MEDEXEL: 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.
MEDEXEL
Largest movements
- Receivables within one year -€17.7m
down €17.7m (-53.3%), from €33.3m to €15.5m
of which Trade receivables: -€25.3m
- Cash -€5.3m
down €5.3m (-99.8%), from €5.3m to €7,961
mainly Other debts (-€24.5m) and Advances received (-€3.2m)
- Current investments -€3.7m
down €3.7m (-36.5%), from €10.0m to €6.4m
- Other debts -€24.5m
down €24.5m (-57.7%), from €42.5m to €18.0m
- Contributions +€4.0m
up €4.0m (+72.3%), from €5.5m to €9.5m
- Advances received -€3.2m
down €3.2m (-82.9%), from €3.9m to €665,923
- Profit (loss) carried forward -€2.0m
down €2.0m (-28.8%), from -€6.9m to -€8.8m
- Tax, wage and social debts -€797,326
down €797,326 (-41.6%), from €1.9m to €1.1m
of which Remuneration and social security: -€795,841
- Other operating income +€850,498
up €850,498 (+1,195%), from €71,170 to €921,668
- Turnover +€662,529
up €662,529 (+6.9%), from €9.7m to €10.3m
- Services and other goods -€654,598
down €654,598 (-12.2%), from €5.4m to €4.7m
- Provisions +€620,168
up €620,168, from €0 to €620,168
- Staff costs +€327,748
up €327,748 (+4.2%), from €7.7m to €8.1m
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 | €48,664,495 | €21,964,223 | -€26.7m | -54.9% |
| Fixed assets | 21/28 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Companies linked by participating interests | 282/3 | €0 | - | = | |
| Participating interests | 282 | €0 | - | = | |
| Current assets | 29/58 | €48,664,495 | €21,964,223 | -€26.7m | -54.9% |
| Amounts receivable within one year | 40/41 | €33,254,425 | €15,543,996 | -€17.7m | -53.3% |
| Trade receivables | 40 | €31,051,176 | €5,782,407 | -€25.3m | -81.4% |
| Other amounts receivable | 41 | €2,203,249 | €9,761,589 | +€7.6m | +343% |
| Current investments | 50/53 | €10,000,000 | €6,350,000 | -€3.7m | -36.5% |
| Other investments | 51/53 | €10,000,000 | €6,350,000 | -€3.7m | -36.5% |
| Cash at bank and in hand | 54/58 | €5,258,703 | €7,961 | -€5.3m | -99.8% |
| Deferred charges and accrued income | 490/1 | €151,367 | €62,266 | -€89,101 | -58.9% |
| Total equity and liabilities | 10/49 | €48,664,495 | €21,964,223 | -€26.7m | -54.9% |
| Equity | 10/15 | -€1,330,189 | €690,641 | +€2.0m | |
| Contributions | 10/11 | €5,532,798 | €9,532,686 | +€4.0m | +72.3% |
| Profit (loss) carried forward | 14 | -€6,862,988 | -€8,842,046 | -€2.0m | -28.8% |
| Provisions and deferred taxes | 16 | - | €620,168 | +€620,168 | |
| Provisions for liabilities and charges | 160/5 | - | €620,168 | +€620,168 | |
| Other liabilities and charges | 164/5 | - | €620,168 | +€620,168 | |
| Amounts payable | 17/49 | €49,994,684 | €20,653,414 | -€29.3m | -58.7% |
| Amounts payable within one year | 42/48 | €49,772,243 | €20,651,748 | -€29.1m | -58.5% |
| Trade debts | 44 | €1,450,153 | €866,552 | -€583,601 | -40.2% |
| Suppliers | 440/4 | €1,450,153 | €866,552 | -€583,601 | -40.2% |
| Advances received on contracts in progress | 46 | €3,900,779 | €665,923 | -€3.2m | -82.9% |
| Taxes, remuneration and social security | 45 | €1,917,083 | €1,119,756 | -€797,326 | -41.6% |
| Taxes | 450/3 | €354,373 | €352,887 | -€1,486 | -0.4% |
| Remuneration and social security | 454/9 | €1,562,710 | €766,869 | -€795,841 | -50.9% |
| Other amounts payable | 47/48 | €42,504,229 | €17,999,517 | -€24.5m | -57.7% |
| Accrued charges and deferred income | 492/3 | €222,441 | €1,666 | -€220,775 | -99.3% |
| Operating income | 70/76A | €9,738,365 | €11,251,392 | +€1.5m | +15.5% |
| Turnover | 70 | €9,667,194 | €10,329,723 | +€662,529 | +6.9% |
| Other operating income | 74 | €71,170 | €921,668 | +€850,498 | +1,195% |
| Operating charges | 60/66A | €13,111,967 | €13,417,829 | +€305,862 | +2.3% |
| Services and other goods | 61 | €5,356,104 | €4,701,506 | -€654,598 | -12.2% |
| Remuneration, social security and pensions | 62 | €7,743,682 | €8,071,430 | +€327,748 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €301 | €0 | -€301 | -100% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €0 | = | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | €620,168 | +€620,168 | |
| Other operating charges | 640/8 | €11,880 | €24,724 | +€12,845 | +108% |
| Operating profit (loss) | 9901 | -€3,373,602 | -€2,166,437 | +€1.2m | +35.8% |
| Financial income | 75/76B | €528,293 | €235,644 | -€292,649 | -55.4% |
| Recurring financial income | 75 | €528,293 | €235,644 | -€292,649 | -55.4% |
| Income from current assets | 751 | €525,337 | €230,733 | -€294,604 | -56.1% |
| Other financial income | 752/9 | €2,956 | €4,911 | +€1,955 | +66.1% |
| Financial charges | 65/66B | €44,679 | €40,900 | -€3,779 | -8.5% |
| Recurring financial charges | 65 | €44,679 | €40,900 | -€3,779 | -8.5% |
| Debt charges | 650 | €33,075 | €29,299 | -€3,776 | -11.4% |
| Other financial charges | 652/9 | €11,603 | €11,600 | -€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€2,889,987 | -€1,971,693 | +€918,295 | +31.8% |
| Income taxes | 67/77 | €0 | €7,365 | +€7,365 | +73,654,700% |
| Taxes | 670/3 | €0 | €7,365 | +€7,365 | +73,654,700% |
| Profit (loss) for the period | 9904 | -€2,889,987 | -€1,979,058 | +€910,929 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,889,987 | -€1,979,058 | +€910,929 | +31.5% |
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 22 October 2026 via checked.be.