DE MANDEL: 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.
DE MANDEL
Largest movements
- Cash +€82,950
up €82,950 (+150.0%), from €55,304 to €138,254
mainly Depreciation (+€508,974) and Net result for the year (+€166,024)
- Tangible fixed assets -€63,281
down €63,281 (-2.9%), from €2.1m to €2.1m
of which Plant, machinery and equipment: -€129,506
- Receivables within one year +€52,248
up €52,248 (+15.2%), from €342,840 to €395,088
of which Trade receivables: +€54,159
- Reserves +€198,158
up €198,158 (+40.0%), from €495,295 to €693,453
of which Distributable reserves: +€198,158
- Trade debts -€85,951
down €85,951 (-28.3%), from €303,655 to €217,704
- Current portion of long-term debt -€46,226
down €46,226 (-15.2%), from €304,577 to €258,352
- Revaluation surpluses -€33,800
down €33,800 (-11.1%), from €304,197 to €270,398
- Gross operating margin +€438,037
up €438,037 (+31.2%), from €1.4m to €1.8m
- Staff costs +€215,502
up €215,502 (+24.9%), from €867,166 to €1.1m
- Depreciation +€84,364
up €84,364 (+19.9%), from €424,610 to €508,974
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 | €2,678,668 | €2,728,485 | +€49,817 | +1.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €2,227,866 | €2,164,585 | -€63,281 | -2.8% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €2,147,522 | €2,084,241 | -€63,281 | -2.9% |
| Land and buildings | 22 | €624,365 | €552,344 | -€72,021 | -11.5% |
| Plant, machinery and equipment | 23 | €680,494 | €550,989 | -€129,506 | -19.0% |
| Furniture and vehicles | 24 | €7,643 | €9,804 | +€2,162 | +28.3% |
| Leasing and similar rights | 25 | €786,699 | €922,783 | +€136,084 | +17.3% |
| Assets under construction and advance payments | 27 | €48,321 | €48,321 | = | 0.0% |
| Financial fixed assets | 28 | €80,344 | €80,344 | = | 0.0% |
| Current assets | 29/58 | €450,803 | €563,900 | +€113,097 | +25.1% |
| Stocks and contracts in progress | 3 | €17,930 | €18,470 | +€540 | +3.0% |
| Stocks | 30/36 | €17,930 | €18,470 | +€540 | +3.0% |
| Amounts receivable within one year | 40/41 | €342,840 | €395,088 | +€52,248 | +15.2% |
| Trade receivables | 40 | €295,210 | €349,369 | +€54,159 | +18.3% |
| Other amounts receivable | 41 | €47,630 | €45,719 | -€1,910 | -4.0% |
| Cash at bank and in hand | 54/58 | €55,304 | €138,254 | +€82,950 | +150.0% |
| Deferred charges and accrued income | 490/1 | €34,729 | €12,088 | -€22,641 | -65.2% |
| Total equity and liabilities | 10/49 | €2,678,668 | €2,728,485 | +€49,817 | +1.9% |
| Equity | 10/15 | €845,775 | €1,010,133 | +€164,358 | +19.4% |
| Contributions | 10/11 | €46,283 | €46,283 | = | 0.0% |
| Revaluation surpluses | 12 | €304,197 | €270,398 | -€33,800 | -11.1% |
| Reserves | 13 | €495,295 | €693,453 | +€198,158 | +40.0% |
| Non-distributable reserves | 130/1 | €4,628 | €4,628 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,628 | €4,628 | = | 0.0% |
| Distributable reserves | 133 | €490,667 | €688,825 | +€198,158 | +40.4% |
| Amounts payable | 17/49 | €1,832,893 | €1,718,352 | -€114,542 | -6.2% |
| Amounts payable after more than one year | 17 | €1,017,886 | €1,043,778 | +€25,892 | +2.5% |
| Financial debts | 170/4 | €1,017,886 | €1,043,778 | +€25,892 | +2.5% |
| Amounts payable within one year | 42/48 | €815,007 | €674,574 | -€140,433 | -17.2% |
| Current portion of amounts payable after more than one year | 42 | €304,577 | €258,352 | -€46,226 | -15.2% |
| Financial debts | 43 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Credit institutions | 430/8 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Trade debts | 44 | €303,655 | €217,704 | -€85,951 | -28.3% |
| Suppliers | 440/4 | €303,655 | €217,704 | -€85,951 | -28.3% |
| Advances received on contracts in progress | 46 | - | €117 | +€117 | |
| Taxes, remuneration and social security | 45 | €101,930 | €117,284 | +€15,354 | +15.1% |
| Taxes | 450/3 | €20,249 | €25,842 | +€5,594 | +27.6% |
| Remuneration and social security | 454/9 | €81,681 | €91,441 | +€9,760 | +11.9% |
| Other amounts payable | 47/48 | €4,845 | €6,117 | +€1,272 | +26.2% |
| Non-recurring operating income | 76A | €1,500 | - | -€1,500 | |
| Remuneration, social security and pensions | 62 | €867,166 | €1,082,668 | +€215,502 | +24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €424,610 | €508,974 | +€84,364 | +19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,113 | - | -€1,113 | |
| Other operating charges | 640/8 | €15,403 | €15,841 | +€438 | +2.8% |
| Gross operating margin | 9900 | €1,404,171 | €1,842,208 | +€438,037 | +31.2% |
| Operating profit (loss) | 9901 | €95,878 | €234,725 | +€138,846 | +144.8% |
| Financial income | 75/76B | €7,257 | €3,173 | -€4,084 | -56.3% |
| Recurring financial income | 75 | €757 | €2,264 | +€1,507 | +199.0% |
| Non-recurring financial income | 76B | €6,500 | €909 | -€5,591 | -86.0% |
| Financial charges | 65/66B | €64,598 | €71,874 | +€7,276 | +11.3% |
| Recurring financial charges | 65 | €64,598 | €71,874 | +€7,276 | +11.3% |
| Profit (loss) for the period before taxes | 9903 | €38,538 | €166,024 | +€127,486 | +330.8% |
| Profit (loss) for the period | 9904 | €38,538 | €166,024 | +€127,486 | +330.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,538 | €166,024 | +€127,486 | +330.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.