MEDENZO: 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.
MEDENZO
Largest movements
- Current investments -€78,740
down €78,740 (-100%), from €78,740 to €0
- Cash +€38,089
up €38,089 (+63.5%), from €59,969 to €98,058
mainly Other debts (+€123,512) and Current investments (+€78,740)
- Tangible fixed assets -€26,998
down €26,998 (-4.2%), from €649,598 to €622,600
- Reserves -€191,883
down €191,883 (-37.9%), from €506,237 to €314,354
of which Distributable reserves: -€179,383
- Other debts +€123,512
up €123,512 (+64.9%), from €190,275 to €313,787
- Depreciation +€4,190
up €4,190 (+18.2%), from €23,029 to €27,220
- Financial income -€2,409
down €2,409 (-56.8%), from €4,243 to €1,834
of which Financial income: -€2,479
- Taxes -€1,163
down €1,163 (-99.4%), from €1,170 to €7
- Financial charges +€850
up €850 (+7.8%), from €10,850 to €11,701
of which Financial charges: +€920
- Gross operating margin +€394
up €394 (+2.0%), from €19,936 to €20,330
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 | €800,251 | €726,643 | -€73,607 | -9.2% |
| Formation expenses | 20 | €932 | €709 | -€222 | -23.8% |
| Fixed assets | 21/28 | €650,820 | €624,268 | -€26,552 | -4.1% |
| Tangible fixed assets | 22/27 | €649,598 | €622,600 | -€26,998 | -4.2% |
| Land and buildings | 22 | €649,598 | €622,600 | -€26,998 | -4.2% |
| Financial fixed assets | 28 | €1,222 | €1,667 | +€445 | +36.4% |
| Current assets | 29/58 | €148,499 | €101,666 | -€46,833 | -31.5% |
| Amounts receivable within one year | 40/41 | €8,062 | €3,608 | -€4,453 | -55.2% |
| Trade receivables | 40 | €3,733 | €876 | -€2,857 | -76.5% |
| Other amounts receivable | 41 | €4,329 | €2,733 | -€1,596 | -36.9% |
| Current investments | 50/53 | €78,740 | €0 | -€78,740 | -100% |
| Cash at bank and in hand | 54/58 | €59,969 | €98,058 | +€38,089 | +63.5% |
| Deferred charges and accrued income | 490/1 | €1,728 | €0 | -€1,728 | -100% |
| Total equity and liabilities | 10/49 | €800,251 | €726,643 | -€73,607 | -9.2% |
| Equity | 10/15 | €524,837 | €330,760 | -€194,077 | -37.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €506,237 | €314,354 | -€191,883 | -37.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €314,365 | €301,865 | -€12,500 | -4.0% |
| Distributable reserves | 133 | €191,871 | €12,488 | -€179,383 | -93.5% |
| Profit (loss) carried forward | 14 | €0 | -€2,194 | -€2,194 | |
| Provisions and deferred taxes | 16 | €67,059 | €62,893 | -€4,167 | -6.2% |
| Deferred taxes | 168 | €67,059 | €62,893 | -€4,167 | -6.2% |
| Amounts payable | 17/49 | €208,354 | €332,991 | +€124,636 | +59.8% |
| Amounts payable within one year | 42/48 | €192,699 | €316,330 | +€123,631 | +64.2% |
| Trade debts | 44 | €2,424 | €2,543 | +€119 | +4.9% |
| Suppliers | 440/4 | €2,424 | €2,543 | +€119 | +4.9% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €190,275 | €313,787 | +€123,512 | +64.9% |
| Accrued charges and deferred income | 492/3 | €15,655 | €16,661 | +€1,005 | +6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,029 | €27,220 | +€4,190 | +18.2% |
| Other operating charges | 640/8 | €5,389 | €5,532 | +€143 | +2.7% |
| Gross operating margin | 9900 | €19,936 | €20,330 | +€394 | +2.0% |
| Operating profit (loss) | 9901 | -€8,482 | -€12,421 | -€3,939 | -46.4% |
| Financial income | 75/76B | €4,243 | €1,834 | -€2,409 | -56.8% |
| Recurring financial income | 75 | €4,243 | €1,764 | -€2,479 | -58.4% |
| Non-recurring financial income | 76B | - | €70 | +€70 | |
| Financial charges | 65/66B | €10,850 | €11,701 | +€850 | +7.8% |
| Recurring financial charges | 65 | €10,780 | €11,701 | +€920 | +8.5% |
| Non-recurring financial charges | 66B | €70 | €0 | -€70 | -100% |
| Profit (loss) for the period before taxes | 9903 | -€15,089 | -€22,288 | -€7,198 | -47.7% |
| Transfer from deferred taxes | 780 | €4,167 | €4,167 | = | 0.0% |
| Income taxes | 67/77 | €1,170 | €7 | -€1,163 | -99.4% |
| Profit (loss) for the period | 9904 | -€12,093 | -€18,128 | -€6,035 | -49.9% |
| Transfer from tax-exempt reserves | 789 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €407 | -€5,628 | -€6,035 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.