MELRAH: 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.
MELRAH
Largest movements
- Tangible fixed assets +€6.8m
up €6.8m (+1345.5%), from €503,700 to €7.3m
of which Land and buildings: +€6.8m
- Cash +€288,334
up €288,334 (+135.5%), from €212,717 to €501,051
mainly Contributions, distributions and other (+€5.6m) and Other debts (+€1.3m)
- Revaluation surpluses +€6.8m
up €6.8m (+1755.6%), from €386,576 to €7.2m
- Other debts +€1.3m
up €1.3m (+54075.1%), from €2,353 to €1.3m
- Reserves -€914,463
down €914,463 (-97.9%), from €934,470 to €20,007
of which Distributable reserves: -€914,463
- Financial charges +€44,292
up €44,292 (+332.6%), from €13,316 to €57,607
- Taxes -€16,474
down €16,474 (-16.4%), from €100,202 to €83,728
- Gross operating margin -€6,210
down €6,210 (-1.6%), from €390,437 to €384,226
- Financial income -€4,361
down €4,361 (-11.0%), from €39,621 to €35,260
of which Financial income: -€7,830
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 | €1,478,447 | €8,630,267 | +€7.2m | +483.7% |
| Fixed assets | 21/28 | €503,700 | €7,280,778 | +€6.8m | +1345.5% |
| Tangible fixed assets | 22/27 | €503,700 | €7,280,778 | +€6.8m | +1345.5% |
| Land and buildings | 22 | €498,927 | €7,277,656 | +€6.8m | +1358.7% |
| Furniture and vehicles | 24 | €4,774 | €3,122 | -€1,652 | -34.6% |
| Current assets | 29/58 | €974,747 | €1,349,489 | +€374,743 | +38.4% |
| Amounts receivable after more than one year | 29 | - | €46,000 | +€46,000 | |
| Other amounts receivable | 291 | - | €46,000 | +€46,000 | |
| Amounts receivable within one year | 40/41 | €18,616 | €21,272 | +€2,657 | +14.3% |
| Other amounts receivable | 41 | €18,616 | €21,272 | +€2,657 | +14.3% |
| Current investments | 50/53 | €739,587 | €768,108 | +€28,521 | +3.9% |
| Cash at bank and in hand | 54/58 | €212,717 | €501,051 | +€288,334 | +135.5% |
| Deferred charges and accrued income | 490/1 | €3,827 | €13,058 | +€9,230 | +241.2% |
| Total equity and liabilities | 10/49 | €1,478,447 | €8,630,267 | +€7.2m | +483.7% |
| Equity | 10/15 | €1,474,595 | €7,346,971 | +€5.9m | +398.2% |
| Contributions | 10/11 | €153,550 | €153,550 | = | 0.0% |
| Revaluation surpluses | 12 | €386,576 | €7,173,415 | +€6.8m | +1755.6% |
| Reserves | 13 | €934,470 | €20,007 | -€914,463 | -97.9% |
| Non-distributable reserves | 130/1 | €15,355 | €15,355 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,355 | €15,355 | = | 0.0% |
| Distributable reserves | 133 | €919,115 | €4,652 | -€914,463 | -99.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,851 | €1,283,296 | +€1.3m | +33221.4% |
| Amounts payable within one year | 42/48 | €3,710 | €1,283,296 | +€1.3m | +34490.2% |
| Trade debts | 44 | €1,154 | €8,296 | +€7,141 | +618.6% |
| Suppliers | 440/4 | €1,154 | €8,296 | +€7,141 | +618.6% |
| Taxes, remuneration and social security | 45 | €202 | €0 | -€202 | -100.0% |
| Taxes | 450/3 | €202 | €0 | -€202 | -100.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €2,353 | €1,275,000 | +€1.3m | +54075.1% |
| Accrued charges and deferred income | 492/3 | €141 | €0 | -€141 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,124 | €12,014 | -€110 | -0.9% |
| Other operating charges | 640/8 | €3,515 | €5,601 | +€2,086 | +59.4% |
| Gross operating margin | 9900 | €390,437 | €384,226 | -€6,210 | -1.6% |
| Operating profit (loss) | 9901 | €374,798 | €366,612 | -€8,186 | -2.2% |
| Financial income | 75/76B | €39,621 | €35,260 | -€4,361 | -11.0% |
| Recurring financial income | 75 | €39,621 | €31,791 | -€7,830 | -19.8% |
| Non-recurring financial income | 76B | - | €3,469 | +€3,469 | |
| Financial charges | 65/66B | €13,316 | €57,607 | +€44,292 | +332.6% |
| Recurring financial charges | 65 | €13,316 | €57,607 | +€44,292 | +332.6% |
| Profit (loss) for the period before taxes | 9903 | €401,103 | €344,265 | -€56,839 | -14.2% |
| Income taxes | 67/77 | €100,202 | €83,728 | -€16,474 | -16.4% |
| Profit (loss) for the period | 9904 | €300,901 | €260,537 | -€40,364 | -13.4% |
| Profit (loss) for the period to be appropriated | 9905 | €300,901 | €260,537 | -€40,364 | -13.4% |
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 10 October 2026 via checked.be.