MARDEST: 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.
MARDEST
Largest movements
- Current investments +€175,000
up €175,000 (+38.9%), from €450,000 to €625,000
- Cash -€135,659
down €135,659 (-58.1%), from €233,580 to €97,921
mainly Current investments (-€175,000) and Contributions, distributions and other (-€100,000)
- Receivables within one year -€27,533
down €27,533 (-36.4%), from €75,738 to €48,204
of which Other amounts receivable: -€28,736
- Tangible fixed assets -€26,635
down €26,635 (-9.1%), from €291,757 to €265,122
of which Furniture and vehicles: -€18,855
- Receivables after one year -€12,000
no longer reported in 2025 (was €12,000)
- Reserves -€127,427
down €127,427 (-12.2%), from €1.0m to €915,938
of which Distributable reserves: -€127,427
- Other debts +€100,000
new in 2025: €100,000
- Financial income +€6,697
up €6,697 (+81.8%), from €8,189 to €14,886
- Gross operating margin +€4,267
up €4,267 (+28.8%), from -€14,797 to -€10,530
- Other operating charges +€2,029
up €2,029 (+85.4%), from €2,376 to €4,405
- Depreciation -€1,334
down €1,334 (-4.8%), from €27,969 to €26,635
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 | €1,064,091 | €1,037,167 | -€26,924 | -2.5% |
| Fixed assets | 21/28 | €291,757 | €265,122 | -€26,635 | -9.1% |
| Tangible fixed assets | 22/27 | €291,757 | €265,122 | -€26,635 | -9.1% |
| Land and buildings | 22 | €211,200 | €204,600 | -€6,600 | -3.1% |
| Plant, machinery and equipment | 23 | €2,473 | €1,294 | -€1,179 | -47.7% |
| Furniture and vehicles | 24 | €78,083 | €59,228 | -€18,855 | -24.1% |
| Current assets | 29/58 | €772,334 | €772,045 | -€289 | 0.0% |
| Amounts receivable after more than one year | 29 | €12,000 | - | -€12,000 | |
| Other amounts receivable | 291 | €12,000 | - | -€12,000 | |
| Amounts receivable within one year | 40/41 | €75,738 | €48,204 | -€27,533 | -36.4% |
| Trade receivables | 40 | €718 | €1,921 | +€1,203 | +167.4% |
| Other amounts receivable | 41 | €75,019 | €46,283 | -€28,736 | -38.3% |
| Current investments | 50/53 | €450,000 | €625,000 | +€175,000 | +38.9% |
| Cash at bank and in hand | 54/58 | €233,580 | €97,921 | -€135,659 | -58.1% |
| Deferred charges and accrued income | 490/1 | €1,016 | €920 | -€97 | -9.5% |
| Total equity and liabilities | 10/49 | €1,064,091 | €1,037,167 | -€26,924 | -2.5% |
| Equity | 10/15 | €1,061,965 | €934,538 | -€127,427 | -12.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,043,365 | €915,938 | -€127,427 | -12.2% |
| Non-distributable reserves | 130/1 | €22,679 | €22,679 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22,679 | €22,679 | = | 0.0% |
| Distributable reserves | 133 | €1,020,686 | €893,259 | -€127,427 | -12.5% |
| Amounts payable | 17/49 | €2,126 | €102,629 | +€100,503 | +4728.3% |
| Amounts payable within one year | 42/48 | €2,126 | €102,629 | +€100,503 | +4728.3% |
| Trade debts | 44 | €2,126 | €2,629 | +€503 | +23.7% |
| Suppliers | 440/4 | €2,126 | €2,629 | +€503 | +23.7% |
| Other amounts payable | 47/48 | - | €100,000 | +€100,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,969 | €26,635 | -€1,334 | -4.8% |
| Other operating charges | 640/8 | €2,376 | €4,405 | +€2,029 | +85.4% |
| Gross operating margin | 9900 | -€14,797 | -€10,530 | +€4,267 | +28.8% |
| Operating profit (loss) | 9901 | -€45,142 | -€41,569 | +€3,573 | +7.9% |
| Financial income | 75/76B | €8,189 | €14,886 | +€6,697 | +81.8% |
| Recurring financial income | 75 | €8,189 | €14,886 | +€6,697 | +81.8% |
| Financial charges | 65/66B | €190 | €186 | -€4 | -2.0% |
| Recurring financial charges | 65 | €190 | €186 | -€4 | -2.0% |
| Profit (loss) for the period before taxes | 9903 | -€37,143 | -€26,869 | +€10,273 | +27.7% |
| Income taxes | 67/77 | €580 | €558 | -€22 | -3.8% |
| Profit (loss) for the period | 9904 | -€37,722 | -€27,427 | +€10,295 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,722 | -€27,427 | +€10,295 | +27.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.