MEDAN: 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.
MEDAN
Largest movements
- Current investments -€293,374
down €293,374 (-43.7%), from €670,865 to €377,490
- Cash +€276,745
up €276,745 (+89.2%), from €310,313 to €587,058
mainly Current investments (+€293,374) and Investment in fixed assets (net) (+€170,067)
- Tangible fixed assets -€230,490
down €230,490 (-21.6%), from €1.1m to €835,055
of which Land and buildings: -€207,476
- Other debts -€388,281
down €388,281 (-47.6%), from €815,654 to €427,373
- Reserves +€149,624
up €149,624 (+20.7%), from €721,929 to €871,553
of which Distributable reserves: +€149,624
- Accrued charges and deferred income -€35,055
down €35,055 (-46.9%), from €74,708 to €39,653
- Gross operating margin +€136,555
up €136,555 (+70.9%), from €192,681 to €329,236
- Taxes +€48,357
up €48,357 (+223%), from €21,704 to €70,061
- Depreciation -€7,295
down €7,295 (-10.8%), from €67,717 to €60,423
- Financial income +€6,351
up €6,351 (+57.0%), from €11,134 to €17,485
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 | €2,147,253 | €1,870,581 | -€276,672 | -12.9% |
| Fixed assets | 21/28 | €1,066,589 | €836,099 | -€230,490 | -21.6% |
| Tangible fixed assets | 22/27 | €1,065,545 | €835,055 | -€230,490 | -21.6% |
| Land and buildings | 22 | €994,063 | €786,586 | -€207,476 | -20.9% |
| Plant, machinery and equipment | 23 | €13,414 | €9,514 | -€3,900 | -29.1% |
| Furniture and vehicles | 24 | €58,068 | €38,955 | -€19,113 | -32.9% |
| Financial fixed assets | 28 | €1,044 | €1,044 | = | 0.0% |
| Current assets | 29/58 | €1,080,664 | €1,034,482 | -€46,182 | -4.3% |
| Amounts receivable within one year | 40/41 | €10,315 | €0 | -€10,315 | -100% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €10,315 | €0 | -€10,315 | -100% |
| Current investments | 50/53 | €670,865 | €377,490 | -€293,374 | -43.7% |
| Cash at bank and in hand | 54/58 | €310,313 | €587,058 | +€276,745 | +89.2% |
| Deferred charges and accrued income | 490/1 | €89,171 | €69,933 | -€19,238 | -21.6% |
| Total equity and liabilities | 10/49 | €2,147,253 | €1,870,581 | -€276,672 | -12.9% |
| Equity | 10/15 | €740,954 | €890,578 | +€149,624 | +20.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €721,929 | €871,553 | +€149,624 | +20.7% |
| Tax-exempt reserves | 132 | €74 | €74 | = | 0.0% |
| Distributable reserves | 133 | €721,856 | €871,479 | +€149,624 | +20.7% |
| Profit (loss) carried forward | 14 | €433 | €433 | = | 0.0% |
| Amounts payable | 17/49 | €1,406,299 | €980,003 | -€426,296 | -30.3% |
| Amounts payable after more than one year | 17 | €478,908 | €473,908 | -€5,000 | -1.0% |
| Financial debts | 170/4 | €478,908 | €473,908 | -€5,000 | -1.0% |
| Amounts payable within one year | 42/48 | €852,683 | €466,442 | -€386,240 | -45.3% |
| Financial debts | 43 | €21,126 | €21,699 | +€573 | +2.7% |
| Credit institutions | 430/8 | €21,126 | €21,699 | +€573 | +2.7% |
| Trade debts | 44 | €9,172 | €5,950 | -€3,222 | -35.1% |
| Suppliers | 440/4 | €9,172 | €5,950 | -€3,222 | -35.1% |
| Taxes, remuneration and social security | 45 | €6,730 | €11,420 | +€4,690 | +69.7% |
| Taxes | 450/3 | €6,730 | €11,420 | +€4,690 | +69.7% |
| Other amounts payable | 47/48 | €815,654 | €427,373 | -€388,281 | -47.6% |
| Accrued charges and deferred income | 492/3 | €74,708 | €39,653 | -€35,055 | -46.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,717 | €60,423 | -€7,295 | -10.8% |
| Other operating charges | 640/8 | €8,288 | €6,201 | -€2,087 | -25.2% |
| Gross operating margin | 9900 | €192,681 | €329,236 | +€136,555 | +70.9% |
| Operating profit (loss) | 9901 | €116,676 | €262,612 | +€145,936 | +125% |
| Financial income | 75/76B | €11,134 | €17,485 | +€6,351 | +57.0% |
| Recurring financial income | 75 | €11,134 | €17,485 | +€6,351 | +57.0% |
| Financial charges | 65/66B | €61,793 | €60,413 | -€1,380 | -2.2% |
| Recurring financial charges | 65 | €61,793 | €60,413 | -€1,380 | -2.2% |
| Profit (loss) for the period before taxes | 9903 | €66,017 | €219,684 | +€153,668 | +233% |
| Income taxes | 67/77 | €21,704 | €70,061 | +€48,357 | +223% |
| Profit (loss) for the period | 9904 | €44,313 | €149,624 | +€105,311 | +238% |
| Profit (loss) for the period to be appropriated | 9905 | €44,313 | €149,624 | +€105,311 | +238% |
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 15 October 2026 via checked.be.