MANDJM: 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.
MANDJM
Largest movements
- Receivables within one year +€170,207
up €170,207 (+210.3%), from €80,928 to €251,135
of which Other amounts receivable: +€174,607
- Cash -€87,323
down €87,323 (-72.2%), from €120,983 to €33,660
mainly Receivables within one year (-€170,207) and Debts after one year (-€32,872)
- Tangible fixed assets -€29,563
down €29,563 (-10.2%), from €288,653 to €259,091
of which Furniture and vehicles: -€18,627
- Current investments +€15,479
new in 2025: €15,479
- Deferred charges and accrued income +€6,278
up €6,278 (+41.2%), from €15,234 to €21,511
- Reserves +€135,000
up €135,000 (+69.2%), from €195,000 to €330,000
- Debts after one year -€32,872
down €32,872 (-16.8%), from €196,059 to €163,187
- Other debts -€19,590
down €19,590 (-50.9%), from €38,500 to €18,910
- Trade debts -€8,316
down €8,316 (-72.4%), from €11,487 to €3,171
- Taxes +€29,750
up €29,750 (+89.6%), from €33,217 to €62,967
- Gross operating margin +€4,352
up €4,352 (+1.8%), from €237,584 to €241,936
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 | €505,869 | €580,947 | +€75,078 | +14.8% |
| Fixed assets | 21/28 | €288,725 | €259,162 | -€29,563 | -10.2% |
| Tangible fixed assets | 22/27 | €288,653 | €259,091 | -€29,563 | -10.2% |
| Land and buildings | 22 | €217,093 | €207,909 | -€9,184 | -4.2% |
| Furniture and vehicles | 24 | €45,714 | €27,087 | -€18,627 | -40.7% |
| Leasing and similar rights | 25 | €17,010 | €16,270 | -€740 | -4.3% |
| Other tangible fixed assets | 26 | €8,837 | €7,825 | -€1,012 | -11.5% |
| Financial fixed assets | 28 | €72 | €72 | = | 0.0% |
| Current assets | 29/58 | €217,144 | €321,785 | +€104,641 | +48.2% |
| Amounts receivable within one year | 40/41 | €80,928 | €251,135 | +€170,207 | +210.3% |
| Trade receivables | 40 | €4,400 | - | -€4,400 | |
| Other amounts receivable | 41 | €76,528 | €251,135 | +€174,607 | +228.2% |
| Current investments | 50/53 | - | €15,479 | +€15,479 | |
| Cash at bank and in hand | 54/58 | €120,983 | €33,660 | -€87,323 | -72.2% |
| Deferred charges and accrued income | 490/1 | €15,234 | €21,511 | +€6,278 | +41.2% |
| Total equity and liabilities | 10/49 | €505,869 | €580,947 | +€75,078 | +14.8% |
| Equity | 10/15 | €210,991 | €349,118 | +€138,127 | +65.5% |
| Contributions | 10/11 | €14,960 | €14,960 | = | 0.0% |
| Reserves | 13 | €195,000 | €330,000 | +€135,000 | +69.2% |
| Distributable reserves | 133 | €195,000 | €330,000 | +€135,000 | +69.2% |
| Profit (loss) carried forward | 14 | €1,031 | €4,158 | +€3,127 | +303.4% |
| Amounts payable | 17/49 | €294,878 | €231,830 | -€63,049 | -21.4% |
| Amounts payable after more than one year | 17 | €196,059 | €163,187 | -€32,872 | -16.8% |
| Financial debts | 170/4 | €196,059 | €163,187 | -€32,872 | -16.8% |
| Amounts payable within one year | 42/48 | €98,636 | €68,453 | -€30,183 | -30.6% |
| Current portion of amounts payable after more than one year | 42 | €32,148 | €32,872 | +€723 | +2.3% |
| Trade debts | 44 | €11,487 | €3,171 | -€8,316 | -72.4% |
| Suppliers | 440/4 | €11,487 | €3,171 | -€8,316 | -72.4% |
| Taxes, remuneration and social security | 45 | €16,500 | €13,500 | -€3,000 | -18.2% |
| Taxes | 450/3 | €16,500 | €13,500 | -€3,000 | -18.2% |
| Other amounts payable | 47/48 | €38,500 | €18,910 | -€19,590 | -50.9% |
| Accrued charges and deferred income | 492/3 | €183 | €189 | +€6 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,734 | €33,234 | -€500 | -1.5% |
| Other operating charges | 640/8 | €578 | €313 | -€264 | -45.7% |
| Gross operating margin | 9900 | €237,584 | €241,936 | +€4,352 | +1.8% |
| Operating profit (loss) | 9901 | €203,272 | €208,389 | +€5,117 | +2.5% |
| Financial income | 75/76B | €456 | €558 | +€102 | +22.3% |
| Recurring financial income | 75 | €456 | €558 | +€102 | +22.3% |
| Financial charges | 65/66B | €10,064 | €7,853 | -€2,211 | -22.0% |
| Recurring financial charges | 65 | €10,064 | €6,991 | -€3,073 | -30.5% |
| Non-recurring financial charges | 66B | - | €861 | +€861 | |
| Profit (loss) for the period before taxes | 9903 | €193,664 | €201,094 | +€7,430 | +3.8% |
| Income taxes | 67/77 | €33,217 | €62,967 | +€29,750 | +89.6% |
| Profit (loss) for the period | 9904 | €160,447 | €138,127 | -€22,320 | -13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €160,447 | €138,127 | -€22,320 | -13.9% |
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 3 October 2026 via checked.be.