MANDALI: 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.
MANDALI
Largest movements
- Cash -€19,305
down €19,305 (-42.1%), from €45,881 to €26,576
mainly Net result for the year (-€35,719) and Investment in fixed assets (net) (-€2,094)
- Receivables within one year -€6,861
down €6,861 (-77.9%), from €8,812 to €1,951
of which Other amounts receivable: -€6,302
- Stocks and contracts -€3,273
down €3,273 (-68.3%), from €4,791 to €1,517
- Profit (loss) carried forward -€35,719
down €35,719 (-538%), from -€6,644 to -€42,364
- Trade debts +€2,975
up €2,975 (+187%), from €1,589 to €4,565
- Accrued charges and deferred income +€2,250
new in 2025: €2,250
- Other debts +€1,321
new in 2025: €1,321
- Gross operating margin -€32,503
down €32,503, from €871 to -€31,632
- Depreciation -€1,103
down €1,103 (-34.7%), from €3,178 to €2,075
- Financial charges -€373
down €373 (-36.1%), from €1,032 to €659
- Other operating charges +€359
up €359 (+41.5%), from €866 to €1,225
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 | €77,584 | €48,163 | -€29,421 | -37.9% |
| Fixed assets | 21/28 | €18,100 | €18,119 | +€19 | +0.1% |
| Tangible fixed assets | 22/27 | €5,710 | €5,729 | +€19 | +0.3% |
| Plant, machinery and equipment | 23 | €805 | €1,946 | +€1,141 | +142% |
| Other tangible fixed assets | 26 | €4,905 | €3,783 | -€1,122 | -22.9% |
| Financial fixed assets | 28 | €12,390 | €12,390 | = | 0.0% |
| Current assets | 29/58 | €59,483 | €30,044 | -€29,440 | -49.5% |
| Stocks and contracts in progress | 3 | €4,791 | €1,517 | -€3,273 | -68.3% |
| Stocks | 30/36 | €4,791 | €1,517 | -€3,273 | -68.3% |
| Amounts receivable within one year | 40/41 | €8,812 | €1,951 | -€6,861 | -77.9% |
| Trade receivables | 40 | €559 | - | -€559 | |
| Other amounts receivable | 41 | €8,253 | €1,951 | -€6,302 | -76.4% |
| Cash at bank and in hand | 54/58 | €45,881 | €26,576 | -€19,305 | -42.1% |
| Total equity and liabilities | 10/49 | €77,584 | €48,163 | -€29,421 | -37.9% |
| Equity | 10/15 | €75,315 | €39,596 | -€35,719 | -47.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €63,360 | €63,360 | = | 0.0% |
| 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 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,644 | -€42,364 | -€35,719 | -538% |
| Amounts payable | 17/49 | €2,268 | €8,567 | +€6,298 | +278% |
| Amounts payable within one year | 42/48 | €2,268 | €6,317 | +€4,048 | +178% |
| Trade debts | 44 | €1,589 | €4,565 | +€2,975 | +187% |
| Suppliers | 440/4 | €1,589 | €4,565 | +€2,975 | +187% |
| Taxes, remuneration and social security | 45 | €679 | €431 | -€248 | -36.5% |
| Taxes | 450/3 | €679 | €431 | -€248 | -36.5% |
| Other amounts payable | 47/48 | - | €1,321 | +€1,321 | |
| Accrued charges and deferred income | 492/3 | - | €2,250 | +€2,250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,178 | €2,075 | -€1,103 | -34.7% |
| Other operating charges | 640/8 | €866 | €1,225 | +€359 | +41.5% |
| Gross operating margin | 9900 | €871 | -€31,632 | -€32,503 | |
| Operating profit (loss) | 9901 | -€3,173 | -€34,932 | -€31,759 | -1,001% |
| Financial income | 75/76B | €152 | €3 | -€149 | -98.0% |
| Recurring financial income | 75 | €152 | €3 | -€149 | -98.0% |
| Financial charges | 65/66B | €1,032 | €659 | -€373 | -36.1% |
| Recurring financial charges | 65 | €1,032 | €659 | -€373 | -36.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,052 | -€35,587 | -€31,536 | -778% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.1% |
| Profit (loss) for the period | 9904 | -€4,180 | -€35,719 | -€31,540 | -755% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,180 | -€35,719 | -€31,540 | -755% |
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 18 October 2026 via checked.be.