MARDAGA: 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.
What changed
MARDAGA
NACE 55.100, Hotels and similar accommodation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€12,041
2024 · €59,903-€47,861
Equity
€2.3m
2024 · €2.3m+€10,642
Cash
€183,703
2024 · €205,380-€21,677
Balance sheet total
€4.5m
2024 · €3.0m+€1.5m
Largest movements
Assets
- Tangible fixed assets +€1.5m
up €1.5m (+57.3%), from €2.6m to €4.2m
of which Other tangible fixed assets: +€1.6m
Equity and liabilities
- Debts after one year +€1.3m
up €1.3m (+1,039%), from €123,541 to €1.4m
- Trade debts +€328,132
up €328,132 (+172%), from €191,245 to €519,377
- Current portion of long-term debt -€78,417
down €78,417 (-63.5%), from €123,442 to €45,025
Income statement
- Staff costs +€46,587
up €46,587 (+8.0%), from €585,162 to €631,750
- Gross operating margin +€46,522
up €46,522 (+6.3%), from €738,357 to €784,879
- Financial charges +€38,101
up €38,101 (+164%), from €23,179 to €61,280
- Other operating charges +€23,426
up €23,426 (+1,896%), from €1,235 to €24,661
- Provisions -€9,991
down €9,991, from €0 to -€9,991
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.
Result 2024
€59,903
Gross operating margin
+€46,522
Staff costs
-€46,587
Depreciation
+€5,246
Provisions
+€9,991
Other operating charges
-€23,426
Other operating items
+€96
Financial income
-€1,603
Financial charges
-€38,101
Result 2025
€12,041
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€357,033
Investment
-€1.6m
Financing
+€1.2m
Cash 2024
€205,380
From operations (derived)
+€357,033
Net result for the year
+€12,041
Depreciation
+€67,104
Stocks and contracts
+€4,291
Receivables within one year
-€31,613
Deferred charges and accrued income
-€6,686
Provisions
-€11,294
Trade debts
+€328,132
Tax, wage and social debts
+€675
Advances received
+€4,178
Other debts
-€15,780
Accrued charges and deferred income
+€5,983
Investment (derived)
-€1.6m
Investment in fixed assets (net)
-€1.6m
Financing
+€1.2m
Debts after one year
+€1.3m
Current portion of long-term debt
-€78,417
Contributions, distributions and other
-€1,399
Cash 2025
€183,703
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,019,509 | €4,547,183 | +€1.5m | +50.6% |
| Formation expenses | 20 | €1,319 | €264 | -€1,056 | -80.0% |
| Fixed assets | 21/28 | €2,652,817 | €4,169,216 | +€1.5m | +57.2% |
| Tangible fixed assets | 22/27 | €2,649,474 | €4,167,877 | +€1.5m | +57.3% |
| Land and buildings | 22 | €2,429,205 | €2,395,223 | -€33,982 | -1.4% |
| Plant, machinery and equipment | 23 | €139,979 | €118,481 | -€21,498 | -15.4% |
| Furniture and vehicles | 24 | €6,637 | €11,246 | +€4,609 | +69.4% |
| Other tangible fixed assets | 26 | - | €1,642,927 | +€1.6m | |
| Assets under construction and advance payments | 27 | €73,653 | - | -€73,653 | |
| Financial fixed assets | 28 | €3,343 | €1,339 | -€2,005 | -60.0% |
| Current assets | 29/58 | €365,373 | €377,703 | +€12,331 | +3.4% |
| Stocks and contracts in progress | 3 | €40,846 | €36,554 | -€4,291 | -10.5% |
| Stocks | 30/36 | €40,846 | €36,554 | -€4,291 | -10.5% |
| Amounts receivable within one year | 40/41 | €112,877 | €144,490 | +€31,613 | +28.0% |
| Trade receivables | 40 | €112,373 | €124,544 | +€12,171 | +10.8% |
| Other amounts receivable | 41 | €504 | €19,945 | +€19,442 | +3,859% |
| Cash at bank and in hand | 54/58 | €205,380 | €183,703 | -€21,677 | -10.6% |
| Deferred charges and accrued income | 490/1 | €6,270 | €12,956 | +€6,686 | +107% |
| Total equity and liabilities | 10/49 | €3,019,509 | €4,547,183 | +€1.5m | +50.6% |
| Equity | 10/15 | €2,301,029 | €2,311,671 | +€10,642 | +0.5% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Revaluation surpluses | 12 | €2,103,759 | €2,103,759 | = | 0.0% |
| Reserves | 13 | €32,937 | €0 | -€32,937 | -100% |
| Distributable reserves | 133 | €32,937 | €0 | -€32,937 | -100% |
| Profit (loss) carried forward | 14 | -€91,068 | -€46,090 | +€44,979 | +49.4% |
| Investment grants | 15 | €7,507 | €6,108 | -€1,399 | -18.6% |
| Provisions and deferred taxes | 16 | €13,330 | €2,036 | -€11,294 | -84.7% |
| Provisions for liabilities and charges | 160/5 | €10,828 | €0 | -€10,828 | -100% |
| Other liabilities and charges | 164/5 | €10,828 | €0 | -€10,828 | -100% |
| Deferred taxes | 168 | €2,502 | €2,036 | -€466 | -18.6% |
| Amounts payable | 17/49 | €705,150 | €2,233,476 | +€1.5m | +217% |
| Amounts payable after more than one year | 17 | €123,541 | €1,407,095 | +€1.3m | +1,039% |
| Financial debts | 170/4 | €123,541 | €1,407,095 | +€1.3m | +1,039% |
| Amounts payable within one year | 42/48 | €577,920 | €816,708 | +€238,788 | +41.3% |
| Current portion of amounts payable after more than one year | 42 | €123,442 | €45,025 | -€78,417 | -63.5% |
| Trade debts | 44 | €191,245 | €519,377 | +€328,132 | +172% |
| Suppliers | 440/4 | €191,245 | €519,377 | +€328,132 | +172% |
| Advances received on contracts in progress | 46 | €2,117 | €6,295 | +€4,178 | +197% |
| Taxes, remuneration and social security | 45 | €99,120 | €99,796 | +€675 | +0.7% |
| Taxes | 450/3 | €7,450 | €1,588 | -€5,861 | -78.7% |
| Remuneration and social security | 454/9 | €91,671 | €98,207 | +€6,537 | +7.1% |
| Other amounts payable | 47/48 | €161,996 | €146,216 | -€15,780 | -9.7% |
| Accrued charges and deferred income | 492/3 | €3,689 | €9,672 | +€5,983 | +162% |
| Remuneration, social security and pensions | 62 | €585,162 | €631,750 | +€46,587 | +8.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,350 | €67,104 | -€5,246 | -7.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | -€9,991 | -€9,991 | |
| Other operating charges | 640/8 | €1,235 | €24,661 | +€23,426 | +1,896% |
| Non-recurring operating charges | 66A | €96 | €0 | -€96 | -100% |
| Gross operating margin | 9900 | €738,357 | €784,879 | +€46,522 | +6.3% |
| Operating profit (loss) | 9901 | €79,513 | €71,356 | -€8,157 | -10.3% |
| Financial income | 75/76B | €3,102 | €1,499 | -€1,603 | -51.7% |
| Recurring financial income | 75 | €3,102 | €1,499 | -€1,603 | -51.7% |
| Financial charges | 65/66B | €23,179 | €61,280 | +€38,101 | +164% |
| Recurring financial charges | 65 | €23,179 | €61,280 | +€38,101 | +164% |
| Profit (loss) for the period before taxes | 9903 | €59,436 | €11,575 | -€47,861 | -80.5% |
| Transfer from deferred taxes | 780 | €466 | €466 | = | 0.0% |
| Profit (loss) for the period | 9904 | €59,903 | €12,041 | -€47,861 | -79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,903 | €12,041 | -€47,861 | -79.9% |
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 24 October 2026 via checked.be.