MELIOR: what changed
MELIOR
Largest movements
- Cash +€165,882
up €165,882 (+362%), from €45,832 to €211,713
mainly Investment in fixed assets (net) (+€164,878) and Net result for the year (+€76,327)
- Financial fixed assets -€125,250
no longer reported in 2025 (was €125,250)
- Tangible fixed assets -€43,420
down €43,420 (-26.5%), from €163,804 to €120,383
of which Leasing and similar rights: -€43,058
- Receivables after one year -€38,985
down €38,985 (-78.0%), from €50,000 to €11,015
- Receivables within one year +€6,980
up €6,980 (+198%), from €3,520 to €10,500
of which Other amounts receivable: +€10,500
- Debts after one year -€104,616
down €104,616 (-55.7%), from €187,954 to €83,338
of which Other amounts payable: -€92,846
- Reserves +€76,327
up €76,327 (+55.4%), from €137,892 to €214,219
- Current portion of long-term debt -€18,600
down €18,600 (-77.6%), from €23,974 to €5,374
- Tax, wage and social debts +€6,789
up €6,789 (+36.0%), from €18,878 to €25,667
- Gross operating margin -€114,145
down €114,145 (-50.1%), from €227,931 to €113,786
- Depreciation -€17,749
down €17,749 (-82.4%), from €21,541 to €3,792
- Financial income +€15,970
up €15,970 (+1,057,601%), from €2 to €15,971
- Taxes +€8,728
up €8,728 (+37.3%), from €23,405 to €32,133
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €390,885 | €355,732 | -€35,153 | -9.0% |
| Fixed assets | 21/28 | €289,054 | €120,383 | -€168,670 | -58.4% |
| Tangible fixed assets | 22/27 | €163,804 | €120,383 | -€43,420 | -26.5% |
| Land and buildings | 22 | €118,572 | €115,567 | -€3,004 | -2.5% |
| Furniture and vehicles | 24 | €2,175 | €4,816 | +€2,642 | +121% |
| Leasing and similar rights | 25 | €43,058 | - | -€43,058 | |
| Financial fixed assets | 28 | €125,250 | - | -€125,250 | |
| Current assets | 29/58 | €101,831 | €235,349 | +€133,517 | +131% |
| Amounts receivable after more than one year | 29 | €50,000 | €11,015 | -€38,985 | -78.0% |
| Trade receivables | 290 | €50,000 | €11,015 | -€38,985 | -78.0% |
| Stocks and contracts in progress | 3 | €145 | €145 | = | 0.0% |
| Stocks | 30/36 | €145 | €145 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €3,520 | €10,500 | +€6,980 | +198% |
| Trade receivables | 40 | €3,520 | - | -€3,520 | |
| Other amounts receivable | 41 | - | €10,500 | +€10,500 | |
| Cash at bank and in hand | 54/58 | €45,832 | €211,713 | +€165,882 | +362% |
| Deferred charges and accrued income | 490/1 | €2,335 | €1,976 | -€359 | -15.4% |
| Total equity and liabilities | 10/49 | €390,885 | €355,732 | -€35,153 | -9.0% |
| Equity | 10/15 | €156,492 | €232,819 | +€76,327 | +48.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €137,892 | €214,219 | +€76,327 | +55.4% |
| Distributable reserves | 133 | €137,892 | €214,219 | +€76,327 | +55.4% |
| Amounts payable | 17/49 | €234,393 | €122,913 | -€111,480 | -47.6% |
| Amounts payable after more than one year | 17 | €187,954 | €83,338 | -€104,616 | -55.7% |
| Financial debts | 170/4 | €95,108 | €83,338 | -€11,770 | -12.4% |
| Other amounts payable | 178/9 | €92,846 | - | -€92,846 | |
| Amounts payable within one year | 42/48 | €46,439 | €39,575 | -€6,865 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €23,974 | €5,374 | -€18,600 | -77.6% |
| Financial debts | 43 | €1,121 | €2,272 | +€1,151 | +103% |
| Credit institutions | 430/8 | €1,121 | €2,272 | +€1,151 | +103% |
| Trade debts | 44 | €2,466 | €6,262 | +€3,796 | +154% |
| Suppliers | 440/4 | €2,466 | €6,262 | +€3,796 | +154% |
| Taxes, remuneration and social security | 45 | €18,878 | €25,667 | +€6,789 | +36.0% |
| Taxes | 450/3 | €18,878 | €25,667 | +€6,789 | +36.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,541 | €3,792 | -€17,749 | -82.4% |
| Other operating charges | 640/8 | €3,482 | €3,007 | -€474 | -13.6% |
| Non-recurring operating charges | 66A | - | €9,111 | +€9,111 | |
| Gross operating margin | 9900 | €227,931 | €113,786 | -€114,145 | -50.1% |
| Operating profit (loss) | 9901 | €202,908 | €97,876 | -€105,032 | -51.8% |
| Financial income | 75/76B | €2 | €15,971 | +€15,970 | +1,057,601% |
| Recurring financial income | 75 | €2 | €15,971 | +€15,970 | +1,057,601% |
| Financial charges | 65/66B | €5,719 | €5,387 | -€332 | -5.8% |
| Recurring financial charges | 65 | €5,719 | €5,387 | -€332 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €197,190 | €108,460 | -€88,730 | -45.0% |
| Income taxes | 67/77 | €23,405 | €32,133 | +€8,728 | +37.3% |
| Profit (loss) for the period | 9904 | €173,786 | €76,327 | -€97,458 | -56.1% |
| Profit (loss) for the period to be appropriated | 9905 | €173,786 | €76,327 | -€97,458 | -56.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.