MEUDON PHARMA: 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.
MEUDON PHARMA
Largest movements
- Intangible fixed assets -€63,232
down €63,232 (-33.3%), from €189,695 to €126,463
- Tangible fixed assets +€23,066
up €23,066 (+40.9%), from €56,409 to €79,475
of which Furniture and vehicles: +€25,443
- Cash +€6,399
up €6,399 (+11.1%), from €57,760 to €64,159
mainly Depreciation (+€79,377) and Debts after one year (+€19,455)
- Current portion of long-term debt -€39,472
down €39,472 (-58.0%), from €68,030 to €28,558
- Debts after one year +€19,455
up €19,455 (+19.0%), from €102,515 to €121,970
- Reserves -€13,660
down €13,660 (-10.1%), from €135,650 to €121,990
- Tax, wage and social debts +€7,389
up €7,389 (+28.6%), from €25,834 to €33,223
of which Taxes: +€4,271
- Staff costs +€39,878
up €39,878 (+33.1%), from €120,357 to €160,235
- Taxes -€18,327
down €18,327 (-39.5%), from €46,389 to €28,062
- Gross operating margin -€15,651
down €15,651 (-5.2%), from €298,126 to €282,475
- Depreciation +€6,224
up €6,224 (+8.5%), from €73,154 to €79,377
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 | €539,448 | €508,899 | -€30,549 | -5.7% |
| Fixed assets | 21/28 | €246,604 | €206,439 | -€40,166 | -16.3% |
| Intangible fixed assets | 21 | €189,695 | €126,463 | -€63,232 | -33.3% |
| Tangible fixed assets | 22/27 | €56,409 | €79,475 | +€23,066 | +40.9% |
| Plant, machinery and equipment | 23 | €7,932 | €5,801 | -€2,132 | -26.9% |
| Furniture and vehicles | 24 | €48,232 | €73,675 | +€25,443 | +52.8% |
| Other tangible fixed assets | 26 | €245 | - | -€245 | |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €292,844 | €302,460 | +€9,617 | +3.3% |
| Stocks and contracts in progress | 3 | €178,475 | €175,607 | -€2,868 | -1.6% |
| Stocks | 30/36 | €178,475 | €175,607 | -€2,868 | -1.6% |
| Amounts receivable within one year | 40/41 | €48,992 | €53,805 | +€4,814 | +9.8% |
| Trade receivables | 40 | €48,978 | €41,805 | -€7,172 | -14.6% |
| Other amounts receivable | 41 | €14 | €12,000 | +€11,986 | +85,922% |
| Cash at bank and in hand | 54/58 | €57,760 | €64,159 | +€6,399 | +11.1% |
| Deferred charges and accrued income | 490/1 | €7,617 | €8,889 | +€1,272 | +16.7% |
| Total equity and liabilities | 10/49 | €539,448 | €508,899 | -€30,549 | -5.7% |
| Equity | 10/15 | €232,490 | €218,833 | -€13,657 | -5.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €135,650 | €121,990 | -€13,660 | -10.1% |
| Distributable reserves | 133 | €135,650 | €121,990 | -€13,660 | -10.1% |
| Profit (loss) carried forward | 14 | €21,840 | €21,843 | +€3 | 0.0% |
| Amounts payable | 17/49 | €306,958 | €290,066 | -€16,892 | -5.5% |
| Amounts payable after more than one year | 17 | €102,515 | €121,970 | +€19,455 | +19.0% |
| Financial debts | 170/4 | €102,515 | €121,970 | +€19,455 | +19.0% |
| Amounts payable within one year | 42/48 | €202,555 | €165,789 | -€36,766 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €68,030 | €28,558 | -€39,472 | -58.0% |
| Trade debts | 44 | €72,227 | €71,676 | -€551 | -0.8% |
| Suppliers | 440/4 | €72,227 | €71,676 | -€551 | -0.8% |
| Taxes, remuneration and social security | 45 | €25,834 | €33,223 | +€7,389 | +28.6% |
| Taxes | 450/3 | €7,236 | €11,508 | +€4,271 | +59.0% |
| Remuneration and social security | 454/9 | €18,598 | €21,715 | +€3,117 | +16.8% |
| Other amounts payable | 47/48 | €36,464 | €32,332 | -€4,132 | -11.3% |
| Accrued charges and deferred income | 492/3 | €1,887 | €2,307 | +€420 | +22.2% |
| Remuneration, social security and pensions | 62 | €120,357 | €160,235 | +€39,878 | +33.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,154 | €79,377 | +€6,224 | +8.5% |
| Other operating charges | 640/8 | €1,740 | €2,521 | +€782 | +44.9% |
| Gross operating margin | 9900 | €298,126 | €282,475 | -€15,651 | -5.2% |
| Operating profit (loss) | 9901 | €102,876 | €40,342 | -€62,534 | -60.8% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,468 | €6,686 | -€782 | -10.5% |
| Recurring financial charges | 65 | €7,468 | €6,686 | -€782 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €95,408 | €33,655 | -€61,753 | -64.7% |
| Income taxes | 67/77 | €46,389 | €28,062 | -€18,327 | -39.5% |
| Profit (loss) for the period | 9904 | €49,018 | €5,593 | -€43,425 | -88.6% |
| Profit (loss) for the period to be appropriated | 9905 | €49,018 | €5,593 | -€43,425 | -88.6% |
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 15 October 2026 via checked.be.