MELEFIN: 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.
What changed
MELEFIN
NACE 64.999, Other financial services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€3.9m
2024 · €5.5m-€1.6m
Equity
€147.3m
2024 · €143.4m+€3.9m
Cash
€27.7m
2024 · €20.1m+€7.6m
Balance sheet total
€498.8m
2024 · €347.5m+€151.3m
Largest movements
Assets
- Receivables within one year +€236.4m
up €236.4m (+102%), from €231.3m to €467.7m
- Receivables after one year -€93.9m
no longer reported in 2025 (was €93.9m)
- Cash +€7.6m
up €7.6m (+37.8%), from €20.1m to €27.7m
mainly Debts after one year (+€97.7m) and Receivables after one year (+€93.9m)
Equity and liabilities
- Debts after one year +€97.7m
up €97.7m (+57.4%), from €170.3m to €268.0m
- Other debts +€42.9m
up €42.9m (+146%), from €29.5m to €72.4m
- Current portion of long-term debt +€7.3m
up €7.3m (+271%), from €2.7m to €10.0m
Income statement
- Financial income -€3.9m
down €3.9m (-15.9%), from €24.2m to €20.4m
- Financial charges -€1.7m
down €1.7m (-10.1%), from €16.5m to €14.8m
- Taxes -€578,394
down €578,394 (-29.8%), from €1.9m to €1.4m
- Turnover +€27,909
new in 2025: €27,909
- Staff costs +€12,449
up €12,449 (+5.9%), from €209,926 to €222,374
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.
Result 2024
€5.5m
Turnover
+€27,909
Other operating income
+€1,647
Services and other goods
+€1,869
Staff costs
-€12,449
Depreciation
-€3,775
Other operating charges
+€5,703
Financial income
-€3.9m
Financial charges
+€1.7m
Taxes
+€578,394
Result 2025
€3.9m
raises the resultlowers the result
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.
From operations
-€97.5m
Investment
+€12,589
Financing
+€105.0m
Cash 2024
€20.1m
From operations (derived)
-€97.5m
Net result for the year
+€3.9m
Depreciation
+€15,894
Receivables after one year
+€93.9m
Receivables within one year
-€236.4m
Deferred charges and accrued income
-€1.2m
Smaller working-capital items
+€354,409
Other debts
+€42.9m
Accrued charges and deferred income
-€932,889
Investment (derived)
+€12,589
Current investments
+€12,589
Financing
+€105.0m
Debts after one year
+€97.7m
Current portion of long-term debt
+€7.3m
Cash 2025
€27.7m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €347,501,866 | €498,759,334 | +€151.3m | +43.5% |
| Fixed assets | 21/28 | €46,598 | €30,704 | -€15,894 | -34.1% |
| Tangible fixed assets | 22/27 | €46,598 | €30,704 | -€15,894 | -34.1% |
| Furniture and vehicles | 24 | €46,598 | €30,704 | -€15,894 | -34.1% |
| Current assets | 29/58 | €347,455,268 | €498,728,630 | +€151.3m | +43.5% |
| Amounts receivable after more than one year | 29 | €93,907,017 | - | -€93.9m | |
| Other amounts receivable | 291 | €93,907,017 | - | -€93.9m | |
| Amounts receivable within one year | 40/41 | €231,263,230 | €467,683,132 | +€236.4m | +102% |
| Other amounts receivable | 41 | €231,263,230 | €467,683,132 | +€236.4m | +102% |
| Current investments | 50/53 | €19,625 | €7,036 | -€12,589 | -64.1% |
| Other investments | 51/53 | €19,625 | €7,036 | -€12,589 | -64.1% |
| Cash at bank and in hand | 54/58 | €20,062,016 | €27,654,034 | +€7.6m | +37.8% |
| Deferred charges and accrued income | 490/1 | €2,203,380 | €3,384,428 | +€1.2m | +53.6% |
| Total equity and liabilities | 10/49 | €347,501,866 | €498,759,334 | +€151.3m | +43.5% |
| Equity | 10/15 | €143,411,841 | €147,270,812 | +€3.9m | +2.7% |
| Contributions | 10/11 | €90,000,000 | €90,000,000 | = | 0.0% |
| Capital | 10 | €90,000,000 | €90,000,000 | = | 0.0% |
| Issued capital | 100 | €90,000,000 | €90,000,000 | = | 0.0% |
| Reserves | 13 | €9,000,000 | €9,000,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000,000 | €9,000,000 | = | 0.0% |
| Legal reserve | 130 | €9,000,000 | €9,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €44,411,841 | €48,270,812 | +€3.9m | +8.7% |
| Amounts payable | 17/49 | €204,090,025 | €351,488,522 | +€147.4m | +72.2% |
| Amounts payable after more than one year | 17 | €170,266,243 | €268,000,000 | +€97.7m | +57.4% |
| Financial debts | 170/4 | €170,266,243 | €268,000,000 | +€97.7m | +57.4% |
| Credit institutions | 173 | €170,266,243 | €268,000,000 | +€97.7m | +57.4% |
| Amounts payable within one year | 42/48 | €32,185,393 | €82,783,022 | +€50.6m | +157% |
| Current portion of amounts payable after more than one year | 42 | €2,695,158 | €10,000,000 | +€7.3m | +271% |
| Trade debts | 44 | €15,817 | €2,263 | -€13,555 | -85.7% |
| Suppliers | 440/4 | €15,817 | €2,263 | -€13,555 | -85.7% |
| Taxes, remuneration and social security | 45 | €19,579 | €387,543 | +€367,963 | +1,879% |
| Taxes | 450/3 | - | €366,856 | +€366,856 | |
| Remuneration and social security | 454/9 | €19,579 | €20,686 | +€1,107 | +5.7% |
| Other amounts payable | 47/48 | €29,454,838 | €72,393,217 | +€42.9m | +146% |
| Accrued charges and deferred income | 492/3 | €1,638,389 | €705,500 | -€932,889 | -56.9% |
| Operating income | 70/76A | €10,246 | €39,802 | +€29,556 | +288% |
| Turnover | 70 | - | €27,909 | +€27,909 | |
| Other operating income | 74 | €10,246 | €11,893 | +€1,647 | +16.1% |
| Operating charges | 60/66A | €330,508 | €339,160 | +€8,652 | +2.6% |
| Services and other goods | 61 | €83,354 | €81,485 | -€1,869 | -2.2% |
| Remuneration, social security and pensions | 62 | €209,926 | €222,374 | +€12,449 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,119 | €15,894 | +€3,775 | +31.1% |
| Other operating charges | 640/8 | €25,109 | €19,406 | -€5,703 | -22.7% |
| Operating profit (loss) | 9901 | -€320,263 | -€299,358 | +€20,905 | +6.5% |
| Financial income | 75/76B | €24,218,220 | €20,364,064 | -€3.9m | -15.9% |
| Recurring financial income | 75 | €24,218,220 | €20,364,064 | -€3.9m | -15.9% |
| Income from current assets | 751 | €18,614,005 | €13,883,938 | -€4.7m | -25.4% |
| Other financial income | 752/9 | €5,604,214 | €6,480,126 | +€875,912 | +15.6% |
| Financial charges | 65/66B | €16,501,718 | €14,841,153 | -€1.7m | -10.1% |
| Recurring financial charges | 65 | €16,501,718 | €14,841,153 | -€1.7m | -10.1% |
| Debt charges | 650 | €8,787,153 | €7,196,774 | -€1.6m | -18.1% |
| Other financial charges | 652/9 | €7,714,564 | €7,644,379 | -€70,185 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €7,396,239 | €5,223,553 | -€2.2m | -29.4% |
| Income taxes | 67/77 | €1,942,975 | €1,364,582 | -€578,394 | -29.8% |
| Taxes | 670/3 | €1,942,975 | €1,364,582 | -€578,394 | -29.8% |
| Profit (loss) for the period | 9904 | €5,453,264 | €3,858,971 | -€1.6m | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,453,264 | €3,858,971 | -€1.6m | -29.2% |
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 1 November 2026 via checked.be.