Thierry Melotte: 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.
Thierry Melotte
Largest movements
- Cash +€14,075
up €14,075 (+20.9%), from €67,314 to €81,389
mainly Net result for the year (+€120,948) and Other debts (+€24,656)
- Receivables within one year +€6,190
up €6,190 (+12.5%), from €49,399 to €55,590
of which Other amounts receivable: +€14,804
- Tangible fixed assets +€6,158
up €6,158 (+112%), from €5,493 to €11,651
of which Plant, machinery and equipment: +€3,472
- Other debts +€24,656
up €24,656 (+30.8%), from €80,119 to €104,775
- Profit (loss) carried forward -€15,409
no longer reported in 2025 (was €15,409)
- Tax, wage and social debts +€12,754
up €12,754 (+46.9%), from €27,186 to €39,940
- Trade debts +€4,990
up €4,990 (+578%), from €863 to €5,853
- Gross operating margin +€39,823
up €39,823 (+32.7%), from €121,677 to €161,499
- Taxes +€8,297
up €8,297 (+31.0%), from €26,759 to €35,056
- Financial charges +€1,942
up €1,942 (+218%), from €891 to €2,833
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.
Derived cash bridge
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 | €125,122 | €152,068 | +€26,947 | +21.5% |
| Fixed assets | 21/28 | €5,788 | €11,946 | +€6,158 | +106% |
| Tangible fixed assets | 22/27 | €5,493 | €11,651 | +€6,158 | +112% |
| Plant, machinery and equipment | 23 | €1,742 | €5,214 | +€3,472 | +199% |
| Furniture and vehicles | 24 | €3,751 | €6,437 | +€2,686 | +71.6% |
| Financial fixed assets | 28 | €295 | €295 | = | 0.0% |
| Current assets | 29/58 | €119,333 | €140,122 | +€20,789 | +17.4% |
| Amounts receivable within one year | 40/41 | €49,399 | €55,590 | +€6,190 | +12.5% |
| Trade receivables | 40 | €41,742 | €33,128 | -€8,614 | -20.6% |
| Other amounts receivable | 41 | €7,657 | €22,461 | +€14,804 | +193% |
| Cash at bank and in hand | 54/58 | €67,314 | €81,389 | +€14,075 | +20.9% |
| Deferred charges and accrued income | 490/1 | €2,620 | €3,143 | +€523 | +20.0% |
| Total equity and liabilities | 10/49 | €125,122 | €152,068 | +€26,947 | +21.5% |
| Equity | 10/15 | €16,909 | €1,500 | -€15,409 | -91.1% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,409 | - | -€15,409 | |
| Amounts payable | 17/49 | €108,213 | €150,568 | +€42,355 | +39.1% |
| Amounts payable within one year | 42/48 | €108,168 | €150,568 | +€42,400 | +39.2% |
| Trade debts | 44 | €863 | €5,853 | +€4,990 | +578% |
| Suppliers | 440/4 | €863 | €5,853 | +€4,990 | +578% |
| Taxes, remuneration and social security | 45 | €27,186 | €39,940 | +€12,754 | +46.9% |
| Taxes | 450/3 | €27,186 | €39,940 | +€12,754 | +46.9% |
| Other amounts payable | 47/48 | €80,119 | €104,775 | +€24,656 | +30.8% |
| Accrued charges and deferred income | 492/3 | €45 | - | -€45 | |
| Non-recurring operating income | 76A | - | €439 | +€439 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,027 | €2,263 | +€1,236 | +120% |
| Other operating charges | 640/8 | €389 | €400 | +€10 | +2.7% |
| Gross operating margin | 9900 | €121,677 | €161,499 | +€39,823 | +32.7% |
| Operating profit (loss) | 9901 | €120,261 | €158,837 | +€38,576 | +32.1% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €891 | €2,833 | +€1,942 | +218% |
| Recurring financial charges | 65 | €891 | €2,833 | +€1,942 | +218% |
| Profit (loss) for the period before taxes | 9903 | €119,370 | €156,004 | +€36,634 | +30.7% |
| Income taxes | 67/77 | €26,759 | €35,056 | +€8,297 | +31.0% |
| Profit (loss) for the period | 9904 | €92,612 | €120,948 | +€28,337 | +30.6% |
| Profit (loss) for the period to be appropriated | 9905 | €92,612 | €120,948 | +€28,337 | +30.6% |
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 16 October 2026 via checked.be.