MARDES: 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.
MARDES
Largest movements
- Receivables within one year +€410,088
up €410,088 (+170%), from €241,240 to €651,327
of which Other amounts receivable: +€358,433
- Current investments -€200,000
down €200,000 (-40.0%), from €500,000 to €300,000
- Cash -€140,346
down €140,346 (-66.5%), from €210,989 to €70,643
mainly Receivables within one year (-€410,088) and Investment in fixed assets (net) (-€25,310)
- Trade debts +€81,866
up €81,866 (+3,362%), from €2,435 to €84,301
- Tax, wage and social debts +€32,392
up €32,392 (+322%), from €10,063 to €42,455
of which Remuneration and social security: +€23,503
- Staff costs +€138,677
new in 2025: €138,677
- Gross operating margin +€120,216
up €120,216 (+179%), from €67,057 to €187,273
- Financial charges +€18,725
up €18,725 (+59.3%), from €31,579 to €50,304
- Taxes -€11,390
down €11,390 (-84.1%), from €13,543 to €2,152
- Financial income -€6,171
down €6,171 (-35.1%), from €17,582 to €11,410
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 | €3,060,839 | €3,153,700 | +€92,861 | +3.0% |
| Fixed assets | 21/28 | €2,105,274 | €2,130,584 | +€25,310 | +1.2% |
| Financial fixed assets | 28 | €2,105,274 | €2,130,584 | +€25,310 | +1.2% |
| Current assets | 29/58 | €955,565 | €1,023,116 | +€67,551 | +7.1% |
| Amounts receivable within one year | 40/41 | €241,240 | €651,327 | +€410,088 | +170% |
| Trade receivables | 40 | €47,461 | €99,116 | +€51,655 | +109% |
| Other amounts receivable | 41 | €193,779 | €552,212 | +€358,433 | +185% |
| Current investments | 50/53 | €500,000 | €300,000 | -€200,000 | -40.0% |
| Cash at bank and in hand | 54/58 | €210,989 | €70,643 | -€140,346 | -66.5% |
| Deferred charges and accrued income | 490/1 | €3,336 | €1,146 | -€2,191 | -65.7% |
| Total equity and liabilities | 10/49 | €3,060,839 | €3,153,700 | +€92,861 | +3.0% |
| Equity | 10/15 | €2,349,601 | €2,356,057 | +€6,457 | +0.3% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €1,349,601 | €1,356,057 | +€6,457 | +0.5% |
| Non-distributable reserves | 130/1 | €100,000 | €100,000 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Distributable reserves | 133 | €1,249,601 | €1,256,057 | +€6,457 | +0.5% |
| Provisions and deferred taxes | 16 | €112,105 | €112,105 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €112,105 | €112,105 | = | 0.0% |
| Other liabilities and charges | 164/5 | €112,105 | €112,105 | = | 0.0% |
| Amounts payable | 17/49 | €599,133 | €685,538 | +€86,405 | +14.4% |
| Amounts payable within one year | 42/48 | €578,333 | €667,485 | +€89,152 | +15.4% |
| Trade debts | 44 | €2,435 | €84,301 | +€81,866 | +3,362% |
| Suppliers | 440/4 | €2,435 | €84,301 | +€81,866 | +3,362% |
| Taxes, remuneration and social security | 45 | €10,063 | €42,455 | +€32,392 | +322% |
| Taxes | 450/3 | €10,063 | €18,952 | +€8,889 | +88.3% |
| Remuneration and social security | 454/9 | - | €23,503 | +€23,503 | |
| Other amounts payable | 47/48 | €565,835 | €540,729 | -€25,106 | -4.4% |
| Accrued charges and deferred income | 492/3 | €20,800 | €18,053 | -€2,747 | -13.2% |
| Remuneration, social security and pensions | 62 | - | €138,677 | +€138,677 | |
| Other operating charges | 640/8 | €1,075 | €1,094 | +€18 | +1.7% |
| Gross operating margin | 9900 | €67,057 | €187,273 | +€120,216 | +179% |
| Operating profit (loss) | 9901 | €65,982 | €47,502 | -€18,479 | -28.0% |
| Financial income | 75/76B | €17,582 | €11,410 | -€6,171 | -35.1% |
| Recurring financial income | 75 | €17,582 | €11,410 | -€6,171 | -35.1% |
| Financial charges | 65/66B | €31,579 | €50,304 | +€18,725 | +59.3% |
| Recurring financial charges | 65 | €31,579 | €50,304 | +€18,725 | +59.3% |
| Profit (loss) for the period before taxes | 9903 | €51,985 | €8,609 | -€43,376 | -83.4% |
| Income taxes | 67/77 | €13,543 | €2,152 | -€11,390 | -84.1% |
| Profit (loss) for the period | 9904 | €38,442 | €6,457 | -€31,986 | -83.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,442 | €6,457 | -€31,986 | -83.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.