MeDe: 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.
MeDe
Largest movements
- Tangible fixed assets -€991,406
down €991,406 (-59.3%), from €1.7m to €680,683
of which Assets under construction and advance payments: -€530,627
- Receivables within one year +€218,514
up €218,514 (+38.8%), from €562,808 to €781,323
of which Other amounts receivable: +€128,444
- Stocks and contracts +€134,315
new in 2025: €134,315
- Cash +€76,967
up €76,967 (+527.8%), from €14,583 to €91,551
mainly Investment in fixed assets (net) (+€955,433) and Net result for the year (+€56,332)
- Short-term financial debts -€399,999
down €399,999 (-100.0%), from €399,999 to €0
- Trade debts -€177,827
down €177,827 (-65.2%), from €272,927 to €95,100
- Profit (loss) carried forward +€40,072
up €40,072, from -€40,072 to €0
- Debts after one year -€33,350
down €33,350 (-5.8%), from €571,805 to €538,456
- Depreciation -€11,644
down €11,644 (-24.5%), from €47,616 to €35,973
- Taxes +€9,626
up €9,626 (+2407.9%), from €400 to €10,026
- Staff costs +€7,960
up €7,960 (+48.8%), from €16,326 to €24,286
- Gross operating margin +€2,158
up €2,158 (+1.4%), from €157,139 to €159,297
- Financial charges +€2,060
up €2,060 (+6.8%), from €30,376 to €32,436
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 | €2,249,480 | €1,689,156 | -€560,325 | -24.9% |
| Fixed assets | 21/28 | €1,672,089 | €680,683 | -€991,406 | -59.3% |
| Tangible fixed assets | 22/27 | €1,672,089 | €680,683 | -€991,406 | -59.3% |
| Land and buildings | 22 | €1,117,656 | €663,241 | -€454,415 | -40.7% |
| Plant, machinery and equipment | 23 | €1,449 | €567 | -€882 | -60.9% |
| Furniture and vehicles | 24 | €10,607 | €7,432 | -€3,175 | -29.9% |
| Other tangible fixed assets | 26 | €11,750 | €9,443 | -€2,307 | -19.6% |
| Assets under construction and advance payments | 27 | €530,627 | €0 | -€530,627 | -100.0% |
| Current assets | 29/58 | €577,392 | €1,008,473 | +€431,081 | +74.7% |
| Stocks and contracts in progress | 3 | - | €134,315 | +€134,315 | |
| Stocks | 30/36 | - | €134,315 | +€134,315 | |
| Amounts receivable within one year | 40/41 | €562,808 | €781,323 | +€218,514 | +38.8% |
| Trade receivables | 40 | €194,480 | €284,551 | +€90,070 | +46.3% |
| Other amounts receivable | 41 | €368,328 | €496,772 | +€128,444 | +34.9% |
| Cash at bank and in hand | 54/58 | €14,583 | €91,551 | +€76,967 | +527.8% |
| Deferred charges and accrued income | 490/1 | - | €1,285 | +€1,285 | |
| Total equity and liabilities | 10/49 | €2,249,480 | €1,689,156 | -€560,325 | -24.9% |
| Equity | 10/15 | €682,151 | €738,482 | +€56,332 | +8.3% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €692,223 | €708,482 | +€16,260 | +2.3% |
| Non-distributable reserves | 130/1 | €3,000 | €3,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,000 | - | -€3,000 | |
| Other | 1319 | - | €3,000 | +€3,000 | |
| Tax-exempt reserves | 132 | €352,042 | €338,620 | -€13,423 | -3.8% |
| Distributable reserves | 133 | €337,180 | €366,863 | +€29,682 | +8.8% |
| Profit (loss) carried forward | 14 | -€40,072 | €0 | +€40,072 | |
| Provisions and deferred taxes | 16 | €117,348 | €112,873 | -€4,474 | -3.8% |
| Deferred taxes | 168 | €117,348 | €112,873 | -€4,474 | -3.8% |
| Amounts payable | 17/49 | €1,449,982 | €837,800 | -€612,182 | -42.2% |
| Amounts payable after more than one year | 17 | €571,805 | €538,456 | -€33,350 | -5.8% |
| Financial debts | 170/4 | €571,805 | €538,456 | -€33,350 | -5.8% |
| Amounts payable within one year | 42/48 | €878,177 | €299,344 | -€578,833 | -65.9% |
| Current portion of amounts payable after more than one year | 42 | €32,817 | €33,350 | +€532 | +1.6% |
| Financial debts | 43 | €399,999 | €0 | -€399,999 | -100.0% |
| Credit institutions | 430/8 | €399,999 | €0 | -€399,999 | -100.0% |
| Trade debts | 44 | €272,927 | €95,100 | -€177,827 | -65.2% |
| Suppliers | 440/4 | €272,927 | €95,100 | -€177,827 | -65.2% |
| Taxes, remuneration and social security | 45 | €37,534 | €34,097 | -€3,437 | -9.2% |
| Taxes | 450/3 | €32,200 | €27,255 | -€4,946 | -15.4% |
| Remuneration and social security | 454/9 | €5,333 | €6,842 | +€1,508 | +28.3% |
| Other amounts payable | 47/48 | €134,900 | €136,799 | +€1,899 | +1.4% |
| Non-recurring operating income | 76A | €60,110 | €0 | -€60,110 | -100.0% |
| Remuneration, social security and pensions | 62 | €16,326 | €24,286 | +€7,960 | +48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,616 | €35,973 | -€11,644 | -24.5% |
| Other operating charges | 640/8 | €4,062 | €4,719 | +€657 | +16.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €157,139 | €159,297 | +€2,158 | +1.4% |
| Operating profit (loss) | 9901 | €89,135 | €94,319 | +€5,184 | +5.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +300.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +300.0% |
| Financial charges | 65/66B | €30,376 | €32,436 | +€2,060 | +6.8% |
| Recurring financial charges | 65 | €30,376 | €32,436 | +€2,060 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | €58,759 | €61,883 | +€3,124 | +5.3% |
| Transfer from deferred taxes | 780 | €4,474 | €4,474 | = | 0.0% |
| Income taxes | 67/77 | €400 | €10,026 | +€9,626 | +2407.9% |
| Profit (loss) for the period | 9904 | €62,833 | €56,332 | -€6,502 | -10.3% |
| Transfer from tax-exempt reserves | 789 | €13,423 | €13,423 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,256 | €69,755 | -€6,502 | -8.5% |
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 11 October 2026 via checked.be.