MEDAXU: 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.
MEDAXU
Largest movements
- Cash -€51,570
down €51,570 (-14.1%), from €366,204 to €314,634
mainly Contributions, distributions and other (-€148,000) and Investment in fixed assets (net) (-€72,295)
- Tangible fixed assets +€35,189
up €35,189 (+62.3%), from €56,455 to €91,644
of which Furniture and vehicles: +€27,340
- Deferred charges and accrued income +€5,804
up €5,804 (+17.3%), from €33,625 to €39,430
- Reserves -€60,900
down €60,900 (-18.8%), from €323,150 to €262,250
of which Distributable reserves: -€60,900
- Provisions +€49,700
new in 2025: €49,700
- Other debts +€20,000
up €20,000 (+105%), from €19,000 to €39,000
- Tax, wage and social debts -€17,024
down €17,024 (-81.2%), from €20,974 to €3,950
- Accrued charges and deferred income -€9,000
no longer reported in 2025 (was €9,000)
- Provisions +€49,700
new in 2025: €49,700
- Gross operating margin +€41,749
up €41,749 (+22.0%), from €189,537 to €231,286
- Depreciation +€8,901
up €8,901 (+31.3%), from €28,446 to €37,348
- Other operating charges +€3,698
up €3,698 (+266%), from €1,389 to €5,087
- Taxes +€3,282
up €3,282 (+6.9%), from €47,820 to €51,102
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 | €478,673 | €464,065 | -€14,608 | -3.1% |
| Fixed assets | 21/28 | €59,170 | €94,118 | +€34,948 | +59.1% |
| Intangible fixed assets | 21 | €715 | €473 | -€242 | -33.8% |
| Tangible fixed assets | 22/27 | €56,455 | €91,644 | +€35,189 | +62.3% |
| Land and buildings | 22 | €19,660 | €21,055 | +€1,394 | +7.1% |
| Plant, machinery and equipment | 23 | - | €6,455 | +€6,455 | |
| Furniture and vehicles | 24 | €36,795 | €64,135 | +€27,340 | +74.3% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €419,503 | €369,948 | -€49,556 | -11.8% |
| Amounts receivable within one year | 40/41 | €19,674 | €15,884 | -€3,790 | -19.3% |
| Other amounts receivable | 41 | €19,674 | €15,884 | -€3,790 | -19.3% |
| Cash at bank and in hand | 54/58 | €366,204 | €314,634 | -€51,570 | -14.1% |
| Deferred charges and accrued income | 490/1 | €33,625 | €39,430 | +€5,804 | +17.3% |
| Total equity and liabilities | 10/49 | €478,673 | €464,065 | -€14,608 | -3.1% |
| Equity | 10/15 | €419,220 | €358,325 | -€60,896 | -14.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €323,150 | €262,250 | -€60,900 | -18.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €321,290 | €260,390 | -€60,900 | -19.0% |
| Profit (loss) carried forward | 14 | €89,870 | €89,874 | +€4 | 0.0% |
| Provisions and deferred taxes | 16 | - | €49,700 | +€49,700 | |
| Provisions for liabilities and charges | 160/5 | - | €49,700 | +€49,700 | |
| Other liabilities and charges | 164/5 | - | €49,700 | +€49,700 | |
| Amounts payable | 17/49 | €59,453 | €56,041 | -€3,412 | -5.7% |
| Amounts payable after more than one year | 17 | €2,643 | - | -€2,643 | |
| Financial debts | 170/4 | €2,643 | - | -€2,643 | |
| Amounts payable within one year | 42/48 | €47,810 | €56,041 | +€8,230 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €6,028 | €2,643 | -€3,385 | -56.2% |
| Trade debts | 44 | €1,809 | €10,448 | +€8,639 | +478% |
| Suppliers | 440/4 | €1,809 | €10,448 | +€8,639 | +478% |
| Taxes, remuneration and social security | 45 | €20,974 | €3,950 | -€17,024 | -81.2% |
| Taxes | 450/3 | €20,974 | €3,950 | -€17,024 | -81.2% |
| Other amounts payable | 47/48 | €19,000 | €39,000 | +€20,000 | +105% |
| Accrued charges and deferred income | 492/3 | €9,000 | - | -€9,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,446 | €37,348 | +€8,901 | +31.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €49,700 | +€49,700 | |
| Other operating charges | 640/8 | €1,389 | €5,087 | +€3,698 | +266% |
| Gross operating margin | 9900 | €189,537 | €231,286 | +€41,749 | +22.0% |
| Operating profit (loss) | 9901 | €159,702 | €139,151 | -€20,551 | -12.9% |
| Financial income | 75/76B | - | €368 | +€368 | |
| Recurring financial income | 75 | - | €368 | +€368 | |
| Financial charges | 65/66B | €1,140 | €1,314 | +€174 | +15.3% |
| Recurring financial charges | 65 | €1,140 | €1,314 | +€174 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €158,562 | €138,206 | -€20,356 | -12.8% |
| Income taxes | 67/77 | €47,820 | €51,102 | +€3,282 | +6.9% |
| Profit (loss) for the period | 9904 | €110,742 | €87,104 | -€23,638 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €110,742 | €87,104 | -€23,638 | -21.3% |
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 31 October 2026 via checked.be.