MEDOC: 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.
MEDOC
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Cash +€22,070
up €22,070 (+52.0%), from €42,442 to €64,512
mainly Other debts (+€159,106) and Net result for the year (+€99,918)
- Receivables within one year -€14,769
down €14,769 (-34.8%), from €42,470 to €27,701
of which Trade receivables: -€17,301
- Tangible fixed assets -€13,795
down €13,795 (-21.3%), from €64,663 to €50,868
- Other debts +€159,106
up €159,106 (+5277.0%), from €3,015 to €162,122
- Reserves -€118,180
down €118,180 (-100.0%), from €118,180 to €0
- Tax, wage and social debts +€19,870
up €19,870, from €0 to €19,870
- Debts after one year -€8,067
down €8,067 (-35.1%), from €22,984 to €14,917
- Gross operating margin +€65,223
up €65,223 (+76.5%), from €85,212 to €150,434
- Taxes +€16,337
up €16,337 (+115.6%), from €14,130 to €30,468
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 | €153,797 | €207,467 | +€53,670 | +34.9% |
| Fixed assets | 21/28 | €64,663 | €50,868 | -€13,795 | -21.3% |
| Tangible fixed assets | 22/27 | €64,663 | €50,868 | -€13,795 | -21.3% |
| Furniture and vehicles | 24 | €64,663 | €50,868 | -€13,795 | -21.3% |
| Current assets | 29/58 | €89,134 | €156,600 | +€67,465 | +75.7% |
| Amounts receivable within one year | 40/41 | €42,470 | €27,701 | -€14,769 | -34.8% |
| Trade receivables | 40 | €39,600 | €22,299 | -€17,301 | -43.7% |
| Other amounts receivable | 41 | €2,870 | €5,402 | +€2,532 | +88.2% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €42,442 | €64,512 | +€22,070 | +52.0% |
| Deferred charges and accrued income | 490/1 | €4,223 | €4,387 | +€164 | +3.9% |
| Total equity and liabilities | 10/49 | €153,797 | €207,467 | +€53,670 | +34.9% |
| Equity | 10/15 | €118,680 | €500 | -€118,180 | -99.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €118,180 | €0 | -€118,180 | -100.0% |
| Distributable reserves | 133 | €118,180 | €0 | -€118,180 | -100.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €35,117 | €206,967 | +€171,851 | +489.4% |
| Amounts payable after more than one year | 17 | €22,984 | €14,917 | -€8,067 | -35.1% |
| Financial debts | 170/4 | €22,984 | €14,917 | -€8,067 | -35.1% |
| Amounts payable within one year | 42/48 | €12,132 | €192,051 | +€179,918 | +1483.0% |
| Current portion of amounts payable after more than one year | 42 | €7,751 | €8,067 | +€316 | +4.1% |
| Trade debts | 44 | €1,366 | €1,992 | +€626 | +45.8% |
| Suppliers | 440/4 | €1,366 | €1,992 | +€626 | +45.8% |
| Taxes, remuneration and social security | 45 | €0 | €19,870 | +€19,870 | |
| Taxes | 450/3 | €0 | €19,870 | +€19,870 | |
| Other amounts payable | 47/48 | €3,015 | €162,122 | +€159,106 | +5277.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,844 | €18,241 | +€397 | +2.2% |
| Other operating charges | 640/8 | €229 | €660 | +€431 | +188.5% |
| Gross operating margin | 9900 | €85,212 | €150,434 | +€65,223 | +76.5% |
| Operating profit (loss) | 9901 | €67,139 | €131,534 | +€64,394 | +95.9% |
| Financial income | 75/76B | €0 | €11 | +€11 | |
| Recurring financial income | 75 | €0 | €11 | +€11 | |
| Financial charges | 65/66B | €1,461 | €1,159 | -€302 | -20.7% |
| Recurring financial charges | 65 | €1,461 | €1,159 | -€302 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €65,678 | €130,386 | +€64,708 | +98.5% |
| Income taxes | 67/77 | €14,130 | €30,468 | +€16,337 | +115.6% |
| Profit (loss) for the period | 9904 | €51,548 | €99,918 | +€48,370 | +93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,548 | €99,918 | +€48,370 | +93.8% |
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 4 October 2026 via checked.be.