MEPHYDOC: 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.
MEPHYDOC
Largest movements
- Current investments +€60,000
up €60,000 (+150%), from €40,000 to €100,000
- Receivables within one year +€20,079
up €20,079 (+1,237%), from €1,623 to €21,702
of which Trade receivables: +€21,702
- Cash -€18,380
down €18,380 (-9.6%), from €191,534 to €173,154
mainly Current investments (-€60,000) and Contributions, distributions and other (-€25,000)
- Other debts +€27,038
up €27,038 (+6,625%), from €408 to €27,446
- Reserves +€23,644
up €23,644 (+10.2%), from €231,635 to €255,279
- Tax, wage and social debts +€8,670
up €8,670 (+58.2%), from €14,906 to €23,577
- Gross operating margin -€20,161
down €20,161 (-22.1%), from €91,197 to €71,036
- Taxes -€6,115
down €6,115 (-24.2%), from €25,268 to €19,154
- Depreciation +€1,431
up €1,431 (+33.7%), from €4,245 to €5,676
- Financial income +€1,184
up €1,184 (+59.9%), from €1,978 to €3,161
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 | €267,850 | €329,701 | +€61,851 | +23.1% |
| Fixed assets | 21/28 | €32,585 | €31,150 | -€1,436 | -4.4% |
| Tangible fixed assets | 22/27 | €32,585 | €31,150 | -€1,436 | -4.4% |
| Plant, machinery and equipment | 23 | €19,165 | €16,812 | -€2,353 | -12.3% |
| Furniture and vehicles | 24 | €3,405 | €2,020 | -€1,385 | -40.7% |
| Other tangible fixed assets | 26 | €10,015 | €12,317 | +€2,303 | +23.0% |
| Current assets | 29/58 | €235,265 | €298,551 | +€63,286 | +26.9% |
| Amounts receivable within one year | 40/41 | €1,623 | €21,702 | +€20,079 | +1,237% |
| Trade receivables | 40 | - | €21,702 | +€21,702 | |
| Other amounts receivable | 41 | €1,623 | - | -€1,623 | |
| Current investments | 50/53 | €40,000 | €100,000 | +€60,000 | +150% |
| Cash at bank and in hand | 54/58 | €191,534 | €173,154 | -€18,380 | -9.6% |
| Deferred charges and accrued income | 490/1 | €2,109 | €3,695 | +€1,587 | +75.3% |
| Total equity and liabilities | 10/49 | €267,850 | €329,701 | +€61,851 | +23.1% |
| Equity | 10/15 | €252,145 | €275,789 | +€23,644 | +9.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €231,635 | €255,279 | +€23,644 | +10.2% |
| Distributable reserves | 133 | €231,635 | €255,279 | +€23,644 | +10.2% |
| Profit (loss) carried forward | 14 | €50 | €50 | = | 0.0% |
| Amounts payable | 17/49 | €15,705 | €53,912 | +€38,206 | +243% |
| Amounts payable within one year | 42/48 | €15,705 | €53,912 | +€38,206 | +243% |
| Trade debts | 44 | €391 | €2,889 | +€2,498 | +639% |
| Suppliers | 440/4 | €391 | €2,889 | +€2,498 | +639% |
| Taxes, remuneration and social security | 45 | €14,906 | €23,577 | +€8,670 | +58.2% |
| Taxes | 450/3 | €14,906 | €23,577 | +€8,670 | +58.2% |
| Other amounts payable | 47/48 | €408 | €27,446 | +€27,038 | +6,625% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,245 | €5,676 | +€1,431 | +33.7% |
| Other operating charges | 640/8 | €352 | €120 | -€232 | -65.9% |
| Gross operating margin | 9900 | €91,197 | €71,036 | -€20,161 | -22.1% |
| Operating profit (loss) | 9901 | €86,600 | €65,241 | -€21,360 | -24.7% |
| Financial income | 75/76B | €1,978 | €3,161 | +€1,184 | +59.9% |
| Recurring financial income | 75 | €1,978 | €3,161 | +€1,184 | +59.9% |
| Financial charges | 65/66B | €180 | €604 | +€424 | +235% |
| Recurring financial charges | 65 | €180 | €604 | +€424 | +235% |
| Profit (loss) for the period before taxes | 9903 | €88,398 | €67,798 | -€20,600 | -23.3% |
| Income taxes | 67/77 | €25,268 | €19,154 | -€6,115 | -24.2% |
| Profit (loss) for the period | 9904 | €63,129 | €48,644 | -€14,485 | -22.9% |
| Profit (loss) for the period to be appropriated | 9905 | €63,129 | €48,644 | -€14,485 | -22.9% |
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 26 October 2026 via checked.be.