MANDELDAELE: 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.
What changed
MANDELDAELE
NACE 86.220, Specialist medical practice
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€18,925
2024 · €56,504-€75,429
Equity
€1.3m
2024 · €1.4m-€18,925
Cash
€314,871
2024 · €300,130+€14,741
Balance sheet total
€1.8m
2024 · €2.0m-€139,299
Largest movements
Assets
- Tangible fixed assets -€157,258
down €157,258 (-9.5%), from €1.6m to €1.5m
of which Land and buildings: -€143,020
Equity and liabilities
- Debts after one year -€117,267
down €117,267 (-25.4%), from €462,147 to €344,879
Income statement
- Gross operating margin -€100,890
down €100,890 (-39.8%), from €253,544 to €152,655
- Taxes -€22,744
down €22,744, from €22,700 to -€44
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.
Result 2024
€56,504
Gross operating margin
-€100,890
Depreciation
-€619
Other operating charges
+€1,884
Financial income
+€592
Financial charges
+€861
Taxes
+€22,744
Result 2025
-€18,925
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.
From operations
+€135,905
Investment
-€7,718
Financing
-€113,445
Cash 2024
€300,130
From operations (derived)
+€135,905
Net result for the year
-€18,925
Depreciation
+€164,976
Receivables within one year
-€4,244
Deferred charges and accrued income
+€1,027
Provisions
-€5,532
Trade debts
-€82
Tax, wage and social debts
-€623
Other debts
-€692
Investment (derived)
-€7,718
Investment in fixed assets (net)
-€7,718
Financing
-€113,445
Debts after one year
-€117,267
Current portion of long-term debt
+€3,822
Cash 2025
€314,871
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,988,063 | €1,848,764 | -€139,299 | -7.0% |
| Fixed assets | 21/28 | €1,649,606 | €1,492,348 | -€157,258 | -9.5% |
| Tangible fixed assets | 22/27 | €1,649,606 | €1,492,348 | -€157,258 | -9.5% |
| Land and buildings | 22 | €1,608,280 | €1,465,260 | -€143,020 | -8.9% |
| Plant, machinery and equipment | 23 | €10,840 | €11,338 | +€498 | +4.6% |
| Furniture and vehicles | 24 | €30,486 | €15,750 | -€14,736 | -48.3% |
| Current assets | 29/58 | €338,456 | €356,415 | +€17,959 | +5.3% |
| Amounts receivable within one year | 40/41 | €37,300 | €41,544 | +€4,244 | +11.4% |
| Trade receivables | 40 | €10,000 | €1,544 | -€8,456 | -84.6% |
| Other amounts receivable | 41 | €27,300 | €40,000 | +€12,700 | +46.5% |
| Cash at bank and in hand | 54/58 | €300,130 | €314,871 | +€14,741 | +4.9% |
| Deferred charges and accrued income | 490/1 | €1,027 | - | -€1,027 | |
| Total equity and liabilities | 10/49 | €1,988,063 | €1,848,764 | -€139,299 | -7.0% |
| Equity | 10/15 | €1,350,985 | €1,332,061 | -€18,925 | -1.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €337,385 | €321,461 | -€15,925 | -4.7% |
| Tax-exempt reserves | 132 | €216,462 | €199,865 | -€16,596 | -7.7% |
| Distributable reserves | 133 | €120,924 | €121,595 | +€672 | +0.6% |
| Profit (loss) carried forward | 14 | €995,000 | €992,000 | -€3,000 | -0.3% |
| Provisions and deferred taxes | 16 | €55,321 | €49,789 | -€5,532 | -10.0% |
| Deferred taxes | 168 | €55,321 | €49,789 | -€5,532 | -10.0% |
| Amounts payable | 17/49 | €581,757 | €466,914 | -€114,843 | -19.7% |
| Amounts payable after more than one year | 17 | €462,147 | €344,879 | -€117,267 | -25.4% |
| Financial debts | 170/4 | €462,147 | €344,879 | -€117,267 | -25.4% |
| Amounts payable within one year | 42/48 | €119,610 | €122,035 | +€2,425 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €113,445 | €117,267 | +€3,822 | +3.4% |
| Trade debts | 44 | €1,120 | €1,037 | -€82 | -7.4% |
| Suppliers | 440/4 | €1,120 | €1,037 | -€82 | -7.4% |
| Taxes, remuneration and social security | 45 | €623 | - | -€623 | |
| Taxes | 450/3 | €623 | - | -€623 | |
| Other amounts payable | 47/48 | €4,423 | €3,731 | -€692 | -15.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €164,357 | €164,976 | +€619 | +0.4% |
| Other operating charges | 640/8 | €10,697 | €8,813 | -€1,884 | -17.6% |
| Gross operating margin | 9900 | €253,544 | €152,655 | -€100,890 | -39.8% |
| Operating profit (loss) | 9901 | €78,491 | -€21,134 | -€99,625 | |
| Financial income | 75/76B | €32 | €624 | +€592 | +1864.4% |
| Recurring financial income | 75 | €32 | €624 | +€592 | +1864.4% |
| Financial charges | 65/66B | €4,851 | €3,990 | -€861 | -17.7% |
| Recurring financial charges | 65 | €4,851 | €3,990 | -€861 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €73,672 | -€24,501 | -€98,173 | |
| Transfer from deferred taxes | 780 | €5,532 | €5,532 | = | 0.0% |
| Income taxes | 67/77 | €22,700 | -€44 | -€22,744 | |
| Profit (loss) for the period | 9904 | €56,504 | -€18,925 | -€75,429 | |
| Transfer from tax-exempt reserves | 789 | €16,596 | €16,596 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,100 | -€2,328 | -€75,429 |
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 30 September 2026 via checked.be.