Media38: 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.
Media38
Largest movements
- Receivables within one year +€948,722
up €948,722 (+51.4%), from €1.8m to €2.8m
of which Trade receivables: +€1.1m
- Cash -€139,946
down €139,946 (-99.4%), from €140,741 to €796
mainly Receivables within one year (-€948,722) and Contributions, distributions and other (-€393,479)
- Other debts +€803,872
up €803,872 (+86,120%), from €933 to €804,805
- Profit (loss) carried forward -€261,316
down €261,316 (-100%), from €261,316 to €0
- Trade debts +€174,119
up €174,119 (+19.0%), from €918,651 to €1.1m
- Accrued charges and deferred income +€107,168
new in 2025: €107,168
- Financial income -€105,535
down €105,535 (-94.5%), from €111,670 to €6,136
- Gross operating margin -€35,270
down €35,270 (-15.0%), from €234,690 to €199,420
- Taxes -€24,659
down €24,659 (-30.8%), from €80,150 to €55,491
- Financial charges +€12,841
up €12,841 (+811%), from €1,584 to €14,425
of which Financial charges: +€8,606
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 | €7,472,216 | €8,285,092 | +€812,876 | +10.9% |
| Fixed assets | 21/28 | €5,485,477 | €5,485,477 | = | 0.0% |
| Financial fixed assets | 28 | €5,485,477 | €5,485,477 | = | 0.0% |
| Current assets | 29/58 | €1,986,739 | €2,799,615 | +€812,876 | +40.9% |
| Amounts receivable within one year | 40/41 | €1,845,898 | €2,794,620 | +€948,722 | +51.4% |
| Trade receivables | 40 | €1,605,313 | €2,662,711 | +€1.1m | +65.9% |
| Other amounts receivable | 41 | €240,585 | €131,909 | -€108,676 | -45.2% |
| Cash at bank and in hand | 54/58 | €140,741 | €796 | -€139,946 | -99.4% |
| Deferred charges and accrued income | 490/1 | €100 | €4,200 | +€4,100 | +4,100% |
| Total equity and liabilities | 10/49 | €7,472,216 | €8,285,092 | +€812,876 | +10.9% |
| Equity | 10/15 | €6,453,230 | €6,191,914 | -€261,316 | -4.0% |
| Contributions | 10/11 | €318,651 | €318,651 | = | 0.0% |
| Capital | 10 | €318,651 | €318,651 | = | 0.0% |
| Issued capital | 100 | €318,651 | €318,651 | = | 0.0% |
| Reserves | 13 | €5,873,263 | €5,873,263 | = | 0.0% |
| Non-distributable reserves | 130/1 | €31,865 | €31,865 | = | 0.0% |
| Legal reserve | 130 | €31,865 | €31,865 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,462 | €10,462 | = | 0.0% |
| Distributable reserves | 133 | €5,830,936 | €5,830,936 | = | 0.0% |
| Profit (loss) carried forward | 14 | €261,316 | €0 | -€261,316 | -100% |
| Amounts payable | 17/49 | €1,018,986 | €2,093,178 | +€1.1m | +105% |
| Amounts payable within one year | 42/48 | €1,018,986 | €1,986,010 | +€967,024 | +94.9% |
| Financial debts | 43 | €41,891 | - | -€41,891 | |
| Credit institutions | 430/8 | €41,891 | - | -€41,891 | |
| Trade debts | 44 | €918,651 | €1,092,770 | +€174,119 | +19.0% |
| Suppliers | 440/4 | €918,651 | €1,092,770 | +€174,119 | +19.0% |
| Taxes, remuneration and social security | 45 | €57,510 | €88,434 | +€30,924 | +53.8% |
| Taxes | 450/3 | €57,510 | €88,434 | +€30,924 | +53.8% |
| Other amounts payable | 47/48 | €933 | €804,805 | +€803,872 | +86,120% |
| Accrued charges and deferred income | 492/3 | - | €107,168 | +€107,168 | |
| Other operating charges | 640/8 | €3,310 | €3,476 | +€166 | +5.0% |
| Gross operating margin | 9900 | €234,690 | €199,420 | -€35,270 | -15.0% |
| Operating profit (loss) | 9901 | €231,380 | €195,944 | -€35,436 | -15.3% |
| Financial income | 75/76B | €111,670 | €6,136 | -€105,535 | -94.5% |
| Recurring financial income | 75 | €111,670 | €6,136 | -€105,535 | -94.5% |
| Financial charges | 65/66B | €1,584 | €14,425 | +€12,841 | +811% |
| Recurring financial charges | 65 | €1,584 | €10,190 | +€8,606 | +543% |
| Non-recurring financial charges | 66B | - | €4,235 | +€4,235 | |
| Profit (loss) for the period before taxes | 9903 | €341,466 | €187,654 | -€153,812 | -45.0% |
| Income taxes | 67/77 | €80,150 | €55,491 | -€24,659 | -30.8% |
| Profit (loss) for the period | 9904 | €261,316 | €132,163 | -€129,153 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €261,316 | €132,163 | -€129,153 | -49.4% |
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 17 October 2026 via checked.be.