MARDELA: what changed
MARDELA
Largest movements
- Cash -€273,701
down €273,701 (-87.0%), from €314,584 to €40,883
mainly Current investments (-€231,500) and Other debts (-€30,738)
- Current investments +€231,500
up €231,500 (+1,114%), from €20,783 to €252,283
- Receivables within one year -€35,590
down €35,590 (-54.0%), from €65,893 to €30,303
of which Trade receivables: -€31,117
- Stocks and contracts +€23,344
up €23,344 (+1,118%), from €2,089 to €25,433
of which Contracts in progress: +€21,000
- Tangible fixed assets -€5,983
down €5,983 (-49.0%), from €12,211 to €6,227
of which Furniture and vehicles: -€7,251
- Other debts -€30,738
down €30,738 (-61.6%), from €49,875 to €19,137
- Trade debts -€17,550
down €17,550 (-40.1%), from €43,717 to €26,167
- Reserves -€14,969
down €14,969 (-6.8%), from €220,912 to €205,943
- Gross operating margin -€198,249
down €198,249 (-95.9%), from €206,652 to €8,403
- Taxes -€58,216
no longer reported in 2025 (was €58,216)
- Other operating charges -€2,739
down €2,739 (-74.8%), from €3,661 to €922
- Financial income +€2,126
up €2,126 (+1,032%), from €206 to €2,332
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €415,559 | €355,128 | -€60,431 | -14.5% |
| Fixed assets | 21/28 | €12,211 | €6,227 | -€5,983 | -49.0% |
| Tangible fixed assets | 22/27 | €12,211 | €6,227 | -€5,983 | -49.0% |
| Plant, machinery and equipment | 23 | €1,765 | €3,033 | +€1,268 | +71.8% |
| Furniture and vehicles | 24 | €10,446 | €3,195 | -€7,251 | -69.4% |
| Current assets | 29/58 | €403,349 | €348,901 | -€54,448 | -13.5% |
| Stocks and contracts in progress | 3 | €2,089 | €25,433 | +€23,344 | +1,118% |
| Stocks | 30/36 | €2,089 | €4,433 | +€2,344 | +112% |
| Contracts in progress | 37 | - | €21,000 | +€21,000 | |
| Amounts receivable within one year | 40/41 | €65,893 | €30,303 | -€35,590 | -54.0% |
| Trade receivables | 40 | €54,376 | €23,258 | -€31,117 | -57.2% |
| Other amounts receivable | 41 | €11,518 | €7,045 | -€4,473 | -38.8% |
| Current investments | 50/53 | €20,783 | €252,283 | +€231,500 | +1,114% |
| Cash at bank and in hand | 54/58 | €314,584 | €40,883 | -€273,701 | -87.0% |
| Total equity and liabilities | 10/49 | €415,559 | €355,128 | -€60,431 | -14.5% |
| Equity | 10/15 | €321,886 | €307,008 | -€14,878 | -4.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €220,912 | €205,943 | -€14,969 | -6.8% |
| Distributable reserves | 133 | €220,912 | €205,943 | -€14,969 | -6.8% |
| Profit (loss) carried forward | 14 | €82,375 | €82,465 | +€91 | +0.1% |
| Amounts payable | 17/49 | €93,673 | €48,120 | -€45,552 | -48.6% |
| Amounts payable within one year | 42/48 | €93,673 | €48,120 | -€45,552 | -48.6% |
| Trade debts | 44 | €43,717 | €26,167 | -€17,550 | -40.1% |
| Suppliers | 440/4 | €43,717 | €26,167 | -€17,550 | -40.1% |
| Taxes, remuneration and social security | 45 | €81 | €2,817 | +€2,736 | +3,383% |
| Taxes | 450/3 | €81 | €2,817 | +€2,736 | +3,383% |
| Other amounts payable | 47/48 | €49,875 | €19,137 | -€30,738 | -61.6% |
| Non-recurring operating income | 76A | €205,900 | - | -€205,900 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,575 | €9,081 | +€507 | +5.9% |
| Other operating charges | 640/8 | €3,661 | €922 | -€2,739 | -74.8% |
| Gross operating margin | 9900 | €206,652 | €8,403 | -€198,249 | -95.9% |
| Operating profit (loss) | 9901 | €194,416 | -€1,600 | -€196,016 | |
| Financial income | 75/76B | €206 | €2,332 | +€2,126 | +1,032% |
| Recurring financial income | 75 | €206 | €2,332 | +€2,126 | +1,032% |
| Financial charges | 65/66B | €547 | €642 | +€95 | +17.4% |
| Recurring financial charges | 65 | €547 | €642 | +€95 | +17.4% |
| Profit (loss) for the period before taxes | 9903 | €194,075 | €91 | -€193,985 | -100.0% |
| Income taxes | 67/77 | €58,216 | - | -€58,216 | |
| Profit (loss) for the period | 9904 | €135,859 | €91 | -€135,769 | -99.9% |
| Profit (loss) for the period to be appropriated | 9905 | €135,859 | €91 | -€135,769 | -99.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.