MARDI: 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.
MARDI
Largest movements
- Tangible fixed assets -€25,069
down €25,069 (-13.2%), from €190,630 to €165,561
- Cash -€24,529
down €24,529 (-80.1%), from €30,628 to €6,099
mainly Other debts (-€41,049) and Net result for the year (-€13,718)
- Receivables within one year -€10,531
down €10,531 (-4.0%), from €260,318 to €249,787
- Other debts -€41,049
down €41,049 (-66.5%), from €61,691 to €20,642
- Profit (loss) carried forward -€13,718
down €13,718 (-28.5%), from -€48,134 to -€61,852
- Trade debts -€6,873
down €6,873 (-19.4%), from €35,371 to €28,499
- Tax, wage and social debts -€4,979
down €4,979 (-59.7%), from €8,339 to €3,361
- Financial charges -€4,616
down €4,616 (-28.2%), from €16,343 to €11,727
- Gross operating margin +€2,040
up €2,040 (+8.5%), from €24,050 to €26,090
- Financial income +€279
new in 2025: €279
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 | €484,878 | €422,750 | -€62,129 | -12.8% |
| Fixed assets | 21/28 | €190,630 | €165,561 | -€25,069 | -13.2% |
| Tangible fixed assets | 22/27 | €190,630 | €165,561 | -€25,069 | -13.2% |
| Land and buildings | 22 | €190,630 | €165,561 | -€25,069 | -13.2% |
| Current assets | 29/58 | €294,248 | €257,188 | -€37,060 | -12.6% |
| Amounts receivable within one year | 40/41 | €260,318 | €249,787 | -€10,531 | -4.0% |
| Other amounts receivable | 41 | €260,318 | €249,787 | -€10,531 | -4.0% |
| Cash at bank and in hand | 54/58 | €30,628 | €6,099 | -€24,529 | -80.1% |
| Deferred charges and accrued income | 490/1 | €3,303 | €1,303 | -€2,000 | -60.6% |
| Total equity and liabilities | 10/49 | €484,878 | €422,750 | -€62,129 | -12.8% |
| Equity | 10/15 | €243,637 | €229,919 | -€13,718 | -5.6% |
| Contributions | 10/11 | €265,246 | €265,246 | = | 0.0% |
| Capital | 10 | €265,246 | €265,246 | = | 0.0% |
| Issued capital | 100 | €265,246 | €265,246 | = | 0.0% |
| Reserves | 13 | €26,525 | €26,525 | = | 0.0% |
| Non-distributable reserves | 130/1 | €26,525 | €26,525 | = | 0.0% |
| Legal reserve | 130 | €26,525 | €26,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,134 | -€61,852 | -€13,718 | -28.5% |
| Amounts payable | 17/49 | €241,242 | €192,831 | -€48,411 | -20.1% |
| Amounts payable after more than one year | 17 | €130,000 | €130,000 | = | 0.0% |
| Financial debts | 170/4 | €130,000 | €130,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €105,401 | €52,501 | -€52,900 | -50.2% |
| Trade debts | 44 | €35,371 | €28,499 | -€6,873 | -19.4% |
| Suppliers | 440/4 | €35,371 | €28,499 | -€6,873 | -19.4% |
| Taxes, remuneration and social security | 45 | €8,339 | €3,361 | -€4,979 | -59.7% |
| Taxes | 450/3 | €8,339 | €3,361 | -€4,979 | -59.7% |
| Other amounts payable | 47/48 | €61,691 | €20,642 | -€41,049 | -66.5% |
| Accrued charges and deferred income | 492/3 | €5,840 | €10,329 | +€4,489 | +76.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,861 | €25,069 | +€208 | +0.8% |
| Other operating charges | 640/8 | €3,192 | €3,291 | +€98 | +3.1% |
| Gross operating margin | 9900 | €24,050 | €26,090 | +€2,040 | +8.5% |
| Operating profit (loss) | 9901 | -€4,003 | -€2,269 | +€1,734 | +43.3% |
| Financial income | 75/76B | - | €279 | +€279 | |
| Recurring financial income | 75 | - | €279 | +€279 | |
| Financial charges | 65/66B | €16,343 | €11,727 | -€4,616 | -28.2% |
| Recurring financial charges | 65 | €16,343 | €11,727 | -€4,616 | -28.2% |
| Profit (loss) for the period before taxes | 9903 | -€20,346 | -€13,718 | +€6,628 | +32.6% |
| Profit (loss) for the period | 9904 | -€20,346 | -€13,718 | +€6,628 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,346 | -€13,718 | +€6,628 | +32.6% |
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 7 October 2026 via checked.be.