Mardec Invest: what changed
What changed
Mardec Invest
NACE 68.201, Renting and operating of own or leased residential real estate, excluding social housing
filed annual accounts (NBB)
Net result for the year
€11,516
2024 · €4,144+€7,372
Equity
€1.1m
2024 · €1.1m+€11,516
Cash
€32,138
2024 · €56,098-€23,960
Balance sheet total
€1.2m
2024 · €1.2m-€2,911
Largest movements
Assets
- Cash -€23,960
down €23,960 (-42.7%), from €56,098 to €32,138
mainly Current investments (-€20,000) and Investment in fixed assets (net) (-€15,912)
- Current investments +€20,000
up €20,000 (+3.3%), from €600,000 to €620,000
Equity and liabilities
- Profit (loss) carried forward +€14,145
up €14,145 (+92.7%), from €15,254 to €29,398
Income statement
- Financial income +€9,146
up €9,146 (+57.5%), from €15,903 to €25,049
- Other operating charges +€2,947
up €2,947 (+155%), from €1,898 to €4,845
- Depreciation -€2,705
down €2,705 (-17.6%), from €15,403 to €12,697
- Taxes +€2,266
up €2,266 (+76.9%), from €2,946 to €5,211
- Gross operating margin +€948
up €948 (+9.6%), from €9,839 to €10,787
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€4,144
Gross operating margin
+€948
Depreciation
+€2,705
Other operating charges
-€2,947
Financial income
+€9,146
Financial charges
-€215
Taxes
-€2,266
Result 2025
€11,516
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€22,229
Investment
-€35,912
Financing
-€10,277
Cash 2024
€56,098
From operations (derived)
+€22,229
Net result for the year
+€11,516
Depreciation
+€12,697
Receivables within one year
+€2,577
Deferred charges and accrued income
-€412
Trade debts
-€7,110
Tax, wage and social debts
+€2,875
Other debts
+€85
Investment (derived)
-€35,912
Investment in fixed assets (net)
-€15,912
Current investments
-€20,000
Financing
-€10,277
Debts after one year
-€10,371
Current portion of long-term debt
+€94
Cash 2025
€32,138
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,246,037 | €1,243,127 | -€2,911 | -0.2% |
| Fixed assets | 21/28 | €383,485 | €386,700 | +€3,215 | +0.8% |
| Tangible fixed assets | 22/27 | €383,485 | €386,700 | +€3,215 | +0.8% |
| Other tangible fixed assets | 26 | €383,485 | €386,700 | +€3,215 | +0.8% |
| Current assets | 29/58 | €862,552 | €856,427 | -€6,126 | -0.7% |
| Amounts receivable within one year | 40/41 | €205,954 | €203,377 | -€2,577 | -1.3% |
| Trade receivables | 40 | €2,679 | - | -€2,679 | |
| Other amounts receivable | 41 | €203,275 | €203,377 | +€102 | +0.1% |
| Current investments | 50/53 | €600,000 | €620,000 | +€20,000 | +3.3% |
| Cash at bank and in hand | 54/58 | €56,098 | €32,138 | -€23,960 | -42.7% |
| Deferred charges and accrued income | 490/1 | €500 | €912 | +€412 | +82.4% |
| Total equity and liabilities | 10/49 | €1,246,037 | €1,243,127 | -€2,911 | -0.2% |
| Equity | 10/15 | €1,103,426 | €1,114,942 | +€11,516 | +1.0% |
| Reserves | 13 | €1,088,173 | €1,085,543 | -€2,629 | -0.2% |
| Tax-exempt reserves | 132 | €688,173 | €685,543 | -€2,629 | -0.4% |
| Distributable reserves | 133 | €400,000 | €400,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,254 | €29,398 | +€14,145 | +92.7% |
| Amounts payable | 17/49 | €142,611 | €128,185 | -€14,426 | -10.1% |
| Amounts payable after more than one year | 17 | €119,450 | €109,080 | -€10,371 | -8.7% |
| Financial debts | 170/4 | €119,450 | €109,080 | -€10,371 | -8.7% |
| Amounts payable within one year | 42/48 | €23,161 | €19,105 | -€4,055 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €10,277 | €10,371 | +€94 | +0.9% |
| Trade debts | 44 | €9,530 | €2,420 | -€7,110 | -74.6% |
| Suppliers | 440/4 | €9,530 | €2,420 | -€7,110 | -74.6% |
| Taxes, remuneration and social security | 45 | - | €2,875 | +€2,875 | |
| Taxes | 450/3 | - | €2,875 | +€2,875 | |
| Other amounts payable | 47/48 | €3,354 | €3,439 | +€85 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,403 | €12,697 | -€2,705 | -17.6% |
| Other operating charges | 640/8 | €1,898 | €4,845 | +€2,947 | +155% |
| Gross operating margin | 9900 | €9,839 | €10,787 | +€948 | +9.6% |
| Operating profit (loss) | 9901 | -€7,462 | -€6,755 | +€707 | +9.5% |
| Financial income | 75/76B | €15,903 | €25,049 | +€9,146 | +57.5% |
| Recurring financial income | 75 | €15,903 | €25,049 | +€9,146 | +57.5% |
| Financial charges | 65/66B | €1,352 | €1,567 | +€215 | +15.9% |
| Recurring financial charges | 65 | €1,352 | €1,567 | +€215 | +15.9% |
| Profit (loss) for the period before taxes | 9903 | €7,089 | €16,727 | +€9,638 | +136% |
| Income taxes | 67/77 | €2,946 | €5,211 | +€2,266 | +76.9% |
| Profit (loss) for the period | 9904 | €4,144 | €11,516 | +€7,372 | +178% |
| Transfer from tax-exempt reserves | 789 | €1,827 | €2,629 | +€802 | +43.9% |
| Profit (loss) for the period to be appropriated | 9905 | €5,971 | €14,145 | +€8,174 | +137% |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.