MEMALEC: 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.
MEMALEC
Largest movements
- Tangible fixed assets -€766,388
down €766,388 (-66.1%), from €1.2m to €392,768
of which Land and buildings: -€633,207
- Stocks and contracts +€497,878
up €497,878 (+88.9%), from €559,989 to €1.1m
- Cash +€295,153
up €295,153 (+1773.7%), from €16,640 to €311,793
- Receivables within one year +€166,519
up €166,519 (+484.1%), from €34,396 to €200,915
of which Trade receivables: +€129,938
- Reserves +€220,590
up €220,590 (+33.1%), from €667,262 to €887,852
of which Distributable reserves: +€292,925
- Debts after one year -€159,565
down €159,565 (-27.8%), from €573,857 to €414,292
- Other debts +€96,109
up €96,109 (+178.2%), from €53,924 to €150,034
- Tax, wage and social debts +€83,281
up €83,281 (+205.9%), from €40,441 to €123,722
- Current portion of long-term debt -€20,439
down €20,439 (-24.8%), from €82,445 to €62,006
- Gross operating margin +€417,539
up €417,539 (+247.5%), from €168,681 to €586,220
- Taxes +€136,601
up €136,601 (+600.1%), from €22,761 to €159,362
- Depreciation -€64,356
down €64,356 (-100.0%), from €64,356 to €0
- Other operating charges +€57,297
up €57,297 (+2664.2%), from €2,151 to €59,448
- Financial charges +€11,695
up €11,695 (+38.3%), from €30,555 to €42,250
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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,773,126 | €1,985,066 | +€211,940 | +12.0% |
| Fixed assets | 21/28 | €1,159,381 | €392,893 | -€766,488 | -66.1% |
| Tangible fixed assets | 22/27 | €1,159,156 | €392,768 | -€766,388 | -66.1% |
| Land and buildings | 22 | €941,675 | €308,468 | -€633,207 | -67.2% |
| Plant, machinery and equipment | 23 | €209,516 | €0 | -€209,516 | -100.0% |
| Furniture and vehicles | 24 | €7,965 | €0 | -€7,965 | -100.0% |
| Other tangible fixed assets | 26 | - | €84,300 | +€84,300 | |
| Financial fixed assets | 28 | €225 | €125 | -€100 | -44.4% |
| Current assets | 29/58 | €613,745 | €1,592,173 | +€978,428 | +159.4% |
| Amounts receivable after more than one year | 29 | €0 | €17,500 | +€17,500 | |
| Other amounts receivable | 291 | €0 | €17,500 | +€17,500 | |
| Stocks and contracts in progress | 3 | €559,989 | €1,057,866 | +€497,878 | +88.9% |
| Stocks | 30/36 | €559,989 | €1,057,866 | +€497,878 | +88.9% |
| Amounts receivable within one year | 40/41 | €34,396 | €200,915 | +€166,519 | +484.1% |
| Trade receivables | 40 | €34,396 | €164,334 | +€129,938 | +377.8% |
| Other amounts receivable | 41 | - | €36,581 | +€36,581 | |
| Current investments | 50/53 | €2,019 | €0 | -€2,019 | -100.0% |
| Cash at bank and in hand | 54/58 | €16,640 | €311,793 | +€295,153 | +1773.7% |
| Deferred charges and accrued income | 490/1 | €700 | €4,098 | +€3,398 | +485.2% |
| Total equity and liabilities | 10/49 | €1,773,126 | €1,985,066 | +€211,940 | +12.0% |
| Equity | 10/15 | €679,662 | €900,252 | +€220,590 | +32.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €667,262 | €887,852 | +€220,590 | +33.1% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100.0% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100.0% |
| Tax-exempt reserves | 132 | €70,480 | €0 | -€70,480 | -100.0% |
| Distributable reserves | 133 | €594,927 | €887,852 | +€292,925 | +49.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €17,620 | €0 | -€17,620 | -100.0% |
| Deferred taxes | 168 | €17,620 | €0 | -€17,620 | -100.0% |
| Amounts payable | 17/49 | €1,075,844 | €1,084,813 | +€8,970 | +0.8% |
| Amounts payable after more than one year | 17 | €573,857 | €414,292 | -€159,565 | -27.8% |
| Financial debts | 170/4 | €573,857 | €414,292 | -€159,565 | -27.8% |
| Amounts payable within one year | 42/48 | €499,939 | €670,522 | +€170,582 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €82,445 | €62,006 | -€20,439 | -24.8% |
| Financial debts | 43 | €323,000 | €323,000 | = | 0.0% |
| Credit institutions | 430/8 | €323,000 | €323,000 | = | 0.0% |
| Trade debts | 44 | €129 | €11,760 | +€11,631 | +9013.0% |
| Suppliers | 440/4 | €129 | €11,760 | +€11,631 | +9013.0% |
| Taxes, remuneration and social security | 45 | €40,441 | €123,722 | +€83,281 | +205.9% |
| Taxes | 450/3 | €40,441 | €123,722 | +€83,281 | +205.9% |
| Other amounts payable | 47/48 | €53,924 | €150,034 | +€96,109 | +178.2% |
| Accrued charges and deferred income | 492/3 | €2,047 | €0 | -€2,047 | -100.0% |
| Non-recurring operating income | 76A | - | €129,500 | +€129,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,356 | €0 | -€64,356 | -100.0% |
| Other operating charges | 640/8 | €2,151 | €59,448 | +€57,297 | +2664.2% |
| Gross operating margin | 9900 | €168,681 | €586,220 | +€417,539 | +247.5% |
| Operating profit (loss) | 9901 | €102,174 | €526,772 | +€424,598 | +415.6% |
| Financial income | 75/76B | €11 | €2,811 | +€2,800 | +26343.0% |
| Recurring financial income | 75 | €11 | €2,811 | +€2,800 | +26343.0% |
| Financial charges | 65/66B | €30,555 | €42,250 | +€11,695 | +38.3% |
| Recurring financial charges | 65 | €30,555 | €42,250 | +€11,695 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €71,630 | €487,332 | +€415,703 | +580.3% |
| Transfer from deferred taxes | 780 | €1,073 | €17,620 | +€16,547 | +1541.6% |
| Income taxes | 67/77 | €22,761 | €159,362 | +€136,601 | +600.1% |
| Profit (loss) for the period | 9904 | €49,942 | €345,590 | +€295,649 | +592.0% |
| Transfer from tax-exempt reserves | 789 | €4,293 | €70,480 | +€66,186 | +1541.6% |
| Profit (loss) for the period to be appropriated | 9905 | €54,235 | €416,070 | +€361,835 | +667.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 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.