MARDENA: 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.
MARDENA
Largest movements
- Receivables within one year +€126,344
up €126,344 (+341%), from €37,015 to €163,359
of which Other amounts receivable: +€106,664
- Cash -€48,818
down €48,818 (-85.2%), from €57,316 to €8,498
mainly Receivables within one year (-€126,344) and Contributions, distributions and other (-€29,891)
- Tangible fixed assets -€42,488
down €42,488 (-25.2%), from €168,651 to €126,163
of which Plant, machinery and equipment: -€26,699
- Debts after one year +€69,414
new in 2025: €69,414
- Reserves -€29,891
down €29,891 (-90.6%), from €32,990 to €3,099
of which Tax-exempt reserves: -€29,891
- Current portion of long-term debt +€22,847
new in 2025: €22,847
- Profit (loss) carried forward -€14,529
down €14,529 (-71.3%), from -€20,384 to -€34,913
- Provisions -€9,964
no longer reported in 2025 (was €9,964)
- Gross operating margin -€80,326
down €80,326 (-66.4%), from €120,900 to €40,573
- Staff costs -€34,641
down €34,641 (-48.8%), from €70,919 to €36,279
- Taxes -€9,506
down €9,506 (-61.3%), from €15,517 to €6,011
- Other operating charges -€5,580
down €5,580 (-61.8%), from €9,025 to €3,445
- Financial income +€2,553
up €2,553 (+366%), from €698 to €3,251
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 | €263,426 | €298,454 | +€35,028 | +13.3% |
| Fixed assets | 21/28 | €168,775 | €126,287 | -€42,488 | -25.2% |
| Tangible fixed assets | 22/27 | €168,651 | €126,163 | -€42,488 | -25.2% |
| Land and buildings | 22 | €10,641 | €8,889 | -€1,752 | -16.5% |
| Plant, machinery and equipment | 23 | €91,912 | €65,212 | -€26,699 | -29.0% |
| Furniture and vehicles | 24 | €66,098 | €52,062 | -€14,037 | -21.2% |
| Financial fixed assets | 28 | €124 | €124 | = | 0.0% |
| Current assets | 29/58 | €94,651 | €172,167 | +€77,516 | +81.9% |
| Amounts receivable within one year | 40/41 | €37,015 | €163,359 | +€126,344 | +341% |
| Trade receivables | 40 | €35,965 | €55,646 | +€19,680 | +54.7% |
| Other amounts receivable | 41 | €1,049 | €107,713 | +€106,664 | +10,167% |
| Cash at bank and in hand | 54/58 | €57,316 | €8,498 | -€48,818 | -85.2% |
| Deferred charges and accrued income | 490/1 | €320 | €310 | -€10 | -3.1% |
| Total equity and liabilities | 10/49 | €263,426 | €298,454 | +€35,028 | +13.3% |
| Equity | 10/15 | €233,592 | €189,173 | -€44,420 | -19.0% |
| Contributions | 10/11 | €220,987 | €220,987 | = | 0.0% |
| Reserves | 13 | €32,990 | €3,099 | -€29,891 | -90.6% |
| Tax-exempt reserves | 132 | €29,891 | - | -€29,891 | |
| Distributable reserves | 133 | €3,099 | €3,099 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€20,384 | -€34,913 | -€14,529 | -71.3% |
| Provisions and deferred taxes | 16 | €9,964 | - | -€9,964 | |
| Deferred taxes | 168 | €9,964 | - | -€9,964 | |
| Amounts payable | 17/49 | €19,870 | €109,281 | +€89,411 | +450% |
| Amounts payable after more than one year | 17 | - | €69,414 | +€69,414 | |
| Financial debts | 170/4 | - | €69,414 | +€69,414 | |
| Amounts payable within one year | 42/48 | €19,870 | €39,867 | +€19,997 | +101% |
| Current portion of amounts payable after more than one year | 42 | - | €22,847 | +€22,847 | |
| Trade debts | 44 | €3,315 | - | -€3,315 | |
| Suppliers | 440/4 | €3,315 | - | -€3,315 | |
| Taxes, remuneration and social security | 45 | €14,194 | €17,020 | +€2,826 | +19.9% |
| Taxes | 450/3 | €10,517 | €7,204 | -€3,313 | -31.5% |
| Remuneration and social security | 454/9 | €3,676 | €9,816 | +€6,140 | +167% |
| Other amounts payable | 47/48 | €2,361 | - | -€2,361 | |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Remuneration, social security and pensions | 62 | €70,919 | €36,279 | -€34,641 | -48.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,219 | €48,973 | +€1,754 | +3.7% |
| Other operating charges | 640/8 | €9,025 | €3,445 | -€5,580 | -61.8% |
| Gross operating margin | 9900 | €120,900 | €40,573 | -€80,326 | -66.4% |
| Operating profit (loss) | 9901 | -€6,263 | -€48,123 | -€41,860 | -668% |
| Financial income | 75/76B | €698 | €3,251 | +€2,553 | +366% |
| Recurring financial income | 75 | €698 | €3,251 | +€2,553 | +366% |
| Financial charges | 65/66B | €2,254 | €3,501 | +€1,247 | +55.3% |
| Recurring financial charges | 65 | €2,254 | €3,501 | +€1,247 | +55.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,819 | -€48,372 | -€40,553 | -519% |
| Transfer from deferred taxes | 780 | €1,324 | €39,855 | +€38,531 | +2,910% |
| Income taxes | 67/77 | €15,517 | €6,011 | -€9,506 | -61.3% |
| Profit (loss) for the period | 9904 | -€22,012 | -€14,529 | +€7,483 | +34.0% |
| Transfer from tax-exempt reserves | 789 | €3,973 | - | -€3,973 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,039 | -€14,529 | +€3,510 | +19.5% |
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 21 October 2026 via checked.be.