MANDAR MANAGEMENT: 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.
MANDAR MANAGEMENT
Largest movements
- Receivables within one year +€27,225
up €27,225 (+144.0%), from €18,908 to €46,133
of which Trade receivables: +€22,929
- Cash -€13,644
down €13,644 (-75.9%), from €17,972 to €4,328
mainly Receivables within one year (-€27,225) and Trade debts (-€14,774)
- Deferred charges and accrued income -€1,010
down €1,010 (-100.0%), from €1,010 to €0
- Reserves +€22,537
up €22,537 (+280.4%), from €8,038 to €30,576
of which Distributable reserves: +€22,537
- Trade debts -€14,774
down €14,774 (-84.6%), from €17,461 to €2,687
- Tax, wage and social debts +€4,350
up €4,350 (+145.1%), from €2,998 to €7,348
- Turnover -€212,659
no longer reported in 2025 (was €212,659)
- Purchases and services -€201,876
no longer reported in 2025 (was €201,876)
- Gross operating margin +€33,055
up €33,055 (+250.7%), from €13,187 to €46,242
- Taxes +€8,025
up €8,025 (+130.1%), from €6,169 to €14,193
- Other operating charges +€5,970
up €5,970 (+709.0%), from €842 to €6,812
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 | €41,134 | €53,528 | +€12,394 | +30.1% |
| Fixed assets | 21/28 | €3,244 | €3,067 | -€178 | -5.5% |
| Tangible fixed assets | 22/27 | €2,209 | €2,032 | -€178 | -8.0% |
| Furniture and vehicles | 24 | - | €1,234 | +€1,234 | |
| Other tangible fixed assets | 26 | €2,209 | €798 | -€1,412 | -63.9% |
| Financial fixed assets | 28 | €1,035 | €1,035 | = | 0.0% |
| Current assets | 29/58 | €37,889 | €50,461 | +€12,572 | +33.2% |
| Amounts receivable within one year | 40/41 | €18,908 | €46,133 | +€27,225 | +144.0% |
| Trade receivables | 40 | €0 | €22,929 | +€22,929 | |
| Other amounts receivable | 41 | €18,908 | €23,204 | +€4,297 | +22.7% |
| Cash at bank and in hand | 54/58 | €17,972 | €4,328 | -€13,644 | -75.9% |
| Deferred charges and accrued income | 490/1 | €1,010 | €0 | -€1,010 | -100.0% |
| Total equity and liabilities | 10/49 | €41,134 | €53,528 | +€12,394 | +30.1% |
| Equity | 10/15 | €18,401 | €40,939 | +€22,537 | +122.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €8,038 | €30,576 | +€22,537 | +280.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €8,038 | €30,576 | +€22,537 | +280.4% |
| Profit (loss) carried forward | 14 | €4,163 | €4,163 | = | 0.0% |
| Amounts payable | 17/49 | €22,732 | €12,589 | -€10,143 | -44.6% |
| Amounts payable within one year | 42/48 | €22,732 | €12,589 | -€10,143 | -44.6% |
| Financial debts | 43 | €2,273 | €2,554 | +€280 | +12.3% |
| Credit institutions | 430/8 | €2,273 | €2,554 | +€280 | +12.3% |
| Trade debts | 44 | €17,461 | €2,687 | -€14,774 | -84.6% |
| Suppliers | 440/4 | €17,461 | €2,687 | -€14,774 | -84.6% |
| Taxes, remuneration and social security | 45 | €2,998 | €7,348 | +€4,350 | +145.1% |
| Taxes | 450/3 | €2,998 | €7,348 | +€4,350 | +145.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Turnover | 70 | €212,659 | - | -€212,659 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €201,876 | - | -€201,876 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €1,599 | +€1,389 | +661.7% |
| Other operating charges | 640/8 | €842 | €6,812 | +€5,970 | +709.0% |
| Gross operating margin | 9900 | €13,187 | €46,242 | +€33,055 | +250.7% |
| Operating profit (loss) | 9901 | €12,135 | €37,832 | +€25,697 | +211.8% |
| Financial income | 75/76B | €284 | €964 | +€679 | +239.1% |
| Recurring financial income | 75 | €284 | €964 | +€679 | +239.1% |
| Financial charges | 65/66B | €2,278 | €2,065 | -€213 | -9.4% |
| Recurring financial charges | 65 | €2,278 | €2,065 | -€213 | -9.4% |
| Profit (loss) for the period before taxes | 9903 | €10,141 | €36,730 | +€26,589 | +262.2% |
| Income taxes | 67/77 | €6,169 | €14,193 | +€8,025 | +130.1% |
| Profit (loss) for the period | 9904 | €3,973 | €22,537 | +€18,565 | +467.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,973 | €22,537 | +€18,565 | +467.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.