MANDO: 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.
MANDO
Largest movements
- Tangible fixed assets +€228,788
up €228,788 (+1,147%), from €19,943 to €248,731
of which Land and buildings: +€131,381
- Receivables within one year -€100,483
down €100,483 (-97.6%), from €103,000 to €2,517
of which Trade receivables: -€103,000
- Intangible fixed assets +€60,236
up €60,236 (+83.7%), from €72,000 to €132,236
- Cash +€18,918
up €18,918 (+8.9%), from €212,498 to €231,415
mainly Receivables within one year (+€100,483) and Net result for the year (+€78,925)
- Reserves +€75,000
up €75,000 (+150%), from €50,000 to €125,000
- Trade debts +€49,885
up €49,885 (+144%), from €34,651 to €84,536
- Debts after one year +€47,138
up €47,138 (+30.1%), from €156,683 to €203,820
of which Financial debts: +€48,638
- Current portion of long-term debt +€18,506
up €18,506 (+140%), from €13,181 to €31,688
- Tax, wage and social debts +€13,003
up €13,003 (+18.6%), from €69,882 to €82,885
of which Taxes: +€15,028
- Gross operating margin +€172,754
up €172,754 (+57.0%), from €303,022 to €475,776
- Taxes +€63,040
up €63,040 (+293%), from €21,487 to €84,527
- Other operating charges +€45,376
up €45,376 (+1,079%), from €4,205 to €49,580
- Financial income -€23,416
down €23,416 (-95.8%), from €24,443 to €1,027
- Depreciation +€16,516
up €16,516 (+205%), from €8,038 to €24,555
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 | €427,426 | €634,884 | +€207,458 | +48.5% |
| Fixed assets | 21/28 | €106,943 | €395,967 | +€289,023 | +270% |
| Intangible fixed assets | 21 | €72,000 | €132,236 | +€60,236 | +83.7% |
| Tangible fixed assets | 22/27 | €19,943 | €248,731 | +€228,788 | +1,147% |
| Land and buildings | 22 | - | €131,381 | +€131,381 | |
| Plant, machinery and equipment | 23 | - | €10,693 | +€10,693 | |
| Furniture and vehicles | 24 | - | €88,712 | +€88,712 | |
| Other tangible fixed assets | 26 | €19,943 | €17,945 | -€1,998 | -10.0% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €320,483 | €238,917 | -€81,565 | -25.5% |
| Stocks and contracts in progress | 3 | €4,985 | €4,985 | = | 0.0% |
| Stocks | 30/36 | €4,985 | €4,985 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €103,000 | €2,517 | -€100,483 | -97.6% |
| Trade receivables | 40 | €103,000 | - | -€103,000 | |
| Other amounts receivable | 41 | - | €2,517 | +€2,517 | |
| Cash at bank and in hand | 54/58 | €212,498 | €231,415 | +€18,918 | +8.9% |
| Total equity and liabilities | 10/49 | €427,426 | €634,884 | +€207,458 | +48.5% |
| Equity | 10/15 | €153,029 | €231,955 | +€78,925 | +51.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €50,000 | €125,000 | +€75,000 | +150% |
| Distributable reserves | 133 | €50,000 | €125,000 | +€75,000 | +150% |
| Profit (loss) carried forward | 14 | €98,029 | €101,955 | +€3,925 | +4.0% |
| Amounts payable | 17/49 | €274,397 | €402,929 | +€128,533 | +46.8% |
| Amounts payable after more than one year | 17 | €156,683 | €203,820 | +€47,138 | +30.1% |
| Financial debts | 170/4 | €76,683 | €125,320 | +€48,638 | +63.4% |
| Other amounts payable | 178/9 | €80,000 | €78,500 | -€1,500 | -1.9% |
| Amounts payable within one year | 42/48 | €117,714 | €199,109 | +€81,395 | +69.1% |
| Current portion of amounts payable after more than one year | 42 | €13,181 | €31,688 | +€18,506 | +140% |
| Trade debts | 44 | €34,651 | €84,536 | +€49,885 | +144% |
| Suppliers | 440/4 | €34,651 | €84,536 | +€49,885 | +144% |
| Taxes, remuneration and social security | 45 | €69,882 | €82,885 | +€13,003 | +18.6% |
| Taxes | 450/3 | €39,829 | €54,856 | +€15,028 | +37.7% |
| Remuneration and social security | 454/9 | €30,053 | €28,029 | -€2,025 | -6.7% |
| Remuneration, social security and pensions | 62 | €225,384 | €218,696 | -€6,688 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,038 | €24,555 | +€16,516 | +205% |
| Other operating charges | 640/8 | €4,205 | €49,580 | +€45,376 | +1,079% |
| Gross operating margin | 9900 | €303,022 | €475,776 | +€172,754 | +57.0% |
| Operating profit (loss) | 9901 | €65,395 | €182,945 | +€117,550 | +180% |
| Financial income | 75/76B | €24,443 | €1,027 | -€23,416 | -95.8% |
| Recurring financial income | 75 | €24,443 | €1,027 | -€23,416 | -95.8% |
| Financial charges | 65/66B | €10,922 | €20,519 | +€9,597 | +87.9% |
| Recurring financial charges | 65 | €10,922 | €20,519 | +€9,597 | +87.9% |
| Profit (loss) for the period before taxes | 9903 | €78,917 | €163,453 | +€84,536 | +107% |
| Income taxes | 67/77 | €21,487 | €84,527 | +€63,040 | +293% |
| Profit (loss) for the period | 9904 | €57,429 | €78,925 | +€21,496 | +37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,429 | €78,925 | +€21,496 | +37.4% |
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 14 October 2026 via checked.be.