MELPOMENE: 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.
MELPOMENE
Largest movements
- Tangible fixed assets +€440,142
new in 2025: €440,142
- Receivables within one year +€122,500
up €122,500 (+233.3%), from €52,500 to €175,000
- Receivables after one year -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Debts after one year +€420,531
new in 2025: €420,531
- Other debts +€29,679
new in 2025: €29,679
- Current portion of long-term debt +€20,517
new in 2025: €20,517
- Gross operating margin -€3,931
down €3,931 (-371.6%), from -€1,058 to -€4,989
- Depreciation +€906
new in 2025: €906
- Other operating charges +€752
up €752 (+76.7%), from €980 to €1,732
- Financial income -€53
down €53 (-1.4%), from €3,750 to €3,697
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 | €154,258 | €620,924 | +€466,666 | +302.5% |
| Fixed assets | 21/28 | - | €440,142 | +€440,142 | |
| Tangible fixed assets | 22/27 | - | €440,142 | +€440,142 | |
| Leasing and similar rights | 25 | - | €440,142 | +€440,142 | |
| Current assets | 29/58 | €154,258 | €180,782 | +€26,524 | +17.2% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100.0% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €52,500 | €175,000 | +€122,500 | +233.3% |
| Other amounts receivable | 41 | €52,500 | €175,000 | +€122,500 | +233.3% |
| Cash at bank and in hand | 54/58 | €508 | €835 | +€327 | +64.3% |
| Deferred charges and accrued income | 490/1 | €1,250 | €4,947 | +€3,697 | +295.8% |
| Total equity and liabilities | 10/49 | €154,258 | €620,924 | +€466,666 | +302.5% |
| Equity | 10/15 | €120,680 | €116,771 | -€3,909 | -3.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €102,088 | €98,217 | -€3,872 | -3.8% |
| Tax-exempt reserves | 132 | €98,419 | €98,217 | -€202 | -0.2% |
| Distributable reserves | 133 | €3,669 | €0 | -€3,669 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€38 | -€38 | |
| Provisions and deferred taxes | 16 | €32,806 | €32,739 | -€67 | -0.2% |
| Deferred taxes | 168 | €32,806 | €32,739 | -€67 | -0.2% |
| Amounts payable | 17/49 | €772 | €471,414 | +€470,643 | +60977.5% |
| Amounts payable after more than one year | 17 | - | €420,531 | +€420,531 | |
| Financial debts | 170/4 | - | €420,531 | +€420,531 | |
| Amounts payable within one year | 42/48 | €772 | €50,883 | +€50,111 | +6492.6% |
| Current portion of amounts payable after more than one year | 42 | - | €20,517 | +€20,517 | |
| Trade debts | 44 | €772 | €687 | -€85 | -11.0% |
| Suppliers | 440/4 | €772 | €687 | -€85 | -11.0% |
| Other amounts payable | 47/48 | - | €29,679 | +€29,679 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €906 | +€906 | |
| Other operating charges | 640/8 | €980 | €1,732 | +€752 | +76.7% |
| Gross operating margin | 9900 | -€1,058 | -€4,989 | -€3,931 | -371.6% |
| Operating profit (loss) | 9901 | -€2,038 | -€7,627 | -€5,589 | -274.3% |
| Financial income | 75/76B | €3,750 | €3,697 | -€53 | -1.4% |
| Recurring financial income | 75 | €3,750 | €3,697 | -€53 | -1.4% |
| Financial charges | 65/66B | €46 | €46 | = | 0.0% |
| Recurring financial charges | 65 | €46 | €46 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €1,666 | -€3,977 | -€5,643 | |
| Transfer from deferred taxes | 780 | - | €67 | +€67 | |
| Profit (loss) for the period | 9904 | €1,666 | -€3,909 | -€5,575 | |
| Transfer from tax-exempt reserves | 789 | - | €202 | +€202 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,666 | -€3,707 | -€5,373 |
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 7 October 2026 via checked.be.