Mandi: 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.
Mandi
Largest movements
- Cash -€56,451
down €56,451 (-62.4%), from €90,535 to €34,084
mainly Net result for the year (-€96,942) and Current portion of long-term debt (-€9,023)
- Tangible fixed assets -€18,296
down €18,296 (-26.0%), from €70,398 to €52,102
of which Furniture and vehicles: -€15,938
- Receivables within one year -€11,714
down €11,714 (-11.5%), from €101,831 to €90,117
of which Trade receivables: -€11,056
- Stocks and contracts +€3,400
up €3,400 (+63.6%), from €5,350 to €8,750
- Profit (loss) carried forward -€96,942
down €96,942 (-191.2%), from -€50,714 to -€147,656
- Advances received +€12,488
new in 2025: €12,488
- Tax, wage and social debts +€9,338
up €9,338 (+68.5%), from €13,642 to €22,980
of which Remuneration and social security: +€9,013
- Current portion of long-term debt -€9,023
no longer reported in 2025 (was €9,023)
- Gross operating margin -€69,075
down €69,075 (-29.7%), from €232,946 to €163,871
- Staff costs -€31,375
down €31,375 (-12.0%), from €261,288 to €229,913
- Write-downs +€5,510
up €5,510 (+301.1%), from €1,830 to €7,340
- Depreciation +€3,386
up €3,386 (+22.7%), from €14,910 to €18,296
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 | €273,286 | €190,221 | -€83,065 | -30.4% |
| Fixed assets | 21/28 | €70,398 | €52,102 | -€18,296 | -26.0% |
| Tangible fixed assets | 22/27 | €70,398 | €52,102 | -€18,296 | -26.0% |
| Land and buildings | 22 | €29,602 | €27,244 | -€2,358 | -8.0% |
| Furniture and vehicles | 24 | €31,866 | €15,928 | -€15,938 | -50.0% |
| Other tangible fixed assets | 26 | €8,930 | €8,930 | = | 0.0% |
| Current assets | 29/58 | €202,888 | €138,119 | -€64,769 | -31.9% |
| Stocks and contracts in progress | 3 | €5,350 | €8,750 | +€3,400 | +63.6% |
| Stocks | 30/36 | €5,350 | €8,750 | +€3,400 | +63.6% |
| Amounts receivable within one year | 40/41 | €101,831 | €90,117 | -€11,714 | -11.5% |
| Trade receivables | 40 | €89,488 | €78,432 | -€11,056 | -12.4% |
| Other amounts receivable | 41 | €12,343 | €11,685 | -€658 | -5.3% |
| Cash at bank and in hand | 54/58 | €90,535 | €34,084 | -€56,451 | -62.4% |
| Deferred charges and accrued income | 490/1 | €5,172 | €5,168 | -€4 | -0.1% |
| Total equity and liabilities | 10/49 | €273,286 | €190,221 | -€83,065 | -30.4% |
| Equity | 10/15 | €222,971 | €126,029 | -€96,942 | -43.5% |
| Contributions | 10/11 | €198,592 | €198,592 | = | 0.0% |
| Reserves | 13 | €75,093 | €75,093 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,859 | €19,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €19,859 | €19,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,234 | €9,234 | = | 0.0% |
| Distributable reserves | 133 | €46,000 | €46,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,714 | -€147,656 | -€96,942 | -191.2% |
| Amounts payable | 17/49 | €50,315 | €64,192 | +€13,877 | +27.6% |
| Amounts payable within one year | 42/48 | €46,728 | €59,355 | +€12,627 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €9,023 | - | -€9,023 | |
| Trade debts | 44 | €17,406 | €18,529 | +€1,123 | +6.5% |
| Suppliers | 440/4 | €17,406 | €18,529 | +€1,123 | +6.5% |
| Advances received on contracts in progress | 46 | - | €12,488 | +€12,488 | |
| Taxes, remuneration and social security | 45 | €13,642 | €22,980 | +€9,338 | +68.5% |
| Taxes | 450/3 | €1,007 | €1,332 | +€325 | +32.3% |
| Remuneration and social security | 454/9 | €12,635 | €21,648 | +€9,013 | +71.3% |
| Other amounts payable | 47/48 | €6,657 | €5,358 | -€1,299 | -19.5% |
| Accrued charges and deferred income | 492/3 | €3,587 | €4,837 | +€1,250 | +34.8% |
| Remuneration, social security and pensions | 62 | €261,288 | €229,913 | -€31,375 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,910 | €18,296 | +€3,386 | +22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,830 | €7,340 | +€5,510 | +301.1% |
| Other operating charges | 640/8 | €2,839 | €3,090 | +€251 | +8.8% |
| Gross operating margin | 9900 | €232,946 | €163,871 | -€69,075 | -29.7% |
| Operating profit (loss) | 9901 | -€47,921 | -€94,768 | -€46,847 | -97.8% |
| Financial income | 75/76B | €508 | €838 | +€330 | +65.0% |
| Recurring financial income | 75 | €508 | €838 | +€330 | +65.0% |
| Financial charges | 65/66B | €2,197 | €2,747 | +€550 | +25.0% |
| Recurring financial charges | 65 | €2,197 | €2,747 | +€550 | +25.0% |
| Profit (loss) for the period before taxes | 9903 | -€49,610 | -€96,677 | -€47,067 | -94.9% |
| Income taxes | 67/77 | €275 | €265 | -€10 | -3.6% |
| Profit (loss) for the period | 9904 | -€49,885 | -€96,942 | -€47,057 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€49,885 | -€96,942 | -€47,057 | -94.3% |
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 29 September 2026 via checked.be.