DR. YANNICK MANDEVILLE: 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. YANNICK MANDEVILLE
Largest movements
- Tangible fixed assets +€297,112
up €297,112 (+1,869%), from €15,894 to €313,006
of which Land and buildings: +€222,378
- Cash -€83,861
down €83,861 (-43.7%), from €191,847 to €107,986
mainly Investment in fixed assets (net) (-€338,788) and Contributions, distributions and other (-€330,830)
- Receivables within one year +€23,212
up €23,212 (+12.1%), from €192,381 to €215,592
of which Other amounts receivable: +€22,586
- Debts after one year +€240,705
new in 2025: €240,705
- Tax, wage and social debts -€42,671
down €42,671 (-75.5%), from €56,500 to €13,829
of which Taxes: -€40,321
- Current portion of long-term debt +€36,595
new in 2025: €36,595
- Reserves +€9,756
up €9,756 (+17.5%), from €55,830 to €65,586
- Other debts -€8,915
down €8,915 (-3.1%), from €283,915 to €275,000
- Gross operating margin +€52,251
up €52,251 (+11.7%), from €444,802 to €497,053
- Depreciation +€32,677
up €32,677 (+363%), from €8,998 to €41,675
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 | €401,438 | €638,144 | +€236,705 | +59.0% |
| Fixed assets | 21/28 | €15,894 | €313,006 | +€297,112 | +1,869% |
| Tangible fixed assets | 22/27 | €15,894 | €313,006 | +€297,112 | +1,869% |
| Land and buildings | 22 | - | €222,378 | +€222,378 | |
| Plant, machinery and equipment | 23 | €106 | €0 | -€106 | -100% |
| Furniture and vehicles | 24 | €6,383 | €82,219 | +€75,836 | +1,188% |
| Other tangible fixed assets | 26 | €9,404 | €8,409 | -€995 | -10.6% |
| Current assets | 29/58 | €385,545 | €325,137 | -€60,407 | -15.7% |
| Amounts receivable within one year | 40/41 | €192,381 | €215,592 | +€23,212 | +12.1% |
| Trade receivables | 40 | - | €626 | +€626 | |
| Other amounts receivable | 41 | €192,381 | €214,966 | +€22,586 | +11.7% |
| Cash at bank and in hand | 54/58 | €191,847 | €107,986 | -€83,861 | -43.7% |
| Deferred charges and accrued income | 490/1 | €1,317 | €1,559 | +€242 | +18.4% |
| Total equity and liabilities | 10/49 | €401,438 | €638,144 | +€236,705 | +59.0% |
| Equity | 10/15 | €60,830 | €70,586 | +€9,756 | +16.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,830 | €65,586 | +€9,756 | +17.5% |
| Distributable reserves | 133 | €55,830 | €65,586 | +€9,756 | +17.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €340,608 | €567,557 | +€226,949 | +66.6% |
| Amounts payable after more than one year | 17 | - | €240,705 | +€240,705 | |
| Financial debts | 170/4 | - | €240,705 | +€240,705 | |
| Amounts payable within one year | 42/48 | €340,608 | €326,852 | -€13,756 | -4.0% |
| Current portion of amounts payable after more than one year | 42 | - | €36,595 | +€36,595 | |
| Trade debts | 44 | €194 | €1,301 | +€1,107 | +572% |
| Suppliers | 440/4 | €194 | €1,301 | +€1,107 | +572% |
| Advances received on contracts in progress | 46 | - | €128 | +€128 | |
| Taxes, remuneration and social security | 45 | €56,500 | €13,829 | -€42,671 | -75.5% |
| Taxes | 450/3 | €54,150 | €13,829 | -€40,321 | -74.5% |
| Remuneration and social security | 454/9 | €2,350 | €0 | -€2,350 | -100% |
| Other amounts payable | 47/48 | €283,915 | €275,000 | -€8,915 | -3.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,998 | €41,675 | +€32,677 | +363% |
| Other operating charges | 640/8 | €2,248 | €4,357 | +€2,109 | +93.8% |
| Gross operating margin | 9900 | €444,802 | €497,053 | +€52,251 | +11.7% |
| Operating profit (loss) | 9901 | €433,556 | €451,020 | +€17,464 | +4.0% |
| Financial income | 75/76B | €2,482 | €1,740 | -€742 | -29.9% |
| Recurring financial income | 75 | €2,482 | €1,740 | -€742 | -29.9% |
| Financial charges | 65/66B | €60 | €2,207 | +€2,147 | +3,579% |
| Recurring financial charges | 65 | €60 | €2,207 | +€2,147 | +3,579% |
| Profit (loss) for the period before taxes | 9903 | €435,977 | €450,553 | +€14,575 | +3.3% |
| Income taxes | 67/77 | €110,684 | €109,966 | -€718 | -0.6% |
| Profit (loss) for the period | 9904 | €325,293 | €340,586 | +€15,293 | +4.7% |
| Profit (loss) for the period to be appropriated | 9905 | €325,293 | €340,586 | +€15,293 | +4.7% |
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 23 October 2026 via checked.be.