MEDAX: 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.
MEDAX
Largest movements
- Current investments -€100,000
down €100,000 (-98.9%), from €101,093 to €1,093
- Cash +€84,356
up €84,356 (+1826.7%), from €4,618 to €88,974
mainly Current investments (+€100,000) and Depreciation (+€15,763)
- Tangible fixed assets -€15,763
down €15,763 (-29.4%), from €53,627 to €37,864
of which Leasing and similar rights: -€15,331
- Debts after one year -€11,223
no longer reported in 2025 (was €11,223)
- Reserves -€10,000
down €10,000 (-4.5%), from €222,434 to €212,434
- Current portion of long-term debt -€7,929
down €7,929 (-45.4%), from €17,461 to €9,532
- Profit (loss) carried forward -€6,168
down €6,168 (-4.5%), from -€136,845 to -€143,013
- Trade debts +€3,533
up €3,533 (+7.7%), from €46,016 to €49,549
- Gross operating margin -€12,378
down €12,378 (-51.2%), from €24,199 to €11,821
- Taxes -€2,107
down €2,107, from €1,578 to -€529
- Other operating charges -€1,389
down €1,389 (-33.5%), from €4,151 to €2,762
- Financial income -€892
down €892 (-40.3%), from €2,214 to €1,322
- Financial charges -€608
down €608 (-31.6%), from €1,923 to €1,315
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 | €168,940 | €137,143 | -€31,797 | -18.8% |
| Fixed assets | 21/28 | €53,627 | €37,864 | -€15,763 | -29.4% |
| Tangible fixed assets | 22/27 | €53,627 | €37,864 | -€15,763 | -29.4% |
| Plant, machinery and equipment | 23 | €1,499 | €1,315 | -€184 | -12.3% |
| Leasing and similar rights | 25 | €51,880 | €36,549 | -€15,331 | -29.6% |
| Other tangible fixed assets | 26 | €248 | - | -€248 | |
| Current assets | 29/58 | €115,313 | €99,279 | -€16,034 | -13.9% |
| Amounts receivable within one year | 40/41 | €6,930 | €7,931 | +€1,001 | +14.4% |
| Trade receivables | 40 | €4,015 | €6,545 | +€2,530 | +63.0% |
| Other amounts receivable | 41 | €2,915 | €1,386 | -€1,529 | -52.5% |
| Current investments | 50/53 | €101,093 | €1,093 | -€100,000 | -98.9% |
| Cash at bank and in hand | 54/58 | €4,618 | €88,974 | +€84,356 | +1826.7% |
| Deferred charges and accrued income | 490/1 | €2,672 | €1,281 | -€1,391 | -52.1% |
| Total equity and liabilities | 10/49 | €168,940 | €137,143 | -€31,797 | -18.8% |
| Equity | 10/15 | €91,789 | €75,621 | -€16,168 | -17.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €222,434 | €212,434 | -€10,000 | -4.5% |
| Distributable reserves | 133 | €222,434 | €212,434 | -€10,000 | -4.5% |
| Profit (loss) carried forward | 14 | -€136,845 | -€143,013 | -€6,168 | -4.5% |
| Amounts payable | 17/49 | €77,151 | €61,522 | -€15,629 | -20.3% |
| Amounts payable after more than one year | 17 | €11,223 | - | -€11,223 | |
| Financial debts | 170/4 | €11,223 | - | -€11,223 | |
| Amounts payable within one year | 42/48 | €65,928 | €61,522 | -€4,406 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €17,461 | €9,532 | -€7,929 | -45.4% |
| Trade debts | 44 | €46,016 | €49,549 | +€3,533 | +7.7% |
| Suppliers | 440/4 | €46,016 | €49,549 | +€3,533 | +7.7% |
| Taxes, remuneration and social security | 45 | €2,451 | €826 | -€1,625 | -66.3% |
| Taxes | 450/3 | €2,451 | €826 | -€1,625 | -66.3% |
| Other amounts payable | 47/48 | - | €1,615 | +€1,615 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,855 | €15,763 | -€92 | -0.6% |
| Other operating charges | 640/8 | €4,151 | €2,762 | -€1,389 | -33.5% |
| Gross operating margin | 9900 | €24,199 | €11,821 | -€12,378 | -51.2% |
| Operating profit (loss) | 9901 | €4,193 | -€6,704 | -€10,897 | |
| Financial income | 75/76B | €2,214 | €1,322 | -€892 | -40.3% |
| Recurring financial income | 75 | €2,214 | €1,322 | -€892 | -40.3% |
| Financial charges | 65/66B | €1,923 | €1,315 | -€608 | -31.6% |
| Recurring financial charges | 65 | €1,923 | €1,315 | -€608 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €4,484 | -€6,697 | -€11,181 | |
| Income taxes | 67/77 | €1,578 | -€529 | -€2,107 | |
| Profit (loss) for the period | 9904 | €2,906 | -€6,168 | -€9,074 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,906 | -€6,168 | -€9,074 |
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.