MARDEL: 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.
MARDEL
Largest movements
- Cash -€73,013
down €73,013 (-43.9%), from €166,216 to €93,203
mainly Debts after one year (-€197,450) and Other debts (-€160,117)
- Profit (loss) carried forward +€296,638
up €296,638 (+1528.9%), from €19,403 to €316,041
- Debts after one year -€197,450
down €197,450 (-25.7%), from €768,191 to €570,741
of which Other amounts payable: -€125,000
- Other debts -€160,117
down €160,117 (-39.6%), from €404,051 to €243,934
- Financial income -€45,883
down €45,883 (-13.8%), from €331,883 to €286,000
- Gross operating margin +€10,179
up €10,179 (+38.0%), from €26,787 to €36,967
- Financial charges -€4,214
down €4,214 (-14.9%), from €28,287 to €24,073
- Taxes +€403
up €403 (+7518.7%), from €5 to €408
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 | €1,966,954 | €1,906,279 | -€60,675 | -3.1% |
| Fixed assets | 21/28 | €1,760,854 | €1,761,375 | +€522 | 0.0% |
| Tangible fixed assets | 22/27 | €779 | €1,300 | +€522 | +67.0% |
| Furniture and vehicles | 24 | €779 | €1,300 | +€522 | +67.0% |
| Financial fixed assets | 28 | €1,760,075 | €1,760,075 | = | 0.0% |
| Current assets | 29/58 | €206,100 | €144,903 | -€61,197 | -29.7% |
| Amounts receivable within one year | 40/41 | €39,885 | €48,960 | +€9,075 | +22.8% |
| Trade receivables | 40 | €39,325 | €48,400 | +€9,075 | +23.1% |
| Other amounts receivable | 41 | €560 | €560 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €166,216 | €93,203 | -€73,013 | -43.9% |
| Deferred charges and accrued income | 490/1 | - | €2,741 | +€2,741 | |
| Total equity and liabilities | 10/49 | €1,966,954 | €1,906,279 | -€60,675 | -3.1% |
| Equity | 10/15 | €561,903 | €858,541 | +€296,638 | +52.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €467,500 | €467,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €460,000 | €460,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,403 | €316,041 | +€296,638 | +1528.9% |
| Amounts payable | 17/49 | €1,405,051 | €1,047,737 | -€357,314 | -25.4% |
| Amounts payable after more than one year | 17 | €768,191 | €570,741 | -€197,450 | -25.7% |
| Financial debts | 170/4 | €133,191 | €60,741 | -€72,450 | -54.4% |
| Other amounts payable | 178/9 | €635,000 | €510,000 | -€125,000 | -19.7% |
| Amounts payable within one year | 42/48 | €609,846 | €454,197 | -€155,649 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €196,974 | €197,450 | +€476 | +0.2% |
| Trade debts | 44 | €25 | €4,571 | +€4,547 | +18557.3% |
| Suppliers | 440/4 | €25 | €4,571 | +€4,547 | +18557.3% |
| Taxes, remuneration and social security | 45 | €8,796 | €8,241 | -€554 | -6.3% |
| Taxes | 450/3 | €8,796 | €8,241 | -€554 | -6.3% |
| Other amounts payable | 47/48 | €404,051 | €243,934 | -€160,117 | -39.6% |
| Accrued charges and deferred income | 492/3 | €27,014 | €22,800 | -€4,214 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €530 | €686 | +€155 | +29.3% |
| Other operating charges | 640/8 | €968 | €1,161 | +€193 | +20.0% |
| Gross operating margin | 9900 | €26,787 | €36,967 | +€10,179 | +38.0% |
| Operating profit (loss) | 9901 | €25,289 | €35,120 | +€9,830 | +38.9% |
| Financial income | 75/76B | €331,883 | €286,000 | -€45,883 | -13.8% |
| Recurring financial income | 75 | €331,883 | €286,000 | -€45,883 | -13.8% |
| Financial charges | 65/66B | €28,287 | €24,073 | -€4,214 | -14.9% |
| Recurring financial charges | 65 | €28,287 | €24,073 | -€4,214 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €328,886 | €297,047 | -€31,839 | -9.7% |
| Income taxes | 67/77 | €5 | €408 | +€403 | +7518.7% |
| Profit (loss) for the period | 9904 | €328,881 | €296,638 | -€32,242 | -9.8% |
| Profit (loss) for the period to be appropriated | 9905 | €328,881 | €296,638 | -€32,242 | -9.8% |
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 1 October 2026 via checked.be.