MELDEX: 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.
MELDEX
Largest movements
- Receivables within one year +€36,601
up €36,601 (+743%), from €4,924 to €41,526
of which Trade receivables: +€41,526
- Tangible fixed assets -€31,200
down €31,200 (-4.1%), from €765,889 to €734,689
of which Land and buildings: -€29,299
- Debts after one year -€76,396
down €76,396 (-8.1%), from €944,502 to €868,106
of which Financial debts: -€76,396
- Profit (loss) carried forward +€69,938
up €69,938, from -€38,451 to €31,487
- Tax, wage and social debts +€25,647
up €25,647 (+247%), from €10,393 to €36,039
- Trade debts -€19,398
down €19,398 (-66.0%), from €29,395 to €9,997
- Gross operating margin +€145,490
up €145,490 (+655%), from €22,216 to €167,706
- Financial charges +€27,719
up €27,719 (+188%), from €14,751 to €42,470
- Taxes +€19,489
up €19,489 (+2,537%), from €768 to €20,257
- Depreciation -€17,684
down €17,684 (-36.2%), from €48,884 to €31,200
- Other operating charges -€2,717
down €2,717 (-41.4%), from €6,558 to €3,842
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,080,643 | €1,086,049 | +€5,406 | +0.5% |
| Fixed assets | 21/28 | €1,060,889 | €1,029,689 | -€31,200 | -2.9% |
| Tangible fixed assets | 22/27 | €765,889 | €734,689 | -€31,200 | -4.1% |
| Land and buildings | 22 | €762,571 | €733,273 | -€29,299 | -3.8% |
| Furniture and vehicles | 24 | €3,318 | €1,417 | -€1,901 | -57.3% |
| Financial fixed assets | 28 | €295,000 | €295,000 | = | 0.0% |
| Current assets | 29/58 | €19,754 | €56,360 | +€36,605 | +185% |
| Amounts receivable within one year | 40/41 | €4,924 | €41,526 | +€36,601 | +743% |
| Trade receivables | 40 | €0 | €41,526 | +€41,526 | |
| Other amounts receivable | 41 | €4,924 | €0 | -€4,924 | -100% |
| Cash at bank and in hand | 54/58 | €8,007 | €8,325 | +€319 | +4.0% |
| Deferred charges and accrued income | 490/1 | €6,823 | €6,509 | -€314 | -4.6% |
| Total equity and liabilities | 10/49 | €1,080,643 | €1,086,049 | +€5,406 | +0.5% |
| Equity | 10/15 | -€4,591 | €65,347 | +€69,938 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €13,860 | €13,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €12,000 | €13,860 | +€1,860 | +15.5% |
| Profit (loss) carried forward | 14 | -€38,451 | €31,487 | +€69,938 | |
| Amounts payable | 17/49 | €1,085,234 | €1,020,702 | -€64,532 | -5.9% |
| Amounts payable after more than one year | 17 | €944,502 | €868,106 | -€76,396 | -8.1% |
| Financial debts | 170/4 | €844,502 | €768,106 | -€76,396 | -9.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €140,732 | €152,596 | +€11,864 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €75,490 | €76,396 | +€906 | +1.2% |
| Trade debts | 44 | €29,395 | €9,997 | -€19,398 | -66.0% |
| Suppliers | 440/4 | €29,395 | €9,997 | -€19,398 | -66.0% |
| Taxes, remuneration and social security | 45 | €10,393 | €36,039 | +€25,647 | +247% |
| Taxes | 450/3 | €10,393 | €36,039 | +€25,647 | +247% |
| Other amounts payable | 47/48 | €25,454 | €30,163 | +€4,709 | +18.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,884 | €31,200 | -€17,684 | -36.2% |
| Other operating charges | 640/8 | €6,558 | €3,842 | -€2,717 | -41.4% |
| Gross operating margin | 9900 | €22,216 | €167,706 | +€145,490 | +655% |
| Operating profit (loss) | 9901 | -€33,226 | €132,665 | +€165,891 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €14,751 | €42,470 | +€27,719 | +188% |
| Recurring financial charges | 65 | €14,751 | €42,470 | +€27,719 | +188% |
| Profit (loss) for the period before taxes | 9903 | -€47,978 | €90,195 | +€138,173 | |
| Income taxes | 67/77 | €768 | €20,257 | +€19,489 | +2,537% |
| Profit (loss) for the period | 9904 | -€48,746 | €69,938 | +€118,684 | |
| Profit (loss) for the period to be appropriated | 9905 | -€48,746 | €69,938 | +€118,684 |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.