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.
MANDARIN
Largest movements
- Cash -€34,938
down €34,938 (-36.3%), from €96,358 to €61,420
mainly Net result for the year (-€40,762) and Trade debts (-€4,166)
- Tangible fixed assets -€11,351
down €11,351 (-35.0%), from €32,455 to €21,104
of which Furniture and vehicles: -€6,995
- Profit (loss) carried forward -€40,762
down €40,762 (-400.3%), from -€10,183 to -€50,945
- Trade debts -€4,166
down €4,166 (-76.4%), from €5,452 to €1,286
- Tax, wage and social debts -€2,398
down €2,398 (-14.4%), from €16,612 to €14,214
of which Taxes: -€13,476
- Gross operating margin -€61,700
down €61,700 (-81.1%), from €76,080 to €14,380
- Staff costs +€9,156
up €9,156 (+30.7%), from €29,782 to €38,938
- Taxes -€8,854
down €8,854 (-98.8%), from €8,959 to €105
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 | €156,410 | €109,084 | -€47,326 | -30.3% |
| Fixed assets | 21/28 | €35,430 | €24,079 | -€11,351 | -32.0% |
| Tangible fixed assets | 22/27 | €32,455 | €21,104 | -€11,351 | -35.0% |
| Plant, machinery and equipment | 23 | €23,711 | €19,355 | -€4,356 | -18.4% |
| Furniture and vehicles | 24 | €8,744 | €1,749 | -€6,995 | -80.0% |
| Financial fixed assets | 28 | €2,975 | €2,975 | = | 0.0% |
| Current assets | 29/58 | €120,980 | €85,005 | -€35,975 | -29.7% |
| Stocks and contracts in progress | 3 | €416 | - | -€416 | |
| Stocks | 30/36 | €416 | - | -€416 | |
| Amounts receivable within one year | 40/41 | €24,206 | €23,585 | -€621 | -2.6% |
| Other amounts receivable | 41 | €24,206 | €23,585 | -€621 | -2.6% |
| Cash at bank and in hand | 54/58 | €96,358 | €61,420 | -€34,938 | -36.3% |
| Total equity and liabilities | 10/49 | €156,410 | €109,084 | -€47,326 | -30.3% |
| Equity | 10/15 | €134,346 | €93,584 | -€40,762 | -30.3% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Reserves | 13 | €4,529 | €4,529 | = | 0.0% |
| Distributable reserves | 133 | €4,529 | €4,529 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,183 | -€50,945 | -€40,762 | -400.3% |
| Amounts payable | 17/49 | €22,064 | €15,500 | -€6,564 | -29.7% |
| Amounts payable within one year | 42/48 | €22,064 | €15,500 | -€6,564 | -29.7% |
| Trade debts | 44 | €5,452 | €1,286 | -€4,166 | -76.4% |
| Suppliers | 440/4 | €5,452 | €1,286 | -€4,166 | -76.4% |
| Taxes, remuneration and social security | 45 | €16,612 | €14,214 | -€2,398 | -14.4% |
| Taxes | 450/3 | €13,476 | - | -€13,476 | |
| Remuneration and social security | 454/9 | €3,136 | €14,214 | +€11,078 | +353.3% |
| Remuneration, social security and pensions | 62 | €29,782 | €38,938 | +€9,156 | +30.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,363 | €13,943 | +€580 | +4.3% |
| Other operating charges | 640/8 | €1,248 | €1,288 | +€40 | +3.2% |
| Gross operating margin | 9900 | €76,080 | €14,380 | -€61,700 | -81.1% |
| Operating profit (loss) | 9901 | €31,687 | -€39,789 | -€71,476 | |
| Financial income | 75/76B | €5 | €10 | +€5 | +100.0% |
| Recurring financial income | 75 | €5 | €10 | +€5 | +100.0% |
| Financial charges | 65/66B | €1,183 | €878 | -€305 | -25.8% |
| Recurring financial charges | 65 | €1,183 | €878 | -€305 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €30,509 | -€40,657 | -€71,166 | |
| Income taxes | 67/77 | €8,959 | €105 | -€8,854 | -98.8% |
| Profit (loss) for the period | 9904 | €21,550 | -€40,762 | -€62,312 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,550 | -€40,762 | -€62,312 |
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 1 October 2026 via checked.be.