MEPHI: 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.
MEPHI
Largest movements
- Tangible fixed assets -€84,116
down €84,116 (-12.1%), from €693,404 to €609,288
of which Land and buildings: -€83,498
- Cash +€52,351
up €52,351 (+41.4%), from €126,454 to €178,804
mainly Net result for the year (+€91,215) and Depreciation (+€84,116)
- Reserves +€91,215
up €91,215 (+7.6%), from €1.2m to €1.3m
of which Distributable reserves: +€91,215
- Debts after one year -€74,277
down €74,277 (-23.5%), from €315,910 to €241,633
- Current portion of long-term debt -€41,117
down €41,117 (-35.6%), from €115,395 to €74,277
- Other debts -€40,000
down €40,000 (-100%), from €40,000 to €0
- Short-term financial debts +€33,411
new in 2025: €33,411
- Gross operating margin -€35,149
down €35,149 (-8.6%), from €409,380 to €374,230
- Taxes -€8,101
down €8,101 (-20.6%), from €39,362 to €31,261
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 | €1,800,495 | €1,783,969 | -€16,526 | -0.9% |
| Fixed assets | 21/28 | €1,673,404 | €1,589,288 | -€84,116 | -5.0% |
| Tangible fixed assets | 22/27 | €693,404 | €609,288 | -€84,116 | -12.1% |
| Land and buildings | 22 | €692,786 | €609,288 | -€83,498 | -12.1% |
| Plant, machinery and equipment | 23 | €618 | €0 | -€618 | -100% |
| Financial fixed assets | 28 | €980,000 | €980,000 | = | 0.0% |
| Current assets | 29/58 | €127,092 | €194,682 | +€67,590 | +53.2% |
| Amounts receivable within one year | 40/41 | €638 | €15,877 | +€15,239 | +2,388% |
| Trade receivables | 40 | - | €7,260 | +€7,260 | |
| Other amounts receivable | 41 | €638 | €8,617 | +€7,979 | +1,250% |
| Cash at bank and in hand | 54/58 | €126,454 | €178,804 | +€52,351 | +41.4% |
| Total equity and liabilities | 10/49 | €1,800,495 | €1,783,969 | -€16,526 | -0.9% |
| Equity | 10/15 | €1,259,951 | €1,351,166 | +€91,215 | +7.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Contributions outside capital | 11 | €62,000 | €62,000 | = | 0.0% |
| Other | 1109/19 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,197,951 | €1,289,166 | +€91,215 | +7.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €1,197,951 | €1,289,166 | +€91,215 | +7.6% |
| Provisions and deferred taxes | 16 | €10,000 | €10,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €10,000 | €10,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €10,000 | €10,000 | = | 0.0% |
| Amounts payable | 17/49 | €530,544 | €422,803 | -€107,741 | -20.3% |
| Amounts payable after more than one year | 17 | €315,910 | €241,633 | -€74,277 | -23.5% |
| Financial debts | 170/4 | €315,910 | €241,633 | -€74,277 | -23.5% |
| Amounts payable within one year | 42/48 | €213,534 | €180,071 | -€33,463 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €115,395 | €74,277 | -€41,117 | -35.6% |
| Financial debts | 43 | - | €33,411 | +€33,411 | |
| Credit institutions | 430/8 | - | €33,411 | +€33,411 | |
| Trade debts | 44 | €733 | €33,070 | +€32,337 | +4,414% |
| Suppliers | 440/4 | €733 | €33,070 | +€32,337 | +4,414% |
| Taxes, remuneration and social security | 45 | €57,407 | €39,312 | -€18,094 | -31.5% |
| Taxes | 450/3 | €33,596 | €9,186 | -€24,410 | -72.7% |
| Remuneration and social security | 454/9 | €23,811 | €30,127 | +€6,316 | +26.5% |
| Other amounts payable | 47/48 | €40,000 | €0 | -€40,000 | -100% |
| Accrued charges and deferred income | 492/3 | €1,100 | €1,100 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €144,493 | €141,293 | -€3,200 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,190 | €84,116 | -€74 | -0.1% |
| Other operating charges | 640/8 | €18,834 | €19,432 | +€598 | +3.2% |
| Gross operating margin | 9900 | €409,380 | €374,230 | -€35,149 | -8.6% |
| Operating profit (loss) | 9901 | €161,863 | €129,390 | -€32,473 | -20.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €8,518 | €6,914 | -€1,604 | -18.8% |
| Recurring financial charges | 65 | €8,518 | €6,914 | -€1,604 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €153,345 | €122,476 | -€30,869 | -20.1% |
| Income taxes | 67/77 | €39,362 | €31,261 | -€8,101 | -20.6% |
| Profit (loss) for the period | 9904 | €113,983 | €91,215 | -€22,769 | -20.0% |
| Profit (loss) for the period to be appropriated | 9905 | €113,983 | €91,215 | -€22,769 | -20.0% |
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 24 October 2026 via checked.be.