MANDERA: 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.
MANDERA
Largest movements
- Tangible fixed assets -€644,658
down €644,658 (-15.6%), from €4.1m to €3.5m
of which Land and buildings: -€632,519
- Stocks and contracts -€206,476
down €206,476 (-37.4%), from €551,639 to €345,163
- Receivables within one year +€164,830
up €164,830 (+19.3%), from €853,147 to €1.0m
of which Trade receivables: +€138,297
- Debts after one year -€405,565
down €405,565 (-13.1%), from €3.1m to €2.7m
- Reserves +€264,521
up €264,521 (+46.5%), from €568,456 to €832,977
of which Distributable reserves: +€288,622
- Current portion of long-term debt -€243,532
down €243,532 (-54.4%), from €447,309 to €203,776
- Other debts -€177,531
down €177,531 (-24.9%), from €713,574 to €536,044
- Trade debts -€82,107
down €82,107 (-49.2%), from €166,783 to €84,676
- Gross operating margin +€163,121
up €163,121 (+23.8%), from €685,841 to €848,962
- Depreciation -€147,279
down €147,279 (-31.6%), from €466,337 to €319,058
- Other operating charges -€108,392
down €108,392 (-64.2%), from €168,723 to €60,331
- Financial charges -€103,577
down €103,577 (-35.0%), from €296,018 to €192,442
of which Financial charges: -€103,577
- Taxes +€9,490
up €9,490 (+49.0%), from €19,372 to €28,862
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,816,863 | €5,150,282 | -€666,581 | -11.5% |
| Fixed assets | 21/28 | €4,405,221 | €3,760,563 | -€644,658 | -14.6% |
| Tangible fixed assets | 22/27 | €4,145,221 | €3,500,563 | -€644,658 | -15.6% |
| Land and buildings | 22 | €4,097,424 | €3,464,905 | -€632,519 | -15.4% |
| Plant, machinery and equipment | 23 | €38,599 | €31,179 | -€7,420 | -19.2% |
| Furniture and vehicles | 24 | €9,197 | €4,478 | -€4,720 | -51.3% |
| Financial fixed assets | 28 | €260,000 | €260,000 | = | 0.0% |
| Current assets | 29/58 | €1,411,642 | €1,389,719 | -€21,923 | -1.6% |
| Stocks and contracts in progress | 3 | €551,639 | €345,163 | -€206,476 | -37.4% |
| Stocks | 30/36 | €551,639 | €345,163 | -€206,476 | -37.4% |
| Amounts receivable within one year | 40/41 | €853,147 | €1,017,977 | +€164,830 | +19.3% |
| Trade receivables | 40 | €523,900 | €662,197 | +€138,297 | +26.4% |
| Other amounts receivable | 41 | €329,247 | €355,780 | +€26,533 | +8.1% |
| Cash at bank and in hand | 54/58 | €4,457 | €21,285 | +€16,828 | +377.6% |
| Deferred charges and accrued income | 490/1 | €2,400 | €5,295 | +€2,895 | +120.6% |
| Total equity and liabilities | 10/49 | €5,816,863 | €5,150,282 | -€666,581 | -11.5% |
| Equity | 10/15 | €584,622 | €851,577 | +€266,955 | +45.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €568,456 | €832,977 | +€264,521 | +46.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €358,112 | €334,010 | -€24,102 | -6.7% |
| Distributable reserves | 133 | €210,344 | €498,967 | +€288,622 | +137.2% |
| Profit (loss) carried forward | 14 | -€2,434 | €0 | +€2,434 | |
| Provisions and deferred taxes | 16 | €61,839 | €53,805 | -€8,034 | -13.0% |
| Deferred taxes | 168 | €61,839 | €53,805 | -€8,034 | -13.0% |
| Amounts payable | 17/49 | €5,170,403 | €4,244,901 | -€925,502 | -17.9% |
| Amounts payable after more than one year | 17 | €3,107,388 | €2,701,823 | -€405,565 | -13.1% |
| Financial debts | 170/4 | €3,107,388 | €2,701,823 | -€405,565 | -13.1% |
| Amounts payable within one year | 42/48 | €1,977,773 | €1,463,342 | -€514,431 | -26.0% |
| Current portion of amounts payable after more than one year | 42 | €447,309 | €203,776 | -€243,532 | -54.4% |
| Financial debts | 43 | €630,000 | €550,000 | -€80,000 | -12.7% |
| Credit institutions | 430/8 | €630,000 | €550,000 | -€80,000 | -12.7% |
| Trade debts | 44 | €166,783 | €84,676 | -€82,107 | -49.2% |
| Suppliers | 440/4 | €166,783 | €84,676 | -€82,107 | -49.2% |
| Advances received on contracts in progress | 46 | €10,000 | €56,000 | +€46,000 | +460.0% |
| Taxes, remuneration and social security | 45 | €10,107 | €32,846 | +€22,739 | +225.0% |
| Taxes | 450/3 | €10,107 | €32,846 | +€22,739 | +225.0% |
| Other amounts payable | 47/48 | €713,574 | €536,044 | -€177,531 | -24.9% |
| Accrued charges and deferred income | 492/3 | €85,241 | €79,735 | -€5,507 | -6.5% |
| Non-recurring operating income | 76A | €668,788 | €662,725 | -€6,063 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €466,337 | €319,058 | -€147,279 | -31.6% |
| Other operating charges | 640/8 | €168,723 | €60,331 | -€108,392 | -64.2% |
| Non-recurring operating charges | 66A | €5,170 | - | -€5,170 | |
| Gross operating margin | 9900 | €685,841 | €848,962 | +€163,121 | +23.8% |
| Operating profit (loss) | 9901 | €45,612 | €469,573 | +€423,961 | +929.5% |
| Financial income | 75/76B | €4,198 | €10,652 | +€6,454 | +153.8% |
| Recurring financial income | 75 | €4,198 | €10,652 | +€6,454 | +153.8% |
| Financial charges | 65/66B | €296,018 | €192,442 | -€103,577 | -35.0% |
| Recurring financial charges | 65 | €296,018 | €192,442 | -€103,577 | -35.0% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | -€246,209 | €287,783 | +€533,993 | |
| Transfer from deferred taxes | 780 | €14,059 | €8,034 | -€6,025 | -42.9% |
| Income taxes | 67/77 | €19,372 | €28,862 | +€9,490 | +49.0% |
| Profit (loss) for the period | 9904 | -€251,522 | €266,955 | +€518,477 | |
| Transfer from tax-exempt reserves | 789 | €42,178 | €24,102 | -€18,076 | -42.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€209,344 | €291,057 | +€500,401 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.