MEPHAR: 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.
MEPHAR
Largest movements
- Current investments -€83,785
down €83,785 (-22.7%), from €368,662 to €284,877
- Cash +€71,873
up €71,873 (+113%), from €63,802 to €135,676
mainly Current investments (+€83,785) and Depreciation (+€16,334)
- Tangible fixed assets -€16,334
down €16,334 (-26.3%), from €62,036 to €45,703
of which Furniture and vehicles: -€16,334
- Receivables within one year -€12,629
down €12,629 (-80.6%), from €15,663 to €3,033
of which Other amounts receivable: -€13,274
- Profit (loss) carried forward -€34,378
down €34,378 (-18.4%), from €186,641 to €152,263
- Other debts -€7,000
down €7,000 (-14.0%), from €50,000 to €43,000
- Financial charges +€25,067
up €25,067 (+32,291%), from €78 to €25,145
of which Non-recurring financial charges: +€25,080
- Financial income -€18,650
down €18,650 (-69.2%), from €26,937 to €8,287
of which Non-recurring financial income: -€18,344
- Gross operating margin -€1,955
down €1,955, from €1,133 to -€822
- Depreciation -€1,038
down €1,038 (-6.0%), from €17,372 to €16,334
- Other operating charges +€114
up €114 (+45.3%), from €251 to €364
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 | €510,902 | €470,027 | -€40,875 | -8.0% |
| Fixed assets | 21/28 | €62,036 | €45,703 | -€16,334 | -26.3% |
| Tangible fixed assets | 22/27 | €62,036 | €45,703 | -€16,334 | -26.3% |
| Land and buildings | 22 | €14,874 | €14,874 | = | 0.0% |
| Furniture and vehicles | 24 | €47,163 | €30,829 | -€16,334 | -34.6% |
| Current assets | 29/58 | €448,866 | €424,325 | -€24,541 | -5.5% |
| Amounts receivable within one year | 40/41 | €15,663 | €3,033 | -€12,629 | -80.6% |
| Trade receivables | 40 | - | €644 | +€644 | |
| Other amounts receivable | 41 | €15,663 | €2,389 | -€13,274 | -84.7% |
| Current investments | 50/53 | €368,662 | €284,877 | -€83,785 | -22.7% |
| Cash at bank and in hand | 54/58 | €63,802 | €135,676 | +€71,873 | +113% |
| Deferred charges and accrued income | 490/1 | €739 | €739 | = | 0.0% |
| Total equity and liabilities | 10/49 | €510,902 | €470,027 | -€40,875 | -8.0% |
| Equity | 10/15 | €460,420 | €426,042 | -€34,378 | -7.5% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €25,886 | €25,886 | = | 0.0% |
| Non-distributable reserves | 130/1 | €21,991 | €21,991 | = | 0.0% |
| Reserves not available under the articles | 1311 | €21,991 | €21,991 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,894 | €3,894 | = | 0.0% |
| Profit (loss) carried forward | 14 | €186,641 | €152,263 | -€34,378 | -18.4% |
| Amounts payable | 17/49 | €50,483 | €43,985 | -€6,497 | -12.9% |
| Amounts payable within one year | 42/48 | €50,483 | €43,198 | -€7,285 | -14.4% |
| Trade debts | 44 | €483 | - | -€483 | |
| Suppliers | 440/4 | €483 | - | -€483 | |
| Taxes, remuneration and social security | 45 | - | €198 | +€198 | |
| Taxes | 450/3 | - | €198 | +€198 | |
| Other amounts payable | 47/48 | €50,000 | €43,000 | -€7,000 | -14.0% |
| Accrued charges and deferred income | 492/3 | - | €787 | +€787 | |
| Remuneration, social security and pensions | 62 | €63 | - | -€63 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,372 | €16,334 | -€1,038 | -6.0% |
| Other operating charges | 640/8 | €251 | €364 | +€114 | +45.3% |
| Gross operating margin | 9900 | €1,133 | -€822 | -€1,955 | |
| Operating profit (loss) | 9901 | -€16,553 | -€17,519 | -€967 | -5.8% |
| Financial income | 75/76B | €26,937 | €8,287 | -€18,650 | -69.2% |
| Recurring financial income | 75 | €4,135 | €3,829 | -€306 | -7.4% |
| Non-recurring financial income | 76B | €22,802 | €4,458 | -€18,344 | -80.4% |
| Financial charges | 65/66B | €78 | €25,145 | +€25,067 | +32,291% |
| Recurring financial charges | 65 | €78 | €65 | -€12 | -15.9% |
| Non-recurring financial charges | 66B | - | €25,080 | +€25,080 | |
| Profit (loss) for the period before taxes | 9903 | €10,306 | -€34,378 | -€44,684 | |
| Profit (loss) for the period | 9904 | €10,306 | -€34,378 | -€44,684 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,306 | -€34,378 | -€44,684 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.