MARDEM: what changed
Two financial 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.
MARDEM
Largest movements
- Tangible fixed assets +€205,329
up €205,329 (+105%), from €195,901 to €401,230
- Receivables within one year +€111,261
up €111,261 (+169%), from €66,026 to €177,287
of which Trade receivables: +€110,869
- Cash +€33,624
up €33,624 (+49.7%), from €67,694 to €101,317
mainly Debts after one year (+€196,132) and Trade debts (+€102,005)
- Debts after one year +€196,132
new in 2025: €196,132
- Trade debts +€102,005
up €102,005 (+1,030%), from €9,903 to €111,908
- Current portion of long-term debt +€33,029
new in 2025: €33,029
- Reserves +€13,000
up €13,000 (+6.8%), from €192,400 to €205,400
of which Distributable reserves: +€13,000
- Tax, wage and social debts +€7,026
up €7,026 (+172%), from €4,082 to €11,108
- Gross operating margin -€59,378
down €59,378 (-49.3%), from €120,416 to €61,038
- Other operating charges -€20,387
down €20,387 (-44.5%), from €45,783 to €25,396
- Depreciation +€10,415
up €10,415 (+119%), from €8,740 to €19,155
- Taxes -€5,120
no longer reported in 2025 (was €5,120)
- Financial charges +€4,118
up €4,118 (+1,304%), from €316 to €4,433
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.
Derived cash bridge
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 | €332,054 | €682,299 | +€350,245 | +105% |
| Fixed assets | 21/28 | €195,901 | €403,597 | +€207,696 | +106% |
| Tangible fixed assets | 22/27 | €195,901 | €401,230 | +€205,329 | +105% |
| Land and buildings | 22 | €195,901 | €401,230 | +€205,329 | +105% |
| Financial fixed assets | 28 | - | €2,367 | +€2,367 | |
| Current assets | 29/58 | €136,153 | €278,702 | +€142,549 | +105% |
| Amounts receivable within one year | 40/41 | €66,026 | €177,287 | +€111,261 | +169% |
| Trade receivables | 40 | €7,625 | €118,494 | +€110,869 | +1,454% |
| Other amounts receivable | 41 | €58,401 | €58,793 | +€392 | +0.7% |
| Cash at bank and in hand | 54/58 | €67,694 | €101,317 | +€33,624 | +49.7% |
| Deferred charges and accrued income | 490/1 | €2,433 | €98 | -€2,335 | -96.0% |
| Total equity and liabilities | 10/49 | €332,054 | €682,299 | +€350,245 | +105% |
| Equity | 10/15 | €318,069 | €330,122 | +€12,053 | +3.8% |
| Contributions | 10/11 | €124,000 | €124,000 | = | 0.0% |
| Capital | 10 | €124,000 | €124,000 | = | 0.0% |
| Issued capital | 100 | €124,000 | €124,000 | = | 0.0% |
| Reserves | 13 | €192,400 | €205,400 | +€13,000 | +6.8% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €193,000 | +€13,000 | +7.2% |
| Profit (loss) carried forward | 14 | €1,669 | €722 | -€947 | -56.7% |
| Amounts payable | 17/49 | €13,985 | €352,177 | +€338,192 | +2,418% |
| Amounts payable after more than one year | 17 | - | €196,132 | +€196,132 | |
| Financial debts | 170/4 | - | €196,132 | +€196,132 | |
| Amounts payable within one year | 42/48 | €13,985 | €156,045 | +€142,060 | +1,016% |
| Current portion of amounts payable after more than one year | 42 | - | €33,029 | +€33,029 | |
| Trade debts | 44 | €9,903 | €111,908 | +€102,005 | +1,030% |
| Suppliers | 440/4 | €9,903 | €111,908 | +€102,005 | +1,030% |
| Taxes, remuneration and social security | 45 | €4,082 | €11,108 | +€7,026 | +172% |
| Taxes | 450/3 | €4,082 | €11,108 | +€7,026 | +172% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,740 | €19,155 | +€10,415 | +119% |
| Other operating charges | 640/8 | €45,783 | €25,396 | -€20,387 | -44.5% |
| Gross operating margin | 9900 | €120,416 | €61,038 | -€59,378 | -49.3% |
| Operating profit (loss) | 9901 | €65,893 | €16,487 | -€49,406 | -75.0% |
| Financial income | 75/76B | €79 | - | -€79 | |
| Recurring financial income | 75 | €79 | - | -€79 | |
| Financial charges | 65/66B | €316 | €4,433 | +€4,118 | +1,304% |
| Recurring financial charges | 65 | €316 | €4,433 | +€4,118 | +1,304% |
| Profit (loss) for the period before taxes | 9903 | €65,656 | €12,053 | -€53,603 | -81.6% |
| Income taxes | 67/77 | €5,120 | - | -€5,120 | |
| Profit (loss) for the period | 9904 | €60,536 | €12,053 | -€48,483 | -80.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,536 | €12,053 | -€48,483 | -80.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.