MEDICELS: what changed
Two fiscal 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.
MEDICELS
Largest movements
- Current investments +€432,119
up €432,119 (+37.2%), from €1.2m to €1.6m
- Cash -€127,963
down €127,963 (-51.4%), from €249,172 to €121,209
mainly Current investments (-€432,119) and Contributions, distributions and other (-€178,876)
- Other debts +€176,937
up €176,937 (+38.7%), from €456,964 to €633,900
- Reserves +€114,429
up €114,429 (+10.9%), from €1.1m to €1.2m
- Gross operating margin +€57,624
up €57,624 (+15.1%), from €382,534 to €440,158
- Taxes +€12,018
up €12,018 (+10.1%), from €118,535 to €130,553
- Financial charges +€10,196
up €10,196 (+62.5%), from €16,322 to €26,517
- Financial income -€9,270
down €9,270 (-44.8%), from €20,671 to €11,401
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.
Cash bridge derived
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 | €1,601,707 | €1,927,219 | +€325,512 | +20.3% |
| Fixed assets | 21/28 | €26,998 | €26,998 | -€0 | 0.0% |
| Financial fixed assets | 28 | €26,998 | €26,998 | -€0 | 0.0% |
| Current assets | 29/58 | €1,574,708 | €1,900,220 | +€325,512 | +20.7% |
| Amounts receivable within one year | 40/41 | €160,815 | €177,879 | +€17,064 | +10.6% |
| Trade receivables | 40 | €135,317 | €154,533 | +€19,216 | +14.2% |
| Other amounts receivable | 41 | €25,498 | €23,346 | -€2,152 | -8.4% |
| Current investments | 50/53 | €1,162,143 | €1,594,261 | +€432,119 | +37.2% |
| Cash at bank and in hand | 54/58 | €249,172 | €121,209 | -€127,963 | -51.4% |
| Deferred charges and accrued income | 490/1 | €2,578 | €6,871 | +€4,293 | +166.5% |
| Total equity and liabilities | 10/49 | €1,601,707 | €1,927,219 | +€325,512 | +20.3% |
| Equity | 10/15 | €1,065,497 | €1,179,926 | +€114,429 | +10.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,053,097 | €1,167,526 | +€114,429 | +10.9% |
| Distributable reserves | 133 | €1,053,097 | €1,167,526 | +€114,429 | +10.9% |
| Amounts payable | 17/49 | €536,209 | €747,293 | +€211,083 | +39.4% |
| Amounts payable within one year | 42/48 | €521,995 | €728,760 | +€206,765 | +39.6% |
| Trade debts | 44 | €18,918 | €33,237 | +€14,319 | +75.7% |
| Suppliers | 440/4 | €18,918 | €33,237 | +€14,319 | +75.7% |
| Taxes, remuneration and social security | 45 | €46,113 | €61,623 | +€15,510 | +33.6% |
| Taxes | 450/3 | €46,113 | €61,623 | +€15,510 | +33.6% |
| Other amounts payable | 47/48 | €456,964 | €633,900 | +€176,937 | +38.7% |
| Accrued charges and deferred income | 492/3 | €14,214 | €18,533 | +€4,318 | +30.4% |
| Other operating charges | 640/8 | €1,149 | €1,184 | +€35 | +3.0% |
| Gross operating margin | 9900 | €382,534 | €440,158 | +€57,624 | +15.1% |
| Operating profit (loss) | 9901 | €381,385 | €438,974 | +€57,589 | +15.1% |
| Financial income | 75/76B | €20,671 | €11,401 | -€9,270 | -44.8% |
| Recurring financial income | 75 | €20,671 | €11,401 | -€9,270 | -44.8% |
| Financial charges | 65/66B | €16,322 | €26,517 | +€10,196 | +62.5% |
| Recurring financial charges | 65 | €16,322 | €26,517 | +€10,196 | +62.5% |
| Profit (loss) for the period before taxes | 9903 | €385,734 | €423,858 | +€38,124 | +9.9% |
| Income taxes | 67/77 | €118,535 | €130,553 | +€12,018 | +10.1% |
| Profit (loss) for the period | 9904 | €267,199 | €293,305 | +€26,106 | +9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €267,199 | €293,305 | +€26,106 | +9.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.