LE MANDARIN: 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.
LE MANDARIN
Largest movements
- Cash +€24,042
up €24,042 (+7.5%), from €319,405 to €343,447
mainly Net result for the year (+€35,629) and Depreciation (+€5,154)
- Reserves +€33,500
up €33,500 (+30.2%), from €110,968 to €144,468
of which Distributable reserves: +€33,500
- Tax, wage and social debts -€9,029
down €9,029 (-43.9%), from €20,566 to €11,536
of which Taxes: -€11,085
- Trade debts -€7,297
down €7,297 (-78.4%), from €9,304 to €2,007
- Gross operating margin +€10,982
up €10,982 (+10.1%), from €108,892 to €119,874
- Staff costs +€6,374
up €6,374 (+12.0%), from €53,297 to €59,671
- Taxes +€1,271
up €1,271 (+8.0%), from €15,791 to €17,061
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.
Cash bridge derived
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 | €350,728 | €370,998 | +€20,269 | +5.8% |
| Fixed assets | 21/28 | €20,616 | €17,182 | -€3,435 | -16.7% |
| Tangible fixed assets | 22/27 | €20,616 | €17,182 | -€3,435 | -16.7% |
| Plant, machinery and equipment | 23 | €19,338 | €16,726 | -€2,612 | -13.5% |
| Furniture and vehicles | 24 | €1,279 | €456 | -€823 | -64.3% |
| Current assets | 29/58 | €330,112 | €353,816 | +€23,704 | +7.2% |
| Stocks and contracts in progress | 3 | €6,047 | €5,417 | -€630 | -10.4% |
| Stocks | 30/36 | €6,047 | €5,417 | -€630 | -10.4% |
| Amounts receivable within one year | 40/41 | €2,890 | €4,062 | +€1,172 | +40.5% |
| Trade receivables | 40 | €2,890 | €3,036 | +€146 | +5.0% |
| Other amounts receivable | 41 | - | €1,026 | +€1,026 | |
| Cash at bank and in hand | 54/58 | €319,405 | €343,447 | +€24,042 | +7.5% |
| Deferred charges and accrued income | 490/1 | €1,769 | €890 | -€880 | -49.7% |
| Total equity and liabilities | 10/49 | €350,728 | €370,998 | +€20,269 | +5.8% |
| Equity | 10/15 | €308,669 | €342,606 | +€33,937 | +11.0% |
| Contributions | 10/11 | €18,840 | €18,840 | = | 0.0% |
| Reserves | 13 | €110,968 | €144,468 | +€33,500 | +30.2% |
| Non-distributable reserves | 130/1 | €3,495 | €3,495 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,495 | €3,495 | = | 0.0% |
| Distributable reserves | 133 | €107,473 | €140,973 | +€33,500 | +31.2% |
| Profit (loss) carried forward | 14 | €178,861 | €179,298 | +€437 | +0.2% |
| Amounts payable | 17/49 | €42,059 | €28,391 | -€13,668 | -32.5% |
| Amounts payable within one year | 42/48 | €41,716 | €28,388 | -€13,329 | -32.0% |
| Current portion of amounts payable after more than one year | 42 | €11,847 | €14,011 | +€2,164 | +18.3% |
| Trade debts | 44 | €9,304 | €2,007 | -€7,297 | -78.4% |
| Suppliers | 440/4 | €9,304 | €2,007 | -€7,297 | -78.4% |
| Taxes, remuneration and social security | 45 | €20,566 | €11,536 | -€9,029 | -43.9% |
| Taxes | 450/3 | €12,998 | €1,913 | -€11,085 | -85.3% |
| Remuneration and social security | 454/9 | €7,568 | €9,624 | +€2,056 | +27.2% |
| Other amounts payable | 47/48 | - | €833 | +€833 | |
| Accrued charges and deferred income | 492/3 | €343 | €4 | -€339 | -98.9% |
| Remuneration, social security and pensions | 62 | €53,297 | €59,671 | +€6,374 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,762 | €5,154 | -€608 | -10.5% |
| Other operating charges | 640/8 | €1,039 | €1,042 | +€2 | +0.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €108,892 | €119,874 | +€10,982 | +10.1% |
| Operating profit (loss) | 9901 | €48,794 | €54,008 | +€5,214 | +10.7% |
| Financial income | 75/76B | €1,427 | €307 | -€1,120 | -78.5% |
| Recurring financial income | 75 | €1,427 | €307 | -€1,120 | -78.5% |
| Financial charges | 65/66B | €1,726 | €1,625 | -€101 | -5.9% |
| Recurring financial charges | 65 | €1,726 | €1,625 | -€101 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | €48,495 | €52,690 | +€4,195 | +8.7% |
| Income taxes | 67/77 | €15,791 | €17,061 | +€1,271 | +8.0% |
| Profit (loss) for the period | 9904 | €32,705 | €35,629 | +€2,925 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €32,705 | €35,629 | +€2,925 | +8.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.