Dr. L. MANCEL: 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.
Dr. L. MANCEL
Largest movements
- Cash +€105,186
up €105,186 (+148%), from €71,141 to €176,328
mainly Net result for the year (+€102,376) and Tax, wage and social debts (+€12,150)
- Receivables within one year +€9,134
up €9,134 (+114%), from €8,041 to €17,175
- Deferred charges and accrued income +€3,409
up €3,409 (+316%), from €1,080 to €4,489
- Tangible fixed assets -€3,159
down €3,159 (-25.7%), from €12,280 to €9,121
- Reserves +€102,500
up €102,500 (+141%), from €72,500 to €175,000
- Tax, wage and social debts +€12,150
up €12,150 (+72.1%), from €16,850 to €29,000
- Gross operating margin +€51,931
up €51,931 (+62.0%), from €83,694 to €135,625
- Taxes +€12,154
up €12,154 (+72.1%), from €16,852 to €29,005
- Depreciation +€2,527
up €2,527 (+135%), from €1,869 to €4,397
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 | €92,542 | €207,113 | +€114,571 | +124% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €12,280 | €9,121 | -€3,159 | -25.7% |
| Tangible fixed assets | 22/27 | €12,280 | €9,121 | -€3,159 | -25.7% |
| Furniture and vehicles | 24 | €12,280 | €9,121 | -€3,159 | -25.7% |
| Current assets | 29/58 | €80,262 | €197,992 | +€117,730 | +147% |
| Amounts receivable within one year | 40/41 | €8,041 | €17,175 | +€9,134 | +114% |
| Other amounts receivable | 41 | €8,041 | €17,175 | +€9,134 | +114% |
| Cash at bank and in hand | 54/58 | €71,141 | €176,328 | +€105,186 | +148% |
| Deferred charges and accrued income | 490/1 | €1,080 | €4,489 | +€3,409 | +316% |
| Total equity and liabilities | 10/49 | €92,542 | €207,113 | +€114,571 | +124% |
| Equity | 10/15 | €75,692 | €178,068 | +€102,376 | +135% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €72,500 | €175,000 | +€102,500 | +141% |
| Distributable reserves | 133 | €72,500 | €175,000 | +€102,500 | +141% |
| Profit (loss) carried forward | 14 | €192 | €68 | -€124 | -64.6% |
| Amounts payable | 17/49 | €16,850 | €29,045 | +€12,195 | +72.4% |
| Amounts payable within one year | 42/48 | €16,850 | €29,045 | +€12,195 | +72.4% |
| Trade debts | 44 | - | €45 | +€45 | |
| Suppliers | 440/4 | - | €45 | +€45 | |
| Taxes, remuneration and social security | 45 | €16,850 | €29,000 | +€12,150 | +72.1% |
| Taxes | 450/3 | €16,850 | €29,000 | +€12,150 | +72.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,869 | €4,397 | +€2,527 | +135% |
| Other operating charges | 640/8 | €1,036 | €440 | -€596 | -57.5% |
| Gross operating margin | 9900 | €83,694 | €135,625 | +€51,931 | +62.0% |
| Operating profit (loss) | 9901 | €80,788 | €130,788 | +€50,000 | +61.9% |
| Financial income | 75/76B | €244 | €683 | +€440 | +180% |
| Recurring financial income | 75 | €244 | €683 | +€440 | +180% |
| Financial charges | 65/66B | - | €90 | +€90 | |
| Recurring financial charges | 65 | - | €90 | +€90 | |
| Profit (loss) for the period before taxes | 9903 | €81,032 | €131,382 | +€50,350 | +62.1% |
| Income taxes | 67/77 | €16,852 | €29,005 | +€12,154 | +72.1% |
| Profit (loss) for the period | 9904 | €64,181 | €102,376 | +€38,196 | +59.5% |
| Profit (loss) for the period to be appropriated | 9905 | €64,181 | €102,376 | +€38,196 | +59.5% |
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 1 November 2026 via checked.be.