DAP DE MANDEL: 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.
DAP DE MANDEL
Largest movements
- Cash +€254,679
up €254,679 (+597%), from €42,625 to €297,304
mainly Advances received (+€270,041) and Trade debts (+€198,320)
- Receivables within one year +€187,589
up €187,589 (+54.1%), from €346,683 to €534,272
of which Trade receivables: +€194,030
- Stocks and contracts +€65,921
up €65,921 (+33.6%), from €196,050 to €261,971
- Tangible fixed assets +€49,861
up €49,861 (+178%), from €27,974 to €77,835
of which Other tangible fixed assets: +€55,515
- Advances received +€270,041
up €270,041, from €0 to €270,041
- Trade debts +€198,320
up €198,320 (+54.3%), from €365,107 to €563,426
of which Suppliers: +€180,123
- Reserves +€39,883
up €39,883 (+17.9%), from €222,283 to €262,166
of which Distributable reserves: +€41,983
- Debts after one year +€25,864
new in 2025: €25,864
- Current portion of long-term debt +€19,792
new in 2025: €19,792
- Gross operating margin +€31,868
up €31,868 (+46.1%), from €69,109 to €100,976
- Depreciation +€11,635
up €11,635 (+144%), from €8,073 to €19,709
- Staff costs +€3,478
up €3,478 (+15.7%), from €22,179 to €25,657
- Financial income -€3,322
down €3,322 (-96.6%), from €3,441 to €118
- Taxes +€3,168
up €3,168 (+30.3%), from €10,445 to €13,613
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 | €617,250 | €1,177,699 | +€560,449 | +90.8% |
| Fixed assets | 21/28 | €29,647 | €82,244 | +€52,597 | +177% |
| Tangible fixed assets | 22/27 | €27,974 | €77,835 | +€49,861 | +178% |
| Plant, machinery and equipment | 23 | €27,974 | €22,320 | -€5,654 | -20.2% |
| Other tangible fixed assets | 26 | - | €55,515 | +€55,515 | |
| Financial fixed assets | 28 | €1,673 | €4,409 | +€2,736 | +164% |
| Current assets | 29/58 | €587,603 | €1,095,455 | +€507,852 | +86.4% |
| Stocks and contracts in progress | 3 | €196,050 | €261,971 | +€65,921 | +33.6% |
| Stocks | 30/36 | €196,050 | €261,971 | +€65,921 | +33.6% |
| Amounts receivable within one year | 40/41 | €346,683 | €534,272 | +€187,589 | +54.1% |
| Trade receivables | 40 | €336,353 | €530,383 | +€194,030 | +57.7% |
| Other amounts receivable | 41 | €10,331 | €3,889 | -€6,441 | -62.4% |
| Cash at bank and in hand | 54/58 | €42,625 | €297,304 | +€254,679 | +597% |
| Deferred charges and accrued income | 490/1 | €2,245 | €1,908 | -€337 | -15.0% |
| Total equity and liabilities | 10/49 | €617,250 | €1,177,699 | +€560,449 | +90.8% |
| Equity | 10/15 | €243,283 | €283,166 | +€39,883 | +16.4% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €222,283 | €262,166 | +€39,883 | +17.9% |
| Non-distributable reserves | 130/1 | €2,100 | €0 | -€2,100 | -100% |
| Reserves not available under the articles | 1311 | €2,100 | €0 | -€2,100 | -100% |
| Distributable reserves | 133 | €220,183 | €262,166 | +€41,983 | +19.1% |
| Amounts payable | 17/49 | €373,967 | €894,533 | +€520,566 | +139% |
| Amounts payable after more than one year | 17 | - | €25,864 | +€25,864 | |
| Financial debts | 170/4 | - | €25,864 | +€25,864 | |
| Amounts payable within one year | 42/48 | €373,967 | €868,669 | +€494,702 | +132% |
| Current portion of amounts payable after more than one year | 42 | - | €19,792 | +€19,792 | |
| Trade debts | 44 | €365,107 | €563,426 | +€198,320 | +54.3% |
| Suppliers | 440/4 | €365,107 | €545,230 | +€180,123 | +49.3% |
| Bills of exchange payable | 441 | - | €18,196 | +€18,196 | |
| Advances received on contracts in progress | 46 | €0 | €270,041 | +€270,041 | |
| Taxes, remuneration and social security | 45 | €4,075 | €4,450 | +€375 | +9.2% |
| Taxes | 450/3 | €0 | €256 | +€256 | |
| Remuneration and social security | 454/9 | €4,075 | €4,194 | +€119 | +2.9% |
| Other amounts payable | 47/48 | €4,785 | €10,959 | +€6,174 | +129% |
| Remuneration, social security and pensions | 62 | €22,179 | €25,657 | +€3,478 | +15.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,073 | €19,709 | +€11,635 | +144% |
| Other operating charges | 640/8 | €624 | €513 | -€111 | -17.8% |
| Gross operating margin | 9900 | €69,109 | €100,976 | +€31,868 | +46.1% |
| Operating profit (loss) | 9901 | €38,233 | €55,097 | +€16,865 | +44.1% |
| Financial income | 75/76B | €3,441 | €118 | -€3,322 | -96.6% |
| Recurring financial income | 75 | €3,441 | €118 | -€3,322 | -96.6% |
| Financial charges | 65/66B | €81 | €1,720 | +€1,639 | +2,026% |
| Recurring financial charges | 65 | €81 | €1,720 | +€1,639 | +2,026% |
| Profit (loss) for the period before taxes | 9903 | €41,592 | €53,496 | +€11,904 | +28.6% |
| Income taxes | 67/77 | €10,445 | €13,613 | +€3,168 | +30.3% |
| Profit (loss) for the period | 9904 | €31,147 | €39,883 | +€8,736 | +28.0% |
| Profit (loss) for the period to be appropriated | 9905 | €31,147 | €39,883 | +€8,736 | +28.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.