MELCHIOR: 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.
MELCHIOR
Largest movements
- Tangible fixed assets -€56,833
down €56,833 (-7.2%), from €794,154 to €737,321
of which Other tangible fixed assets: -€42,582
- Cash -€26,765
down €26,765 (-23.4%), from €114,209 to €87,444
mainly Trade debts (-€76,483) and Debts after one year (-€60,797)
- Stocks and contracts -€22,598
down €22,598 (-12.6%), from €178,778 to €156,180
- Receivables within one year -€17,498
down €17,498 (-31.7%), from €55,213 to €37,715
of which Trade receivables: -€15,880
- Trade debts -€76,483
down €76,483 (-71.7%), from €106,616 to €30,133
- Debts after one year -€60,797
down €60,797 (-15.2%), from €400,743 to €339,946
- Other debts +€53,491
up €53,491 (+84.3%), from €63,453 to €116,944
- Current portion of long-term debt -€24,810
down €24,810 (-28.3%), from €87,636 to €62,826
- Profit (loss) carried forward -€21,761
down €21,761 (-5.2%), from €420,019 to €398,259
- Depreciation +€9,084
up €9,084 (+14.0%), from €64,985 to €74,069
- Gross operating margin -€8,537
down €8,537 (-1.9%), from €459,395 to €450,859
- Staff costs -€7,694
down €7,694 (-2.5%), from €305,876 to €298,181
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 | €1,150,572 | €1,024,904 | -€125,668 | -10.9% |
| Fixed assets | 21/28 | €794,724 | €737,891 | -€56,833 | -7.2% |
| Tangible fixed assets | 22/27 | €794,154 | €737,321 | -€56,833 | -7.2% |
| Land and buildings | 22 | €400,431 | €385,627 | -€14,804 | -3.7% |
| Plant, machinery and equipment | 23 | €39,333 | €38,262 | -€1,071 | -2.7% |
| Furniture and vehicles | 24 | €3,674 | €5,298 | +€1,624 | +44.2% |
| Other tangible fixed assets | 26 | €350,715 | €308,133 | -€42,582 | -12.1% |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €355,847 | €287,013 | -€68,835 | -19.3% |
| Stocks and contracts in progress | 3 | €178,778 | €156,180 | -€22,598 | -12.6% |
| Stocks | 30/36 | €178,778 | €156,180 | -€22,598 | -12.6% |
| Amounts receivable within one year | 40/41 | €55,213 | €37,715 | -€17,498 | -31.7% |
| Trade receivables | 40 | €29,925 | €14,044 | -€15,880 | -53.1% |
| Other amounts receivable | 41 | €25,288 | €23,670 | -€1,618 | -6.4% |
| Cash at bank and in hand | 54/58 | €114,209 | €87,444 | -€26,765 | -23.4% |
| Deferred charges and accrued income | 490/1 | €7,648 | €5,674 | -€1,973 | -25.8% |
| Total equity and liabilities | 10/49 | €1,150,572 | €1,024,904 | -€125,668 | -10.9% |
| Equity | 10/15 | €442,019 | €420,259 | -€21,761 | -4.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €420,019 | €398,259 | -€21,761 | -5.2% |
| Amounts payable | 17/49 | €708,552 | €604,645 | -€103,907 | -14.7% |
| Amounts payable after more than one year | 17 | €400,743 | €339,946 | -€60,797 | -15.2% |
| Financial debts | 170/4 | €400,743 | €339,946 | -€60,797 | -15.2% |
| Amounts payable within one year | 42/48 | €307,810 | €264,700 | -€43,110 | -14.0% |
| Current portion of amounts payable after more than one year | 42 | €87,636 | €62,826 | -€24,810 | -28.3% |
| Trade debts | 44 | €106,616 | €30,133 | -€76,483 | -71.7% |
| Suppliers | 440/4 | €106,616 | €30,133 | -€76,483 | -71.7% |
| Advances received on contracts in progress | 46 | €8,166 | €4,788 | -€3,378 | -41.4% |
| Taxes, remuneration and social security | 45 | €41,939 | €50,009 | +€8,070 | +19.2% |
| Taxes | 450/3 | €27,443 | €34,066 | +€6,623 | +24.1% |
| Remuneration and social security | 454/9 | €14,496 | €15,943 | +€1,446 | +10.0% |
| Other amounts payable | 47/48 | €63,453 | €116,944 | +€53,491 | +84.3% |
| Remuneration, social security and pensions | 62 | €305,876 | €298,181 | -€7,694 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,985 | €74,069 | +€9,084 | +14.0% |
| Other operating charges | 640/8 | €9,532 | €8,708 | -€824 | -8.6% |
| Gross operating margin | 9900 | €459,395 | €450,859 | -€8,537 | -1.9% |
| Operating profit (loss) | 9901 | €79,003 | €69,900 | -€9,102 | -11.5% |
| Financial income | 75/76B | €1,061 | €541 | -€520 | -49.0% |
| Recurring financial income | 75 | €1,061 | €541 | -€520 | -49.0% |
| Financial charges | 65/66B | €22,905 | €20,942 | -€1,963 | -8.6% |
| Recurring financial charges | 65 | €22,905 | €20,942 | -€1,963 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €57,158 | €49,499 | -€7,659 | -13.4% |
| Income taxes | 67/77 | €13,070 | €11,260 | -€1,810 | -13.9% |
| Profit (loss) for the period | 9904 | €44,088 | €38,239 | -€5,849 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €44,088 | €38,239 | -€5,849 | -13.3% |
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 8 October 2026 via checked.be.