M.E.D. CLUB: 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.
M.E.D. CLUB
Largest movements
- Tangible fixed assets -€112,382
down €112,382 (-12.1%), from €927,447 to €815,065
- Cash -€40,011
down €40,011 (-54.8%), from €73,039 to €33,028
mainly Debts after one year (-€62,356) and Net result for the year (-€53,576)
- Debts after one year -€62,356
down €62,356 (-11.7%), from €532,752 to €470,396
- Profit (loss) carried forward -€53,576
down €53,576 (-15.5%), from -€344,795 to -€398,372
- Tax, wage and social debts -€39,724
down €39,724 (-96.1%), from €41,337 to €1,613
of which Remuneration and social security: -€34,154
- Staff costs -€170,083
down €170,083, from €167,363 to -€2,719
- Gross operating margin -€97,500
down €97,500 (-50.4%), from €193,534 to €96,034
- Depreciation +€49,992
up €49,992 (+75.5%), from €66,215 to €116,207
- Financial charges -€9,404
down €9,404 (-26.0%), from €36,155 to €26,751
- Financial income +€3,010
up €3,010 (+368%), from €817 to €3,827
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 | €1,089,307 | €935,830 | -€153,478 | -14.1% |
| Formation expenses | 20 | €4,002 | €2,346 | -€1,656 | -41.4% |
| Fixed assets | 21/28 | €942,372 | €827,821 | -€114,551 | -12.2% |
| Intangible fixed assets | 21 | €14,926 | €12,756 | -€2,169 | -14.5% |
| Tangible fixed assets | 22/27 | €927,447 | €815,065 | -€112,382 | -12.1% |
| Land and buildings | 22 | €719,737 | €668,087 | -€51,650 | -7.2% |
| Plant, machinery and equipment | 23 | €184,323 | €130,436 | -€53,887 | -29.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €23,386 | €16,542 | -€6,845 | -29.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €142,933 | €105,663 | -€37,270 | -26.1% |
| Amounts receivable within one year | 40/41 | €69,894 | €72,635 | +€2,741 | +3.9% |
| Trade receivables | 40 | €1,462 | €4,203 | +€2,741 | +187% |
| Other amounts receivable | 41 | €68,432 | €68,432 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,039 | €33,028 | -€40,011 | -54.8% |
| Total equity and liabilities | 10/49 | €1,089,307 | €935,830 | -€153,478 | -14.1% |
| Equity | 10/15 | €389,927 | €336,351 | -€53,576 | -13.7% |
| Contributions | 10/11 | €734,723 | €734,723 | = | 0.0% |
| Capital | 10 | €734,723 | €734,723 | = | 0.0% |
| Issued capital | 100 | €734,723 | €734,723 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€344,795 | -€398,372 | -€53,576 | -15.5% |
| Amounts payable | 17/49 | €699,380 | €599,479 | -€99,901 | -14.3% |
| Amounts payable after more than one year | 17 | €532,752 | €470,396 | -€62,356 | -11.7% |
| Financial debts | 170/4 | €532,752 | €470,396 | -€62,356 | -11.7% |
| Amounts payable within one year | 42/48 | €165,408 | €129,083 | -€36,325 | -22.0% |
| Current portion of amounts payable after more than one year | 42 | €61,353 | €62,453 | +€1,099 | +1.8% |
| Trade debts | 44 | €3,414 | €5,714 | +€2,300 | +67.4% |
| Suppliers | 440/4 | €3,414 | €5,714 | +€2,300 | +67.4% |
| Taxes, remuneration and social security | 45 | €41,337 | €1,613 | -€39,724 | -96.1% |
| Taxes | 450/3 | €7,183 | €1,613 | -€5,570 | -77.5% |
| Remuneration and social security | 454/9 | €34,154 | €0 | -€34,154 | -100% |
| Other amounts payable | 47/48 | €59,303 | €59,303 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,221 | - | -€1,221 | |
| Remuneration, social security and pensions | 62 | €167,363 | -€2,719 | -€170,083 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,215 | €116,207 | +€49,992 | +75.5% |
| Other operating charges | 640/8 | €14,713 | €13,198 | -€1,515 | -10.3% |
| Gross operating margin | 9900 | €193,534 | €96,034 | -€97,500 | -50.4% |
| Operating profit (loss) | 9901 | -€54,758 | -€30,652 | +€24,106 | +44.0% |
| Financial income | 75/76B | €817 | €3,827 | +€3,010 | +368% |
| Recurring financial income | 75 | €817 | €3,827 | +€3,010 | +368% |
| Financial charges | 65/66B | €36,155 | €26,751 | -€9,404 | -26.0% |
| Recurring financial charges | 65 | €36,155 | €26,751 | -€9,404 | -26.0% |
| Profit (loss) for the period before taxes | 9903 | -€90,096 | -€53,576 | +€36,519 | +40.5% |
| Profit (loss) for the period | 9904 | -€90,096 | -€53,576 | +€36,519 | +40.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,096 | -€53,576 | +€36,519 | +40.5% |
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 28 October 2026 via checked.be.