MEFAD: 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.
MEFAD
Largest movements
- Receivables within one year +€404,764
up €404,764 (+48.8%), from €830,096 to €1.2m
of which Other amounts receivable: +€209,074
- Cash +€41,733
up €41,733 (+132.7%), from €31,445 to €73,178
mainly Net result for the year (+€409,672) and Tax, wage and social debts (+€182,161)
- Financial fixed assets +€20,500
new in 2025: €20,500
- Tax, wage and social debts +€182,161
up €182,161 (+276.2%), from €65,950 to €248,111
of which Taxes: +€145,305
- Other debts +€170,000
new in 2025: €170,000
- Reserves +€130,000
up €130,000 (+76.5%), from €170,000 to €300,000
- Accrued charges and deferred income -€115,399
down €115,399 (-46.5%), from €248,208 to €132,809
- Profit (loss) carried forward +€109,672
up €109,672 (+70.9%), from €154,747 to €264,419
- Gross operating margin +€488,623
up €488,623 (+183.6%), from €266,151 to €754,774
- Taxes +€134,735
up €134,735 (+148.8%), from €90,520 to €225,255
- Other operating charges +€76,849
up €76,849 (+492.7%), from €15,596 to €92,445
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 | €898,000 | €1,355,543 | +€457,542 | +51.0% |
| Fixed assets | 21/28 | €27,042 | €40,224 | +€13,182 | +48.7% |
| Tangible fixed assets | 22/27 | €27,042 | €19,724 | -€7,318 | -27.1% |
| Plant, machinery and equipment | 23 | €9,087 | €7,236 | -€1,850 | -20.4% |
| Furniture and vehicles | 24 | €2,357 | €5,411 | +€3,054 | +129.6% |
| Leasing and similar rights | 25 | €15,598 | €7,076 | -€8,522 | -54.6% |
| Financial fixed assets | 28 | - | €20,500 | +€20,500 | |
| Current assets | 29/58 | €870,959 | €1,315,319 | +€444,360 | +51.0% |
| Amounts receivable within one year | 40/41 | €830,096 | €1,234,859 | +€404,764 | +48.8% |
| Trade receivables | 40 | €480,706 | €676,395 | +€195,689 | +40.7% |
| Other amounts receivable | 41 | €349,390 | €558,465 | +€209,074 | +59.8% |
| Cash at bank and in hand | 54/58 | €31,445 | €73,178 | +€41,733 | +132.7% |
| Deferred charges and accrued income | 490/1 | €9,418 | €7,282 | -€2,137 | -22.7% |
| Total equity and liabilities | 10/49 | €898,000 | €1,355,543 | +€457,542 | +51.0% |
| Equity | 10/15 | €329,747 | €569,419 | +€239,672 | +72.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €170,000 | €300,000 | +€130,000 | +76.5% |
| Distributable reserves | 133 | €170,000 | €300,000 | +€130,000 | +76.5% |
| Profit (loss) carried forward | 14 | €154,747 | €264,419 | +€109,672 | +70.9% |
| Amounts payable | 17/49 | €568,253 | €786,123 | +€217,870 | +38.3% |
| Amounts payable after more than one year | 17 | €20,726 | €13,549 | -€7,178 | -34.6% |
| Financial debts | 170/4 | €20,726 | €13,549 | -€7,178 | -34.6% |
| Amounts payable within one year | 42/48 | €299,319 | €639,766 | +€340,447 | +113.7% |
| Trade debts | 44 | €233,369 | €221,655 | -€11,714 | -5.0% |
| Suppliers | 440/4 | €233,369 | €221,655 | -€11,714 | -5.0% |
| Taxes, remuneration and social security | 45 | €65,950 | €248,111 | +€182,161 | +276.2% |
| Taxes | 450/3 | €65,950 | €211,255 | +€145,305 | +220.3% |
| Remuneration and social security | 454/9 | - | €36,856 | +€36,856 | |
| Other amounts payable | 47/48 | - | €170,000 | +€170,000 | |
| Accrued charges and deferred income | 492/3 | €248,208 | €132,809 | -€115,399 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,830 | €19,092 | -€1,739 | -8.3% |
| Other operating charges | 640/8 | €15,596 | €92,445 | +€76,849 | +492.7% |
| Gross operating margin | 9900 | €266,151 | €754,774 | +€488,623 | +183.6% |
| Operating profit (loss) | 9901 | €229,725 | €643,237 | +€413,512 | +180.0% |
| Financial charges | 65/66B | €6,709 | €8,309 | +€1,600 | +23.9% |
| Recurring financial charges | 65 | €6,709 | €8,309 | +€1,600 | +23.9% |
| Profit (loss) for the period before taxes | 9903 | €223,016 | €634,928 | +€411,912 | +184.7% |
| Income taxes | 67/77 | €90,520 | €225,255 | +€134,735 | +148.8% |
| Profit (loss) for the period | 9904 | €132,495 | €409,672 | +€277,177 | +209.2% |
| Profit (loss) for the period to be appropriated | 9905 | €132,495 | €409,672 | +€277,177 | +209.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.