MELO: 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.
MELO
Largest movements
- Tangible fixed assets +€115,873
up €115,873 (+25.1%), from €461,180 to €577,053
of which Land and buildings: +€116,966
- Cash +€60,528
up €60,528 (+84.0%), from €72,062 to €132,590
mainly Net result for the year (+€67,902) and Debts after one year (+€63,305)
- Receivables within one year -€42,262
down €42,262 (-63.3%), from €66,750 to €24,488
of which Trade receivables: -€39,608
- Reserves +€67,902
up €67,902 (+26.0%), from €261,370 to €329,272
- Debts after one year +€63,305
up €63,305 (+20.9%), from €303,465 to €366,770
- Gross operating margin -€27,197
down €27,197 (-19.6%), from €139,061 to €111,864
- Taxes -€8,642
down €8,642 (-32.9%), from €26,236 to €17,595
- Depreciation +€4,925
up €4,925 (+47.6%), from €10,341 to €15,266
- Financial charges +€2,461
up €2,461 (+31.5%), from €7,825 to €10,286
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 | €611,037 | €744,283 | +€133,245 | +21.8% |
| Fixed assets | 21/28 | €461,180 | €577,053 | +€115,873 | +25.1% |
| Tangible fixed assets | 22/27 | €461,180 | €577,053 | +€115,873 | +25.1% |
| Land and buildings | 22 | €458,408 | €575,375 | +€116,966 | +25.5% |
| Furniture and vehicles | 24 | €2,771 | €1,678 | -€1,094 | -39.5% |
| Current assets | 29/58 | €149,858 | €167,230 | +€17,372 | +11.6% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €66,750 | €24,488 | -€42,262 | -63.3% |
| Trade receivables | 40 | €39,608 | - | -€39,608 | |
| Other amounts receivable | 41 | €27,142 | €24,488 | -€2,654 | -9.8% |
| Cash at bank and in hand | 54/58 | €72,062 | €132,590 | +€60,528 | +84.0% |
| Deferred charges and accrued income | 490/1 | €1,045 | €152 | -€893 | -85.5% |
| Total equity and liabilities | 10/49 | €611,037 | €744,283 | +€133,245 | +21.8% |
| Equity | 10/15 | €263,870 | €331,772 | +€67,902 | +25.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €261,370 | €329,272 | +€67,902 | +26.0% |
| Distributable reserves | 133 | €261,370 | €329,272 | +€67,902 | +26.0% |
| Amounts payable | 17/49 | €347,168 | €412,511 | +€65,343 | +18.8% |
| Amounts payable after more than one year | 17 | €303,465 | €366,770 | +€63,305 | +20.9% |
| Financial debts | 170/4 | €303,465 | €366,770 | +€63,305 | +20.9% |
| Amounts payable within one year | 42/48 | €43,702 | €45,740 | +€2,038 | +4.7% |
| Current portion of amounts payable after more than one year | 42 | €36,892 | €38,376 | +€1,484 | +4.0% |
| Trade debts | 44 | €574 | €1,128 | +€554 | +96.6% |
| Suppliers | 440/4 | €574 | €1,128 | +€554 | +96.6% |
| Taxes, remuneration and social security | 45 | €6,236 | €6,236 | = | 0.0% |
| Taxes | 450/3 | €6,236 | €6,236 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,341 | €15,266 | +€4,925 | +47.6% |
| Other operating charges | 640/8 | €3,184 | €1,830 | -€1,354 | -42.5% |
| Gross operating margin | 9900 | €139,061 | €111,864 | -€27,197 | -19.6% |
| Operating profit (loss) | 9901 | €125,537 | €94,768 | -€30,768 | -24.5% |
| Financial income | 75/76B | €1,524 | €1,015 | -€510 | -33.4% |
| Recurring financial income | 75 | €1,524 | €1,015 | -€510 | -33.4% |
| Financial charges | 65/66B | €7,825 | €10,286 | +€2,461 | +31.5% |
| Recurring financial charges | 65 | €7,825 | €10,286 | +€2,461 | +31.5% |
| Profit (loss) for the period before taxes | 9903 | €119,236 | €85,497 | -€33,739 | -28.3% |
| Income taxes | 67/77 | €26,236 | €17,595 | -€8,642 | -32.9% |
| Profit (loss) for the period | 9904 | €92,999 | €67,902 | -€25,097 | -27.0% |
| Profit (loss) for the period to be appropriated | 9905 | €92,999 | €67,902 | -€25,097 | -27.0% |
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 4 October 2026 via checked.be.