MELUSINE: 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.
MELUSINE
Largest movements
- Tangible fixed assets -€51,109
down €51,109 (-5.8%), from €884,584 to €833,474
of which Land and buildings: -€40,095
- Debts after one year -€65,082
down €65,082 (-9.4%), from €690,928 to €625,846
- Profit (loss) carried forward +€14,852
up €14,852 (+14.9%), from €99,978 to €114,829
- Gross operating margin +€6,399
up €6,399 (+6.1%), from €104,150 to €110,550
- Other operating charges +€3,033
up €3,033 (+53.8%), from €5,643 to €8,677
- Depreciation -€2,292
down €2,292 (-4.0%), from €57,401 to €55,109
- Financial charges +€2,084
up €2,084 (+8.3%), from €24,968 to €27,051
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 | €890,701 | €838,152 | -€52,549 | -5.9% |
| Fixed assets | 21/28 | €884,584 | €833,474 | -€51,109 | -5.8% |
| Tangible fixed assets | 22/27 | €884,584 | €833,474 | -€51,109 | -5.8% |
| Land and buildings | 22 | €804,224 | €764,129 | -€40,095 | -5.0% |
| Plant, machinery and equipment | 23 | €74,865 | €65,971 | -€8,894 | -11.9% |
| Furniture and vehicles | 24 | €5,495 | €3,375 | -€2,120 | -38.6% |
| Current assets | 29/58 | €6,117 | €4,678 | -€1,439 | -23.5% |
| Amounts receivable within one year | 40/41 | €1,440 | €19 | -€1,421 | -98.7% |
| Trade receivables | 40 | €890 | €19 | -€871 | -97.9% |
| Other amounts receivable | 41 | €550 | - | -€550 | |
| Cash at bank and in hand | 54/58 | €1,854 | €4,119 | +€2,264 | +122.1% |
| Deferred charges and accrued income | 490/1 | €2,823 | €540 | -€2,283 | -80.9% |
| Total equity and liabilities | 10/49 | €890,701 | €838,152 | -€52,549 | -5.9% |
| Equity | 10/15 | €111,378 | €126,230 | +€14,852 | +13.3% |
| Contributions | 10/11 | €5,260 | €5,260 | = | 0.0% |
| Reserves | 13 | €6,141 | €6,141 | = | 0.0% |
| Tax-exempt reserves | 132 | €5,615 | €5,615 | = | 0.0% |
| Distributable reserves | 133 | €526 | €526 | = | 0.0% |
| Profit (loss) carried forward | 14 | €99,978 | €114,829 | +€14,852 | +14.9% |
| Amounts payable | 17/49 | €779,323 | €711,923 | -€67,400 | -8.6% |
| Amounts payable after more than one year | 17 | €690,928 | €625,846 | -€65,082 | -9.4% |
| Financial debts | 170/4 | €690,928 | €625,846 | -€65,082 | -9.4% |
| Amounts payable within one year | 42/48 | €87,443 | €85,110 | -€2,332 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €62,753 | €65,082 | +€2,329 | +3.7% |
| Trade debts | 44 | €0 | €2,176 | +€2,176 | |
| Suppliers | 440/4 | €0 | €2,176 | +€2,176 | |
| Taxes, remuneration and social security | 45 | €6,997 | €1,361 | -€5,635 | -80.5% |
| Taxes | 450/3 | €6,997 | €1,361 | -€5,635 | -80.5% |
| Other amounts payable | 47/48 | €17,693 | €16,491 | -€1,202 | -6.8% |
| Accrued charges and deferred income | 492/3 | €952 | €966 | +€14 | +1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,401 | €55,109 | -€2,292 | -4.0% |
| Other operating charges | 640/8 | €5,643 | €8,677 | +€3,033 | +53.8% |
| Gross operating margin | 9900 | €104,150 | €110,550 | +€6,399 | +6.1% |
| Operating profit (loss) | 9901 | €41,106 | €46,764 | +€5,658 | +13.8% |
| Financial charges | 65/66B | €24,968 | €27,051 | +€2,084 | +8.3% |
| Recurring financial charges | 65 | €24,968 | €27,051 | +€2,084 | +8.3% |
| Profit (loss) for the period before taxes | 9903 | €16,138 | €19,712 | +€3,574 | +22.1% |
| Income taxes | 67/77 | €4,338 | €4,861 | +€523 | +12.1% |
| Profit (loss) for the period | 9904 | €11,800 | €14,852 | +€3,051 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,800 | €14,852 | +€3,051 | +25.9% |
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 8 October 2026 via checked.be.