MEDARO: what changed
Two fiscal 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.
MEDARO
Largest movements
- Stocks and contracts -€115,680
down €115,680 (-11.4%), from €1.0m to €899,058
- Receivables within one year -€101,386
down €101,386 (-15.5%), from €654,038 to €552,652
of which Trade receivables: -€142,951
- Tangible fixed assets -€86,619
down €86,619 (-9.4%), from €924,687 to €838,068
of which Land and buildings: -€59,595
- Intangible fixed assets -€35,153
down €35,153 (-14.8%), from €237,132 to €201,980
- Profit (loss) carried forward -€229,957
down €229,957 (-159.4%), from -€144,242 to -€374,199
- Debts after one year -€172,265
down €172,265 (-22.3%), from €773,409 to €601,144
of which Financial debts: -€158,265
- Other debts +€79,543
up €79,543 (+34.6%), from €230,127 to €309,670
- Trade debts -€68,670
down €68,670 (-13.7%), from €502,450 to €433,780
- Tax, wage and social debts +€59,045
up €59,045 (+168.4%), from €35,070 to €94,115
of which Taxes: +€54,255
- Gross operating margin -€351,928
down €351,928 (-54.1%), from €651,078 to €299,150
- Staff costs -€107,170
down €107,170 (-26.1%), from €411,367 to €304,198
- Financial charges -€29,063
down €29,063 (-34.1%), from €85,348 to €56,285
- Other operating charges +€6,855
up €6,855 (+22.4%), from €30,552 to €37,407
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 | €2,887,861 | €2,542,160 | -€345,701 | -12.0% |
| Fixed assets | 21/28 | €1,166,819 | €1,045,048 | -€121,771 | -10.4% |
| Intangible fixed assets | 21 | €237,132 | €201,980 | -€35,153 | -14.8% |
| Tangible fixed assets | 22/27 | €924,687 | €838,068 | -€86,619 | -9.4% |
| Land and buildings | 22 | €793,148 | €733,553 | -€59,595 | -7.5% |
| Plant, machinery and equipment | 23 | €21,680 | €17,788 | -€3,891 | -17.9% |
| Furniture and vehicles | 24 | €4,838 | €1,736 | -€3,102 | -64.1% |
| Leasing and similar rights | 25 | €105,021 | €84,991 | -€20,030 | -19.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €1,721,042 | €1,497,112 | -€223,929 | -13.0% |
| Stocks and contracts in progress | 3 | €1,014,738 | €899,058 | -€115,680 | -11.4% |
| Stocks | 30/36 | €1,014,738 | €899,058 | -€115,680 | -11.4% |
| Amounts receivable within one year | 40/41 | €654,038 | €552,652 | -€101,386 | -15.5% |
| Trade receivables | 40 | €646,135 | €503,184 | -€142,951 | -22.1% |
| Other amounts receivable | 41 | €7,903 | €49,468 | +€41,564 | +525.9% |
| Cash at bank and in hand | 54/58 | €44,703 | €45,403 | +€700 | +1.6% |
| Deferred charges and accrued income | 490/1 | €7,563 | - | -€7,563 | |
| Total equity and liabilities | 10/49 | €2,887,861 | €2,542,160 | -€345,701 | -12.0% |
| Equity | 10/15 | €541,785 | €311,828 | -€229,957 | -42.4% |
| Contributions | 10/11 | €528,600 | €528,600 | = | 0.0% |
| Reserves | 13 | €119,402 | €119,402 | = | 0.0% |
| Non-distributable reserves | 130/1 | €52,860 | €52,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €52,860 | €52,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,842 | €3,842 | = | 0.0% |
| Distributable reserves | 133 | €62,699 | €62,699 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,242 | -€374,199 | -€229,957 | -159.4% |
| Investment grants | 15 | €38,025 | €38,025 | = | 0.0% |
| Amounts payable | 17/49 | €2,346,076 | €2,230,332 | -€115,744 | -4.9% |
| Amounts payable after more than one year | 17 | €773,409 | €601,144 | -€172,265 | -22.3% |
| Financial debts | 170/4 | €615,409 | €457,144 | -€158,265 | -25.7% |
| Other amounts payable | 178/9 | €158,000 | €144,000 | -€14,000 | -8.9% |
| Amounts payable within one year | 42/48 | €1,570,768 | €1,629,188 | +€58,420 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €174,440 | €157,842 | -€16,598 | -9.5% |
| Financial debts | 43 | €600,000 | €600,000 | = | 0.0% |
| Credit institutions | 430/8 | €600,000 | €600,000 | = | 0.0% |
| Trade debts | 44 | €502,450 | €433,780 | -€68,670 | -13.7% |
| Suppliers | 440/4 | €502,450 | €433,780 | -€68,670 | -13.7% |
| Advances received on contracts in progress | 46 | €28,681 | €33,781 | +€5,100 | +17.8% |
| Taxes, remuneration and social security | 45 | €35,070 | €94,115 | +€59,045 | +168.4% |
| Taxes | 450/3 | €1,228 | €55,483 | +€54,255 | +4416.4% |
| Remuneration and social security | 454/9 | €33,841 | €38,632 | +€4,790 | +14.2% |
| Other amounts payable | 47/48 | €230,127 | €309,670 | +€79,543 | +34.6% |
| Accrued charges and deferred income | 492/3 | €1,899 | - | -€1,899 | |
| Remuneration, social security and pensions | 62 | €411,367 | €304,198 | -€107,170 | -26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €123,555 | €121,771 | -€1,784 | -1.4% |
| Other operating charges | 640/8 | €30,552 | €37,407 | +€6,855 | +22.4% |
| Non-recurring operating charges | 66A | €13,045 | - | -€13,045 | |
| Gross operating margin | 9900 | €651,078 | €299,150 | -€351,928 | -54.1% |
| Operating profit (loss) | 9901 | €72,559 | -€164,226 | -€236,785 | |
| Financial income | 75/76B | €9,929 | €5,891 | -€4,038 | -40.7% |
| Recurring financial income | 75 | €9,929 | €5,891 | -€4,038 | -40.7% |
| Financial charges | 65/66B | €85,348 | €56,285 | -€29,063 | -34.1% |
| Recurring financial charges | 65 | €85,348 | €56,285 | -€29,063 | -34.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,860 | -€214,620 | -€211,760 | -7404.9% |
| Profit (loss) for the period | 9904 | -€2,860 | -€214,620 | -€211,760 | -7404.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,860 | -€214,620 | -€211,760 | -7404.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.