MEDERI: 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.
MEDERI
Largest movements
- Receivables within one year +€1.6m
up €1.6m (+46.2%), from €3.4m to €4.9m
of which Other amounts receivable: +€3.3m
- Cash +€752,031
up €752,031 (+29.5%), from €2.6m to €3.3m
mainly Net result for the year (+€3.4m) and Advances received (+€515,962)
- Intangible fixed assets +€530,205
up €530,205 (+196%), from €270,261 to €800,465
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Reserves +€1.4m
up €1.4m (+34.6%), from €4.0m to €5.4m
of which Distributable reserves: +€1.4m
- Advances received +€515,962
new in 2025: €515,962
- Other debts +€204,039
up €204,039 (+11.2%), from €1.8m to €2.0m
- Tax, wage and social debts +€183,279
up €183,279 (+54.6%), from €335,393 to €518,672
of which Remuneration and social security: +€245,659
- Current portion of long-term debt +€165,000
new in 2025: €165,000
- Staff costs +€832,885
up €832,885 (+35.6%), from €2.3m to €3.2m
- Gross operating margin +€466,847
up €466,847 (+6.9%), from €6.8m to €7.2m
- Taxes -€220,545
down €220,545 (-23.8%), from €928,353 to €707,808
- Other operating charges +€121,826
up €121,826 (+6,023%), from €2,023 to €123,849
- Financial income +€81,296
up €81,296 (+23.1%), from €351,537 to €432,833
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 | €8,145,833 | €10,605,662 | +€2.5m | +30.2% |
| Fixed assets | 21/28 | €1,549,119 | €2,197,523 | +€648,405 | +41.9% |
| Intangible fixed assets | 21 | €270,261 | €800,465 | +€530,205 | +196% |
| Tangible fixed assets | 22/27 | €83,453 | €97,882 | +€14,429 | +17.3% |
| Land and buildings | 22 | - | €9,725 | +€9,725 | |
| Plant, machinery and equipment | 23 | €12,399 | €8,617 | -€3,783 | -30.5% |
| Furniture and vehicles | 24 | €62,208 | €69,819 | +€7,610 | +12.2% |
| Other tangible fixed assets | 26 | €8,845 | €9,722 | +€877 | +9.9% |
| Financial fixed assets | 28 | €1,195,405 | €1,299,176 | +€103,771 | +8.7% |
| Current assets | 29/58 | €6,596,714 | €8,408,138 | +€1.8m | +27.5% |
| Amounts receivable after more than one year | 29 | €103,100 | €105,000 | +€1,901 | +1.8% |
| Other amounts receivable | 291 | €103,100 | €105,000 | +€1,901 | +1.8% |
| Amounts receivable within one year | 40/41 | €3,379,407 | €4,939,455 | +€1.6m | +46.2% |
| Trade receivables | 40 | €3,158,524 | €1,373,292 | -€1.8m | -56.5% |
| Other amounts receivable | 41 | €220,883 | €3,566,163 | +€3.3m | +1,515% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €2,552,342 | €3,304,372 | +€752,031 | +29.5% |
| Deferred charges and accrued income | 490/1 | €61,867 | €59,312 | -€2,555 | -4.1% |
| Total equity and liabilities | 10/49 | €8,145,833 | €10,605,662 | +€2.5m | +30.2% |
| Equity | 10/15 | €5,699,863 | €7,080,326 | +€1.4m | +24.2% |
| Contributions | 10/11 | €1,704,838 | €1,704,838 | = | 0.0% |
| Capital | 10 | €1,704,838 | €1,704,838 | = | 0.0% |
| Issued capital | 100 | €1,704,838 | €1,704,838 | = | 0.0% |
| Reserves | 13 | €3,995,025 | €5,375,488 | +€1.4m | +34.6% |
| Non-distributable reserves | 130/1 | €170,484 | €170,484 | = | 0.0% |
| Legal reserve | 130 | €170,484 | €170,484 | = | 0.0% |
| Distributable reserves | 133 | €3,824,541 | €5,205,004 | +€1.4m | +36.1% |
| Amounts payable | 17/49 | €2,445,970 | €3,525,335 | +€1.1m | +44.1% |
| Amounts payable within one year | 42/48 | €2,436,922 | €3,525,335 | +€1.1m | +44.7% |
| Current portion of amounts payable after more than one year | 42 | - | €165,000 | +€165,000 | |
| Trade debts | 44 | €278,559 | €298,693 | +€20,133 | +7.2% |
| Suppliers | 440/4 | €278,559 | €298,693 | +€20,133 | +7.2% |
| Advances received on contracts in progress | 46 | - | €515,962 | +€515,962 | |
| Taxes, remuneration and social security | 45 | €335,393 | €518,672 | +€183,279 | +54.6% |
| Taxes | 450/3 | €62,380 | - | -€62,380 | |
| Remuneration and social security | 454/9 | €273,013 | €518,672 | +€245,659 | +90.0% |
| Other amounts payable | 47/48 | €1,822,970 | €2,027,008 | +€204,039 | +11.2% |
| Accrued charges and deferred income | 492/3 | €9,048 | - | -€9,048 | |
| Non-recurring operating income | 76A | €20,931 | €13,437 | -€7,494 | -35.8% |
| Remuneration, social security and pensions | 62 | €2,336,471 | €3,169,356 | +€832,885 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,730 | €230,715 | +€51,986 | +29.1% |
| Other operating charges | 640/8 | €2,023 | €123,849 | +€121,826 | +6,023% |
| Non-recurring operating charges | 66A | - | €29,656 | +€29,656 | |
| Gross operating margin | 9900 | €6,779,221 | €7,246,068 | +€466,847 | +6.9% |
| Operating profit (loss) | 9901 | €4,261,997 | €3,692,492 | -€569,505 | -13.4% |
| Financial income | 75/76B | €351,537 | €432,833 | +€81,296 | +23.1% |
| Recurring financial income | 75 | €351,537 | €432,833 | +€81,296 | +23.1% |
| Financial charges | 65/66B | €29,778 | €18,730 | -€11,048 | -37.1% |
| Recurring financial charges | 65 | €15,839 | €16,475 | +€636 | +4.0% |
| Non-recurring financial charges | 66B | €13,938 | €2,255 | -€11,684 | -83.8% |
| Profit (loss) for the period before taxes | 9903 | €4,583,756 | €4,106,595 | -€477,161 | -10.4% |
| Income taxes | 67/77 | €928,353 | €707,808 | -€220,545 | -23.8% |
| Profit (loss) for the period | 9904 | €3,655,403 | €3,398,787 | -€256,616 | -7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,655,403 | €3,398,787 | -€256,616 | -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 15 October 2026 via checked.be.