Medaz: 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.
Medaz
Largest movements
- Intangible fixed assets +€175,216
new in 2025: €175,216
- Cash -€113,777
down €113,777 (-84.6%), from €134,524 to €20,746
mainly Investment in fixed assets (net) (-€193,400) and Net result for the year (-€33,996)
- Financial fixed assets -€10,000
down €10,000 (-75.7%), from €13,218 to €3,218
- Receivables within one year +€5,610
up €5,610 (+131.8%), from €4,257 to €9,867
of which Other amounts receivable: +€7,264
- Stocks and contracts +€4,654
up €4,654 (+217.6%), from €2,139 to €6,793
- Debts after one year +€78,362
up €78,362 (+261.2%), from €30,000 to €108,362
of which Financial debts: +€108,362
- Profit (loss) carried forward -€33,996
down €33,996, from €31,408 to -€2,589
- Other debts -€21,138
down €21,138 (-79.7%), from €26,518 to €5,380
- Current portion of long-term debt +€18,332
new in 2025: €18,332
- Trade debts +€17,346
up €17,346 (+69.7%), from €24,881 to €42,226
- Staff costs +€49,144
up €49,144 (+27.3%), from €179,888 to €229,032
- Depreciation +€25,656
up €25,656 (+670.5%), from €3,826 to €29,482
- Financial charges +€14,501
up €14,501 (+2317.8%), from €626 to €15,127
- Gross operating margin -€11,933
down €11,933 (-4.7%), from €253,271 to €241,337
- Taxes -€10,544
down €10,544 (-100.0%), from €10,544 to €0
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 | €164,502 | €223,988 | +€59,485 | +36.2% |
| Fixed assets | 21/28 | €22,205 | €186,122 | +€163,918 | +738.2% |
| Intangible fixed assets | 21 | - | €175,216 | +€175,216 | |
| Tangible fixed assets | 22/27 | €8,987 | €7,688 | -€1,298 | -14.4% |
| Furniture and vehicles | 24 | €8,987 | €7,688 | -€1,298 | -14.4% |
| Financial fixed assets | 28 | €13,218 | €3,218 | -€10,000 | -75.7% |
| Current assets | 29/58 | €142,298 | €37,865 | -€104,432 | -73.4% |
| Stocks and contracts in progress | 3 | €2,139 | €6,793 | +€4,654 | +217.6% |
| Stocks | 30/36 | €2,139 | €6,793 | +€4,654 | +217.6% |
| Amounts receivable within one year | 40/41 | €4,257 | €9,867 | +€5,610 | +131.8% |
| Trade receivables | 40 | €4,257 | €2,602 | -€1,654 | -38.9% |
| Other amounts receivable | 41 | - | €7,264 | +€7,264 | |
| Cash at bank and in hand | 54/58 | €134,524 | €20,746 | -€113,777 | -84.6% |
| Deferred charges and accrued income | 490/1 | €1,379 | €460 | -€919 | -66.7% |
| Total equity and liabilities | 10/49 | €164,502 | €223,988 | +€59,485 | +36.2% |
| Equity | 10/15 | €41,408 | €7,411 | -€33,996 | -82.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,408 | -€2,589 | -€33,996 | |
| Amounts payable | 17/49 | €123,095 | €216,576 | +€93,482 | +75.9% |
| Amounts payable after more than one year | 17 | €30,000 | €108,362 | +€78,362 | +261.2% |
| Financial debts | 170/4 | - | €108,362 | +€108,362 | |
| Other amounts payable | 178/9 | €30,000 | €0 | -€30,000 | -100.0% |
| Amounts payable within one year | 42/48 | €93,095 | €108,214 | +€15,119 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | - | €18,332 | +€18,332 | |
| Trade debts | 44 | €24,881 | €42,226 | +€17,346 | +69.7% |
| Suppliers | 440/4 | €24,881 | €42,226 | +€17,346 | +69.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €41,696 | €42,276 | +€580 | +1.4% |
| Taxes | 450/3 | €18,748 | €9,922 | -€8,826 | -47.1% |
| Remuneration and social security | 454/9 | €22,948 | €32,354 | +€9,406 | +41.0% |
| Other amounts payable | 47/48 | €26,518 | €5,380 | -€21,138 | -79.7% |
| Remuneration, social security and pensions | 62 | €179,888 | €229,032 | +€49,144 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,826 | €29,482 | +€25,656 | +670.5% |
| Other operating charges | 640/8 | €2,150 | €1,825 | -€324 | -15.1% |
| Gross operating margin | 9900 | €253,271 | €241,337 | -€11,933 | -4.7% |
| Operating profit (loss) | 9901 | €67,406 | -€19,002 | -€86,409 | |
| Financial income | 75/76B | €0 | €133 | +€133 | +132690.0% |
| Recurring financial income | 75 | €0 | €133 | +€133 | +132690.0% |
| Financial charges | 65/66B | €626 | €15,127 | +€14,501 | +2317.8% |
| Recurring financial charges | 65 | €626 | €15,127 | +€14,501 | +2317.8% |
| Profit (loss) for the period before taxes | 9903 | €66,781 | -€33,996 | -€100,777 | |
| Income taxes | 67/77 | €10,544 | €0 | -€10,544 | -100.0% |
| Profit (loss) for the period | 9904 | €56,237 | -€33,996 | -€90,233 | |
| Profit (loss) for the period to be appropriated | 9905 | €56,237 | -€33,996 | -€90,233 |
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 3 October 2026 via checked.be.