Mandolor: 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.
Mandolor
Largest movements
- Tangible fixed assets +€601,928
up €601,928 (+44.6%), from €1.4m to €2.0m
- Cash +€27,132
up €27,132 (+99.3%), from €27,311 to €54,443
mainly Other debts (+€319,639) and Debts after one year (+€215,877)
- Other debts +€319,639
up €319,639 (+97.1%), from €329,189 to €648,828
- Debts after one year +€215,877
up €215,877 (+21.9%), from €986,234 to €1.2m
of which Financial debts: +€215,877
- Current portion of long-term debt +€28,022
up €28,022 (+47.0%), from €59,601 to €87,623
- Reserves +€25,454
up €25,454 (+149%), from €17,033 to €42,487
- Depreciation -€69,725
down €69,725 (-57.8%), from €120,543 to €50,818
- Gross operating margin -€33,448
down €33,448 (-18.2%), from €183,993 to €150,546
- Taxes +€10,349
new in 2025: €10,349
- Other operating charges -€4,298
down €4,298 (-29.6%), from €14,519 to €10,220
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 | €1,436,549 | €2,050,690 | +€614,141 | +42.8% |
| Fixed assets | 21/28 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Tangible fixed assets | 22/27 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Land and buildings | 22 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Current assets | 29/58 | €86,354 | €98,568 | +€12,214 | +14.1% |
| Amounts receivable within one year | 40/41 | €15,670 | - | -€15,670 | |
| Other amounts receivable | 41 | €15,670 | - | -€15,670 | |
| Cash at bank and in hand | 54/58 | €27,311 | €54,443 | +€27,132 | +99.3% |
| Deferred charges and accrued income | 490/1 | €43,373 | €44,125 | +€751 | +1.7% |
| Total equity and liabilities | 10/49 | €1,436,549 | €2,050,690 | +€614,141 | +42.8% |
| Equity | 10/15 | €23,911 | €64,797 | +€40,886 | +171% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €17,033 | €42,487 | +€25,454 | +149% |
| Distributable reserves | 133 | €17,033 | €42,487 | +€25,454 | +149% |
| Profit (loss) carried forward | 14 | -€15,432 | - | +€15,432 | |
| Amounts payable | 17/49 | €1,412,638 | €1,985,893 | +€573,255 | +40.6% |
| Amounts payable after more than one year | 17 | €986,234 | €1,202,111 | +€215,877 | +21.9% |
| Financial debts | 170/4 | €984,434 | €1,200,311 | +€215,877 | +21.9% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €405,393 | €762,771 | +€357,378 | +88.2% |
| Current portion of amounts payable after more than one year | 42 | €59,601 | €87,623 | +€28,022 | +47.0% |
| Trade debts | 44 | €16,603 | €24,971 | +€8,368 | +50.4% |
| Suppliers | 440/4 | €16,603 | €24,971 | +€8,368 | +50.4% |
| Taxes, remuneration and social security | 45 | - | €1,349 | +€1,349 | |
| Taxes | 450/3 | - | €1,349 | +€1,349 | |
| Other amounts payable | 47/48 | €329,189 | €648,828 | +€319,639 | +97.1% |
| Accrued charges and deferred income | 492/3 | €21,011 | €21,011 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,543 | €50,818 | -€69,725 | -57.8% |
| Other operating charges | 640/8 | €14,519 | €10,220 | -€4,298 | -29.6% |
| Gross operating margin | 9900 | €183,993 | €150,546 | -€33,448 | -18.2% |
| Operating profit (loss) | 9901 | €48,931 | €89,507 | +€40,576 | +82.9% |
| Financial charges | 65/66B | €38,607 | €38,272 | -€335 | -0.9% |
| Recurring financial charges | 65 | €38,607 | €38,272 | -€335 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €10,324 | €51,235 | +€40,910 | +396% |
| Income taxes | 67/77 | - | €10,349 | +€10,349 | |
| Profit (loss) for the period | 9904 | €10,324 | €40,886 | +€30,562 | +296% |
| Profit (loss) for the period to be appropriated | 9905 | €10,324 | €40,886 | +€30,562 | +296% |
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.