ManDor: 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.
ManDor
Largest movements
- Cash +€400,572
up €400,572 (+442%), from €90,652 to €491,224
mainly Net result for the year (+€669,995) and Tax, wage and social debts (+€137,554)
- Receivables within one year -€102,104
down €102,104 (-10.4%), from €985,770 to €883,666
of which Other amounts receivable: -€123,994
- Current investments -€91,874
down €91,874 (-7.6%), from €1.2m to €1.1m
- Receivables after one year -€71,080
down €71,080 (-5.4%), from €1.3m to €1.2m
- Reserves +€541,948
up €541,948 (+22.8%), from €2.4m to €2.9m
- Other debts -€528,816
down €528,816 (-81.3%), from €650,461 to €121,645
- Tax, wage and social debts +€137,554
up €137,554 (+18.4%), from €746,371 to €883,925
- Gross operating margin -€820,422
down €820,422 (-48.3%), from €1.7m to €878,885
- Taxes -€284,556
down €284,556 (-50.4%), from €564,412 to €279,856
- Financial charges -€24,269
down €24,269 (-71.9%), from €33,734 to €9,464
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 | €3,815,356 | €3,969,459 | +€154,102 | +4.0% |
| Fixed assets | 21/28 | €226,902 | €245,489 | +€18,588 | +8.2% |
| Tangible fixed assets | 22/27 | €65,602 | €84,189 | +€18,588 | +28.3% |
| Plant, machinery and equipment | 23 | €815 | €3,182 | +€2,366 | +290% |
| Furniture and vehicles | 24 | €24,586 | €47,627 | +€23,040 | +93.7% |
| Other tangible fixed assets | 26 | €40,200 | €33,381 | -€6,819 | -17.0% |
| Financial fixed assets | 28 | €161,300 | €161,300 | = | 0.0% |
| Current assets | 29/58 | €3,588,455 | €3,723,969 | +€135,514 | +3.8% |
| Amounts receivable after more than one year | 29 | €1,310,505 | €1,239,425 | -€71,080 | -5.4% |
| Other amounts receivable | 291 | €1,310,505 | €1,239,425 | -€71,080 | -5.4% |
| Amounts receivable within one year | 40/41 | €985,770 | €883,666 | -€102,104 | -10.4% |
| Trade receivables | 40 | €51,400 | €73,291 | +€21,891 | +42.6% |
| Other amounts receivable | 41 | €934,370 | €810,375 | -€123,994 | -13.3% |
| Current investments | 50/53 | €1,201,529 | €1,109,655 | -€91,874 | -7.6% |
| Cash at bank and in hand | 54/58 | €90,652 | €491,224 | +€400,572 | +442% |
| Total equity and liabilities | 10/49 | €3,815,356 | €3,969,459 | +€154,102 | +4.0% |
| Equity | 10/15 | €2,390,687 | €2,932,635 | +€541,948 | +22.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,378,287 | €2,920,235 | +€541,948 | +22.8% |
| Distributable reserves | 133 | €2,378,287 | €2,920,235 | +€541,948 | +22.8% |
| Amounts payable | 17/49 | €1,424,669 | €1,036,824 | -€387,845 | -27.2% |
| Amounts payable within one year | 42/48 | €1,422,917 | €1,019,418 | -€403,499 | -28.4% |
| Trade debts | 44 | €26,085 | €13,847 | -€12,237 | -46.9% |
| Suppliers | 440/4 | €26,085 | €13,847 | -€12,237 | -46.9% |
| Taxes, remuneration and social security | 45 | €746,371 | €883,925 | +€137,554 | +18.4% |
| Taxes | 450/3 | €746,371 | €883,925 | +€137,554 | +18.4% |
| Other amounts payable | 47/48 | €650,461 | €121,645 | -€528,816 | -81.3% |
| Accrued charges and deferred income | 492/3 | €1,752 | €17,406 | +€15,654 | +893% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,764 | €13,368 | -€396 | -2.9% |
| Other operating charges | 640/8 | €2,825 | €2,182 | -€643 | -22.8% |
| Gross operating margin | 9900 | €1,699,307 | €878,885 | -€820,422 | -48.3% |
| Operating profit (loss) | 9901 | €1,682,718 | €863,335 | -€819,383 | -48.7% |
| Financial income | 75/76B | €84,313 | €95,981 | +€11,668 | +13.8% |
| Recurring financial income | 75 | €84,313 | €95,981 | +€11,668 | +13.8% |
| Financial charges | 65/66B | €33,734 | €9,464 | -€24,269 | -71.9% |
| Recurring financial charges | 65 | €33,734 | €9,464 | -€24,269 | -71.9% |
| Profit (loss) for the period before taxes | 9903 | €1,733,297 | €949,851 | -€783,446 | -45.2% |
| Income taxes | 67/77 | €564,412 | €279,856 | -€284,556 | -50.4% |
| Profit (loss) for the period | 9904 | €1,168,885 | €669,995 | -€498,890 | -42.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,168,885 | €669,995 | -€498,890 | -42.7% |
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 13 October 2026 via checked.be.