MARDARI: 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.
MARDARI
Largest movements
- Receivables within one year +€36,225
up €36,225 (+138.4%), from €26,176 to €62,401
of which Trade receivables: +€39,749
- Tangible fixed assets +€12,075
up €12,075 (+78.8%), from €15,325 to €27,400
of which Furniture and vehicles: +€12,578
- Cash +€7,779
up €7,779 (+135.0%), from €5,762 to €13,541
mainly Net result for the year (+€37,638) and Depreciation (+€13,425)
- Profit (loss) carried forward +€27,638
up €27,638 (+77.5%), from €35,649 to €63,287
- Tax, wage and social debts +€11,742
up €11,742 (+120.0%), from €9,785 to €21,527
- Reserves +€10,000
new in 2025: €10,000
- Accrued charges and deferred income +€8,850
new in 2025: €8,850
- Trade debts -€1,372
no longer reported in 2025 (was €1,372)
- Gross operating margin +€13,069
up €13,069 (+25.5%), from €51,304 to €64,373
- Depreciation +€8,793
up €8,793 (+189.8%), from €4,632 to €13,425
- Taxes +€1,957
up €1,957 (+20.0%), from €9,785 to €11,742
- Other operating charges +€990
up €990 (+70.7%), from €1,401 to €2,391
- Financial income +€884
up €884 (+286.6%), from €308 to €1,192
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 | €47,306 | €104,164 | +€56,858 | +120.2% |
| Fixed assets | 21/28 | €15,325 | €27,400 | +€12,075 | +78.8% |
| Tangible fixed assets | 22/27 | €15,325 | €27,400 | +€12,075 | +78.8% |
| Plant, machinery and equipment | 23 | €809 | €306 | -€503 | -62.2% |
| Furniture and vehicles | 24 | €14,515 | €27,094 | +€12,578 | +86.7% |
| Current assets | 29/58 | €31,982 | €76,765 | +€44,783 | +140.0% |
| Amounts receivable within one year | 40/41 | €26,176 | €62,401 | +€36,225 | +138.4% |
| Trade receivables | 40 | €8,922 | €48,671 | +€39,749 | +445.5% |
| Other amounts receivable | 41 | €17,254 | €13,730 | -€3,524 | -20.4% |
| Cash at bank and in hand | 54/58 | €5,762 | €13,541 | +€7,779 | +135.0% |
| Deferred charges and accrued income | 490/1 | €44 | €823 | +€779 | +1775.1% |
| Total equity and liabilities | 10/49 | €47,306 | €104,164 | +€56,858 | +120.2% |
| Equity | 10/15 | €36,149 | €73,787 | +€37,638 | +104.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Outside capital | 11 | €500 | €500 | = | 0.0% |
| Share premium | 1100/10 | €500 | - | -€500 | |
| Other | 1109/19 | - | €500 | +€500 | |
| Reserves | 13 | - | €10,000 | +€10,000 | |
| Non-distributable reserves | 130/1 | - | €10,000 | +€10,000 | |
| Other | 1319 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €35,649 | €63,287 | +€27,638 | +77.5% |
| Amounts payable | 17/49 | €11,157 | €30,377 | +€19,220 | +172.3% |
| Amounts payable within one year | 42/48 | €11,157 | €21,527 | +€10,370 | +92.9% |
| Trade debts | 44 | €1,372 | - | -€1,372 | |
| Suppliers | 440/4 | €1,372 | €0 | -€1,372 | -100.0% |
| Taxes, remuneration and social security | 45 | €9,785 | €21,527 | +€11,742 | +120.0% |
| Taxes | 450/3 | €9,785 | €21,527 | +€11,742 | +120.0% |
| Accrued charges and deferred income | 492/3 | - | €8,850 | +€8,850 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,632 | €13,425 | +€8,793 | +189.8% |
| Other operating charges | 640/8 | €1,401 | €2,391 | +€990 | +70.7% |
| Gross operating margin | 9900 | €51,304 | €64,373 | +€13,069 | +25.5% |
| Operating profit (loss) | 9901 | €45,271 | €48,557 | +€3,286 | +7.3% |
| Financial income | 75/76B | €308 | €1,192 | +€884 | +286.6% |
| Recurring financial income | 75 | €308 | €1,192 | +€884 | +286.6% |
| Financial charges | 65/66B | €145 | €368 | +€223 | +153.3% |
| Recurring financial charges | 65 | €145 | €368 | +€223 | +153.3% |
| Profit (loss) for the period before taxes | 9903 | €45,434 | €49,381 | +€3,947 | +8.7% |
| Income taxes | 67/77 | €9,785 | €11,742 | +€1,957 | +20.0% |
| Profit (loss) for the period | 9904 | €35,649 | €37,638 | +€1,989 | +5.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,649 | €37,638 | +€1,989 | +5.6% |
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 7 October 2026 via checked.be.