MARDAN: 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.
MARDAN
Largest movements
- Cash -€14,203
down €14,203 (-50.5%), from €28,115 to €13,912
mainly Investment in fixed assets (net) (-€7,750) and Receivables within one year (-€7,512)
- Receivables within one year +€7,512
up €7,512 (+74.8%), from €10,049 to €17,561
of which Other amounts receivable: +€5,355
- Tangible fixed assets +€4,503
up €4,503 (+43.0%), from €10,482 to €14,985
of which Other tangible fixed assets: +€5,583
- Deferred charges and accrued income +€2,987
up €2,987 (+92.3%), from €3,238 to €6,225
- Trade debts +€3,376
up €3,376 (+142.8%), from €2,363 to €5,740
- Other debts -€859
down €859 (-81.1%), from €1,059 to €200
- Reserves -€651
down €651 (-2.9%), from €22,231 to €21,579
of which Distributable reserves: -€651
- Tax, wage and social debts -€568
down €568 (-6.2%), from €9,223 to €8,655
of which Remuneration and social security: -€586
- Gross operating margin -€17,102
down €17,102 (-26.1%), from €65,638 to €48,536
- Taxes -€6,346
down €6,346 (-98.1%), from €6,472 to €126
- Staff costs +€1,700
up €1,700 (+4.1%), from €41,890 to €43,591
- Depreciation +€978
up €978 (+43.1%), from €2,269 to €3,247
- Financial charges -€665
down €665 (-42.9%), from €1,550 to €885
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.
Cash bridge derived
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 | €54,634 | €55,433 | +€799 | +1.5% |
| Fixed assets | 21/28 | €10,482 | €14,985 | +€4,503 | +43.0% |
| Tangible fixed assets | 22/27 | €10,482 | €14,985 | +€4,503 | +43.0% |
| Plant, machinery and equipment | 23 | €3,140 | €2,059 | -€1,081 | -34.4% |
| Other tangible fixed assets | 26 | €7,342 | €12,925 | +€5,583 | +76.1% |
| Current assets | 29/58 | €44,152 | €40,449 | -€3,704 | -8.4% |
| Stocks and contracts in progress | 3 | €2,750 | €2,750 | = | 0.0% |
| Stocks | 30/36 | €2,750 | €2,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €10,049 | €17,561 | +€7,512 | +74.8% |
| Trade receivables | 40 | - | €2,156 | +€2,156 | |
| Other amounts receivable | 41 | €10,049 | €15,405 | +€5,355 | +53.3% |
| Cash at bank and in hand | 54/58 | €28,115 | €13,912 | -€14,203 | -50.5% |
| Deferred charges and accrued income | 490/1 | €3,238 | €6,225 | +€2,987 | +92.3% |
| Total equity and liabilities | 10/49 | €54,634 | €55,433 | +€799 | +1.5% |
| Equity | 10/15 | €40,823 | €40,171 | -€651 | -1.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €22,231 | €21,579 | -€651 | -2.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €22,231 | €21,579 | -€651 | -2.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €13,811 | €15,262 | +€1,451 | +10.5% |
| Amounts payable within one year | 42/48 | €12,645 | €14,595 | +€1,949 | +15.4% |
| Trade debts | 44 | €2,363 | €5,740 | +€3,376 | +142.8% |
| Suppliers | 440/4 | €2,363 | €5,740 | +€3,376 | +142.8% |
| Taxes, remuneration and social security | 45 | €9,223 | €8,655 | -€568 | -6.2% |
| Taxes | 450/3 | €5,718 | €5,736 | +€18 | +0.3% |
| Remuneration and social security | 454/9 | €3,505 | €2,919 | -€586 | -16.7% |
| Other amounts payable | 47/48 | €1,059 | €200 | -€859 | -81.1% |
| Accrued charges and deferred income | 492/3 | €1,166 | €667 | -€499 | -42.8% |
| Remuneration, social security and pensions | 62 | €41,890 | €43,591 | +€1,700 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,269 | €3,247 | +€978 | +43.1% |
| Other operating charges | 640/8 | €2,392 | €1,833 | -€559 | -23.4% |
| Gross operating margin | 9900 | €65,638 | €48,536 | -€17,102 | -26.1% |
| Operating profit (loss) | 9901 | €19,087 | -€134 | -€19,221 | |
| Financial income | 75/76B | €257 | €493 | +€237 | +92.1% |
| Recurring financial income | 75 | €257 | €493 | +€237 | +92.1% |
| Financial charges | 65/66B | €1,550 | €885 | -€665 | -42.9% |
| Recurring financial charges | 65 | €1,550 | €885 | -€665 | -42.9% |
| Profit (loss) for the period before taxes | 9903 | €17,794 | -€526 | -€18,319 | |
| Income taxes | 67/77 | €6,472 | €126 | -€6,346 | -98.1% |
| Profit (loss) for the period | 9904 | €11,322 | -€651 | -€11,973 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,322 | -€651 | -€11,973 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.