MARDIS: 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.
MARDIS
Largest movements
- Cash -€84,046
down €84,046 (-63.6%), from €132,079 to €48,033
mainly Trade debts (-€97,272) and Investment in fixed assets (net) (-€66,787)
- Stocks and contracts -€33,110
down €33,110 (-6.1%), from €542,739 to €509,629
- Receivables within one year -€26,033
down €26,033 (-23.2%), from €111,968 to €85,936
of which Trade receivables: -€15,800
- Tangible fixed assets +€16,942
up €16,942 (+10.7%), from €158,354 to €175,296
of which Other tangible fixed assets: +€32,615
- Trade debts -€97,272
down €97,272 (-32.8%), from €296,251 to €198,979
- Profit (loss) carried forward -€28,532
down €28,532 (-4.5%), from €627,407 to €598,875
- Gross operating margin -€169,457
down €169,457 (-42.6%), from €397,790 to €228,334
- Staff costs -€39,963
down €39,963 (-17.1%), from €233,760 to €193,797
- Taxes -€26,260
down €26,260 (-100.0%), from €26,260 to €0
- Depreciation +€4,909
up €4,909 (+10.9%), from €44,936 to €49,845
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,044,728 | €916,619 | -€128,109 | -12.3% |
| Fixed assets | 21/28 | €158,354 | €175,296 | +€16,942 | +10.7% |
| Tangible fixed assets | 22/27 | €158,354 | €175,296 | +€16,942 | +10.7% |
| Plant, machinery and equipment | 23 | €59,367 | €47,118 | -€12,248 | -20.6% |
| Furniture and vehicles | 24 | €6,798 | €3,374 | -€3,424 | -50.4% |
| Other tangible fixed assets | 26 | €92,189 | €124,804 | +€32,615 | +35.4% |
| Current assets | 29/58 | €886,374 | €741,323 | -€145,051 | -16.4% |
| Stocks and contracts in progress | 3 | €542,739 | €509,629 | -€33,110 | -6.1% |
| Stocks | 30/36 | €542,739 | €509,629 | -€33,110 | -6.1% |
| Amounts receivable within one year | 40/41 | €111,968 | €85,936 | -€26,033 | -23.2% |
| Trade receivables | 40 | €55,534 | €39,734 | -€15,800 | -28.5% |
| Other amounts receivable | 41 | €56,434 | €46,202 | -€10,232 | -18.1% |
| Cash at bank and in hand | 54/58 | €132,079 | €48,033 | -€84,046 | -63.6% |
| Deferred charges and accrued income | 490/1 | €99,588 | €97,725 | -€1,863 | -1.9% |
| Total equity and liabilities | 10/49 | €1,044,728 | €916,619 | -€128,109 | -12.3% |
| Equity | 10/15 | €695,607 | €667,075 | -€28,532 | -4.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €627,407 | €598,875 | -€28,532 | -4.5% |
| Amounts payable | 17/49 | €349,121 | €249,544 | -€99,577 | -28.5% |
| Amounts payable after more than one year | 17 | €12,965 | €8,643 | -€4,322 | -33.3% |
| Financial debts | 170/4 | €12,965 | €8,643 | -€4,322 | -33.3% |
| Amounts payable within one year | 42/48 | €336,156 | €240,901 | -€95,255 | -28.3% |
| Current portion of amounts payable after more than one year | 42 | €4,322 | €4,322 | = | 0.0% |
| Trade debts | 44 | €296,251 | €198,979 | -€97,272 | -32.8% |
| Suppliers | 440/4 | €296,251 | €198,979 | -€97,272 | -32.8% |
| Advances received on contracts in progress | 46 | €9,487 | €10,829 | +€1,342 | +14.2% |
| Taxes, remuneration and social security | 45 | €26,096 | €26,771 | +€675 | +2.6% |
| Taxes | 450/3 | - | €5 | +€5 | |
| Remuneration and social security | 454/9 | €26,096 | €26,766 | +€669 | +2.6% |
| Remuneration, social security and pensions | 62 | €233,760 | €193,797 | -€39,963 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,936 | €49,845 | +€4,909 | +10.9% |
| Other operating charges | 640/8 | €2,393 | €2,621 | +€228 | +9.5% |
| Gross operating margin | 9900 | €397,790 | €228,334 | -€169,457 | -42.6% |
| Operating profit (loss) | 9901 | €116,701 | -€17,930 | -€134,631 | |
| Financial income | 75/76B | €6,918 | €8,234 | +€1,316 | +19.0% |
| Recurring financial income | 75 | €6,918 | €8,234 | +€1,316 | +19.0% |
| Financial charges | 65/66B | €21,998 | €18,836 | -€3,161 | -14.4% |
| Recurring financial charges | 65 | €21,998 | €18,836 | -€3,161 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €101,621 | -€28,532 | -€130,153 | |
| Income taxes | 67/77 | €26,260 | €0 | -€26,260 | -100.0% |
| Profit (loss) for the period | 9904 | €75,361 | -€28,532 | -€103,893 | |
| Profit (loss) for the period to be appropriated | 9905 | €75,361 | -€28,532 | -€103,893 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.