MED GEUS-DECERF: 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.
MED GEUS-DECERF
Largest movements
- Cash +€30,358
up €30,358 (+28.3%), from €107,268 to €137,627
mainly Net result for the year (+€66,716) and Receivables within one year (+€18,095)
- Receivables within one year -€18,095
down €18,095 (-86.9%), from €20,831 to €2,736
of which Trade receivables: -€13,500
- Deferred charges and accrued income +€8,217
up €8,217 (+26.0%), from €31,601 to €39,818
- Reserves +€20,000
up €20,000 (+33.7%), from €59,276 to €79,276
of which Distributable reserves: +€20,000
- Profit (loss) carried forward +€6,716
up €6,716 (+9,594,800%), from €0 to €6,716
- Trade debts -€3,847
down €3,847 (-34.9%), from €11,016 to €7,169
- Other debts -€2,967
down €2,967 (-5.5%), from €54,367 to €51,400
- Gross operating margin +€39,664
up €39,664 (+64.0%), from €62,004 to €101,668
- Taxes +€15,753
up €15,753 (+103%), from €15,264 to €31,017
- Financial income -€13,508
down €13,508 (-99.9%), from €13,518 to €11
of which Non-recurring financial income: -€13,500
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 | €170,669 | €190,203 | +€19,534 | +11.4% |
| Fixed assets | 21/28 | €10,970 | €10,023 | -€947 | -8.6% |
| Tangible fixed assets | 22/27 | €10,970 | €10,023 | -€947 | -8.6% |
| Furniture and vehicles | 24 | €10,970 | €10,023 | -€947 | -8.6% |
| Current assets | 29/58 | €159,700 | €180,181 | +€20,481 | +12.8% |
| Amounts receivable within one year | 40/41 | €20,831 | €2,736 | -€18,095 | -86.9% |
| Trade receivables | 40 | €13,500 | €0 | -€13,500 | -100% |
| Other amounts receivable | 41 | €7,331 | €2,736 | -€4,595 | -62.7% |
| Cash at bank and in hand | 54/58 | €107,268 | €137,627 | +€30,358 | +28.3% |
| Deferred charges and accrued income | 490/1 | €31,601 | €39,818 | +€8,217 | +26.0% |
| Total equity and liabilities | 10/49 | €170,669 | €190,203 | +€19,534 | +11.4% |
| Equity | 10/15 | €65,476 | €92,193 | +€26,716 | +40.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €59,276 | €79,276 | +€20,000 | +33.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,416 | €77,416 | +€20,000 | +34.8% |
| Profit (loss) carried forward | 14 | €0 | €6,716 | +€6,716 | +9,594,800% |
| Amounts payable | 17/49 | €105,193 | €98,011 | -€7,182 | -6.8% |
| Amounts payable within one year | 42/48 | €105,193 | €98,011 | -€7,182 | -6.8% |
| Financial debts | 43 | €15,360 | €15,425 | +€65 | +0.4% |
| Credit institutions | 430/8 | €15,360 | €15,425 | +€65 | +0.4% |
| Trade debts | 44 | €11,016 | €7,169 | -€3,847 | -34.9% |
| Suppliers | 440/4 | €11,016 | €7,169 | -€3,847 | -34.9% |
| Taxes, remuneration and social security | 45 | €24,450 | €24,017 | -€433 | -1.8% |
| Taxes | 450/3 | €16,050 | €15,617 | -€433 | -2.7% |
| Remuneration and social security | 454/9 | €8,400 | €8,400 | = | 0.0% |
| Other amounts payable | 47/48 | €54,367 | €51,400 | -€2,967 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,452 | €2,484 | +€32 | +1.3% |
| Other operating charges | 640/8 | €450 | €463 | +€13 | +2.8% |
| Non-recurring operating charges | 66A | €3,291 | €0 | -€3,291 | -100% |
| Gross operating margin | 9900 | €62,004 | €101,668 | +€39,664 | +64.0% |
| Operating profit (loss) | 9901 | €55,811 | €98,721 | +€42,910 | +76.9% |
| Financial income | 75/76B | €13,518 | €11 | -€13,508 | -99.9% |
| Recurring financial income | 75 | €18 | €11 | -€8 | -42.7% |
| Non-recurring financial income | 76B | €13,500 | €0 | -€13,500 | -100% |
| Financial charges | 65/66B | €617 | €998 | +€382 | +61.9% |
| Recurring financial charges | 65 | €617 | €998 | +€382 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €68,712 | €97,733 | +€29,021 | +42.2% |
| Income taxes | 67/77 | €15,264 | €31,017 | +€15,753 | +103% |
| Profit (loss) for the period | 9904 | €53,449 | €66,716 | +€13,268 | +24.8% |
| Profit (loss) for the period to be appropriated | 9905 | €53,449 | €66,716 | +€13,268 | +24.8% |
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 29 October 2026 via checked.be.