MANDARINA: 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.
MANDARINA
Largest movements
- Cash -€6,298
down €6,298 (-5.5%), from €114,332 to €108,034
mainly Trade debts (-€27,578) and Tax, wage and social debts (-€19,580)
- Receivables within one year -€4,917
down €4,917 (-26.1%), from €18,815 to €13,898
of which Trade receivables: -€3,679
- Tangible fixed assets -€4,619
down €4,619 (-21.4%), from €21,603 to €16,984
of which Furniture and vehicles: -€3,381
- Other debts +€47,652
up €47,652 (+453.8%), from €10,500 to €58,152
- Trade debts -€27,578
down €27,578 (-89.6%), from €30,789 to €3,210
- Tax, wage and social debts -€19,580
down €19,580 (-75.7%), from €25,868 to €6,288
- Reserves -€12,500
down €12,500 (-15.1%), from €82,632 to €70,132
- Profit (loss) carried forward -€5,924
down €5,924, from €0 to -€5,924
- Financial charges +€76,283
up €76,283 (+11023.9%), from €692 to €76,975
- Gross operating margin +€30,088
up €30,088 (+59.6%), from €50,477 to €80,566
- Taxes -€12,487
down €12,487 (-90.1%), from €13,855 to €1,368
- Other operating charges +€2,642
up €2,642 (+276.3%), from €956 to €3,598
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 | €156,022 | €141,059 | -€14,964 | -9.6% |
| Fixed assets | 21/28 | €21,603 | €16,984 | -€4,619 | -21.4% |
| Tangible fixed assets | 22/27 | €21,603 | €16,984 | -€4,619 | -21.4% |
| Land and buildings | 22 | €8,913 | €7,966 | -€948 | -10.6% |
| Plant, machinery and equipment | 23 | €348 | €58 | -€290 | -83.3% |
| Furniture and vehicles | 24 | €12,341 | €8,961 | -€3,381 | -27.4% |
| Current assets | 29/58 | €134,420 | €124,075 | -€10,345 | -7.7% |
| Amounts receivable within one year | 40/41 | €18,815 | €13,898 | -€4,917 | -26.1% |
| Trade receivables | 40 | €16,675 | €12,996 | -€3,679 | -22.1% |
| Other amounts receivable | 41 | €2,141 | €902 | -€1,238 | -57.9% |
| Cash at bank and in hand | 54/58 | €114,332 | €108,034 | -€6,298 | -5.5% |
| Deferred charges and accrued income | 490/1 | €1,272 | €2,143 | +€871 | +68.4% |
| Total equity and liabilities | 10/49 | €156,022 | €141,059 | -€14,964 | -9.6% |
| Equity | 10/15 | €88,832 | €70,408 | -€18,424 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €82,632 | €70,132 | -€12,500 | -15.1% |
| Distributable reserves | 133 | €82,632 | €70,132 | -€12,500 | -15.1% |
| Profit (loss) carried forward | 14 | €0 | -€5,924 | -€5,924 | |
| Amounts payable | 17/49 | €67,190 | €70,651 | +€3,460 | +5.1% |
| Amounts payable within one year | 42/48 | €67,156 | €67,651 | +€494 | +0.7% |
| Trade debts | 44 | €30,789 | €3,210 | -€27,578 | -89.6% |
| Suppliers | 440/4 | €30,789 | €3,210 | -€27,578 | -89.6% |
| Taxes, remuneration and social security | 45 | €25,868 | €6,288 | -€19,580 | -75.7% |
| Taxes | 450/3 | €25,868 | €6,288 | -€19,580 | -75.7% |
| Other amounts payable | 47/48 | €10,500 | €58,152 | +€47,652 | +453.8% |
| Accrued charges and deferred income | 492/3 | €34 | €3,000 | +€2,966 | +8695.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,021 | €4,619 | -€402 | -8.0% |
| Other operating charges | 640/8 | €956 | €3,598 | +€2,642 | +276.3% |
| Gross operating margin | 9900 | €50,477 | €80,566 | +€30,088 | +59.6% |
| Operating profit (loss) | 9901 | €44,500 | €72,349 | +€27,849 | +62.6% |
| Financial income | 75/76B | €114 | €70 | -€45 | -39.0% |
| Recurring financial income | 75 | €114 | €70 | -€45 | -39.0% |
| Financial charges | 65/66B | €692 | €76,975 | +€76,283 | +11023.9% |
| Recurring financial charges | 65 | €692 | €76,975 | +€76,283 | +11023.9% |
| Profit (loss) for the period before taxes | 9903 | €43,922 | -€4,556 | -€48,478 | |
| Income taxes | 67/77 | €13,855 | €1,368 | -€12,487 | -90.1% |
| Profit (loss) for the period | 9904 | €30,068 | -€5,924 | -€35,991 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,068 | -€5,924 | -€35,991 |
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 6 October 2026 via checked.be.