H.G. MANDAT: what changed
H.G. MANDAT
Largest movements
- Cash +€169,985
up €169,985 (+56.7%), from €299,710 to €469,695
mainly Net result for the year (+€160,989) and Depreciation (+€17,758)
- Tangible fixed assets -€13,119
down €13,119 (-3.5%), from €379,053 to €365,934
- Receivables within one year -€8,786
down €8,786 (-39.8%), from €22,086 to €13,300
of which Trade receivables: -€8,410
- Reserves +€150,000
up €150,000 (+69.3%), from €216,410 to €366,410
of which Distributable reserves: +€150,000
- Debts after one year -€13,447
down €13,447 (-6.4%), from €210,362 to €196,915
- Short-term financial debts +€13,447
new in 2025: €13,447
- Current portion of long-term debt -€13,322
no longer reported in 2025 (was €13,322)
- Profit (loss) carried forward +€10,989
up €10,989 (+5.3%), from €208,334 to €219,323
- Gross operating margin +€65,336
up €65,336 (+24.0%), from €272,387 to €337,724
- Taxes +€18,018
up €18,018 (+54.2%), from €33,215 to €51,234
- Write-downs +€14,250
new in 2025: €14,250
- Other operating charges -€13,374
no longer reported in 2025 (was €13,374)
- Staff costs +€3,452
up €3,452 (+4.0%), from €87,220 to €90,673
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €700,849 | €848,929 | +€148,081 | +21.1% |
| Fixed assets | 21/28 | €379,053 | €365,934 | -€13,119 | -3.5% |
| Tangible fixed assets | 22/27 | €379,053 | €365,934 | -€13,119 | -3.5% |
| Land and buildings | 22 | €379,053 | €365,934 | -€13,119 | -3.5% |
| Current assets | 29/58 | €321,795 | €482,995 | +€161,200 | +50.1% |
| Amounts receivable within one year | 40/41 | €22,086 | €13,300 | -€8,786 | -39.8% |
| Trade receivables | 40 | €21,710 | €13,300 | -€8,410 | -38.7% |
| Other amounts receivable | 41 | €376 | - | -€376 | |
| Cash at bank and in hand | 54/58 | €299,710 | €469,695 | +€169,985 | +56.7% |
| Total equity and liabilities | 10/49 | €700,849 | €848,929 | +€148,081 | +21.1% |
| Equity | 10/15 | €443,344 | €604,333 | +€160,989 | +36.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €216,410 | €366,410 | +€150,000 | +69.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €214,550 | €364,550 | +€150,000 | +69.9% |
| Profit (loss) carried forward | 14 | €208,334 | €219,323 | +€10,989 | +5.3% |
| Amounts payable | 17/49 | €257,505 | €244,596 | -€12,909 | -5.0% |
| Amounts payable after more than one year | 17 | €210,362 | €196,915 | -€13,447 | -6.4% |
| Financial debts | 170/4 | €210,362 | €196,915 | -€13,447 | -6.4% |
| Amounts payable within one year | 42/48 | €47,143 | €47,681 | +€539 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €13,322 | - | -€13,322 | |
| Financial debts | 43 | - | €13,447 | +€13,447 | |
| Credit institutions | 430/8 | - | €13,447 | +€13,447 | |
| Trade debts | 44 | €1,353 | €3,321 | +€1,968 | +145% |
| Suppliers | 440/4 | €1,353 | €3,321 | +€1,968 | +145% |
| Taxes, remuneration and social security | 45 | €25,231 | €26,735 | +€1,505 | +6.0% |
| Taxes | 450/3 | €13,955 | €15,000 | +€1,045 | +7.5% |
| Remuneration and social security | 454/9 | €11,276 | €11,735 | +€460 | +4.1% |
| Other amounts payable | 47/48 | €7,237 | €4,178 | -€3,059 | -42.3% |
| Remuneration, social security and pensions | 62 | €87,220 | €90,673 | +€3,452 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,625 | €17,758 | +€1,133 | +6.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €14,250 | +€14,250 | |
| Other operating charges | 640/8 | €13,374 | - | -€13,374 | |
| Gross operating margin | 9900 | €272,387 | €337,724 | +€65,336 | +24.0% |
| Operating profit (loss) | 9901 | €155,169 | €215,043 | +€59,875 | +38.6% |
| Financial charges | 65/66B | €2,483 | €2,821 | +€338 | +13.6% |
| Recurring financial charges | 65 | €2,483 | €2,821 | +€338 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €152,686 | €212,223 | +€59,537 | +39.0% |
| Income taxes | 67/77 | €33,215 | €51,234 | +€18,018 | +54.2% |
| Profit (loss) for the period | 9904 | €119,470 | €160,989 | +€41,519 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €119,470 | €160,989 | +€41,519 | +34.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.