MED M & S: 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 M & S
Largest movements
- Tangible fixed assets +€167,353
up €167,353 (+535%), from €31,255 to €198,608
of which Land and buildings: +€136,781
- Cash -€43,154
down €43,154 (-44.9%), from €96,098 to €52,944
mainly Investment in fixed assets (net) (-€182,659) and Receivables within one year (-€15,977)
- Receivables within one year +€15,977
up €15,977 (+281%), from €5,687 to €21,664
of which Other amounts receivable: +€11,863
- Stocks and contracts +€2,940
up €2,940 (+24.7%), from €11,916 to €14,856
- Debts after one year +€128,299
up €128,299 (+1,129%), from €11,366 to €139,665
- Profit (loss) carried forward -€15,865
down €15,865 (-27.1%), from €58,572 to €42,707
- Current portion of long-term debt +€11,282
up €11,282 (+91.0%), from €12,404 to €23,686
- Tax, wage and social debts +€8,413
up €8,413 (+46.5%), from €18,094 to €26,507
of which Remuneration and social security: +€6,756
- Trade debts +€8,395
up €8,395 (+129%), from €6,533 to €14,928
- Staff costs +€35,423
up €35,423 (+21.6%), from €164,035 to €199,458
- Taxes -€11,694
no longer reported in 2025 (was €11,694)
- Depreciation +€8,809
up €8,809 (+136%), from €6,497 to €15,306
- Financial charges +€6,670
up €6,670 (+106%), from €6,271 to €12,941
- Gross operating margin -€6,069
down €6,069 (-2.8%), from €219,461 to €213,392
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 | €147,083 | €292,061 | +€144,978 | +98.6% |
| Fixed assets | 21/28 | €31,255 | €198,608 | +€167,353 | +535% |
| Tangible fixed assets | 22/27 | €31,255 | €198,608 | +€167,353 | +535% |
| Land and buildings | 22 | €9,485 | €146,266 | +€136,781 | +1,442% |
| Plant, machinery and equipment | 23 | €7,601 | €9,303 | +€1,702 | +22.4% |
| Furniture and vehicles | 24 | €105 | - | -€105 | |
| Leasing and similar rights | 25 | €14,064 | €43,039 | +€28,975 | +206% |
| Current assets | 29/58 | €115,828 | €93,453 | -€22,375 | -19.3% |
| Stocks and contracts in progress | 3 | €11,916 | €14,856 | +€2,940 | +24.7% |
| Stocks | 30/36 | €11,916 | €14,856 | +€2,940 | +24.7% |
| Amounts receivable within one year | 40/41 | €5,687 | €21,664 | +€15,977 | +281% |
| Trade receivables | 40 | - | €4,114 | +€4,114 | |
| Other amounts receivable | 41 | €5,687 | €17,550 | +€11,863 | +209% |
| Cash at bank and in hand | 54/58 | €96,098 | €52,944 | -€43,154 | -44.9% |
| Deferred charges and accrued income | 490/1 | €2,127 | €3,989 | +€1,862 | +87.5% |
| Total equity and liabilities | 10/49 | €147,083 | €292,061 | +€144,978 | +98.6% |
| Equity | 10/15 | €93,472 | €77,607 | -€15,865 | -17.0% |
| Contributions | 10/11 | €12,900 | €12,900 | = | 0.0% |
| Reserves | 13 | €22,000 | €22,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,572 | €42,707 | -€15,865 | -27.1% |
| Amounts payable | 17/49 | €53,611 | €214,454 | +€160,843 | +300% |
| Amounts payable after more than one year | 17 | €11,366 | €139,665 | +€128,299 | +1,129% |
| Financial debts | 170/4 | €11,366 | €139,665 | +€128,299 | +1,129% |
| Amounts payable within one year | 42/48 | €42,245 | €74,220 | +€31,975 | +75.7% |
| Current portion of amounts payable after more than one year | 42 | €12,404 | €23,686 | +€11,282 | +91.0% |
| Trade debts | 44 | €6,533 | €14,928 | +€8,395 | +129% |
| Suppliers | 440/4 | €6,533 | €14,928 | +€8,395 | +129% |
| Taxes, remuneration and social security | 45 | €18,094 | €26,507 | +€8,413 | +46.5% |
| Taxes | 450/3 | €1,839 | €3,496 | +€1,657 | +90.1% |
| Remuneration and social security | 454/9 | €16,255 | €23,011 | +€6,756 | +41.6% |
| Other amounts payable | 47/48 | €5,214 | €9,099 | +€3,885 | +74.5% |
| Accrued charges and deferred income | 492/3 | - | €569 | +€569 | |
| Remuneration, social security and pensions | 62 | €164,035 | €199,458 | +€35,423 | +21.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,497 | €15,306 | +€8,809 | +136% |
| Other operating charges | 640/8 | €2,376 | €1,552 | -€824 | -34.7% |
| Gross operating margin | 9900 | €219,461 | €213,392 | -€6,069 | -2.8% |
| Operating profit (loss) | 9901 | €46,553 | -€2,924 | -€49,477 | |
| Financial charges | 65/66B | €6,271 | €12,941 | +€6,670 | +106% |
| Recurring financial charges | 65 | €6,271 | €12,941 | +€6,670 | +106% |
| Profit (loss) for the period before taxes | 9903 | €40,282 | -€15,865 | -€56,147 | |
| Income taxes | 67/77 | €11,694 | - | -€11,694 | |
| Profit (loss) for the period | 9904 | €28,588 | -€15,865 | -€44,453 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,588 | -€15,865 | -€44,453 |
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 30 October 2026 via checked.be.