Melissa Kennis: 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.
Melissa Kennis
Largest movements
- Receivables within one year +€28,618
up €28,618 (+35.4%), from €80,815 to €109,433
- Current investments +€15,014
new in 2025: €15,014
- Cash -€14,961
down €14,961 (-74.0%), from €20,210 to €5,249
mainly Receivables within one year (-€28,618) and Tax, wage and social debts (-€15,910)
- Deferred charges and accrued income -€5,682
down €5,682 (-25.9%), from €21,923 to €16,241
- Tangible fixed assets -€5,419
down €5,419 (-20.5%), from €26,453 to €21,034
- Reserves +€39,277
up €39,277 (+41.6%), from €94,389 to €133,665
- Tax, wage and social debts -€15,910
down €15,910 (-55.2%), from €28,813 to €12,903
- Debts after one year -€4,918
down €4,918 (-29.0%), from €16,973 to €12,055
- Gross operating margin +€12,706
up €12,706 (+29.0%), from €43,766 to €56,472
- Taxes +€2,175
up €2,175 (+21.0%), from €10,367 to €12,542
- Financial income +€1,318
up €1,318 (+34.2%), from €3,856 to €5,174
- Depreciation +€1,253
up €1,253 (+24.3%), from €5,165 to €6,418
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €149,401 | €166,971 | +€17,570 | +11.8% |
| Fixed assets | 21/28 | €26,453 | €21,034 | -€5,419 | -20.5% |
| Tangible fixed assets | 22/27 | €26,453 | €21,034 | -€5,419 | -20.5% |
| Furniture and vehicles | 24 | €26,453 | €21,034 | -€5,419 | -20.5% |
| Current assets | 29/58 | €122,948 | €145,937 | +€22,989 | +18.7% |
| Amounts receivable within one year | 40/41 | €80,815 | €109,433 | +€28,618 | +35.4% |
| Other amounts receivable | 41 | €80,815 | €109,433 | +€28,618 | +35.4% |
| Current investments | 50/53 | - | €15,014 | +€15,014 | |
| Cash at bank and in hand | 54/58 | €20,210 | €5,249 | -€14,961 | -74.0% |
| Deferred charges and accrued income | 490/1 | €21,923 | €16,241 | -€5,682 | -25.9% |
| Total equity and liabilities | 10/49 | €149,401 | €166,971 | +€17,570 | +11.8% |
| Equity | 10/15 | €95,389 | €134,665 | +€39,277 | +41.2% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €94,389 | €133,665 | +€39,277 | +41.6% |
| Distributable reserves | 133 | €94,389 | €133,665 | +€39,277 | +41.6% |
| Amounts payable | 17/49 | €54,012 | €32,306 | -€21,707 | -40.2% |
| Amounts payable after more than one year | 17 | €16,973 | €12,055 | -€4,918 | -29.0% |
| Financial debts | 170/4 | €16,973 | €12,055 | -€4,918 | -29.0% |
| Amounts payable within one year | 42/48 | €37,040 | €20,251 | -€16,789 | -45.3% |
| Current portion of amounts payable after more than one year | 42 | €4,666 | €4,918 | +€252 | +5.4% |
| Financial debts | 43 | €608 | €760 | +€152 | +25.0% |
| Credit institutions | 430/8 | €608 | €760 | +€152 | +25.0% |
| Trade debts | 44 | €2,094 | €1,671 | -€423 | -20.2% |
| Suppliers | 440/4 | €2,094 | €1,671 | -€423 | -20.2% |
| Taxes, remuneration and social security | 45 | €28,813 | €12,903 | -€15,910 | -55.2% |
| Taxes | 450/3 | €28,813 | €12,903 | -€15,910 | -55.2% |
| Other amounts payable | 47/48 | €859 | - | -€859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,165 | €6,418 | +€1,253 | +24.3% |
| Other operating charges | 640/8 | €1,984 | €2,242 | +€258 | +13.0% |
| Gross operating margin | 9900 | €43,766 | €56,472 | +€12,706 | +29.0% |
| Operating profit (loss) | 9901 | €36,617 | €47,812 | +€11,195 | +30.6% |
| Financial income | 75/76B | €3,856 | €5,174 | +€1,318 | +34.2% |
| Recurring financial income | 75 | €3,856 | €5,174 | +€1,318 | +34.2% |
| Financial charges | 65/66B | €1,231 | €1,168 | -€63 | -5.1% |
| Recurring financial charges | 65 | €1,231 | €1,168 | -€63 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | €39,242 | €51,818 | +€12,576 | +32.0% |
| Income taxes | 67/77 | €10,367 | €12,542 | +€2,175 | +21.0% |
| Profit (loss) for the period | 9904 | €28,876 | €39,277 | +€10,401 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,876 | €39,277 | +€10,401 | +36.0% |
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 21 October 2026 via checked.be.