MARDANAIR: 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.
MARDANAIR
Largest movements
- Tangible fixed assets -€16,447
down €16,447 (-23.1%), from €71,174 to €54,726
of which Leasing and similar rights: -€11,645
- Cash -€15,995
down €15,995 (-92.6%), from €17,279 to €1,284
mainly Net result for the year (-€34,357) and Debts after one year (-€8,478)
- Receivables within one year -€1,704
down €1,704 (-39.1%), from €4,361 to €2,657
of which Trade receivables: -€1,326
- Stocks and contracts -€1,590
down €1,590 (-15.8%), from €10,095 to €8,505
- Profit (loss) carried forward -€32,497
down €32,497 (-229%), from -€14,211 to -€46,708
- Debts after one year -€8,478
down €8,478 (-22.2%), from €38,148 to €29,671
- Trade debts +€8,085
up €8,085 (+558%), from €1,450 to €9,535
- Tax, wage and social debts -€4,784
down €4,784 (-36.1%), from €13,238 to €8,454
of which Taxes: -€4,788
- Other debts +€3,951
new in 2025: €3,951
- Gross operating margin -€37,538
down €37,538, from €26,843 to -€10,696
- Staff costs -€1,058
down €1,058 (-77.3%), from €1,369 to €311
- Depreciation -€780
down €780 (-4.5%), from €17,227 to €16,447
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 | €110,366 | €74,787 | -€35,580 | -32.2% |
| Fixed assets | 21/28 | €75,224 | €58,776 | -€16,447 | -21.9% |
| Tangible fixed assets | 22/27 | €71,174 | €54,726 | -€16,447 | -23.1% |
| Land and buildings | 22 | €2,653 | €2,556 | -€97 | -3.6% |
| Plant, machinery and equipment | 23 | €2,886 | €2,371 | -€516 | -17.9% |
| Furniture and vehicles | 24 | €7,410 | €3,220 | -€4,190 | -56.5% |
| Leasing and similar rights | 25 | €58,225 | €46,580 | -€11,645 | -20.0% |
| Financial fixed assets | 28 | €4,050 | €4,050 | = | 0.0% |
| Current assets | 29/58 | €35,143 | €16,010 | -€19,132 | -54.4% |
| Stocks and contracts in progress | 3 | €10,095 | €8,505 | -€1,590 | -15.8% |
| Stocks | 30/36 | €10,095 | €8,505 | -€1,590 | -15.8% |
| Amounts receivable within one year | 40/41 | €4,361 | €2,657 | -€1,704 | -39.1% |
| Trade receivables | 40 | €3,954 | €2,628 | -€1,326 | -33.5% |
| Other amounts receivable | 41 | €407 | €28 | -€378 | -93.0% |
| Current investments | 50/53 | €30 | €30 | +€0 | +0.4% |
| Cash at bank and in hand | 54/58 | €17,279 | €1,284 | -€15,995 | -92.6% |
| Deferred charges and accrued income | 490/1 | €3,378 | €3,534 | +€157 | +4.6% |
| Total equity and liabilities | 10/49 | €110,366 | €74,787 | -€35,580 | -32.2% |
| Equity | 10/15 | €18,989 | -€15,368 | -€34,357 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €27,000 | €25,140 | -€1,860 | -6.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Distributable reserves | 133 | €25,140 | €25,140 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,211 | -€46,708 | -€32,497 | -229% |
| Amounts payable | 17/49 | €91,377 | €90,154 | -€1,223 | -1.3% |
| Amounts payable after more than one year | 17 | €38,148 | €29,671 | -€8,478 | -22.2% |
| Financial debts | 170/4 | €38,148 | €29,671 | -€8,478 | -22.2% |
| Amounts payable within one year | 42/48 | €53,229 | €60,484 | +€7,255 | +13.6% |
| Current portion of amounts payable after more than one year | 42 | €8,478 | €8,478 | = | 0.0% |
| Financial debts | 43 | €30,063 | €30,066 | +€3 | 0.0% |
| Credit institutions | 430/8 | €30,063 | €30,066 | +€3 | 0.0% |
| Trade debts | 44 | €1,450 | €9,535 | +€8,085 | +558% |
| Suppliers | 440/4 | €1,450 | €9,535 | +€8,085 | +558% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €13,238 | €8,454 | -€4,784 | -36.1% |
| Taxes | 450/3 | €11,049 | €6,261 | -€4,788 | -43.3% |
| Remuneration and social security | 454/9 | €2,189 | €2,193 | +€5 | +0.2% |
| Other amounts payable | 47/48 | - | €3,951 | +€3,951 | |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €1,369 | €311 | -€1,058 | -77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,227 | €16,447 | -€780 | -4.5% |
| Other operating charges | 640/8 | €2,906 | €3,122 | +€216 | +7.4% |
| Gross operating margin | 9900 | €26,843 | -€10,696 | -€37,538 | |
| Operating profit (loss) | 9901 | €5,341 | -€30,575 | -€35,917 | |
| Financial income | 75/76B | €112 | €1 | -€111 | -98.9% |
| Recurring financial income | 75 | €112 | €1 | -€111 | -98.9% |
| Financial charges | 65/66B | €3,323 | €3,490 | +€167 | +5.0% |
| Recurring financial charges | 65 | €3,323 | €3,490 | +€167 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €2,130 | -€34,064 | -€36,194 | |
| Income taxes | 67/77 | €524 | €293 | -€231 | -44.1% |
| Profit (loss) for the period | 9904 | €1,606 | -€34,357 | -€35,963 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,606 | -€34,357 | -€35,963 |
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 28 October 2026 via checked.be.