MARDEN: 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.
MARDEN
Largest movements
- Cash +€115,214
up €115,214 (+3821.2%), from €3,015 to €118,229
mainly Net result for the year (+€104,164) and Investment in fixed assets (net) (+€90,850)
- Tangible fixed assets -€93,349
down €93,349 (-97.6%), from €95,626 to €2,277
of which Land and buildings: -€90,850
- Receivables within one year -€32,164
down €32,164 (-79.0%), from €40,703 to €8,539
of which Trade receivables: -€36,999
- Debts after one year -€105,423
no longer reported in 2025 (was €105,423)
- Reserves +€99,112
new in 2025: €99,112
- Current portion of long-term debt -€14,138
no longer reported in 2025 (was €14,138)
- Profit (loss) carried forward +€5,053
no longer reported in 2025 (was -€5,053)
- Other debts +€4,391
up €4,391 (+874.8%), from €502 to €4,893
- Gross operating margin +€166,418
up €166,418 (+585.2%), from €28,439 to €194,857
- Taxes +€45,151
up €45,151 (+804.8%), from €5,610 to €50,761
- Other operating charges +€34,749
up €34,749 (+995.5%), from €3,491 to €38,240
- Depreciation -€8,522
down €8,522 (-77.3%), from €11,021 to €2,499
- Financial income +€6,479
new in 2025: €6,479
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 | €140,623 | €130,258 | -€10,365 | -7.4% |
| Fixed assets | 21/28 | €95,626 | €2,277 | -€93,349 | -97.6% |
| Tangible fixed assets | 22/27 | €95,626 | €2,277 | -€93,349 | -97.6% |
| Land and buildings | 22 | €90,850 | - | -€90,850 | |
| Plant, machinery and equipment | 23 | €584 | €0 | -€584 | -100.0% |
| Furniture and vehicles | 24 | €4,192 | €2,277 | -€1,915 | -45.7% |
| Current assets | 29/58 | €44,997 | €127,981 | +€82,984 | +184.4% |
| Amounts receivable within one year | 40/41 | €40,703 | €8,539 | -€32,164 | -79.0% |
| Trade receivables | 40 | €39,387 | €2,387 | -€36,999 | -93.9% |
| Other amounts receivable | 41 | €1,317 | €6,152 | +€4,835 | +367.2% |
| Cash at bank and in hand | 54/58 | €3,015 | €118,229 | +€115,214 | +3821.2% |
| Deferred charges and accrued income | 490/1 | €1,279 | €1,213 | -€66 | -5.1% |
| Total equity and liabilities | 10/49 | €140,623 | €130,258 | -€10,365 | -7.4% |
| Equity | 10/15 | €13,547 | €117,712 | +€104,164 | +768.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | - | €99,112 | +€99,112 | |
| Distributable reserves | 133 | - | €99,112 | +€99,112 | |
| Profit (loss) carried forward | 14 | -€5,053 | - | +€5,053 | |
| Amounts payable | 17/49 | €127,076 | €12,547 | -€114,529 | -90.1% |
| Amounts payable after more than one year | 17 | €105,423 | - | -€105,423 | |
| Financial debts | 170/4 | €105,423 | - | -€105,423 | |
| Amounts payable within one year | 42/48 | €21,653 | €12,547 | -€9,106 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €14,138 | - | -€14,138 | |
| Trade debts | 44 | €2,703 | €1,906 | -€798 | -29.5% |
| Suppliers | 440/4 | €2,703 | €1,906 | -€798 | -29.5% |
| Taxes, remuneration and social security | 45 | €4,310 | €5,748 | +€1,438 | +33.4% |
| Taxes | 450/3 | €4,310 | €5,748 | +€1,438 | +33.4% |
| Other amounts payable | 47/48 | €502 | €4,893 | +€4,391 | +874.8% |
| Non-recurring operating income | 76A | - | €189,276 | +€189,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,021 | €2,499 | -€8,522 | -77.3% |
| Other operating charges | 640/8 | €3,491 | €38,240 | +€34,749 | +995.5% |
| Gross operating margin | 9900 | €28,439 | €194,857 | +€166,418 | +585.2% |
| Operating profit (loss) | 9901 | €13,928 | €154,118 | +€140,190 | +1006.5% |
| Financial income | 75/76B | - | €6,479 | +€6,479 | |
| Recurring financial income | 75 | - | €6,479 | +€6,479 | |
| Financial charges | 65/66B | €3,034 | €5,672 | +€2,638 | +86.9% |
| Recurring financial charges | 65 | €3,034 | €5,672 | +€2,638 | +86.9% |
| Profit (loss) for the period before taxes | 9903 | €10,894 | €154,925 | +€144,031 | +1322.1% |
| Income taxes | 67/77 | €5,610 | €50,761 | +€45,151 | +804.8% |
| Profit (loss) for the period | 9904 | €5,284 | €104,164 | +€98,880 | +1871.3% |
| Profit (loss) for the period to be appropriated | 9905 | €5,284 | €104,164 | +€98,880 | +1871.3% |
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 5 October 2026 via checked.be.