MELIOR: 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.
MELIOR
Largest movements
- Cash +€916,988
up €916,988 (+101.4%), from €904,312 to €1.8m
mainly Current investments (+€691,051) and Other debts (+€564,086)
- Current investments -€691,051
down €691,051 (-27.4%), from €2.5m to €1.8m
- Financial fixed assets -€120,000
down €120,000 (-9.3%), from €1.3m to €1.2m
- Other debts +€564,086
up €564,086 (+5226.5%), from €10,793 to €574,878
- Reserves -€452,170
down €452,170 (-11.3%), from €4.0m to €3.5m
of which Distributable reserves: -€452,170
- Financial income +€55,859
up €55,859 (+72.8%), from €76,761 to €132,620
- Gross operating margin -€32,170
down €32,170 (-25.9%), from €123,998 to €91,828
- Taxes -€14,271
down €14,271 (-32.0%), from €44,586 to €30,315
- Financial charges -€3,224
down €3,224 (-9.6%), from €33,719 to €30,496
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 | €4,863,243 | €4,949,705 | +€86,463 | +1.8% |
| Fixed assets | 21/28 | €1,386,008 | €1,253,731 | -€132,277 | -9.5% |
| Tangible fixed assets | 22/27 | €92,608 | €80,331 | -€12,277 | -13.3% |
| Land and buildings | 22 | €90,378 | €79,081 | -€11,297 | -12.5% |
| Furniture and vehicles | 24 | €2,230 | €1,250 | -€979 | -43.9% |
| Financial fixed assets | 28 | €1,293,400 | €1,173,400 | -€120,000 | -9.3% |
| Current assets | 29/58 | €3,477,235 | €3,695,974 | +€218,739 | +6.3% |
| Amounts receivable within one year | 40/41 | €35,774 | €38,565 | +€2,791 | +7.8% |
| Trade receivables | 40 | €32,511 | €33,475 | +€964 | +3.0% |
| Other amounts receivable | 41 | €3,263 | €5,090 | +€1,827 | +56.0% |
| Current investments | 50/53 | €2,523,174 | €1,832,123 | -€691,051 | -27.4% |
| Cash at bank and in hand | 54/58 | €904,312 | €1,821,301 | +€916,988 | +101.4% |
| Deferred charges and accrued income | 490/1 | €13,975 | €3,986 | -€9,989 | -71.5% |
| Total equity and liabilities | 10/49 | €4,863,243 | €4,949,705 | +€86,463 | +1.8% |
| Equity | 10/15 | €4,196,109 | €3,743,940 | -€452,170 | -10.8% |
| Contributions | 10/11 | €212,100 | €212,100 | = | 0.0% |
| Reserves | 13 | €3,984,009 | €3,531,840 | -€452,170 | -11.3% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €3,984,009 | €3,531,840 | -€452,170 | -11.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €73,021 | €73,021 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €73,021 | €73,021 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,021 | €49,021 | = | 0.0% |
| Major repairs and maintenance | 162 | €24,000 | €24,000 | = | 0.0% |
| Amounts payable | 17/49 | €594,112 | €1,132,744 | +€538,632 | +90.7% |
| Amounts payable after more than one year | 17 | €540,455 | €522,834 | -€17,621 | -3.3% |
| Financial debts | 170/4 | €540,455 | €522,834 | -€17,621 | -3.3% |
| Amounts payable within one year | 42/48 | €53,657 | €609,910 | +€556,253 | +1036.7% |
| Current portion of amounts payable after more than one year | 42 | €17,066 | €17,621 | +€555 | +3.3% |
| Trade debts | 44 | €5,390 | €3,078 | -€2,311 | -42.9% |
| Suppliers | 440/4 | €5,390 | €3,078 | -€2,311 | -42.9% |
| Taxes, remuneration and social security | 45 | €20,409 | €14,333 | -€6,077 | -29.8% |
| Taxes | 450/3 | €20,409 | €14,333 | -€6,077 | -29.8% |
| Other amounts payable | 47/48 | €10,793 | €574,878 | +€564,086 | +5226.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,277 | €12,277 | = | 0.0% |
| Other operating charges | 640/8 | €3,424 | €3,531 | +€107 | +3.1% |
| Gross operating margin | 9900 | €123,998 | €91,828 | -€32,170 | -25.9% |
| Operating profit (loss) | 9901 | €108,298 | €76,021 | -€32,277 | -29.8% |
| Financial income | 75/76B | €76,761 | €132,620 | +€55,859 | +72.8% |
| Recurring financial income | 75 | €76,761 | €132,620 | +€55,859 | +72.8% |
| Financial charges | 65/66B | €33,719 | €30,496 | -€3,224 | -9.6% |
| Recurring financial charges | 65 | €33,719 | €30,496 | -€3,224 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €151,339 | €178,145 | +€26,806 | +17.7% |
| Income taxes | 67/77 | €44,586 | €30,315 | -€14,271 | -32.0% |
| Profit (loss) for the period | 9904 | €106,753 | €147,830 | +€41,077 | +38.5% |
| Transfer from tax-exempt reserves | 789 | €42,100 | €0 | -€42,100 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €148,853 | €147,830 | -€1,023 | -0.7% |
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 28 September 2026 via checked.be.