MARDESCO: 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.
MARDESCO
Largest movements
- Tangible fixed assets -€7,390
down €7,390 (-3.6%), from €206,141 to €198,751
- Stocks and contracts -€2,670
down €2,670 (-18.9%), from €14,116 to €11,446
- Debts after one year -€14,525
down €14,525 (-1.3%), from €1.1m to €1.1m
- Profit (loss) carried forward +€6,398
up €6,398 (+0.6%), from -€1.1m to -€1.1m
- Gross operating margin -€6,139
down €6,139 (-31.5%), from €19,458 to €13,319
- Other operating charges -€1,190
down €1,190 (-49.4%), from €2,409 to €1,219
- Depreciation -€1,158
down €1,158 (-17.4%), from €6,647 to €5,489
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 | €224,381 | €216,417 | -€7,964 | -3.5% |
| Fixed assets | 21/28 | €206,141 | €198,751 | -€7,390 | -3.6% |
| Tangible fixed assets | 22/27 | €206,141 | €198,751 | -€7,390 | -3.6% |
| Land and buildings | 22 | €206,141 | €198,751 | -€7,390 | -3.6% |
| Current assets | 29/58 | €18,239 | €17,666 | -€573 | -3.1% |
| Stocks and contracts in progress | 3 | €14,116 | €11,446 | -€2,670 | -18.9% |
| Stocks | 30/36 | €14,116 | €11,446 | -€2,670 | -18.9% |
| Amounts receivable within one year | 40/41 | €1,620 | €1,620 | = | 0.0% |
| Trade receivables | 40 | €1,620 | €1,620 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,503 | €3,947 | +€1,443 | +57.7% |
| Deferred charges and accrued income | 490/1 | - | €654 | +€654 | |
| Total equity and liabilities | 10/49 | €224,381 | €216,417 | -€7,964 | -3.5% |
| Equity | 10/15 | -€896,787 | -€890,390 | +€6,398 | +0.7% |
| Contributions | 10/11 | €168,600 | €168,600 | = | 0.0% |
| Reserves | 13 | €13,615 | €13,615 | = | 0.0% |
| Distributable reserves | 133 | €13,615 | €13,615 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,079,002 | -€1,072,605 | +€6,398 | +0.6% |
| Amounts payable | 17/49 | €1,121,168 | €1,106,807 | -€14,361 | -1.3% |
| Amounts payable after more than one year | 17 | €1,119,460 | €1,104,934 | -€14,525 | -1.3% |
| Other amounts payable | 178/9 | €1,119,460 | €1,104,934 | -€14,525 | -1.3% |
| Amounts payable within one year | 42/48 | €962 | €1,872 | +€910 | +94.6% |
| Trade debts | 44 | €939 | €1,860 | +€921 | +98.0% |
| Suppliers | 440/4 | €939 | €1,860 | +€921 | +98.0% |
| Taxes, remuneration and social security | 45 | €23 | €12 | -€11 | -47.5% |
| Taxes | 450/3 | €23 | €12 | -€11 | -47.5% |
| Accrued charges and deferred income | 492/3 | €746 | - | -€746 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,647 | €5,489 | -€1,158 | -17.4% |
| Other operating charges | 640/8 | €2,409 | €1,219 | -€1,190 | -49.4% |
| Gross operating margin | 9900 | €19,458 | €13,319 | -€6,139 | -31.5% |
| Operating profit (loss) | 9901 | €10,403 | €6,612 | -€3,791 | -36.4% |
| Financial income | 75/76B | €73 | - | -€73 | |
| Recurring financial income | 75 | €73 | - | -€73 | |
| Financial charges | 65/66B | €200 | €214 | +€14 | +7.0% |
| Recurring financial charges | 65 | €200 | €214 | +€14 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €10,275 | €6,398 | -€3,877 | -37.7% |
| Profit (loss) for the period | 9904 | €10,275 | €6,398 | -€3,877 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €10,275 | €6,398 | -€3,877 | -37.7% |
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 14 October 2026 via checked.be.