MELMATH: 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.
MELMATH
Largest movements
- Tangible fixed assets +€44,249
up €44,249 (+156.4%), from €28,287 to €72,537
of which Other tangible fixed assets: +€51,029
- Receivables within one year +€15,715
up €15,715 (+31.3%), from €50,149 to €65,864
of which Trade receivables: +€10,210
- Cash +€14,374
up €14,374 (+1153.3%), from €1,246 to €15,621
mainly Net result for the year (+€93,535) and Depreciation (+€15,820)
- Stocks and contracts -€11,534
down €11,534 (-27.0%), from €42,750 to €31,216
- Deferred charges and accrued income -€1,962
no longer reported in 2025 (was €1,962)
- Profit (loss) carried forward +€93,535
up €93,535 (+97.2%), from -€96,195 to -€2,660
- Debts after one year -€50,902
down €50,902 (-41.1%), from €123,720 to €72,818
- Tax, wage and social debts +€10,053
up €10,053 (+31.8%), from €31,632 to €41,685
- Trade debts +€3,202
up €3,202 (+115.6%), from €2,770 to €5,972
- Current portion of long-term debt +€2,670
up €2,670 (+17.7%), from €15,119 to €17,789
- Gross operating margin +€33,133
up €33,133 (+28.9%), from €114,637 to €147,770
- Taxes +€9,803
up €9,803 (+46.8%), from €20,941 to €30,744
- Other operating charges -€4,950
down €4,950 (-65.2%), from €7,594 to €2,644
- Depreciation -€3,235
down €3,235 (-17.0%), from €19,056 to €15,820
- Financial charges -€2,043
down €2,043 (-27.8%), from €7,349 to €5,306
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 | €125,594 | €186,438 | +€60,843 | +48.4% |
| Fixed assets | 21/28 | €29,487 | €73,737 | +€44,249 | +150.1% |
| Tangible fixed assets | 22/27 | €28,287 | €72,537 | +€44,249 | +156.4% |
| Plant, machinery and equipment | 23 | €4,555 | €5,402 | +€847 | +18.6% |
| Furniture and vehicles | 24 | €12,035 | €4,408 | -€7,627 | -63.4% |
| Other tangible fixed assets | 26 | €11,698 | €62,726 | +€51,029 | +436.2% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €96,107 | €112,701 | +€16,594 | +17.3% |
| Stocks and contracts in progress | 3 | €42,750 | €31,216 | -€11,534 | -27.0% |
| Stocks | 30/36 | €42,750 | €31,216 | -€11,534 | -27.0% |
| Amounts receivable within one year | 40/41 | €50,149 | €65,864 | +€15,715 | +31.3% |
| Trade receivables | 40 | €50,113 | €60,323 | +€10,210 | +20.4% |
| Other amounts receivable | 41 | €36 | €5,541 | +€5,505 | +15331.2% |
| Cash at bank and in hand | 54/58 | €1,246 | €15,621 | +€14,374 | +1153.3% |
| Deferred charges and accrued income | 490/1 | €1,962 | - | -€1,962 | |
| Total equity and liabilities | 10/49 | €125,594 | €186,438 | +€60,843 | +48.4% |
| Equity | 10/15 | -€48,712 | €44,823 | +€93,535 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €41,283 | €41,283 | = | 0.0% |
| Distributable reserves | 133 | €41,283 | €41,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,195 | -€2,660 | +€93,535 | +97.2% |
| Amounts payable | 17/49 | €174,307 | €141,615 | -€32,692 | -18.8% |
| Amounts payable after more than one year | 17 | €123,720 | €72,818 | -€50,902 | -41.1% |
| Financial debts | 170/4 | €123,720 | €72,818 | -€50,902 | -41.1% |
| Amounts payable within one year | 42/48 | €50,587 | €68,797 | +€18,210 | +36.0% |
| Current portion of amounts payable after more than one year | 42 | €15,119 | €17,789 | +€2,670 | +17.7% |
| Trade debts | 44 | €2,770 | €5,972 | +€3,202 | +115.6% |
| Suppliers | 440/4 | €2,770 | €5,972 | +€3,202 | +115.6% |
| Taxes, remuneration and social security | 45 | €31,632 | €41,685 | +€10,053 | +31.8% |
| Taxes | 450/3 | €31,632 | €41,685 | +€10,053 | +31.8% |
| Other amounts payable | 47/48 | €1,066 | €3,351 | +€2,285 | +214.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,056 | €15,820 | -€3,235 | -17.0% |
| Other operating charges | 640/8 | €7,594 | €2,644 | -€4,950 | -65.2% |
| Gross operating margin | 9900 | €114,637 | €147,770 | +€33,133 | +28.9% |
| Operating profit (loss) | 9901 | €87,987 | €129,305 | +€41,318 | +47.0% |
| Financial income | 75/76B | €24 | €281 | +€256 | +1051.8% |
| Recurring financial income | 75 | €24 | €281 | +€256 | +1051.8% |
| Financial charges | 65/66B | €7,349 | €5,306 | -€2,043 | -27.8% |
| Recurring financial charges | 65 | €7,349 | €5,306 | -€2,043 | -27.8% |
| Profit (loss) for the period before taxes | 9903 | €80,663 | €124,279 | +€43,617 | +54.1% |
| Income taxes | 67/77 | €20,941 | €30,744 | +€9,803 | +46.8% |
| Profit (loss) for the period | 9904 | €59,721 | €93,535 | +€33,814 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,721 | €93,535 | +€33,814 | +56.6% |
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 3 October 2026 via checked.be.