MANDALORE: 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.
MANDALORE
Largest movements
- Tangible fixed assets +€283,018
up €283,018 (+166.3%), from €170,187 to €453,205
of which Land and buildings: +€278,183
- Receivables within one year -€12,434
down €12,434 (-30.8%), from €40,412 to €27,978
of which Trade receivables: -€12,128
- Other debts +€219,364
up €219,364 (+262.7%), from €83,514 to €302,878
- Debts after one year +€51,611
up €51,611 (+34.7%), from €148,688 to €200,298
- Trade debts +€40,156
up €40,156 (+1826.4%), from €2,199 to €42,354
- Profit (loss) carried forward -€26,274
down €26,274, from €21,403 to -€4,871
- Tax, wage and social debts -€13,472
down €13,472 (-39.4%), from €34,208 to €20,736
- Gross operating margin -€109,932
down €109,932, from €106,995 to -€2,938
- Taxes -€7,571
down €7,571 (-94.7%), from €7,991 to €420
- Depreciation +€5,912
up €5,912 (+151.5%), from €3,902 to €9,814
- Financial charges +€1,999
up €1,999 (+20.4%), from €9,783 to €11,782
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 | €311,053 | €582,985 | +€271,932 | +87.4% |
| Fixed assets | 21/28 | €270,187 | €553,205 | +€283,018 | +104.7% |
| Tangible fixed assets | 22/27 | €170,187 | €453,205 | +€283,018 | +166.3% |
| Land and buildings | 22 | €170,187 | €448,369 | +€278,183 | +163.5% |
| Plant, machinery and equipment | 23 | - | €2,470 | +€2,470 | |
| Furniture and vehicles | 24 | - | €2,365 | +€2,365 | |
| Financial fixed assets | 28 | €100,000 | €100,000 | = | 0.0% |
| Current assets | 29/58 | €40,867 | €29,781 | -€11,086 | -27.1% |
| Amounts receivable within one year | 40/41 | €40,412 | €27,978 | -€12,434 | -30.8% |
| Trade receivables | 40 | €40,106 | €27,978 | -€12,128 | -30.2% |
| Other amounts receivable | 41 | €306 | - | -€306 | |
| Cash at bank and in hand | 54/58 | €455 | €1,053 | +€599 | +131.7% |
| Deferred charges and accrued income | 490/1 | - | €749 | +€749 | |
| Total equity and liabilities | 10/49 | €311,053 | €582,985 | +€271,932 | +87.4% |
| Equity | 10/15 | €31,403 | €5,129 | -€26,274 | -83.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,403 | -€4,871 | -€26,274 | |
| Amounts payable | 17/49 | €279,651 | €577,856 | +€298,206 | +106.6% |
| Amounts payable after more than one year | 17 | €148,688 | €200,298 | +€51,611 | +34.7% |
| Financial debts | 170/4 | €148,688 | €200,298 | +€51,611 | +34.7% |
| Amounts payable within one year | 42/48 | €130,963 | €377,558 | +€246,595 | +188.3% |
| Current portion of amounts payable after more than one year | 42 | €11,042 | €11,590 | +€548 | +5.0% |
| Trade debts | 44 | €2,199 | €42,354 | +€40,156 | +1826.4% |
| Suppliers | 440/4 | €2,199 | €42,354 | +€40,156 | +1826.4% |
| Taxes, remuneration and social security | 45 | €34,208 | €20,736 | -€13,472 | -39.4% |
| Taxes | 450/3 | €34,208 | €20,736 | -€13,472 | -39.4% |
| Other amounts payable | 47/48 | €83,514 | €302,878 | +€219,364 | +262.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,902 | €9,814 | +€5,912 | +151.5% |
| Other operating charges | 640/8 | €1,083 | €1,320 | +€237 | +21.9% |
| Gross operating margin | 9900 | €106,995 | -€2,938 | -€109,932 | |
| Operating profit (loss) | 9901 | €102,010 | -€14,072 | -€116,081 | |
| Financial income | 75/76B | €1 | €0 | -€0 | -40.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -40.0% |
| Financial charges | 65/66B | €9,783 | €11,782 | +€1,999 | +20.4% |
| Recurring financial charges | 65 | €9,783 | €11,782 | +€1,999 | +20.4% |
| Profit (loss) for the period before taxes | 9903 | €92,228 | -€25,854 | -€118,081 | |
| Income taxes | 67/77 | €7,991 | €420 | -€7,571 | -94.7% |
| Profit (loss) for the period | 9904 | €84,236 | -€26,274 | -€110,510 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,236 | -€26,274 | -€110,510 |
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 11 October 2026 via checked.be.