INTHERM-MEDE: what changed
INTHERM-MEDE
Largest movements
- Receivables within one year +€145,438
up €145,438 (+451%), from €32,275 to €177,713
of which Trade receivables: +€126,642
- Cash -€142,486
down €142,486 (-72.9%), from €195,320 to €52,834
mainly Receivables within one year (-€145,438) and Contributions, distributions and other (-€100,000)
- Deferred charges and accrued income +€20,635
new in 2025: €20,635
- Tangible fixed assets +€14,579
up €14,579 (+21.6%), from €67,519 to €82,098
of which Plant, machinery and equipment: +€15,935
- Reserves +€100,000
up €100,000 (+5,376%), from €1,860 to €101,860
of which Distributable reserves: +€100,000
- Profit (loss) carried forward -€60,019
down €60,019 (-40.3%), from €149,056 to €89,037
- Other debts -€40,196
down €40,196 (-28.7%), from €140,196 to €100,000
- Accrued charges and deferred income +€27,677
new in 2025: €27,677
- Trade debts +€6,301
up €6,301 (+566%), from €1,114 to €7,415
- Taxes +€35,845
up €35,845 (+182%), from €19,740 to €55,585
- Gross operating margin -€34,559
down €34,559 (-11.4%), from €302,297 to €267,738
- Depreciation -€4,413
down €4,413 (-21.8%), from €20,257 to €15,844
- Other operating charges +€4,375
up €4,375 (+107%), from €4,071 to €8,446
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €310,826 | €348,992 | +€38,166 | +12.3% |
| Fixed assets | 21/28 | €67,631 | €82,210 | +€14,579 | +21.6% |
| Tangible fixed assets | 22/27 | €67,519 | €82,098 | +€14,579 | +21.6% |
| Plant, machinery and equipment | 23 | €18,677 | €34,612 | +€15,935 | +85.3% |
| Furniture and vehicles | 24 | €17,596 | €14,684 | -€2,912 | -16.6% |
| Other tangible fixed assets | 26 | €31,246 | €32,802 | +€1,556 | +5.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €112 | €112 | -€0 | -0.3% |
| Current assets | 29/58 | €243,195 | €266,782 | +€23,587 | +9.7% |
| Amounts receivable within one year | 40/41 | €32,275 | €177,713 | +€145,438 | +451% |
| Trade receivables | 40 | - | €126,642 | +€126,642 | |
| Other amounts receivable | 41 | €32,275 | €51,071 | +€18,796 | +58.2% |
| Current investments | 50/53 | €15,600 | €15,600 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €195,320 | €52,834 | -€142,486 | -72.9% |
| Deferred charges and accrued income | 490/1 | - | €20,635 | +€20,635 | |
| Total equity and liabilities | 10/49 | €310,826 | €348,992 | +€38,166 | +12.3% |
| Equity | 10/15 | €169,516 | €209,497 | +€39,981 | +23.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €101,860 | +€100,000 | +5,376% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Other | 1319 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | - | €100,000 | +€100,000 | |
| Profit (loss) carried forward | 14 | €149,056 | €89,037 | -€60,019 | -40.3% |
| Amounts payable | 17/49 | €141,310 | €139,495 | -€1,815 | -1.3% |
| Amounts payable within one year | 42/48 | €141,310 | €111,818 | -€29,492 | -20.9% |
| Financial debts | 43 | - | €244 | +€244 | |
| Credit institutions | 430/8 | - | €244 | +€244 | |
| Trade debts | 44 | €1,114 | €7,415 | +€6,301 | +566% |
| Suppliers | 440/4 | €1,114 | €7,415 | +€6,301 | +566% |
| Taxes, remuneration and social security | 45 | - | €4,158 | +€4,158 | |
| Taxes | 450/3 | - | €1,278 | +€1,278 | |
| Remuneration and social security | 454/9 | - | €2,881 | +€2,881 | |
| Other amounts payable | 47/48 | €140,196 | €100,000 | -€40,196 | -28.7% |
| Accrued charges and deferred income | 492/3 | - | €27,677 | +€27,677 | |
| Non-recurring operating income | 76A | - | €7,000 | +€7,000 | |
| Remuneration, social security and pensions | 62 | €46,804 | €48,208 | +€1,404 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,257 | €15,844 | -€4,413 | -21.8% |
| Other operating charges | 640/8 | €4,071 | €8,446 | +€4,375 | +107% |
| Gross operating margin | 9900 | €302,297 | €267,738 | -€34,559 | -11.4% |
| Operating profit (loss) | 9901 | €231,165 | €195,240 | -€35,925 | -15.5% |
| Financial income | 75/76B | - | €815 | +€815 | |
| Recurring financial income | 75 | - | €815 | +€815 | |
| Financial charges | 65/66B | €258 | €489 | +€231 | +89.6% |
| Recurring financial charges | 65 | €258 | €489 | +€231 | +89.6% |
| Profit (loss) for the period before taxes | 9903 | €230,907 | €195,566 | -€35,341 | -15.3% |
| Income taxes | 67/77 | €19,740 | €55,585 | +€35,845 | +182% |
| Profit (loss) for the period | 9904 | €211,167 | €139,981 | -€71,186 | -33.7% |
| Profit (loss) for the period to be appropriated | 9905 | €211,167 | €139,981 | -€71,186 | -33.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.