MEDAL: 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.
MEDAL
Largest movements
- Financial fixed assets +€2.2m
up €2.2m (+298.9%), from €728,441 to €2.9m
- Tangible fixed assets +€102,269
up €102,269 (+44.8%), from €228,346 to €330,615
of which Land and buildings: +€111,773
- Receivables within one year +€99,366
up €99,366 (+15.7%), from €634,584 to €733,950
of which Other amounts receivable: +€88,401
- Debts after one year +€1.2m
new in 2025: €1.2m
- Reserves +€875,000
up €875,000 (+700.0%), from €125,000 to €1.0m
of which Distributable reserves: +€875,000
- Other debts +€291,439
up €291,439 (+53.1%), from €548,887 to €840,326
- Current portion of long-term debt +€282,893
new in 2025: €282,893
- Profit (loss) carried forward -€193,932
down €193,932 (-27.8%), from €697,824 to €503,892
- Gross operating margin +€371,835
up €371,835 (+61.0%), from €609,202 to €981,037
- Financial income +€224,564
up €224,564 (+4458.3%), from €5,037 to €229,601
- Staff costs +€86,930
up €86,930 (+159.2%), from €54,611 to €141,541
- Taxes +€72,620
up €72,620 (+66.2%), from €109,761 to €182,381
- Financial charges +€44,969
up €44,969 (+159.4%), from €28,205 to €73,174
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.
Cash bridge derived
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 | €3,217,338 | €5,539,096 | +€2.3m | +72.2% |
| Fixed assets | 21/28 | €973,663 | €3,246,336 | +€2.3m | +233.4% |
| Intangible fixed assets | 21 | €16,876 | €10,131 | -€6,745 | -40.0% |
| Tangible fixed assets | 22/27 | €228,346 | €330,615 | +€102,269 | +44.8% |
| Land and buildings | 22 | - | €111,773 | +€111,773 | |
| Plant, machinery and equipment | 23 | €100,220 | €96,632 | -€3,588 | -3.6% |
| Furniture and vehicles | 24 | €128,126 | €122,210 | -€5,916 | -4.6% |
| Financial fixed assets | 28 | €728,441 | €2,905,590 | +€2.2m | +298.9% |
| Current assets | 29/58 | €2,243,675 | €2,292,760 | +€49,085 | +2.2% |
| Stocks and contracts in progress | 3 | €1,416,425 | €1,390,004 | -€26,421 | -1.9% |
| Stocks | 30/36 | €1,416,425 | €1,390,004 | -€26,421 | -1.9% |
| Amounts receivable within one year | 40/41 | €634,584 | €733,950 | +€99,366 | +15.7% |
| Trade receivables | 40 | €619,454 | €630,419 | +€10,965 | +1.8% |
| Other amounts receivable | 41 | €15,130 | €103,531 | +€88,401 | +584.3% |
| Cash at bank and in hand | 54/58 | €189,955 | €153,069 | -€36,886 | -19.4% |
| Deferred charges and accrued income | 490/1 | €2,711 | €15,737 | +€13,026 | +480.5% |
| Total equity and liabilities | 10/49 | €3,217,338 | €5,539,096 | +€2.3m | +72.2% |
| Equity | 10/15 | €2,072,824 | €2,753,892 | +€681,068 | +32.9% |
| Contributions | 10/11 | €1,250,000 | €1,250,000 | = | 0.0% |
| Capital | 10 | €1,250,000 | €1,250,000 | = | 0.0% |
| Issued capital | 100 | €1,250,000 | €1,250,000 | = | 0.0% |
| Reserves | 13 | €125,000 | €1,000,000 | +€875,000 | +700.0% |
| Non-distributable reserves | 130/1 | €125,000 | €125,000 | = | 0.0% |
| Legal reserve | 130 | €125,000 | €125,000 | = | 0.0% |
| Distributable reserves | 133 | - | €875,000 | +€875,000 | |
| Profit (loss) carried forward | 14 | €697,824 | €503,892 | -€193,932 | -27.8% |
| Amounts payable | 17/49 | €1,144,514 | €2,785,204 | +€1.6m | +143.4% |
| Amounts payable after more than one year | 17 | - | €1,217,107 | +€1.2m | |
| Financial debts | 170/4 | - | €1,217,107 | +€1.2m | |
| Amounts payable within one year | 42/48 | €1,143,068 | €1,558,363 | +€415,295 | +36.3% |
| Current portion of amounts payable after more than one year | 42 | - | €282,893 | +€282,893 | |
| Trade debts | 44 | €525,679 | €372,091 | -€153,588 | -29.2% |
| Suppliers | 440/4 | €525,679 | €372,091 | -€153,588 | -29.2% |
| Taxes, remuneration and social security | 45 | €68,502 | €63,053 | -€5,449 | -8.0% |
| Taxes | 450/3 | €61,441 | €42,070 | -€19,371 | -31.5% |
| Remuneration and social security | 454/9 | €7,061 | €20,983 | +€13,922 | +197.2% |
| Other amounts payable | 47/48 | €548,887 | €840,326 | +€291,439 | +53.1% |
| Accrued charges and deferred income | 492/3 | €1,446 | €9,734 | +€8,288 | +573.2% |
| Remuneration, social security and pensions | 62 | €54,611 | €141,541 | +€86,930 | +159.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,864 | €91,539 | +€25,675 | +39.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €654 | €2,489 | +€1,835 | +280.6% |
| Other operating charges | 640/8 | €24,942 | €38,446 | +€13,504 | +54.1% |
| Gross operating margin | 9900 | €609,202 | €981,037 | +€371,835 | +61.0% |
| Operating profit (loss) | 9901 | €463,131 | €707,022 | +€243,891 | +52.7% |
| Financial income | 75/76B | €5,037 | €229,601 | +€224,564 | +4458.3% |
| Recurring financial income | 75 | €5,037 | €229,601 | +€224,564 | +4458.3% |
| Financial charges | 65/66B | €28,205 | €73,174 | +€44,969 | +159.4% |
| Recurring financial charges | 65 | €28,205 | €73,174 | +€44,969 | +159.4% |
| Profit (loss) for the period before taxes | 9903 | €439,963 | €863,449 | +€423,486 | +96.3% |
| Income taxes | 67/77 | €109,761 | €182,381 | +€72,620 | +66.2% |
| Profit (loss) for the period | 9904 | €330,202 | €681,068 | +€350,866 | +106.3% |
| Profit (loss) for the period to be appropriated | 9905 | €330,202 | €681,068 | +€350,866 | +106.3% |
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 9 October 2026 via checked.be.