MEDULAS: 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.
What changed
MEDULAS
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€15,754
2024 · -€44,629+€28,875
Equity
€727,347
2024 · €743,101-€15,754
Cash
€1,714
2024 · €5,106-€3,392
Balance sheet total
€1.9m
2024 · €1.9m-€43,960
Largest movements
Assets
- Tangible fixed assets -€40,647
down €40,647 (-2.1%), from €1.9m to €1.9m
of which Land and buildings: -€39,216
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€25,179
up €25,179 (+28.0%), from €90,019 to €115,198
- Financial income +€2,370
up €2,370 (+3063.7%), from €77 to €2,447
of which Non-recurring financial income: +€2,352
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.
Result 2024
-€44,629
Gross operating margin
+€25,179
Depreciation
-€221
Other operating charges
+€892
Other operating items
+€510
Financial income
+€2,370
Financial charges
+€118
Taxes
+€28
Result 2025
-€15,754
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.
From operations
+€15,632
Investment
-€599
Financing
-€18,424
Cash 2024
€5,106
From operations (derived)
+€15,632
Net result for the year
-€15,754
Depreciation
+€41,246
Smaller working-capital items
-€83
Trade debts
-€12,152
Accrued charges and deferred income
+€2,375
Investment (derived)
-€599
Investment in fixed assets (net)
-€599
Financing
-€18,424
Debts after one year
-€19,039
Current portion of long-term debt
+€614
Cash 2025
€1,714
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,947,195 | €1,903,235 | -€43,960 | -2.3% |
| Fixed assets | 21/28 | €1,940,848 | €1,900,201 | -€40,647 | -2.1% |
| Tangible fixed assets | 22/27 | €1,940,848 | €1,900,201 | -€40,647 | -2.1% |
| Land and buildings | 22 | €1,934,961 | €1,895,745 | -€39,216 | -2.0% |
| Plant, machinery and equipment | 23 | €859 | €659 | -€200 | -23.3% |
| Furniture and vehicles | 24 | €3,470 | €2,729 | -€741 | -21.4% |
| Other tangible fixed assets | 26 | €1,558 | €1,068 | -€491 | -31.5% |
| Current assets | 29/58 | €6,347 | €3,034 | -€3,313 | -52.2% |
| Amounts receivable within one year | 40/41 | - | €28 | +€28 | |
| Other amounts receivable | 41 | - | €28 | +€28 | |
| Cash at bank and in hand | 54/58 | €5,106 | €1,714 | -€3,392 | -66.4% |
| Deferred charges and accrued income | 490/1 | €1,241 | €1,292 | +€51 | +4.1% |
| Total equity and liabilities | 10/49 | €1,947,195 | €1,903,235 | -€43,960 | -2.3% |
| Equity | 10/15 | €743,101 | €727,347 | -€15,754 | -2.1% |
| Contributions | 10/11 | €919,000 | €919,000 | = | 0.0% |
| Reserves | 13 | €133,948 | €133,948 | = | 0.0% |
| Distributable reserves | 133 | €133,948 | €133,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€309,847 | -€325,601 | -€15,754 | -5.1% |
| Amounts payable | 17/49 | €1,204,094 | €1,175,889 | -€28,205 | -2.3% |
| Amounts payable after more than one year | 17 | €1,095,029 | €1,075,990 | -€19,039 | -1.7% |
| Financial debts | 170/4 | €948,468 | €931,059 | -€17,409 | -1.8% |
| Other amounts payable | 178/9 | €146,561 | €144,931 | -€1,630 | -1.1% |
| Amounts payable within one year | 42/48 | €30,614 | €19,072 | -€11,542 | -37.7% |
| Current portion of amounts payable after more than one year | 42 | €16,794 | €17,409 | +€614 | +3.7% |
| Trade debts | 44 | €13,816 | €1,664 | -€12,152 | -88.0% |
| Suppliers | 440/4 | €13,816 | €1,664 | -€12,152 | -88.0% |
| Taxes, remuneration and social security | 45 | €4 | - | -€4 | |
| Taxes | 450/3 | €4 | - | -€4 | |
| Accrued charges and deferred income | 492/3 | €78,451 | €80,826 | +€2,375 | +3.0% |
| Non-recurring operating income | 76A | €10,754 | - | -€10,754 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,025 | €41,246 | +€221 | +0.5% |
| Other operating charges | 640/8 | €12,223 | €11,331 | -€892 | -7.3% |
| Non-recurring operating charges | 66A | €510 | - | -€510 | |
| Gross operating margin | 9900 | €90,019 | €115,198 | +€25,179 | +28.0% |
| Operating profit (loss) | 9901 | €36,261 | €62,621 | +€26,360 | +72.7% |
| Financial income | 75/76B | €77 | €2,447 | +€2,370 | +3063.7% |
| Recurring financial income | 75 | €77 | €95 | +€18 | +22.7% |
| Non-recurring financial income | 76B | - | €2,352 | +€2,352 | |
| Financial charges | 65/66B | €80,940 | €80,822 | -€118 | -0.1% |
| Recurring financial charges | 65 | €80,940 | €80,822 | -€118 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | -€44,602 | -€15,754 | +€28,847 | +64.7% |
| Income taxes | 67/77 | €28 | - | -€28 | |
| Profit (loss) for the period | 9904 | -€44,629 | -€15,754 | +€28,875 | +64.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€44,629 | -€15,754 | +€28,875 | +64.7% |
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 30 September 2026 via checked.be.