MEDCO: 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.
MEDCO
Largest movements
- Current investments +€210,280
up €210,280 (+67.9%), from €309,720 to €520,000
- Receivables within one year +€50,795
up €50,795 (+31.9%), from €159,472 to €210,267
of which Trade receivables: +€75,697
- Receivables after one year -€40,000
down €40,000 (-100%), from €40,000 to €0
- Tangible fixed assets +€38,917
up €38,917 (+198%), from €19,633 to €58,550
- Cash -€28,192
down €28,192 (-16.1%), from €174,745 to €146,553
mainly Current investments (-€210,280) and Contributions, distributions and other (-€126,763)
- Other debts +€126,763
new in 2025: €126,763
- Profit (loss) carried forward -€124,180
down €124,180 (-100%), from €124,180 to €0
- Reserves +€114,140
up €114,140 (+20.7%), from €550,860 to €665,000
- Trade debts +€62,640
up €62,640 (+1,221%), from €5,132 to €67,772
- Debts after one year +€27,972
new in 2025: €27,972
- Gross operating margin +€97,412
up €97,412 (+76.5%), from €127,382 to €224,794
- Taxes +€27,959
up €27,959 (+93.8%), from €29,800 to €57,759
- Financial income -€8,839
down €8,839 (-42.5%), from €20,814 to €11,976
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 | €715,827 | €944,191 | +€228,364 | +31.9% |
| Fixed assets | 21/28 | €19,633 | €58,550 | +€38,917 | +198% |
| Tangible fixed assets | 22/27 | €19,633 | €58,550 | +€38,917 | +198% |
| Furniture and vehicles | 24 | €19,633 | €58,550 | +€38,917 | +198% |
| Current assets | 29/58 | €696,194 | €885,641 | +€189,447 | +27.2% |
| Amounts receivable after more than one year | 29 | €40,000 | €0 | -€40,000 | -100% |
| Other amounts receivable | 291 | €40,000 | €0 | -€40,000 | -100% |
| Amounts receivable within one year | 40/41 | €159,472 | €210,267 | +€50,795 | +31.9% |
| Trade receivables | 40 | €14,488 | €90,184 | +€75,697 | +522% |
| Other amounts receivable | 41 | €144,984 | €120,083 | -€24,901 | -17.2% |
| Current investments | 50/53 | €309,720 | €520,000 | +€210,280 | +67.9% |
| Cash at bank and in hand | 54/58 | €174,745 | €146,553 | -€28,192 | -16.1% |
| Deferred charges and accrued income | 490/1 | €12,258 | €8,821 | -€3,436 | -28.0% |
| Total equity and liabilities | 10/49 | €715,827 | €944,191 | +€228,364 | +31.9% |
| Equity | 10/15 | €693,640 | €683,600 | -€10,040 | -1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €550,860 | €665,000 | +€114,140 | +20.7% |
| Distributable reserves | 133 | €550,860 | €665,000 | +€114,140 | +20.7% |
| Profit (loss) carried forward | 14 | €124,180 | €0 | -€124,180 | -100% |
| Amounts payable | 17/49 | €22,187 | €260,591 | +€238,404 | +1,075% |
| Amounts payable after more than one year | 17 | - | €27,972 | +€27,972 | |
| Financial debts | 170/4 | - | €27,972 | +€27,972 | |
| Amounts payable within one year | 42/48 | €22,187 | €232,619 | +€210,432 | +948% |
| Current portion of amounts payable after more than one year | 42 | €0 | €9,655 | +€9,655 | |
| Financial debts | 43 | €0 | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | €0 | €15,000 | +€15,000 | |
| Trade debts | 44 | €5,132 | €67,772 | +€62,640 | +1,221% |
| Suppliers | 440/4 | €5,132 | €67,772 | +€62,640 | +1,221% |
| Taxes, remuneration and social security | 45 | €17,055 | €13,429 | -€3,626 | -21.3% |
| Taxes | 450/3 | €11,915 | €8,071 | -€3,844 | -32.3% |
| Remuneration and social security | 454/9 | €5,140 | €5,358 | +€218 | +4.2% |
| Other amounts payable | 47/48 | - | €126,763 | +€126,763 | |
| Remuneration, social security and pensions | 62 | €45,486 | €47,595 | +€2,108 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,712 | €13,313 | -€399 | -2.9% |
| Other operating charges | 640/8 | €695 | €610 | -€85 | -12.2% |
| Gross operating margin | 9900 | €127,382 | €224,794 | +€97,412 | +76.5% |
| Operating profit (loss) | 9901 | €67,489 | €163,276 | +€95,788 | +142% |
| Financial income | 75/76B | €20,814 | €11,976 | -€8,839 | -42.5% |
| Recurring financial income | 75 | €20,814 | €11,976 | -€8,839 | -42.5% |
| Financial charges | 65/66B | €470 | €770 | +€300 | +63.7% |
| Recurring financial charges | 65 | €470 | €770 | +€300 | +63.7% |
| Profit (loss) for the period before taxes | 9903 | €87,833 | €174,482 | +€86,649 | +98.7% |
| Income taxes | 67/77 | €29,800 | €57,759 | +€27,959 | +93.8% |
| Profit (loss) for the period | 9904 | €58,033 | €116,723 | +€58,690 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €58,033 | €116,723 | +€58,690 | +101% |
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.