DE MANGERIE: 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.
DE MANGERIE
Largest movements
- Current investments +€955,809
up €955,809 (+330%), from €289,302 to €1.2m
- Cash -€601,839
down €601,839 (-72.3%), from €832,973 to €231,134
mainly Current investments (-€955,809) and Contributions, distributions and other (-€113,854)
- Tangible fixed assets -€44,003
down €44,003 (-39.5%), from €111,269 to €67,266
of which Other tangible fixed assets: -€36,300
- Receivables after one year -€43,669
down €43,669 (-31.7%), from €137,716 to €94,047
- Reserves +€222,772
up €222,772 (+17.4%), from €1.3m to €1.5m
of which Distributable reserves: +€222,772
- Other debts +€69,982
up €69,982 (+27,120%), from €258 to €70,240
- Current portion of long-term debt -€23,828
no longer reported in 2025 (was €23,828)
- Staff costs -€65,344
down €65,344 (-7.7%), from €848,736 to €783,392
- Taxes +€42,538
up €42,538 (+36.4%), from €116,732 to €159,269
- Gross operating margin +€35,395
up €35,395 (+2.7%), from €1.3m to €1.3m
- Financial income +€20,786
up €20,786 (+264%), from €7,872 to €28,658
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 | €1,458,161 | €1,725,603 | +€267,442 | +18.3% |
| Fixed assets | 21/28 | €111,794 | €67,791 | -€44,003 | -39.4% |
| Tangible fixed assets | 22/27 | €111,269 | €67,266 | -€44,003 | -39.5% |
| Plant, machinery and equipment | 23 | €30,071 | €22,689 | -€7,382 | -24.5% |
| Furniture and vehicles | 24 | €321 | - | -€321 | |
| Other tangible fixed assets | 26 | €80,877 | €44,577 | -€36,300 | -44.9% |
| Financial fixed assets | 28 | €525 | €525 | = | 0.0% |
| Current assets | 29/58 | €1,346,367 | €1,657,812 | +€311,445 | +23.1% |
| Amounts receivable after more than one year | 29 | €137,716 | €94,047 | -€43,669 | -31.7% |
| Other amounts receivable | 291 | €137,716 | €94,047 | -€43,669 | -31.7% |
| Stocks and contracts in progress | 3 | €36,722 | €37,800 | +€1,078 | +2.9% |
| Stocks | 30/36 | €36,722 | €37,800 | +€1,078 | +2.9% |
| Amounts receivable within one year | 40/41 | €46,526 | €48,738 | +€2,212 | +4.8% |
| Trade receivables | 40 | €1,925 | €1,794 | -€131 | -6.8% |
| Other amounts receivable | 41 | €44,601 | €46,945 | +€2,344 | +5.3% |
| Current investments | 50/53 | €289,302 | €1,245,111 | +€955,809 | +330% |
| Cash at bank and in hand | 54/58 | €832,973 | €231,134 | -€601,839 | -72.3% |
| Deferred charges and accrued income | 490/1 | €3,127 | €981 | -€2,146 | -68.6% |
| Total equity and liabilities | 10/49 | €1,458,161 | €1,725,603 | +€267,442 | +18.3% |
| Equity | 10/15 | €1,338,604 | €1,561,376 | +€222,772 | +16.6% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,276,630 | €1,499,402 | +€222,772 | +17.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €1,270,431 | €1,493,202 | +€222,772 | +17.5% |
| Amounts payable | 17/49 | €119,557 | €164,227 | +€44,670 | +37.4% |
| Amounts payable within one year | 42/48 | €119,557 | €163,180 | +€43,623 | +36.5% |
| Current portion of amounts payable after more than one year | 42 | €23,828 | - | -€23,828 | |
| Trade debts | 44 | €51,546 | €36,340 | -€15,206 | -29.5% |
| Suppliers | 440/4 | €51,546 | €36,340 | -€15,206 | -29.5% |
| Advances received on contracts in progress | 46 | €1,175 | - | -€1,175 | |
| Taxes, remuneration and social security | 45 | €42,750 | €56,600 | +€13,850 | +32.4% |
| Taxes | 450/3 | €21,407 | €38,975 | +€17,568 | +82.1% |
| Remuneration and social security | 454/9 | €21,343 | €17,625 | -€3,718 | -17.4% |
| Other amounts payable | 47/48 | €258 | €70,240 | +€69,982 | +27,120% |
| Accrued charges and deferred income | 492/3 | - | €1,047 | +€1,047 | |
| Remuneration, social security and pensions | 62 | €848,736 | €783,392 | -€65,344 | -7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,283 | €49,756 | +€473 | +1.0% |
| Other operating charges | 640/8 | €7,565 | €7,021 | -€544 | -7.2% |
| Non-recurring operating charges | 66A | €295 | - | -€295 | |
| Gross operating margin | 9900 | €1,291,815 | €1,327,209 | +€35,395 | +2.7% |
| Operating profit (loss) | 9901 | €385,936 | €487,040 | +€101,104 | +26.2% |
| Financial income | 75/76B | €7,872 | €28,658 | +€20,786 | +264% |
| Recurring financial income | 75 | €7,872 | €28,658 | +€20,786 | +264% |
| Financial charges | 65/66B | €15,149 | €19,804 | +€4,654 | +30.7% |
| Recurring financial charges | 65 | €15,149 | €19,804 | +€4,654 | +30.7% |
| Profit (loss) for the period before taxes | 9903 | €378,659 | €495,895 | +€117,237 | +31.0% |
| Income taxes | 67/77 | €116,732 | €159,269 | +€42,538 | +36.4% |
| Profit (loss) for the period | 9904 | €261,927 | €336,626 | +€74,699 | +28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €261,927 | €336,626 | +€74,699 | +28.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.