MANDEBA: 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.
MANDEBA
Largest movements
- Cash -€207,316
down €207,316 (-59.5%), from €348,643 to €141,326
mainly Net result for the year (-€90,661) and Receivables within one year (-€56,522)
- Receivables within one year +€56,522
up €56,522 (+10.5%), from €539,353 to €595,875
of which Other amounts receivable: +€67,994
- Profit (loss) carried forward -€90,661
down €90,661 (-11.0%), from €826,288 to €735,627
- Other debts -€49,974
down €49,974 (-3.0%), from €1.7m to €1.6m
- Gross operating margin -€52,751
down €52,751, from €37,203 to -€15,548
- Other operating charges -€42,185
down €42,185 (-96.6%), from €43,662 to €1,477
- Financial income +€7,511
up €7,511 (+35.1%), from €21,407 to €28,919
- Financial charges -€2,370
down €2,370 (-82.2%), from €2,882 to €512
of which Financial charges: -€2,370
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 | €2,524,428 | €2,373,563 | -€150,865 | -6.0% |
| Fixed assets | 21/28 | €1,636,362 | €1,636,362 | = | 0.0% |
| Financial fixed assets | 28 | €1,636,362 | €1,636,362 | = | 0.0% |
| Current assets | 29/58 | €888,066 | €737,201 | -€150,865 | -17.0% |
| Amounts receivable within one year | 40/41 | €539,353 | €595,875 | +€56,522 | +10.5% |
| Trade receivables | 40 | €14,117 | €2,645 | -€11,472 | -81.3% |
| Other amounts receivable | 41 | €525,236 | €593,230 | +€67,994 | +12.9% |
| Cash at bank and in hand | 54/58 | €348,643 | €141,326 | -€207,316 | -59.5% |
| Deferred charges and accrued income | 490/1 | €70 | €0 | -€70 | -100.0% |
| Total equity and liabilities | 10/49 | €2,524,428 | €2,373,563 | -€150,865 | -6.0% |
| Equity | 10/15 | €840,548 | €749,887 | -€90,661 | -10.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €826,288 | €735,627 | -€90,661 | -11.0% |
| Amounts payable | 17/49 | €1,683,880 | €1,623,677 | -€60,203 | -3.6% |
| Amounts payable within one year | 42/48 | €1,683,880 | €1,623,677 | -€60,203 | -3.6% |
| Trade debts | 44 | €24,022 | €13,793 | -€10,230 | -42.6% |
| Suppliers | 440/4 | €24,022 | €13,793 | -€10,230 | -42.6% |
| Taxes, remuneration and social security | 45 | €42 | €42 | = | 0.0% |
| Taxes | 450/3 | €42 | €42 | = | 0.0% |
| Other amounts payable | 47/48 | €1,659,816 | €1,609,842 | -€49,974 | -3.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Other operating charges | 640/8 | €43,662 | €1,477 | -€42,185 | -96.6% |
| Non-recurring operating charges | 66A | - | €102,043 | +€102,043 | |
| Gross operating margin | 9900 | €37,203 | -€15,548 | -€52,751 | |
| Operating profit (loss) | 9901 | -€6,459 | -€119,068 | -€112,609 | -1743.4% |
| Financial income | 75/76B | €21,407 | €28,919 | +€7,511 | +35.1% |
| Recurring financial income | 75 | €21,407 | €28,919 | +€7,511 | +35.1% |
| Financial charges | 65/66B | €2,882 | €512 | -€2,370 | -82.2% |
| Recurring financial charges | 65 | €2,882 | €512 | -€2,370 | -82.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €12,066 | -€90,661 | -€102,727 | |
| Profit (loss) for the period | 9904 | €12,066 | -€90,661 | -€102,727 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,066 | -€90,661 | -€102,727 |
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 12 October 2026 via checked.be.