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
- Receivables within one year +€302,365
up €302,365 (+81.8%), from €369,597 to €671,962
of which Other amounts receivable: +€300,503
- Tangible fixed assets -€49,657
down €49,657 (-2.2%), from €2.3m to €2.2m
of which Plant, machinery and equipment: -€28,678
- Debts after one year +€1.9m
up €1.9m (+1151.0%), from €161,139 to €2.0m
- Trade debts -€972,766
down €972,766 (-68.4%), from €1.4m to €448,936
- Current portion of long-term debt -€346,569
down €346,569 (-61.5%), from €563,956 to €217,386
- Profit (loss) carried forward -€323,542
down €323,542 (-95.3%), from -€339,657 to -€663,199
- Other debts +€47,502
up €47,502 (+68.1%), from €69,788 to €117,290
- Financial charges +€263,903
up €263,903, from -€16,080 to €247,823
- Gross operating margin +€59,405
up €59,405 (+90.1%), from €65,960 to €125,366
- Other operating charges -€5,890
down €5,890 (-19.9%), from €29,547 to €23,657
- Depreciation +€3,996
up €3,996 (+2.3%), from €175,323 to €179,319
- Financial income +€1,891
new in 2025: €1,891
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 | €2,639,756 | €2,892,466 | +€252,709 | +9.6% |
| Fixed assets | 21/28 | €2,270,154 | €2,220,497 | -€49,657 | -2.2% |
| Tangible fixed assets | 22/27 | €2,270,154 | €2,220,497 | -€49,657 | -2.2% |
| Land and buildings | 22 | €2,152,750 | €2,134,365 | -€18,386 | -0.9% |
| Plant, machinery and equipment | 23 | €112,515 | €83,837 | -€28,678 | -25.5% |
| Furniture and vehicles | 24 | €4,889 | €2,296 | -€2,593 | -53.0% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €369,602 | €671,968 | +€302,366 | +81.8% |
| Amounts receivable within one year | 40/41 | €369,597 | €671,962 | +€302,365 | +81.8% |
| Trade receivables | 40 | €125,566 | €127,428 | +€1,862 | +1.5% |
| Other amounts receivable | 41 | €244,031 | €544,534 | +€300,503 | +123.1% |
| Cash at bank and in hand | 54/58 | €5 | €6 | +€1 | +10.8% |
| Total equity and liabilities | 10/49 | €2,639,756 | €2,892,466 | +€252,709 | +9.6% |
| Equity | 10/15 | €413,813 | €90,271 | -€323,542 | -78.2% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Revaluation surpluses | 12 | €546,887 | €546,887 | = | 0.0% |
| Reserves | 13 | €106,583 | €106,583 | = | 0.0% |
| Distributable reserves | 133 | €106,583 | €106,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€339,657 | -€663,199 | -€323,542 | -95.3% |
| Amounts payable | 17/49 | €2,225,943 | €2,802,195 | +€576,251 | +25.9% |
| Amounts payable after more than one year | 17 | €161,139 | €2,015,914 | +€1.9m | +1151.0% |
| Financial debts | 170/4 | €161,139 | €2,015,914 | +€1.9m | +1151.0% |
| Amounts payable within one year | 42/48 | €2,060,702 | €786,280 | -€1.3m | -61.8% |
| Current portion of amounts payable after more than one year | 42 | €563,956 | €217,386 | -€346,569 | -61.5% |
| Trade debts | 44 | €1,421,702 | €448,936 | -€972,766 | -68.4% |
| Suppliers | 440/4 | €1,421,702 | €448,936 | -€972,766 | -68.4% |
| Taxes, remuneration and social security | 45 | €5,257 | €2,667 | -€2,590 | -49.3% |
| Taxes | 450/3 | €5,257 | €2,667 | -€2,590 | -49.3% |
| Other amounts payable | 47/48 | €69,788 | €117,290 | +€47,502 | +68.1% |
| Accrued charges and deferred income | 492/3 | €4,102 | €0 | -€4,102 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €175,323 | €179,319 | +€3,996 | +2.3% |
| Other operating charges | 640/8 | €29,547 | €23,657 | -€5,890 | -19.9% |
| Gross operating margin | 9900 | €65,960 | €125,366 | +€59,405 | +90.1% |
| Operating profit (loss) | 9901 | -€138,910 | -€77,610 | +€61,300 | +44.1% |
| Financial income | 75/76B | - | €1,891 | +€1,891 | |
| Recurring financial income | 75 | - | €1,891 | +€1,891 | |
| Financial charges | 65/66B | -€16,080 | €247,823 | +€263,903 | |
| Recurring financial charges | 65 | -€16,080 | €247,823 | +€263,903 | |
| Profit (loss) for the period before taxes | 9903 | -€122,830 | -€323,542 | -€200,712 | -163.4% |
| Profit (loss) for the period | 9904 | -€122,830 | -€323,542 | -€200,712 | -163.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€122,830 | -€323,542 | -€200,712 | -163.4% |
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 12 October 2026 via checked.be.