MANDELBLAT: 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.
MANDELBLAT
Largest movements
- Cash -€9,197
down €9,197 (-40.2%), from €22,899 to €13,702
mainly Receivables within one year (-€4,669) and Short-term financial debts (-€3,563)
- Receivables within one year +€4,669
up €4,669 (+7.9%), from €59,103 to €63,772
of which Other amounts receivable: +€6,206
- Short-term financial debts -€3,563
no longer reported in 2025 (was €3,563)
- Trade debts -€2,548
down €2,548 (-70.4%), from €3,619 to €1,071
- Reserves +€1,650
up €1,650 (+3.2%), from €50,959 to €52,609
of which Distributable reserves: +€1,650
- Gross operating margin -€4,979
down €4,979 (-34.3%), from €14,516 to €9,538
- Taxes -€1,672
down €1,672 (-49.8%), from €3,357 to €1,685
- Depreciation -€720
down €720 (-88.8%), from €812 to €91
- Other operating charges +€385
up €385 (+85.6%), from €450 to €836
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 | €82,093 | €77,474 | -€4,620 | -5.6% |
| Fixed assets | 21/28 | €91 | €0 | -€91 | -100.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €91 | €0 | -€91 | -100.0% |
| Furniture and vehicles | 24 | €91 | €0 | -€91 | -100.0% |
| Current assets | 29/58 | €82,002 | €77,474 | -€4,528 | -5.5% |
| Amounts receivable within one year | 40/41 | €59,103 | €63,772 | +€4,669 | +7.9% |
| Trade receivables | 40 | €2,263 | €726 | -€1,537 | -67.9% |
| Other amounts receivable | 41 | €56,840 | €63,046 | +€6,206 | +10.9% |
| Cash at bank and in hand | 54/58 | €22,899 | €13,702 | -€9,197 | -40.2% |
| Total equity and liabilities | 10/49 | €82,093 | €77,474 | -€4,620 | -5.6% |
| Equity | 10/15 | €68,810 | €70,504 | +€1,694 | +2.5% |
| Contributions | 10/11 | €16,155 | €16,155 | = | 0.0% |
| Reserves | 13 | €50,959 | €52,609 | +€1,650 | +3.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €48,100 | €49,750 | +€1,650 | +3.4% |
| Profit (loss) carried forward | 14 | €1,696 | €1,740 | +€44 | +2.6% |
| Amounts payable | 17/49 | €13,283 | €6,970 | -€6,314 | -47.5% |
| Amounts payable within one year | 42/48 | €13,283 | €6,970 | -€6,314 | -47.5% |
| Financial debts | 43 | €3,563 | - | -€3,563 | |
| Credit institutions | 430/8 | €3,563 | - | -€3,563 | |
| Trade debts | 44 | €3,619 | €1,071 | -€2,548 | -70.4% |
| Suppliers | 440/4 | €3,619 | €1,071 | -€2,548 | -70.4% |
| Taxes, remuneration and social security | 45 | €6,102 | €5,898 | -€203 | -3.3% |
| Taxes | 450/3 | €6,102 | €5,898 | -€203 | -3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €812 | €91 | -€720 | -88.8% |
| Other operating charges | 640/8 | €450 | €836 | +€385 | +85.6% |
| Non-recurring operating charges | 66A | €5,000 | €5,000 | = | 0.0% |
| Gross operating margin | 9900 | €14,516 | €9,538 | -€4,979 | -34.3% |
| Operating profit (loss) | 9901 | €8,254 | €3,611 | -€4,644 | -56.3% |
| Financial charges | 65/66B | €242 | €232 | -€11 | -4.4% |
| Recurring financial charges | 65 | €242 | €232 | -€11 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €8,012 | €3,379 | -€4,633 | -57.8% |
| Income taxes | 67/77 | €3,357 | €1,685 | -€1,672 | -49.8% |
| Profit (loss) for the period | 9904 | €4,655 | €1,694 | -€2,961 | -63.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,655 | €1,694 | -€2,961 | -63.6% |
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 10 October 2026 via checked.be.