MED SAY: 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 SAY
Largest movements
- Cash +€120,737
up €120,737 (+510%), from €23,675 to €144,411
mainly Net result for the year (+€89,217) and Tax, wage and social debts (+€16,515)
- Tangible fixed assets +€2,127
up €2,127 (+63.3%), from €3,361 to €5,489
of which Furniture and vehicles: +€1,467
- Profit (loss) carried forward +€89,217
up €89,217 (+224%), from €39,911 to €129,129
- Tax, wage and social debts +€16,515
new in 2025: €16,515
- Advances received +€11,626
new in 2025: €11,626
- Trade debts +€5,212
up €5,212 (+114%), from €4,565 to €9,777
- Gross operating margin +€67,399
up €67,399 (+131%), from €51,599 to €118,998
- Taxes +€15,754
up €15,754 (+146%), from €10,761 to €26,515
- Depreciation +€1,328
up €1,328 (+359%), from €370 to €1,697
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 | €57,548 | €178,682 | +€121,133 | +210% |
| Formation expenses | 20 | €557 | - | -€557 | |
| Fixed assets | 21/28 | €3,361 | €5,489 | +€2,127 | +63.3% |
| Tangible fixed assets | 22/27 | €3,361 | €5,489 | +€2,127 | +63.3% |
| Furniture and vehicles | 24 | €3,361 | €4,829 | +€1,467 | +43.6% |
| Other tangible fixed assets | 26 | - | €660 | +€660 | |
| Current assets | 29/58 | €53,630 | €173,193 | +€119,563 | +223% |
| Amounts receivable within one year | 40/41 | €1,239 | €1,450 | +€211 | +17.0% |
| Trade receivables | 40 | - | €211 | +€211 | |
| Other amounts receivable | 41 | €1,239 | €1,239 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €23,675 | €144,411 | +€120,737 | +510% |
| Deferred charges and accrued income | 490/1 | €28,716 | €27,332 | -€1,384 | -4.8% |
| Total equity and liabilities | 10/49 | €57,548 | €178,682 | +€121,133 | +210% |
| Equity | 10/15 | €42,411 | €131,629 | +€89,217 | +210% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,911 | €129,129 | +€89,217 | +224% |
| Amounts payable | 17/49 | €15,137 | €47,053 | +€31,916 | +211% |
| Amounts payable within one year | 42/48 | €15,137 | €47,053 | +€31,916 | +211% |
| Trade debts | 44 | €4,565 | €9,777 | +€5,212 | +114% |
| Suppliers | 440/4 | €4,565 | €9,777 | +€5,212 | +114% |
| Advances received on contracts in progress | 46 | - | €11,626 | +€11,626 | |
| Taxes, remuneration and social security | 45 | - | €16,515 | +€16,515 | |
| Taxes | 450/3 | - | €16,515 | +€16,515 | |
| Other amounts payable | 47/48 | €10,573 | €9,135 | -€1,438 | -13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370 | €1,697 | +€1,328 | +359% |
| Other operating charges | 640/8 | - | €955 | +€955 | |
| Non-recurring operating charges | 66A | €557 | €557 | = | 0.0% |
| Gross operating margin | 9900 | €51,599 | €118,998 | +€67,399 | +131% |
| Operating profit (loss) | 9901 | €50,672 | €115,789 | +€65,116 | +129% |
| Financial charges | 65/66B | - | €56 | +€56 | |
| Recurring financial charges | 65 | - | €56 | +€56 | |
| Profit (loss) for the period before taxes | 9903 | €50,672 | €115,733 | +€65,060 | +128% |
| Income taxes | 67/77 | €10,761 | €26,515 | +€15,754 | +146% |
| Profit (loss) for the period | 9904 | €39,911 | €89,217 | +€49,306 | +124% |
| Profit (loss) for the period to be appropriated | 9905 | €39,911 | €89,217 | +€49,306 | +124% |
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 13 October 2026 via checked.be.