand | 54/58 | €71,229 | €19,764 | -€51,464 | -72.3% |
| Deferred charges and accrued income | 490/1 | €2,037 | €1,858 | -€179 | -8.8% |
| Total equity and liabilities | 10/49 | €2,377,793 | €2,242,776 | -€135,017 | -5.7% |
| Equity | 10/15 | €1,691,364 | €1,477,035 | -€214,329 | -12.7% |
| Contributions | 10/11 | €1,040,000 | €1,040,000 | = | 0.0% |
| Capital | 10 | €1,040,000 | €1,040,000 | = | 0.0% |
| Issued capital | 100 | €1,040,000 | €1,040,000 | = | 0.0% |
| Reserves | 13 | €662,519 | €616,625 | -€45,895 | -6.9% |
| Non-distributable reserves | 130/1 | €51,625 | €51,625 | = | 0.0% |
| Legal reserve | 130 | €51,625 | €51,625 | = | 0.0% |
| Tax-exempt reserves | 132 | €447,355 | €401,461 | -€45,895 | -10.3% |
| Distributable reserves | 133 | €163,539 | €163,539 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,155 | -€179,590 | -€168,435 | -1509.9% |
| Provisions and deferred taxes | 16 | €149,118 | €133,820 | -€15,298 | -10.3% |
| Deferred taxes | 168 | €149,118 | €133,820 | -€15,298 | -10.3% |
| Amounts payable | 17/49 | €537,311 | €631,921 | +€94,610 | +17.6% |
| Amounts payable after more than one year | 17 | €18,298 | €9,694 | -€8,604 | -47.0% |
| Financial debts | 170/4 | €18,298 | €9,694 | -€8,604 | -47.0% |
| Amounts payable within one year | 42/48 | €493,938 | €603,417 | +€109,478 | +22.2% |
| Current portion of amounts payable after more than one year | 42 | €83,287 | €183,604 | +€100,317 | +120.4% |
| Trade debts | 44 | €1,907 | €1,807 | -€100 | -5.2% |
| Suppliers | 440/4 | €1,907 | €1,807 | -€100 | -5.2% |
| Taxes, remuneration and social security | 45 | €31,583 | €7,494 | -€24,089 | -76.3% |
| Taxes | 450/3 | €28,648 | €3,470 | -€25,178 | -87.9% |
| Remuneration and social security | 454/9 | €2,935 | €4,024 | +€1,089 | +37.1% |
| Other amounts payable | 47/48 | €377,162 | €410,512 | +€33,350 | +8.8% |
| Accrued charges and deferred income | 492/3 | €25,074 | €18,810 | -€6,264 | -25.0% |
| Non-recurring operating income | 76A | - | €40,730 | +€40,730 | |
| Remuneration, social security and pensions | 62 | €17,841 | €18,274 | +€433 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,532 | €120,380 | +€7,848 | +7.0% |
| Other operating charges | 640/8 | €14,075 | €13,622 | -€453 | -3.2% |
| Gross operating margin | 9900 | €201,936 | €125,372 | -€76,565 | -37.9% |
| Operating profit (loss) | 9901 | €57,488 | -€26,905 | -€84,393 | |
| Financial income | 75/76B | €5,550 | €0 | -€5,550 | -100.0% |
| Recurring financial income | 75 | €5,550 | €0 | -€5,550 | -100.0% |
| Financial charges | 65/66B | €35,449 | €202,539 | +€167,090 | +471.3% |
| Recurring financial charges | 65 | €35,449 | €32,539 | -€2,911 | -8.2% |
| Non-recurring financial charges | 66B | - | €170,000 | +€170,000 | |
| Profit (loss) for the period before taxes | 9903 | €27,588 | -€229,444 | -€257,032 | |
| Transfer from deferred taxes | 780 | €16,296 | €15,298 | -€998 | -6.1% |
| Transfer to deferred taxes | 680 | €25,932 | €0 | -€25,932 | -100.0% |
| Income taxes | 67/77 | €202 | €184 | -€18 | -8.9% |
| Profit (loss) for the period | 9904 | €17,751 | -€214,329 | -€232,081 | |
| Transfer from tax-exempt reserves | 789 | €48,888 | €45,895 | -€2,994 | -6.1% |
| Transfer to tax-exempt reserves | 689 | €77,795 | €0 | -€77,795 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,155 | -€168,435 | -€157,279 | -1409.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.