MEDANEST: 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.
MEDANEST
Largest movements
- Receivables within one year -€72,018
down €72,018 (-34.4%), from €209,340 to €137,322
of which Other amounts receivable: -€83,317
- Current investments +€40,085
up €40,085 (+22.6%), from €176,989 to €217,073
- Cash +€14,039
up €14,039 (+30.5%), from €46,089 to €60,128
mainly Receivables within one year (+€72,018) and Net result for the year (+€69,697)
- Reserves -€92,378
down €92,378 (-26.8%), from €344,913 to €252,534
of which Distributable reserves: -€92,378
- Other debts +€35,228
new in 2025: €35,228
- Provisions +€23,822
up €23,822 (+47.8%), from €49,847 to €73,668
- Trade debts +€5,254
up €5,254 (+35.4%), from €14,827 to €20,081
- Provisions +€34,058
up €34,058, from -€10,236 to €23,822
- Gross operating margin +€13,207
up €13,207 (+7.3%), from €181,951 to €195,159
- Financial charges -€2,047
down €2,047 (-3.2%), from €64,892 to €62,844
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 | €463,290 | €439,173 | -€24,116 | -5.2% |
| Fixed assets | 21/28 | €21,878 | €17,330 | -€4,548 | -20.8% |
| Tangible fixed assets | 22/27 | €21,698 | €17,150 | -€4,548 | -21.0% |
| Furniture and vehicles | 24 | €12,579 | €9,353 | -€3,226 | -25.6% |
| Other tangible fixed assets | 26 | €9,119 | €7,797 | -€1,322 | -14.5% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €441,412 | €421,843 | -€19,569 | -4.4% |
| Amounts receivable within one year | 40/41 | €209,340 | €137,322 | -€72,018 | -34.4% |
| Trade receivables | 40 | €125,286 | €136,585 | +€11,299 | +9.0% |
| Other amounts receivable | 41 | €84,055 | €737 | -€83,317 | -99.1% |
| Current investments | 50/53 | €176,989 | €217,073 | +€40,085 | +22.6% |
| Cash at bank and in hand | 54/58 | €46,089 | €60,128 | +€14,039 | +30.5% |
| Deferred charges and accrued income | 490/1 | €8,993 | €7,319 | -€1,675 | -18.6% |
| Total equity and liabilities | 10/49 | €463,290 | €439,173 | -€24,116 | -5.2% |
| Equity | 10/15 | €367,285 | €274,906 | -€92,378 | -25.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €344,913 | €252,534 | -€92,378 | -26.8% |
| Non-distributable reserves | 130/1 | €7,360 | €7,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,360 | €7,360 | = | 0.0% |
| Distributable reserves | 133 | €337,553 | €245,174 | -€92,378 | -27.4% |
| Profit (loss) carried forward | 14 | €9,972 | €9,972 | = | 0.0% |
| Provisions and deferred taxes | 16 | €49,847 | €73,668 | +€23,822 | +47.8% |
| Provisions for liabilities and charges | 160/5 | €49,847 | €73,668 | +€23,822 | +47.8% |
| Other liabilities and charges | 164/5 | €49,847 | €73,668 | +€23,822 | +47.8% |
| Amounts payable | 17/49 | €46,158 | €90,598 | +€44,440 | +96.3% |
| Amounts payable within one year | 42/48 | €46,158 | €90,598 | +€44,440 | +96.3% |
| Financial debts | 43 | €29,254 | €29,235 | -€19 | -0.1% |
| Credit institutions | 430/8 | €29,254 | €29,235 | -€19 | -0.1% |
| Trade debts | 44 | €14,827 | €20,081 | +€5,254 | +35.4% |
| Suppliers | 440/4 | €14,827 | €20,081 | +€5,254 | +35.4% |
| Taxes, remuneration and social security | 45 | €2,077 | €6,054 | +€3,977 | +191% |
| Taxes | 450/3 | €2,077 | €6,054 | +€3,977 | +191% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €35,228 | +€35,228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,573 | €5,431 | +€858 | +18.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€10,236 | €23,822 | +€34,058 | |
| Other operating charges | 640/8 | €2,393 | €2,735 | +€342 | +14.3% |
| Gross operating margin | 9900 | €181,951 | €195,159 | +€13,207 | +7.3% |
| Operating profit (loss) | 9901 | €185,221 | €163,171 | -€22,050 | -11.9% |
| Financial income | 75/76B | €4,121 | €5,420 | +€1,300 | +31.5% |
| Recurring financial income | 75 | €4,121 | €5,420 | +€1,300 | +31.5% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €64,892 | €62,844 | -€2,047 | -3.2% |
| Recurring financial charges | 65 | €64,892 | €62,844 | -€2,047 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | €124,450 | €105,747 | -€18,703 | -15.0% |
| Income taxes | 67/77 | €34,436 | €36,050 | +€1,614 | +4.7% |
| Profit (loss) for the period | 9904 | €90,014 | €69,697 | -€20,317 | -22.6% |
| Profit (loss) for the period to be appropriated | 9905 | €90,014 | €69,697 | -€20,317 | -22.6% |
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 16 October 2026 via checked.be.