Mandeco: 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.
Mandeco
Largest movements
- Cash -€3,815
no longer reported in 2025 (was €3,815)
mainly Trade debts (-€16,148) and Tax, wage and social debts (-€8,823)
- Other debts +€20,186
up €20,186 (+53.9%), from €37,417 to €57,603
- Trade debts -€16,148
down €16,148 (-88.9%), from €18,167 to €2,019
- Tax, wage and social debts -€8,823
down €8,823 (-45.2%), from €19,541 to €10,718
- Profit (loss) carried forward +€1,235
up €1,235 (+0.7%), from -€181,213 to -€179,978
- Gross operating margin +€35,392
up €35,392, from -€30,652 to €4,740
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 | €38,912 | €35,361 | -€3,550 | -9.1% |
| Fixed assets | 21/28 | €25,231 | €25,496 | +€265 | +1.0% |
| Tangible fixed assets | 22/27 | €25,231 | €25,496 | +€265 | +1.0% |
| Plant, machinery and equipment | 23 | €25,231 | €25,496 | +€265 | +1.0% |
| Current assets | 29/58 | €13,681 | €9,866 | -€3,815 | -27.9% |
| Stocks and contracts in progress | 3 | €9,866 | €9,866 | = | 0.0% |
| Stocks | 30/36 | €9,866 | €9,866 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,815 | - | -€3,815 | |
| Total equity and liabilities | 10/49 | €38,912 | €35,361 | -€3,550 | -9.1% |
| Equity | 10/15 | -€171,213 | -€169,978 | +€1,235 | +0.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | €10,000 | = | 0.0% |
| Issued capital | 100 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€181,213 | -€179,978 | +€1,235 | +0.7% |
| Amounts payable | 17/49 | €210,124 | €205,339 | -€4,785 | -2.3% |
| Amounts payable after more than one year | 17 | €135,000 | €135,000 | = | 0.0% |
| Financial debts | 170/4 | €135,000 | €135,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €75,124 | €70,339 | -€4,785 | -6.4% |
| Trade debts | 44 | €18,167 | €2,019 | -€16,148 | -88.9% |
| Suppliers | 440/4 | €18,167 | €2,019 | -€16,148 | -88.9% |
| Taxes, remuneration and social security | 45 | €19,541 | €10,718 | -€8,823 | -45.2% |
| Taxes | 450/3 | €19,541 | €10,718 | -€8,823 | -45.2% |
| Other amounts payable | 47/48 | €37,417 | €57,603 | +€20,186 | +53.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,366 | €3,366 | = | 0.0% |
| Other operating charges | 640/8 | €35 | €51 | +€16 | +44.5% |
| Gross operating margin | 9900 | -€30,652 | €4,740 | +€35,392 | |
| Operating profit (loss) | 9901 | -€34,053 | €1,323 | +€35,376 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €82 | €89 | +€7 | +7.9% |
| Recurring financial charges | 65 | €82 | €89 | +€7 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | -€34,135 | €1,235 | +€35,370 | |
| Profit (loss) for the period | 9904 | -€34,135 | €1,235 | +€35,370 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,135 | €1,235 | +€35,370 |
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 29 September 2026 via checked.be.