MANDELLEX: 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.
MANDELLEX
Largest movements
- Receivables within one year +€127,129
up €127,129 (+137.7%), from €92,315 to €219,444
of which Trade receivables: +€173,269
- Cash +€30,116
up €30,116 (+24.0%), from €125,523 to €155,640
mainly Net result for the year (+€142,104) and Current portion of long-term debt (+€100,652)
- Tangible fixed assets -€21,562
down €21,562 (-4.0%), from €534,243 to €512,680
of which Land and buildings: -€22,139
- Current portion of long-term debt +€100,652
up €100,652 (+599.7%), from €16,784 to €117,436
- Reserves +€97,000
up €97,000 (+62.6%), from €155,000 to €252,000
- Other debts -€46,750
down €46,750 (-55.0%), from €85,000 to €38,250
- Debts after one year -€17,436
down €17,436 (-4.0%), from €436,927 to €419,491
- Trade debts +€10,490
up €10,490 (+239.6%), from €4,378 to €14,868
- Other operating charges +€3,518
up €3,518 (+726.3%), from €484 to €4,003
- Gross operating margin -€3,031
down €3,031 (-1.2%), from €249,012 to €245,982
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 | €752,081 | €887,764 | +€135,683 | +18.0% |
| Fixed assets | 21/28 | €534,243 | €512,680 | -€21,562 | -4.0% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €534,243 | €512,680 | -€21,562 | -4.0% |
| Land and buildings | 22 | €524,909 | €502,770 | -€22,139 | -4.2% |
| Furniture and vehicles | 24 | €9,334 | €9,911 | +€577 | +6.2% |
| Current assets | 29/58 | €217,839 | €375,084 | +€157,245 | +72.2% |
| Amounts receivable within one year | 40/41 | €92,315 | €219,444 | +€127,129 | +137.7% |
| Trade receivables | 40 | €1,189 | €174,458 | +€173,269 | +14571.2% |
| Other amounts receivable | 41 | €91,126 | €44,986 | -€46,140 | -50.6% |
| Cash at bank and in hand | 54/58 | €125,523 | €155,640 | +€30,116 | +24.0% |
| Total equity and liabilities | 10/49 | €752,081 | €887,764 | +€135,683 | +18.0% |
| Equity | 10/15 | €176,012 | €273,116 | +€97,104 | +55.2% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Outside capital | 11 | €20,460 | - | -€20,460 | |
| Other | 1109/19 | €20,460 | - | -€20,460 | |
| Reserves | 13 | €155,000 | €252,000 | +€97,000 | +62.6% |
| Distributable reserves | 133 | €155,000 | €252,000 | +€97,000 | +62.6% |
| Profit (loss) carried forward | 14 | €552 | €656 | +€104 | +18.8% |
| Amounts payable | 17/49 | €576,069 | €614,648 | +€38,579 | +6.7% |
| Amounts payable after more than one year | 17 | €436,927 | €419,491 | -€17,436 | -4.0% |
| Financial debts | 170/4 | €436,927 | €419,491 | -€17,436 | -4.0% |
| Amounts payable within one year | 42/48 | €139,142 | €195,157 | +€56,015 | +40.3% |
| Current portion of amounts payable after more than one year | 42 | €16,784 | €117,436 | +€100,652 | +599.7% |
| Trade debts | 44 | €4,378 | €14,868 | +€10,490 | +239.6% |
| Suppliers | 440/4 | €4,378 | €14,868 | +€10,490 | +239.6% |
| Taxes, remuneration and social security | 45 | €32,980 | €24,603 | -€8,377 | -25.4% |
| Taxes | 450/3 | €32,980 | €24,603 | -€8,377 | -25.4% |
| Other amounts payable | 47/48 | €85,000 | €38,250 | -€46,750 | -55.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,475 | €36,708 | +€2,234 | +6.5% |
| Other operating charges | 640/8 | €484 | €4,003 | +€3,518 | +726.3% |
| Gross operating margin | 9900 | €249,012 | €245,982 | -€3,031 | -1.2% |
| Operating profit (loss) | 9901 | €214,053 | €205,270 | -€8,783 | -4.1% |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €21,489 | €19,649 | -€1,841 | -8.6% |
| Recurring financial charges | 65 | €21,489 | €19,649 | -€1,841 | -8.6% |
| Profit (loss) for the period before taxes | 9903 | €192,588 | €185,622 | -€6,966 | -3.6% |
| Income taxes | 67/77 | €44,978 | €43,518 | -€1,460 | -3.2% |
| Profit (loss) for the period | 9904 | €147,610 | €142,104 | -€5,506 | -3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €147,610 | €142,104 | -€5,506 | -3.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.