MandatuM: 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.
MandatuM
Largest movements
- Receivables within one year +€980,304
up €980,304 (+8862.3%), from €11,061 to €991,365
of which Trade receivables: +€979,746
- Cash -€22,551
down €22,551 (-47.2%), from €47,819 to €25,268
mainly Receivables within one year (-€980,304) and Tax, wage and social debts (-€4,590)
- Trade debts +€924,254
up €924,254 (+4157.8%), from €22,229 to €946,483
- Reserves +€40,927
up €40,927 (+163.4%), from €25,049 to €65,976
- Gross operating margin +€22,447
up €22,447 (+67.3%), from €33,344 to €55,791
- Taxes +€5,410
up €5,410 (+62.0%), from €8,727 to €14,136
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 | €59,005 | €1,019,595 | +€960,590 | +1628.0% |
| Fixed assets | 21/28 | - | €1,212 | +€1,212 | |
| Intangible fixed assets | 21 | - | €1,212 | +€1,212 | |
| Current assets | 29/58 | €59,005 | €1,018,383 | +€959,378 | +1625.9% |
| Amounts receivable within one year | 40/41 | €11,061 | €991,365 | +€980,304 | +8862.3% |
| Trade receivables | 40 | €8,311 | €988,057 | +€979,746 | +11789.1% |
| Other amounts receivable | 41 | €2,751 | €3,309 | +€558 | +20.3% |
| Cash at bank and in hand | 54/58 | €47,819 | €25,268 | -€22,551 | -47.2% |
| Deferred charges and accrued income | 490/1 | €124 | €1,750 | +€1,626 | +1309.6% |
| Total equity and liabilities | 10/49 | €59,005 | €1,019,595 | +€960,590 | +1628.0% |
| Equity | 10/15 | €28,049 | €68,976 | +€40,927 | +145.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,049 | €65,976 | +€40,927 | +163.4% |
| Distributable reserves | 133 | €25,049 | €65,976 | +€40,927 | +163.4% |
| Amounts payable | 17/49 | €30,956 | €950,620 | +€919,663 | +2970.9% |
| Amounts payable within one year | 42/48 | €30,956 | €950,620 | +€919,663 | +2970.9% |
| Trade debts | 44 | €22,229 | €946,483 | +€924,254 | +4157.8% |
| Suppliers | 440/4 | €22,229 | €946,483 | +€924,254 | +4157.8% |
| Taxes, remuneration and social security | 45 | €8,727 | €4,136 | -€4,590 | -52.6% |
| Taxes | 450/3 | €8,727 | €4,136 | -€4,590 | -52.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €122 | +€122 | |
| Other operating charges | 640/8 | €141 | €544 | +€403 | +287.1% |
| Gross operating margin | 9900 | €33,344 | €55,791 | +€22,447 | +67.3% |
| Operating profit (loss) | 9901 | €33,203 | €55,125 | +€21,922 | +66.0% |
| Financial charges | 65/66B | €55 | €62 | +€7 | +12.9% |
| Recurring financial charges | 65 | €55 | €62 | +€7 | +12.9% |
| Profit (loss) for the period before taxes | 9903 | €33,148 | €55,063 | +€21,915 | +66.1% |
| Income taxes | 67/77 | €8,727 | €14,136 | +€5,410 | +62.0% |
| Profit (loss) for the period | 9904 | €24,421 | €40,927 | +€16,505 | +67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,421 | €40,927 | +€16,505 | +67.6% |
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 8 October 2026 via checked.be.