MELIORARE: 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.
MELIORARE
Largest movements
- Financial fixed assets +€500,000
up €500,000 (+500.0%), from €100,000 to €600,000
- Tangible fixed assets -€139,377
down €139,377 (-4.4%), from €3.2m to €3.1m
- Receivables after one year -€75,000
down €75,000 (-25.9%), from €290,000 to €215,000
- Cash +€63,262
up €63,262 (+55.7%), from €113,523 to €176,785
mainly Debts after one year (+€262,697) and Depreciation (+€165,621)
- Debts after one year +€262,697
up €262,697 (+15.3%), from €1.7m to €2.0m
of which Financial debts: +€264,947
- Accrued charges and deferred income +€59,598
up €59,598 (+1182.7%), from €5,039 to €64,637
- Gross operating margin -€100,347
down €100,347 (-28.6%), from €351,423 to €251,076
- Financial charges +€23,022
up €23,022 (+71.9%), from €32,020 to €55,042
- Financial income +€6,782
up €6,782 (+137.3%), from €4,939 to €11,721
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 | €3,737,935 | €4,109,775 | +€371,840 | +9.9% |
| Fixed assets | 21/28 | €3,291,699 | €3,652,322 | +€360,623 | +11.0% |
| Intangible fixed assets | 21 | €498 | €498 | = | 0.0% |
| Tangible fixed assets | 22/27 | €3,191,201 | €3,051,824 | -€139,377 | -4.4% |
| Land and buildings | 22 | €3,191,201 | €3,051,824 | -€139,377 | -4.4% |
| Financial fixed assets | 28 | €100,000 | €600,000 | +€500,000 | +500.0% |
| Current assets | 29/58 | €446,236 | €457,453 | +€11,217 | +2.5% |
| Amounts receivable after more than one year | 29 | €290,000 | €215,000 | -€75,000 | -25.9% |
| Other amounts receivable | 291 | €290,000 | €215,000 | -€75,000 | -25.9% |
| Amounts receivable within one year | 40/41 | €42,713 | €60,670 | +€17,957 | +42.0% |
| Trade receivables | 40 | €42,713 | - | -€42,713 | |
| Other amounts receivable | 41 | - | €60,670 | +€60,670 | |
| Cash at bank and in hand | 54/58 | €113,523 | €176,785 | +€63,262 | +55.7% |
| Deferred charges and accrued income | 490/1 | - | €4,998 | +€4,998 | |
| Total equity and liabilities | 10/49 | €3,737,935 | €4,109,775 | +€371,840 | +9.9% |
| Equity | 10/15 | €1,505,894 | €1,493,502 | -€12,391 | -0.8% |
| Contributions | 10/11 | €783,344 | €783,344 | = | 0.0% |
| Capital | 10 | €783,344 | €783,344 | = | 0.0% |
| Issued capital | 100 | €783,344 | €783,344 | = | 0.0% |
| Reserves | 13 | €78,334 | €78,334 | = | 0.0% |
| Non-distributable reserves | 130/1 | €78,334 | €78,334 | = | 0.0% |
| Legal reserve | 130 | €78,334 | €78,334 | = | 0.0% |
| Profit (loss) carried forward | 14 | €621,203 | €611,039 | -€10,165 | -1.6% |
| Investment grants | 15 | €23,012 | €20,786 | -€2,227 | -9.7% |
| Amounts payable | 17/49 | €2,232,041 | €2,616,272 | +€384,231 | +17.2% |
| Amounts payable after more than one year | 17 | €1,717,223 | €1,979,920 | +€262,697 | +15.3% |
| Financial debts | 170/4 | €1,675,706 | €1,940,653 | +€264,947 | +15.8% |
| Other amounts payable | 178/9 | €41,517 | €39,267 | -€2,250 | -5.4% |
| Amounts payable within one year | 42/48 | €509,779 | €571,715 | +€61,936 | +12.1% |
| Current portion of amounts payable after more than one year | 42 | €146,360 | €165,053 | +€18,693 | +12.8% |
| Trade debts | 44 | €137 | €3,550 | +€3,413 | +2486.1% |
| Suppliers | 440/4 | €137 | €3,550 | +€3,413 | +2486.1% |
| Other amounts payable | 47/48 | €363,282 | €403,112 | +€39,830 | +11.0% |
| Accrued charges and deferred income | 492/3 | €5,039 | €64,637 | +€59,598 | +1182.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,047 | €165,621 | +€1,574 | +1.0% |
| Other operating charges | 640/8 | €51,570 | €52,299 | +€728 | +1.4% |
| Gross operating margin | 9900 | €351,423 | €251,076 | -€100,347 | -28.6% |
| Operating profit (loss) | 9901 | €135,805 | €33,156 | -€102,650 | -75.6% |
| Financial income | 75/76B | €4,939 | €11,721 | +€6,782 | +137.3% |
| Recurring financial income | 75 | €4,939 | €11,721 | +€6,782 | +137.3% |
| Financial charges | 65/66B | €32,020 | €55,042 | +€23,022 | +71.9% |
| Recurring financial charges | 65 | €32,020 | €55,042 | +€23,022 | +71.9% |
| Profit (loss) for the period before taxes | 9903 | €108,725 | -€10,165 | -€118,890 | |
| Profit (loss) for the period | 9904 | €108,725 | -€10,165 | -€118,890 | |
| Profit (loss) for the period to be appropriated | 9905 | €108,725 | -€10,165 | -€118,890 |
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 2 October 2026 via checked.be.