MARDEI: 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.
MARDEI
Largest movements
- Receivables within one year -€223,489
down €223,489 (-69.0%), from €323,824 to €100,335
of which Other amounts receivable: -€231,139
- Tangible fixed assets -€179,919
down €179,919 (-26.1%), from €689,881 to €509,962
of which Plant, machinery and equipment: -€114,072
- Cash +€29,424
up €29,424 (+68.3%), from €43,065 to €72,489
mainly Depreciation (+€284,793) and Receivables within one year (+€223,489)
- Trade debts -€176,873
down €176,873 (-93.2%), from €189,720 to €12,847
- Debts after one year -€110,810
down €110,810 (-37.7%), from €293,844 to €183,035
- Accrued charges and deferred income -€67,272
down €67,272 (-100.0%), from €67,272 to €0
- Reserves +€56,408
up €56,408 (+29.5%), from €191,466 to €247,874
- Other debts -€45,278
down €45,278 (-11.2%), from €404,364 to €359,086
- Gross operating margin +€53,203
up €53,203 (+17.6%), from €302,773 to €355,976
- Financial income -€30,215
down €30,215 (-100.0%), from €30,215 to €0
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,337,741 | €972,382 | -€365,359 | -27.3% |
| Fixed assets | 21/28 | €689,881 | €509,962 | -€179,919 | -26.1% |
| Tangible fixed assets | 22/27 | €689,881 | €509,962 | -€179,919 | -26.1% |
| Land and buildings | 22 | €33,085 | €28,313 | -€4,773 | -14.4% |
| Plant, machinery and equipment | 23 | €173,296 | €59,224 | -€114,072 | -65.8% |
| Furniture and vehicles | 24 | €483,499 | €422,425 | -€61,074 | -12.6% |
| Current assets | 29/58 | €647,860 | €462,420 | -€185,440 | -28.6% |
| Amounts receivable within one year | 40/41 | €323,824 | €100,335 | -€223,489 | -69.0% |
| Trade receivables | 40 | €91,692 | €99,343 | +€7,650 | +8.3% |
| Other amounts receivable | 41 | €232,132 | €993 | -€231,139 | -99.6% |
| Cash at bank and in hand | 54/58 | €43,065 | €72,489 | +€29,424 | +68.3% |
| Deferred charges and accrued income | 490/1 | €280,971 | €289,596 | +€8,625 | +3.1% |
| Total equity and liabilities | 10/49 | €1,337,741 | €972,382 | -€365,359 | -27.3% |
| Equity | 10/15 | €235,568 | €291,976 | +€56,408 | +23.9% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €191,466 | €247,874 | +€56,408 | +29.5% |
| Distributable reserves | 133 | €191,466 | €247,874 | +€56,408 | +29.5% |
| Profit (loss) carried forward | 14 | €19,101 | €19,101 | = | 0.0% |
| Amounts payable | 17/49 | €1,102,173 | €680,406 | -€421,767 | -38.3% |
| Amounts payable after more than one year | 17 | €293,844 | €183,035 | -€110,810 | -37.7% |
| Financial debts | 170/4 | €293,844 | €183,035 | -€110,810 | -37.7% |
| Amounts payable within one year | 42/48 | €741,057 | €497,371 | -€243,686 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €124,143 | €110,800 | -€13,343 | -10.7% |
| Trade debts | 44 | €189,720 | €12,847 | -€176,873 | -93.2% |
| Suppliers | 440/4 | €189,720 | €12,847 | -€176,873 | -93.2% |
| Taxes, remuneration and social security | 45 | €22,830 | €14,638 | -€8,192 | -35.9% |
| Taxes | 450/3 | €22,830 | €14,638 | -€8,192 | -35.9% |
| Other amounts payable | 47/48 | €404,364 | €359,086 | -€45,278 | -11.2% |
| Accrued charges and deferred income | 492/3 | €67,272 | €0 | -€67,272 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,431 | €284,793 | +€1,363 | +0.5% |
| Other operating charges | 640/8 | €406 | €1,798 | +€1,392 | +342.7% |
| Gross operating margin | 9900 | €302,773 | €355,976 | +€53,203 | +17.6% |
| Operating profit (loss) | 9901 | €18,936 | €69,385 | +€50,449 | +266.4% |
| Financial income | 75/76B | €30,215 | €0 | -€30,215 | -100.0% |
| Recurring financial income | 75 | €30,215 | €0 | -€30,215 | -100.0% |
| Financial charges | 65/66B | €5,148 | €4,291 | -€856 | -16.6% |
| Recurring financial charges | 65 | €5,148 | €4,291 | -€856 | -16.6% |
| Profit (loss) for the period before taxes | 9903 | €44,003 | €65,094 | +€21,090 | +47.9% |
| Income taxes | 67/77 | €10,587 | €8,686 | -€1,901 | -18.0% |
| Profit (loss) for the period | 9904 | €33,416 | €56,408 | +€22,992 | +68.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,416 | €56,408 | +€22,992 | +68.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.