MANDER: 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.
MANDER
Largest movements
- Current investments +€754,053
new in 2025: €754,053
- Tangible fixed assets -€124,515
down €124,515 (-8.9%), from €1.4m to €1.3m
of which Land and buildings: -€125,255
- Cash +€87,369
up €87,369 (+18.1%), from €483,484 to €570,853
mainly Net result for the year (+€1.2m) and Depreciation (+€133,484)
- Receivables within one year -€55,802
down €55,802 (-83.7%), from €66,632 to €10,831
of which Trade receivables: -€61,994
- Reserves +€1.2m
up €1.2m (+83.3%), from €1.4m to €2.6m
of which Distributable reserves: +€1.2m
- Other debts -€360,000
down €360,000 (-26.4%), from €1.4m to €1.0m
- Debts after one year -€106,051
down €106,051 (-15.9%), from €668,694 to €562,643
- Financial income +€1.1m
up €1.1m (+49,688%), from €2,216 to €1.1m
- Gross operating margin -€66,535
down €66,535 (-11.9%), from €558,901 to €492,366
- Taxes -€23,328
down €23,328 (-47.8%), from €48,788 to €25,460
- Staff costs +€11,746
up €11,746 (+7.0%), from €167,685 to €179,431
- Financial charges -€7,954
down €7,954 (-11.7%), from €68,024 to €60,070
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.
Derived cash bridge
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 | €3,703,752 | €4,376,162 | +€672,410 | +18.2% |
| Fixed assets | 21/28 | €3,137,277 | €3,012,763 | -€124,515 | -4.0% |
| Tangible fixed assets | 22/27 | €1,400,661 | €1,276,147 | -€124,515 | -8.9% |
| Land and buildings | 22 | €1,395,573 | €1,270,318 | -€125,255 | -9.0% |
| Plant, machinery and equipment | 23 | - | €3,674 | +€3,674 | |
| Furniture and vehicles | 24 | €5,088 | €2,154 | -€2,934 | -57.7% |
| Financial fixed assets | 28 | €1,736,616 | €1,736,616 | = | 0.0% |
| Current assets | 29/58 | €566,475 | €1,363,399 | +€796,924 | +141% |
| Amounts receivable within one year | 40/41 | €66,632 | €10,831 | -€55,802 | -83.7% |
| Trade receivables | 40 | €61,994 | - | -€61,994 | |
| Other amounts receivable | 41 | €4,638 | €10,831 | +€6,193 | +134% |
| Current investments | 50/53 | - | €754,053 | +€754,053 | |
| Cash at bank and in hand | 54/58 | €483,484 | €570,853 | +€87,369 | +18.1% |
| Deferred charges and accrued income | 490/1 | €16,359 | €27,662 | +€11,303 | +69.1% |
| Total equity and liabilities | 10/49 | €3,703,752 | €4,376,162 | +€672,410 | +18.2% |
| Equity | 10/15 | €1,456,633 | €2,618,794 | +€1.2m | +79.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,394,633 | €2,556,794 | +€1.2m | +83.3% |
| Non-distributable reserves | 130/1 | €76,869 | €76,869 | = | 0.0% |
| Legal reserve | 130 | €76,869 | €76,869 | = | 0.0% |
| Distributable reserves | 133 | €1,317,763 | €2,479,925 | +€1.2m | +88.2% |
| Amounts payable | 17/49 | €2,247,119 | €1,757,368 | -€489,752 | -21.8% |
| Amounts payable after more than one year | 17 | €668,694 | €562,643 | -€106,051 | -15.9% |
| Financial debts | 170/4 | €668,694 | €562,643 | -€106,051 | -15.9% |
| Amounts payable within one year | 42/48 | €1,578,425 | €1,194,724 | -€383,700 | -24.3% |
| Current portion of amounts payable after more than one year | 42 | €111,363 | €114,465 | +€3,102 | +2.8% |
| Financial debts | 43 | €28,070 | €24,780 | -€3,290 | -11.7% |
| Other loans | 439 | €28,070 | €24,780 | -€3,290 | -11.7% |
| Trade debts | 44 | €774 | €481 | -€293 | -37.9% |
| Suppliers | 440/4 | €774 | €481 | -€293 | -37.9% |
| Taxes, remuneration and social security | 45 | €72,083 | €48,863 | -€23,220 | -32.2% |
| Taxes | 450/3 | €37,857 | €15,721 | -€22,136 | -58.5% |
| Remuneration and social security | 454/9 | €34,226 | €33,142 | -€1,083 | -3.2% |
| Other amounts payable | 47/48 | €1,366,136 | €1,006,136 | -€360,000 | -26.4% |
| Remuneration, social security and pensions | 62 | €167,685 | €179,431 | +€11,746 | +7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,108 | €133,484 | -€1,624 | -1.2% |
| Other operating charges | 640/8 | €30,957 | €34,852 | +€3,895 | +12.6% |
| Gross operating margin | 9900 | €558,901 | €492,366 | -€66,535 | -11.9% |
| Operating profit (loss) | 9901 | €225,151 | €144,598 | -€80,552 | -35.8% |
| Financial income | 75/76B | €2,216 | €1,103,093 | +€1.1m | +49,688% |
| Recurring financial income | 75 | €2,216 | €1,103,093 | +€1.1m | +49,688% |
| Financial charges | 65/66B | €68,024 | €60,070 | -€7,954 | -11.7% |
| Recurring financial charges | 65 | €68,024 | €60,070 | -€7,954 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €159,342 | €1,187,621 | +€1.0m | +645% |
| Income taxes | 67/77 | €48,788 | €25,460 | -€23,328 | -47.8% |
| Profit (loss) for the period | 9904 | €110,554 | €1,162,161 | +€1.1m | +951% |
| Profit (loss) for the period to be appropriated | 9905 | €110,554 | €1,162,161 | +€1.1m | +951% |
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 27 October 2026 via checked.be.