MELCHIOR D.: 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.
MELCHIOR D.
Largest movements
- Tangible fixed assets -€216,656
down €216,656 (-16.0%), from €1.4m to €1.1m
of which Leasing and similar rights: -€141,358
- Receivables within one year -€63,175
down €63,175 (-12.5%), from €503,471 to €440,296
of which Trade receivables: -€50,774
- Debts after one year -€223,815
down €223,815 (-21.1%), from €1.1m to €836,748
- Trade debts -€108,072
down €108,072 (-42.1%), from €256,873 to €148,801
- Profit (loss) carried forward +€57,448
up €57,448 (+51.4%), from €111,701 to €169,149
- Short-term financial debts +€30,000
new in 2025: €30,000
- Tax, wage and social debts -€21,291
down €21,291 (-27.3%), from €77,920 to €56,629
of which Taxes: -€19,760
- Gross operating margin +€92,161
up €92,161 (+17.8%), from €518,370 to €610,531
- Depreciation +€40,450
up €40,450 (+18.8%), from €214,964 to €255,414
- Staff costs -€36,861
down €36,861 (-14.6%), from €251,735 to €214,874
- Taxes +€6,964
up €6,964 (+1270.8%), from €548 to €7,512
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 | €1,859,027 | €1,587,679 | -€271,348 | -14.6% |
| Fixed assets | 21/28 | €1,352,299 | €1,135,643 | -€216,656 | -16.0% |
| Tangible fixed assets | 22/27 | €1,352,299 | €1,135,643 | -€216,656 | -16.0% |
| Land and buildings | 22 | €322,520 | €304,684 | -€17,836 | -5.5% |
| Plant, machinery and equipment | 23 | €71,287 | €27,787 | -€43,500 | -61.0% |
| Furniture and vehicles | 24 | €113,374 | €99,412 | -€13,962 | -12.3% |
| Leasing and similar rights | 25 | €845,118 | €703,760 | -€141,358 | -16.7% |
| Current assets | 29/58 | €506,728 | €452,036 | -€54,692 | -10.8% |
| Amounts receivable within one year | 40/41 | €503,471 | €440,296 | -€63,175 | -12.5% |
| Trade receivables | 40 | €454,255 | €403,481 | -€50,774 | -11.2% |
| Other amounts receivable | 41 | €49,216 | €36,815 | -€12,401 | -25.2% |
| Cash at bank and in hand | 54/58 | €3,257 | €11,740 | +€8,483 | +260.5% |
| Total equity and liabilities | 10/49 | €1,859,027 | €1,587,679 | -€271,348 | -14.6% |
| Equity | 10/15 | €146,701 | €204,149 | +€57,448 | +39.2% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €111,701 | €169,149 | +€57,448 | +51.4% |
| Provisions and deferred taxes | 16 | €17,978 | €13,484 | -€4,494 | -25.0% |
| Provisions for liabilities and charges | 160/5 | €17,978 | €13,484 | -€4,494 | -25.0% |
| Pensions and similar obligations | 160 | €17,978 | €13,484 | -€4,494 | -25.0% |
| Amounts payable | 17/49 | €1,694,348 | €1,370,046 | -€324,302 | -19.1% |
| Amounts payable after more than one year | 17 | €1,060,563 | €836,748 | -€223,815 | -21.1% |
| Financial debts | 170/4 | €1,060,563 | €836,748 | -€223,815 | -21.1% |
| Amounts payable within one year | 42/48 | €633,785 | €533,298 | -€100,487 | -15.9% |
| Current portion of amounts payable after more than one year | 42 | €291,738 | €290,614 | -€1,124 | -0.4% |
| Financial debts | 43 | - | €30,000 | +€30,000 | |
| Credit institutions | 430/8 | - | €30,000 | +€30,000 | |
| Trade debts | 44 | €256,873 | €148,801 | -€108,072 | -42.1% |
| Suppliers | 440/4 | €256,873 | €148,801 | -€108,072 | -42.1% |
| Taxes, remuneration and social security | 45 | €77,920 | €56,629 | -€21,291 | -27.3% |
| Taxes | 450/3 | €61,104 | €41,344 | -€19,760 | -32.3% |
| Remuneration and social security | 454/9 | €16,816 | €15,285 | -€1,531 | -9.1% |
| Other amounts payable | 47/48 | €7,254 | €7,254 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €251,735 | €214,874 | -€36,861 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €214,964 | €255,414 | +€40,450 | +18.8% |
| Other operating charges | 640/8 | €1,719 | €6,682 | +€4,963 | +288.7% |
| Non-recurring operating charges | 66A | - | €12,337 | +€12,337 | |
| Gross operating margin | 9900 | €518,370 | €610,531 | +€92,161 | +17.8% |
| Operating profit (loss) | 9901 | €49,952 | €121,224 | +€71,272 | +142.7% |
| Financial income | 75/76B | €1,848 | €300 | -€1,548 | -83.8% |
| Recurring financial income | 75 | €1,848 | €300 | -€1,548 | -83.8% |
| Financial charges | 65/66B | €56,758 | €56,564 | -€194 | -0.3% |
| Recurring financial charges | 65 | €56,758 | €56,564 | -€194 | -0.3% |
| Profit (loss) for the period before taxes | 9903 | -€4,958 | €64,960 | +€69,918 | |
| Income taxes | 67/77 | €548 | €7,512 | +€6,964 | +1270.8% |
| Profit (loss) for the period | 9904 | -€5,506 | €57,448 | +€62,954 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,506 | €57,448 | +€62,954 |
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.