MARDAC: 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.
MARDAC
Largest movements
- Intangible fixed assets +€27,000
new in 2025: €27,000
- Cash +€20,607
up €20,607 (+128%), from €16,105 to €36,712
mainly Net result for the year (+€22,067) and Trade debts (+€21,646)
- Stocks and contracts +€5,500
new in 2025: €5,500
- Financial fixed assets +€3,892
up €3,892 (+48.2%), from €8,081 to €11,974
- Receivables within one year +€2,120
up €2,120 (+246%), from €861 to €2,981
of which Other amounts receivable: +€1,984
- Reserves +€22,067
up €22,067 (+1,528%), from €1,444 to €23,511
- Trade debts +€21,646
up €21,646 (+2,087%), from €1,037 to €22,683
- Tax, wage and social debts +€18,302
up €18,302 (+2,716%), from €674 to €18,976
of which Taxes: +€16,382
- Other debts -€2,058
down €2,058 (-89.5%), from €2,300 to €242
- Gross operating margin +€58,196
up €58,196 (+2,164%), from €2,689 to €60,885
- Staff costs +€23,054
new in 2025: €23,054
- Taxes +€7,865
up €7,865 (+1,167%), from €674 to €8,539
- Depreciation +€3,132
up €3,132 (+4,668%), from €67 to €3,199
- Other operating charges +€2,399
up €2,399 (+619%), from €387 to €2,786
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 | €25,455 | €85,412 | +€59,957 | +236% |
| Fixed assets | 21/28 | €8,414 | €40,142 | +€31,728 | +377% |
| Intangible fixed assets | 21 | - | €27,000 | +€27,000 | |
| Tangible fixed assets | 22/27 | €333 | €1,169 | +€836 | +251% |
| Plant, machinery and equipment | 23 | €333 | €253 | -€80 | -24.0% |
| Furniture and vehicles | 24 | - | €915 | +€915 | |
| Financial fixed assets | 28 | €8,081 | €11,974 | +€3,892 | +48.2% |
| Current assets | 29/58 | €17,041 | €45,270 | +€28,229 | +166% |
| Stocks and contracts in progress | 3 | - | €5,500 | +€5,500 | |
| Stocks | 30/36 | - | €5,500 | +€5,500 | |
| Amounts receivable within one year | 40/41 | €861 | €2,981 | +€2,120 | +246% |
| Trade receivables | 40 | - | €135 | +€135 | |
| Other amounts receivable | 41 | €861 | €2,846 | +€1,984 | +230% |
| Cash at bank and in hand | 54/58 | €16,105 | €36,712 | +€20,607 | +128% |
| Deferred charges and accrued income | 490/1 | €75 | €77 | +€2 | +2.6% |
| Total equity and liabilities | 10/49 | €25,455 | €85,412 | +€59,957 | +236% |
| Equity | 10/15 | €21,444 | €43,511 | +€22,067 | +103% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,444 | €23,511 | +€22,067 | +1,528% |
| Distributable reserves | 133 | €1,444 | €23,511 | +€22,067 | +1,528% |
| Amounts payable | 17/49 | €4,011 | €41,901 | +€37,890 | +945% |
| Amounts payable within one year | 42/48 | €4,011 | €41,901 | +€37,890 | +945% |
| Trade debts | 44 | €1,037 | €22,683 | +€21,646 | +2,087% |
| Suppliers | 440/4 | €1,037 | €22,683 | +€21,646 | +2,087% |
| Taxes, remuneration and social security | 45 | €674 | €18,976 | +€18,302 | +2,716% |
| Taxes | 450/3 | €674 | €17,056 | +€16,382 | +2,431% |
| Remuneration and social security | 454/9 | - | €1,920 | +€1,920 | |
| Other amounts payable | 47/48 | €2,300 | €242 | -€2,058 | -89.5% |
| Remuneration, social security and pensions | 62 | - | €23,054 | +€23,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67 | €3,199 | +€3,132 | +4,668% |
| Other operating charges | 640/8 | €387 | €2,786 | +€2,399 | +619% |
| Gross operating margin | 9900 | €2,689 | €60,885 | +€58,196 | +2,164% |
| Operating profit (loss) | 9901 | €2,235 | €31,846 | +€29,611 | +1,325% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €117 | €1,240 | +€1,123 | +962% |
| Recurring financial charges | 65 | €117 | €1,240 | +€1,123 | +962% |
| Profit (loss) for the period before taxes | 9903 | €2,118 | €30,606 | +€28,488 | +1,345% |
| Income taxes | 67/77 | €674 | €8,539 | +€7,865 | +1,167% |
| Profit (loss) for the period | 9904 | €1,444 | €22,067 | +€20,623 | +1,428% |
| Profit (loss) for the period to be appropriated | 9905 | €1,444 | €22,067 | +€20,623 | +1,428% |
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 18 October 2026 via checked.be.