MEDELO: 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.
MEDELO
Largest movements
- Tangible fixed assets +€392,268
up €392,268 (+27.1%), from €1.4m to €1.8m
of which Plant, machinery and equipment: +€480,965
- Receivables within one year +€73,007
up €73,007 (+42.3%), from €172,711 to €245,718
of which Other amounts receivable: +€94,623
- Cash -€72,049
down €72,049 (-10.1%), from €710,312 to €638,263
mainly Investment in fixed assets (net) (-€676,557) and Receivables within one year (-€73,007)
- Debts after one year +€194,716
up €194,716 (+37.3%), from €522,418 to €717,134
- Trade debts +€105,114
up €105,114 (+7.7%), from €1.4m to €1.5m
- Other debts +€88,538
up €88,538 (+104.2%), from €85,000 to €173,538
- Current portion of long-term debt +€43,626
up €43,626 (+21.9%), from €199,045 to €242,671
- Reserves -€42,929
down €42,929 (-4.3%), from €989,763 to €946,834
of which Distributable reserves: -€42,929
- Gross operating margin -€135,163
down €135,163 (-8.5%), from €1.6m to €1.5m
- Depreciation +€90,926
up €90,926 (+46.5%), from €195,362 to €286,289
- Taxes -€51,257
down €51,257 (-80.7%), from €63,483 to €12,227
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 | €3,467,449 | €3,870,548 | +€403,100 | +11.6% |
| Fixed assets | 21/28 | €1,750,267 | €2,140,535 | +€390,268 | +22.3% |
| Tangible fixed assets | 22/27 | €1,447,979 | €1,840,247 | +€392,268 | +27.1% |
| Land and buildings | 22 | €1,070,535 | €978,653 | -€91,882 | -8.6% |
| Plant, machinery and equipment | 23 | €264,538 | €745,503 | +€480,965 | +181.8% |
| Furniture and vehicles | 24 | €39,233 | €51,961 | +€12,728 | +32.4% |
| Other tangible fixed assets | 26 | €73,673 | €64,130 | -€9,543 | -13.0% |
| Financial fixed assets | 28 | €302,288 | €300,288 | -€2,000 | -0.7% |
| Current assets | 29/58 | €1,717,181 | €1,730,013 | +€12,832 | +0.7% |
| Stocks and contracts in progress | 3 | €817,419 | €826,847 | +€9,428 | +1.2% |
| Stocks | 30/36 | €817,419 | €826,847 | +€9,428 | +1.2% |
| Amounts receivable within one year | 40/41 | €172,711 | €245,718 | +€73,007 | +42.3% |
| Trade receivables | 40 | €60,452 | €38,836 | -€21,616 | -35.8% |
| Other amounts receivable | 41 | €112,259 | €206,882 | +€94,623 | +84.3% |
| Cash at bank and in hand | 54/58 | €710,312 | €638,263 | -€72,049 | -10.1% |
| Deferred charges and accrued income | 490/1 | €16,738 | €19,185 | +€2,446 | +14.6% |
| Total equity and liabilities | 10/49 | €3,467,449 | €3,870,548 | +€403,100 | +11.6% |
| Equity | 10/15 | €1,051,763 | €1,008,834 | -€42,929 | -4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €989,763 | €946,834 | -€42,929 | -4.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,250 | €23,250 | = | 0.0% |
| Distributable reserves | 133 | €960,313 | €917,384 | -€42,929 | -4.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,415,686 | €2,861,714 | +€446,029 | +18.5% |
| Amounts payable after more than one year | 17 | €522,418 | €717,134 | +€194,716 | +37.3% |
| Financial debts | 170/4 | €522,418 | €717,134 | +€194,716 | +37.3% |
| Amounts payable within one year | 42/48 | €1,797,104 | €2,048,076 | +€250,972 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €199,045 | €242,671 | +€43,626 | +21.9% |
| Trade debts | 44 | €1,360,978 | €1,466,091 | +€105,114 | +7.7% |
| Suppliers | 440/4 | €1,360,978 | €1,466,091 | +€105,114 | +7.7% |
| Taxes, remuneration and social security | 45 | €152,081 | €165,776 | +€13,695 | +9.0% |
| Taxes | 450/3 | €6,227 | €4,394 | -€1,833 | -29.4% |
| Remuneration and social security | 454/9 | €145,854 | €161,382 | +€15,528 | +10.6% |
| Other amounts payable | 47/48 | €85,000 | €173,538 | +€88,538 | +104.2% |
| Accrued charges and deferred income | 492/3 | €96,163 | €96,504 | +€341 | +0.4% |
| Remuneration, social security and pensions | 62 | €1,097,653 | €1,101,707 | +€4,054 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €195,362 | €286,289 | +€90,926 | +46.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,000 | +€6,000 | |
| Other operating charges | 640/8 | €17,062 | €16,946 | -€116 | -0.7% |
| Gross operating margin | 9900 | €1,599,151 | €1,463,988 | -€135,163 | -8.5% |
| Operating profit (loss) | 9901 | €289,074 | €53,046 | -€236,028 | -81.6% |
| Financial income | 75/76B | €5,411 | €11,111 | +€5,700 | +105.4% |
| Recurring financial income | 75 | €5,411 | €11,111 | +€5,700 | +105.4% |
| Financial charges | 65/66B | €25,096 | €29,860 | +€4,763 | +19.0% |
| Recurring financial charges | 65 | €25,096 | €29,860 | +€4,763 | +19.0% |
| Profit (loss) for the period before taxes | 9903 | €269,388 | €34,297 | -€235,091 | -87.3% |
| Income taxes | 67/77 | €63,483 | €12,227 | -€51,257 | -80.7% |
| Profit (loss) for the period | 9904 | €205,905 | €22,071 | -€183,834 | -89.3% |
| Profit (loss) for the period to be appropriated | 9905 | €205,905 | €22,071 | -€183,834 | -89.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.