MARDAGA: what changed
Two fiscal 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.
MARDAGA
Largest movements
- Cash +€246,294
up €246,294 (+54.9%), from €448,529 to €694,823
mainly Net result for the year (+€229,100) and Other debts (+€171,289)
- Receivables within one year -€136,425
down €136,425 (-25.4%), from €536,186 to €399,761
of which Trade receivables: -€159,196
- Stocks and contracts -€78,072
no longer reported in 2024 (was €78,072)
- Intangible fixed assets +€37,674
up €37,674 (+10.3%), from €366,195 to €403,868
- Deferred charges and accrued income -€27,779
down €27,779 (-89.7%), from €30,979 to €3,200
- Trade debts -€306,110
down €306,110 (-74.1%), from €413,007 to €106,897
- Profit (loss) carried forward +€229,100
up €229,100 (+64.4%), from €355,967 to €585,067
- Other debts +€171,289
up €171,289 (+115.2%), from €148,704 to €319,993
- Provisions -€34,859
down €34,859 (-87.1%), from €40,006 to €5,147
of which Provisions for liabilities and charges: -€33,542
- Tax, wage and social debts -€26,294
down €26,294 (-27.1%), from €97,182 to €70,888
of which Remuneration and social security: -€61,133
- Staff costs -€108,367
down €108,367 (-78.7%), from €137,677 to €29,310
- Depreciation -€71,197
down €71,197 (-36.9%), from €192,876 to €121,679
- Gross operating margin -€63,629
down €63,629 (-11.6%), from €547,733 to €484,103
- Taxes +€54,370
up €54,370 (+205.7%), from €26,429 to €80,800
- Other operating charges +€29,215
up €29,215 (+336.7%), from €8,678 to €37,893
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,463,241 | €1,503,065 | +€39,824 | +2.7% |
| Fixed assets | 21/28 | €369,475 | €405,281 | +€35,806 | +9.7% |
| Intangible fixed assets | 21 | €366,195 | €403,868 | +€37,674 | +10.3% |
| Tangible fixed assets | 22/27 | €2,636 | €1,413 | -€1,223 | -46.4% |
| Furniture and vehicles | 24 | €2,636 | €1,413 | -€1,223 | -46.4% |
| Financial fixed assets | 28 | €645 | - | -€645 | |
| Current assets | 29/58 | €1,093,766 | €1,097,783 | +€4,017 | +0.4% |
| Stocks and contracts in progress | 3 | €78,072 | - | -€78,072 | |
| Stocks | 30/36 | €78,072 | - | -€78,072 | |
| Amounts receivable within one year | 40/41 | €536,186 | €399,761 | -€136,425 | -25.4% |
| Trade receivables | 40 | €454,047 | €294,851 | -€159,196 | -35.1% |
| Other amounts receivable | 41 | €82,138 | €104,910 | +€22,771 | +27.7% |
| Cash at bank and in hand | 54/58 | €448,529 | €694,823 | +€246,294 | +54.9% |
| Deferred charges and accrued income | 490/1 | €30,979 | €3,200 | -€27,779 | -89.7% |
| Total equity and liabilities | 10/49 | €1,463,241 | €1,503,065 | +€39,824 | +2.7% |
| Equity | 10/15 | €764,342 | €1,000,139 | +€235,798 | +30.8% |
| Contributions | 10/11 | €302,008 | €302,008 | = | 0.0% |
| Capital | 10 | €302,008 | €302,008 | = | 0.0% |
| Issued capital | 100 | €302,008 | €302,008 | = | 0.0% |
| Reserves | 13 | €95,201 | €95,201 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,201 | €30,201 | = | 0.0% |
| Legal reserve | 130 | €30,201 | €30,201 | = | 0.0% |
| Distributable reserves | 133 | €65,000 | €65,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €355,967 | €585,067 | +€229,100 | +64.4% |
| Investment grants | 15 | €11,166 | €17,864 | +€6,698 | +60.0% |
| Provisions and deferred taxes | 16 | €40,006 | €5,147 | -€34,859 | -87.1% |
| Provisions for liabilities and charges | 160/5 | €33,542 | - | -€33,542 | |
| Environmental obligations | 163 | €33,542 | - | -€33,542 | |
| Deferred taxes | 168 | €6,464 | €5,147 | -€1,317 | -20.4% |
| Amounts payable | 17/49 | €658,893 | €497,778 | -€161,115 | -24.5% |
| Amounts payable within one year | 42/48 | €658,893 | €497,778 | -€161,115 | -24.5% |
| Trade debts | 44 | €413,007 | €106,897 | -€306,110 | -74.1% |
| Suppliers | 440/4 | €413,007 | €106,897 | -€306,110 | -74.1% |
| Taxes, remuneration and social security | 45 | €97,182 | €70,888 | -€26,294 | -27.1% |
| Taxes | 450/3 | €36,037 | €70,877 | +€34,840 | +96.7% |
| Remuneration and social security | 454/9 | €61,145 | €11 | -€61,133 | -100.0% |
| Other amounts payable | 47/48 | €148,704 | €319,993 | +€171,289 | +115.2% |
| Remuneration, social security and pensions | 62 | €137,677 | €29,310 | -€108,367 | -78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €192,876 | €121,679 | -€71,197 | -36.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,813 | - | -€27,813 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €6,419 | - | -€6,419 | |
| Other operating charges | 640/8 | €8,678 | €37,893 | +€29,215 | +336.7% |
| Non-recurring operating charges | 66A | €70,144 | - | -€70,144 | |
| Gross operating margin | 9900 | €547,733 | €484,103 | -€63,629 | -11.6% |
| Operating profit (loss) | 9901 | €104,127 | €295,222 | +€191,095 | +183.5% |
| Financial income | 75/76B | €3,592 | €17,620 | +€14,028 | +390.5% |
| Recurring financial income | 75 | €3,592 | €17,620 | +€14,028 | +390.5% |
| Financial charges | 65/66B | €6,055 | €4,260 | -€1,795 | -29.6% |
| Recurring financial charges | 65 | €6,055 | €4,260 | -€1,795 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €101,664 | €308,582 | +€206,918 | +203.5% |
| Transfer from deferred taxes | 780 | €1,140 | €1,317 | +€177 | +15.5% |
| Income taxes | 67/77 | €26,429 | €80,800 | +€54,370 | +205.7% |
| Profit (loss) for the period | 9904 | €76,375 | €229,100 | +€152,725 | +200.0% |
| Profit (loss) for the period to be appropriated | 9905 | €76,375 | €229,100 | +€152,725 | +200.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.