MANDERO: 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.
MANDERO
Largest movements
- Tangible fixed assets -€1,258
down €1,258 (-14.2%), from €8,860 to €7,602
of which Other tangible fixed assets: -€832
- Cash -€862
down €862 (-99.0%), from €870 to €8
mainly Net result for the year (-€9,701)
- Receivables within one year -€626
down €626 (-2.5%), from €25,454 to €24,827
of which Trade receivables: -€1,175
- Profit (loss) carried forward -€9,701
down €9,701 (-85.6%), from -€11,330 to -€21,031
- Other debts +€4,267
up €4,267 (+9.6%), from €44,499 to €48,766
- Trade debts +€2,687
up €2,687 (+17,655%), from €15 to €2,702
- Gross operating margin +€5,259
up €5,259 (+40.6%), from -€12,966 to -€7,707
- Other operating charges -€536
no longer reported in 2025 (was €536)
- Taxes -€150
no longer reported in 2025 (was €150)
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 | €35,184 | €32,437 | -€2,747 | -7.8% |
| Fixed assets | 21/28 | €8,860 | €7,602 | -€1,258 | -14.2% |
| Tangible fixed assets | 22/27 | €8,860 | €7,602 | -€1,258 | -14.2% |
| Plant, machinery and equipment | 23 | €701 | €478 | -€223 | -31.8% |
| Furniture and vehicles | 24 | €334 | €131 | -€203 | -60.7% |
| Other tangible fixed assets | 26 | €7,825 | €6,992 | -€832 | -10.6% |
| Current assets | 29/58 | €26,324 | €24,836 | -€1,489 | -5.7% |
| Amounts receivable within one year | 40/41 | €25,454 | €24,827 | -€626 | -2.5% |
| Trade receivables | 40 | €19,128 | €17,952 | -€1,175 | -6.1% |
| Other amounts receivable | 41 | €6,326 | €6,875 | +€549 | +8.7% |
| Cash at bank and in hand | 54/58 | €870 | €8 | -€862 | -99.0% |
| Total equity and liabilities | 10/49 | €35,184 | €32,437 | -€2,747 | -7.8% |
| Equity | 10/15 | -€9,330 | -€19,031 | -€9,701 | -104% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,330 | -€21,031 | -€9,701 | -85.6% |
| Amounts payable | 17/49 | €44,514 | €51,468 | +€6,954 | +15.6% |
| Amounts payable within one year | 42/48 | €44,514 | €51,468 | +€6,954 | +15.6% |
| Trade debts | 44 | €15 | €2,702 | +€2,687 | +17,655% |
| Suppliers | 440/4 | €15 | €2,702 | +€2,687 | +17,655% |
| Other amounts payable | 47/48 | €44,499 | €48,766 | +€4,267 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,219 | €1,258 | +€39 | +3.2% |
| Other operating charges | 640/8 | €536 | - | -€536 | |
| Gross operating margin | 9900 | -€12,966 | -€7,707 | +€5,259 | +40.6% |
| Operating profit (loss) | 9901 | -€14,720 | -€8,965 | +€5,755 | +39.1% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €761 | €736 | -€25 | -3.3% |
| Recurring financial charges | 65 | €761 | €736 | -€25 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | -€15,479 | -€9,701 | +€5,778 | +37.3% |
| Income taxes | 67/77 | €150 | - | -€150 | |
| Profit (loss) for the period | 9904 | -€15,629 | -€9,701 | +€5,927 | +37.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,629 | -€9,701 | +€5,927 | +37.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.