MEDEORTHO: 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.
MEDEORTHO
Largest movements
- Tangible fixed assets +€244,594
up €244,594 (+137%), from €178,259 to €422,852
of which Land and buildings: +€235,576
- Cash +€56,462
up €56,462 (+596%), from €9,475 to €65,938
mainly Debts after one year (+€207,872) and Net result for the year (+€47,792)
- Current investments -€20,000
down €20,000 (-11.8%), from €170,000 to €150,000
- Deferred charges and accrued income -€18,000
no longer reported in 2025 (was €18,000)
- Debts after one year +€207,872
up €207,872 (+163%), from €127,877 to €335,749
- Reserves +€47,792
up €47,792 (+29.5%), from €161,973 to €209,765
- Current portion of long-term debt +€7,973
up €7,973 (+87.1%), from €9,155 to €17,128
- Depreciation +€2,832
up €2,832 (+27.7%), from €10,213 to €13,045
- Financial charges +€1,917
up €1,917 (+61.1%), from €3,140 to €5,057
- Financial income +€1,751
up €1,751 (+363%), from €482 to €2,233
- Gross operating margin -€918
down €918 (-1.1%), from €86,671 to €85,753
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 | €415,893 | €680,733 | +€264,840 | +63.7% |
| Fixed assets | 21/28 | €178,895 | €423,488 | +€244,594 | +137% |
| Tangible fixed assets | 22/27 | €178,259 | €422,852 | +€244,594 | +137% |
| Land and buildings | 22 | €163,660 | €399,236 | +€235,576 | +144% |
| Plant, machinery and equipment | 23 | €4,015 | €8,375 | +€4,361 | +109% |
| Furniture and vehicles | 24 | €2,754 | €5,532 | +€2,778 | +101% |
| Other tangible fixed assets | 26 | €7,830 | €9,709 | +€1,878 | +24.0% |
| Financial fixed assets | 28 | €636 | €636 | = | 0.0% |
| Current assets | 29/58 | €236,998 | €257,245 | +€20,246 | +8.5% |
| Amounts receivable within one year | 40/41 | €39,523 | €41,307 | +€1,784 | +4.5% |
| Trade receivables | 40 | €4,073 | €5,858 | +€1,784 | +43.8% |
| Other amounts receivable | 41 | €35,450 | €35,450 | -€0 | 0.0% |
| Current investments | 50/53 | €170,000 | €150,000 | -€20,000 | -11.8% |
| Cash at bank and in hand | 54/58 | €9,475 | €65,938 | +€56,462 | +596% |
| Deferred charges and accrued income | 490/1 | €18,000 | - | -€18,000 | |
| Total equity and liabilities | 10/49 | €415,893 | €680,733 | +€264,840 | +63.7% |
| Equity | 10/15 | €224,152 | €271,944 | +€47,792 | +21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,973 | €209,765 | +€47,792 | +29.5% |
| Distributable reserves | 133 | €161,973 | €209,765 | +€47,792 | +29.5% |
| Profit (loss) carried forward | 14 | €43,579 | €43,579 | = | 0.0% |
| Amounts payable | 17/49 | €191,741 | €408,789 | +€217,048 | +113% |
| Amounts payable after more than one year | 17 | €127,877 | €335,749 | +€207,872 | +163% |
| Financial debts | 170/4 | €127,877 | €335,749 | +€207,872 | +163% |
| Amounts payable within one year | 42/48 | €62,863 | €73,040 | +€10,176 | +16.2% |
| Current portion of amounts payable after more than one year | 42 | €9,155 | €17,128 | +€7,973 | +87.1% |
| Trade debts | 44 | €16,521 | €19,476 | +€2,956 | +17.9% |
| Suppliers | 440/4 | €16,521 | €19,476 | +€2,956 | +17.9% |
| Taxes, remuneration and social security | 45 | €0 | €307 | +€307 | +1,024,400% |
| Taxes | 450/3 | €0 | €307 | +€307 | +1,024,400% |
| Other amounts payable | 47/48 | €37,188 | €36,128 | -€1,060 | -2.8% |
| Accrued charges and deferred income | 492/3 | €1,001 | - | -€1,001 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,213 | €13,045 | +€2,832 | +27.7% |
| Other operating charges | 640/8 | €3,854 | €3,784 | -€70 | -1.8% |
| Gross operating margin | 9900 | €86,671 | €85,753 | -€918 | -1.1% |
| Operating profit (loss) | 9901 | €72,604 | €68,924 | -€3,680 | -5.1% |
| Financial income | 75/76B | €482 | €2,233 | +€1,751 | +363% |
| Recurring financial income | 75 | €482 | €2,233 | +€1,751 | +363% |
| Financial charges | 65/66B | €3,140 | €5,057 | +€1,917 | +61.1% |
| Recurring financial charges | 65 | €3,140 | €5,057 | +€1,917 | +61.1% |
| Profit (loss) for the period before taxes | 9903 | €69,947 | €66,100 | -€3,847 | -5.5% |
| Income taxes | 67/77 | €18,572 | €18,307 | -€265 | -1.4% |
| Profit (loss) for the period | 9904 | €51,374 | €47,792 | -€3,582 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,374 | €47,792 | -€3,582 | -7.0% |
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 24 October 2026 via checked.be.