MEDIC-HORN: 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.
MEDIC-HORN
Largest movements
- Cash -€138,083
down €138,083 (-41.1%), from €335,769 to €197,686
mainly Contributions, distributions and other (-€271,929) and Receivables within one year (-€87,624)
- Receivables within one year +€87,624
new in 2025: €87,624
- Deferred charges and accrued income -€22,423
down €22,423 (-36.0%), from €62,329 to €39,906
- Intangible fixed assets -€14,719
down €14,719 (-44.5%), from €33,106 to €18,388
- Tangible fixed assets -€8,055
down €8,055 (-24.1%), from €33,472 to €25,417
- Other debts +€127,510
up €127,510 (+88.3%), from €144,419 to €271,929
- Profit (loss) carried forward -€114,794
down €114,794 (-100%), from €114,794 to €0
- Reserves -€69,656
down €69,656 (-48.9%), from €142,433 to €72,777
of which Distributable reserves: -€69,656
- Tax, wage and social debts -€35,612
down €35,612 (-93.7%), from €38,012 to €2,400
- Gross operating margin -€44,909
down €44,909 (-25.1%), from €178,852 to €133,944
- Taxes -€11,587
down €11,587 (-32.4%), from €35,786 to €24,200
- Depreciation -€5,310
down €5,310 (-18.9%), from €28,084 to €22,774
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 | €464,676 | €369,020 | -€95,656 | -20.6% |
| Fixed assets | 21/28 | €66,578 | €43,804 | -€22,774 | -34.2% |
| Intangible fixed assets | 21 | €33,106 | €18,388 | -€14,719 | -44.5% |
| Tangible fixed assets | 22/27 | €33,472 | €25,417 | -€8,055 | -24.1% |
| Land and buildings | 22 | €26,202 | €22,385 | -€3,817 | -14.6% |
| Plant, machinery and equipment | 23 | €2,451 | €0 | -€2,451 | -100% |
| Furniture and vehicles | 24 | €4,819 | €3,032 | -€1,787 | -37.1% |
| Current assets | 29/58 | €398,098 | €325,216 | -€72,883 | -18.3% |
| Amounts receivable within one year | 40/41 | - | €87,624 | +€87,624 | |
| Other amounts receivable | 41 | - | €87,624 | +€87,624 | |
| Cash at bank and in hand | 54/58 | €335,769 | €197,686 | -€138,083 | -41.1% |
| Deferred charges and accrued income | 490/1 | €62,329 | €39,906 | -€22,423 | -36.0% |
| Total equity and liabilities | 10/49 | €464,676 | €369,020 | -€95,656 | -20.6% |
| Equity | 10/15 | €275,827 | €91,377 | -€184,450 | -66.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €142,433 | €72,777 | -€69,656 | -48.9% |
| Tax-exempt reserves | 132 | €4,453 | €4,453 | = | 0.0% |
| Distributable reserves | 133 | €137,980 | €68,325 | -€69,656 | -50.5% |
| Profit (loss) carried forward | 14 | €114,794 | €0 | -€114,794 | -100% |
| Amounts payable | 17/49 | €188,849 | €277,643 | +€88,793 | +47.0% |
| Amounts payable within one year | 42/48 | €187,089 | €275,883 | +€88,793 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €2,203 | - | -€2,203 | |
| Trade debts | 44 | €2,455 | €1,553 | -€902 | -36.7% |
| Suppliers | 440/4 | €2,455 | €1,553 | -€902 | -36.7% |
| Taxes, remuneration and social security | 45 | €38,012 | €2,400 | -€35,612 | -93.7% |
| Taxes | 450/3 | €38,012 | €2,400 | -€35,612 | -93.7% |
| Other amounts payable | 47/48 | €144,419 | €271,929 | +€127,510 | +88.3% |
| Accrued charges and deferred income | 492/3 | €1,760 | €1,760 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,084 | €22,774 | -€5,310 | -18.9% |
| Other operating charges | 640/8 | €98 | €563 | +€466 | +477% |
| Gross operating margin | 9900 | €178,852 | €133,944 | -€44,909 | -25.1% |
| Operating profit (loss) | 9901 | €150,671 | €110,607 | -€40,064 | -26.6% |
| Financial income | 75/76B | - | €1,378 | +€1,378 | |
| Recurring financial income | 75 | - | €1,378 | +€1,378 | |
| Financial charges | 65/66B | €314 | €306 | -€8 | -2.6% |
| Recurring financial charges | 65 | €314 | €306 | -€8 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | €150,357 | €111,679 | -€38,678 | -25.7% |
| Income taxes | 67/77 | €35,786 | €24,200 | -€11,587 | -32.4% |
| Profit (loss) for the period | 9904 | €114,571 | €87,480 | -€27,091 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €114,571 | €87,480 | -€27,091 | -23.6% |
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 21 October 2026 via checked.be.