MEDALEG: 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.
MEDALEG
Largest movements
- Tangible fixed assets +€214,797
up €214,797 (+17.8%), from €1.2m to €1.4m
of which Land and buildings: +€242,402
- Cash -€192,253
down €192,253 (-56.8%), from €338,310 to €146,057
mainly Investment in fixed assets (net) (-€289,164) and Debts after one year (-€72,811)
- Reserves +€133,321
up €133,321 (+16.8%), from €795,831 to €929,152
of which Tax-exempt reserves: +€84,200
- Debts after one year -€72,811
down €72,811 (-19.7%), from €369,105 to €296,294
- Tax, wage and social debts -€57,844
down €57,844 (-90.3%), from €64,056 to €6,212
- Gross operating margin -€93,420
down €93,420 (-23.1%), from €403,853 to €310,433
- Taxes -€38,597
down €38,597 (-46.6%), from €82,876 to €44,279
- Financial charges +€13,046
up €13,046 (+28.4%), from €45,910 to €58,956
- Depreciation +€9,198
up €9,198 (+14.1%), from €65,169 to €74,367
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 | €1,628,012 | €1,650,673 | +€22,661 | +1.4% |
| Fixed assets | 21/28 | €1,209,988 | €1,424,785 | +€214,797 | +17.8% |
| Tangible fixed assets | 22/27 | €1,209,988 | €1,424,785 | +€214,797 | +17.8% |
| Land and buildings | 22 | €1,083,692 | €1,326,094 | +€242,402 | +22.4% |
| Plant, machinery and equipment | 23 | €2,056 | €4,277 | +€2,221 | +108.0% |
| Furniture and vehicles | 24 | €114,240 | €84,414 | -€29,826 | -26.1% |
| Other tangible fixed assets | 26 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €418,024 | €225,888 | -€192,136 | -46.0% |
| Amounts receivable within one year | 40/41 | €77,086 | €76,452 | -€634 | -0.8% |
| Trade receivables | 40 | €76,974 | €76,340 | -€634 | -0.8% |
| Other amounts receivable | 41 | €112 | €112 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €338,310 | €146,057 | -€192,253 | -56.8% |
| Deferred charges and accrued income | 490/1 | €2,628 | €3,380 | +€752 | +28.6% |
| Total equity and liabilities | 10/49 | €1,628,012 | €1,650,673 | +€22,661 | +1.4% |
| Equity | 10/15 | €686,268 | €819,589 | +€133,321 | +19.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €795,831 | €929,152 | +€133,321 | +16.8% |
| Tax-exempt reserves | 132 | - | €84,200 | +€84,200 | |
| Distributable reserves | 133 | €795,831 | €844,952 | +€49,121 | +6.2% |
| Profit (loss) carried forward | 14 | -€121,963 | -€121,963 | +€0 | 0.0% |
| Amounts payable | 17/49 | €941,744 | €831,084 | -€110,660 | -11.8% |
| Amounts payable after more than one year | 17 | €369,105 | €296,294 | -€72,811 | -19.7% |
| Financial debts | 170/4 | €369,105 | €296,294 | -€72,811 | -19.7% |
| Amounts payable within one year | 42/48 | €572,639 | €534,790 | -€37,849 | -6.6% |
| Current portion of amounts payable after more than one year | 42 | €71,293 | €78,002 | +€6,709 | +9.4% |
| Trade debts | 44 | €12,644 | €17,358 | +€4,714 | +37.3% |
| Suppliers | 440/4 | €12,644 | €17,358 | +€4,714 | +37.3% |
| Taxes, remuneration and social security | 45 | €64,056 | €6,212 | -€57,844 | -90.3% |
| Taxes | 450/3 | €64,056 | €6,212 | -€57,844 | -90.3% |
| Other amounts payable | 47/48 | €424,646 | €433,218 | +€8,572 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,169 | €74,367 | +€9,198 | +14.1% |
| Other operating charges | 640/8 | €1,383 | €1,274 | -€109 | -7.9% |
| Gross operating margin | 9900 | €403,853 | €310,433 | -€93,420 | -23.1% |
| Operating profit (loss) | 9901 | €337,301 | €234,792 | -€102,509 | -30.4% |
| Financial income | 75/76B | €2,048 | €1,765 | -€283 | -13.8% |
| Recurring financial income | 75 | €2,048 | €1,765 | -€283 | -13.8% |
| Financial charges | 65/66B | €45,910 | €58,956 | +€13,046 | +28.4% |
| Recurring financial charges | 65 | €45,910 | €58,956 | +€13,046 | +28.4% |
| Profit (loss) for the period before taxes | 9903 | €293,439 | €177,601 | -€115,838 | -39.5% |
| Income taxes | 67/77 | €82,876 | €44,279 | -€38,597 | -46.6% |
| Profit (loss) for the period | 9904 | €210,563 | €133,321 | -€77,242 | -36.7% |
| Transfer to tax-exempt reserves | 689 | - | €84,200 | +€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €210,563 | €49,121 | -€161,442 | -76.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.