M.MANDART: 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.
M.MANDART
Largest movements
- Receivables after one year +€196,340
up €196,340 (+30.5%), from €644,043 to €840,383
- Cash -€36,093
down €36,093 (-6.7%), from €540,316 to €504,223
mainly Contributions, distributions and other (-€608,543) and Receivables after one year (-€196,340)
- Tangible fixed assets +€16,778
up €16,778 (+28.3%), from €59,358 to €76,136
of which Other tangible fixed assets: +€24,287
- Other debts +€582,792
up €582,792 (+1,125%), from €51,812 to €634,605
- Reserves -€393,718
down €393,718 (-36.3%), from €1.1m to €690,672
- Gross operating margin -€58,973
down €58,973 (-16.9%), from €348,301 to €289,328
- Financial income +€23,730
up €23,730 (+131%), from €18,183 to €41,913
- Taxes -€11,706
down €11,706 (-11.0%), from €106,520 to €94,815
- Depreciation +€4,777
up €4,777 (+35.3%), from €13,522 to €18,299
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 | €1,247,669 | €1,424,454 | +€176,785 | +14.2% |
| Fixed assets | 21/28 | €59,358 | €76,136 | +€16,778 | +28.3% |
| Tangible fixed assets | 22/27 | €59,358 | €76,136 | +€16,778 | +28.3% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €37,357 | €29,849 | -€7,509 | -20.1% |
| Other tangible fixed assets | 26 | €22,001 | €46,288 | +€24,287 | +110% |
| Current assets | 29/58 | €1,188,311 | €1,348,317 | +€160,006 | +13.5% |
| Amounts receivable after more than one year | 29 | €644,043 | €840,383 | +€196,340 | +30.5% |
| Other amounts receivable | 291 | €644,043 | €840,383 | +€196,340 | +30.5% |
| Amounts receivable within one year | 40/41 | €1,582 | €2,365 | +€783 | +49.5% |
| Trade receivables | 40 | €1,582 | €2,365 | +€783 | +49.5% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €540,316 | €504,223 | -€36,093 | -6.7% |
| Deferred charges and accrued income | 490/1 | €2,369 | €1,346 | -€1,023 | -43.2% |
| Total equity and liabilities | 10/49 | €1,247,669 | €1,424,454 | +€176,785 | +14.2% |
| Equity | 10/15 | €1,102,990 | €709,272 | -€393,718 | -35.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,084,390 | €690,672 | -€393,718 | -36.3% |
| Distributable reserves | 133 | €1,084,390 | €690,672 | -€393,718 | -36.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €144,680 | €715,182 | +€570,502 | +394% |
| Amounts payable within one year | 42/48 | €143,676 | €713,682 | +€570,006 | +397% |
| Trade debts | 44 | €4,380 | €638 | -€3,743 | -85.4% |
| Suppliers | 440/4 | €4,380 | €638 | -€3,743 | -85.4% |
| Taxes, remuneration and social security | 45 | €87,484 | €78,439 | -€9,044 | -10.3% |
| Taxes | 450/3 | €87,484 | €78,439 | -€9,044 | -10.3% |
| Other amounts payable | 47/48 | €51,812 | €634,605 | +€582,792 | +1,125% |
| Accrued charges and deferred income | 492/3 | €1,003 | €1,500 | +€497 | +49.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,522 | €18,299 | +€4,777 | +35.3% |
| Other operating charges | 640/8 | €787 | €1,447 | +€659 | +83.7% |
| Non-recurring operating charges | 66A | €3,005 | €0 | -€3,005 | -100% |
| Gross operating margin | 9900 | €348,301 | €289,328 | -€58,973 | -16.9% |
| Operating profit (loss) | 9901 | €330,985 | €269,582 | -€61,404 | -18.6% |
| Financial income | 75/76B | €18,183 | €41,913 | +€23,730 | +131% |
| Recurring financial income | 75 | €18,183 | €41,913 | +€23,730 | +131% |
| Financial charges | 65/66B | €1,631 | €1,855 | +€224 | +13.7% |
| Recurring financial charges | 65 | €1,631 | €1,855 | +€224 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | €347,537 | €309,640 | -€37,898 | -10.9% |
| Income taxes | 67/77 | €106,520 | €94,815 | -€11,706 | -11.0% |
| Profit (loss) for the period | 9904 | €241,017 | €214,825 | -€26,192 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €241,017 | €214,825 | -€26,192 | -10.9% |
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 29 October 2026 via checked.be.