Mandrinex: 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.
Mandrinex
Largest movements
- Cash +€59,625
up €59,625 (+62.9%), from €94,823 to €154,448
mainly Net result for the year (+€57,817) and Receivables within one year (+€6,260)
- Receivables within one year -€6,260
down €6,260 (-9.1%), from €68,746 to €62,486
of which Trade receivables: -€5,596
- Profit (loss) carried forward +€57,817
up €57,817 (+34.8%), from -€166,106 to -€108,289
- Tax, wage and social debts -€3,391
down €3,391 (-37.4%), from €9,057 to €5,666
of which Taxes: -€2,879
- Gross operating margin +€52,829
up €52,829 (+212%), from €24,972 to €77,801
- Staff costs -€5,531
down €5,531 (-89.6%), from €6,175 to €645
- Financial income -€1,389
down €1,389 (-49.6%), from €2,801 to €1,412
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 | €209,368 | €262,733 | +€53,365 | +25.5% |
| Fixed assets | 21/28 | €45,800 | €45,800 | = | 0.0% |
| Tangible fixed assets | 22/27 | €45,800 | €45,800 | = | 0.0% |
| Land and buildings | 22 | €45,800 | €45,800 | = | 0.0% |
| Current assets | 29/58 | €163,569 | €216,934 | +€53,365 | +32.6% |
| Amounts receivable within one year | 40/41 | €68,746 | €62,486 | -€6,260 | -9.1% |
| Trade receivables | 40 | €58,150 | €52,553 | -€5,596 | -9.6% |
| Other amounts receivable | 41 | €10,596 | €9,932 | -€664 | -6.3% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €94,823 | €154,448 | +€59,625 | +62.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €209,368 | €262,733 | +€53,365 | +25.5% |
| Equity | 10/15 | €198,477 | €256,294 | +€57,817 | +29.1% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €64,583 | €64,583 | = | 0.0% |
| Distributable reserves | 133 | €64,583 | €64,583 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€166,106 | -€108,289 | +€57,817 | +34.8% |
| Amounts payable | 17/49 | €10,891 | €6,439 | -€4,452 | -40.9% |
| Amounts payable within one year | 42/48 | €10,891 | €6,439 | -€4,452 | -40.9% |
| Trade debts | 44 | €1,835 | €773 | -€1,062 | -57.9% |
| Suppliers | 440/4 | €1,835 | €773 | -€1,062 | -57.9% |
| Taxes, remuneration and social security | 45 | €9,057 | €5,666 | -€3,391 | -37.4% |
| Taxes | 450/3 | €8,544 | €5,666 | -€2,879 | -33.7% |
| Remuneration and social security | 454/9 | €512 | €0 | -€512 | -100% |
| Remuneration, social security and pensions | 62 | €6,175 | €645 | -€5,531 | -89.6% |
| Other operating charges | 640/8 | €19,970 | €20,553 | +€583 | +2.9% |
| Gross operating margin | 9900 | €24,972 | €77,801 | +€52,829 | +212% |
| Operating profit (loss) | 9901 | -€1,174 | €56,604 | +€57,777 | |
| Financial income | 75/76B | €2,801 | €1,412 | -€1,389 | -49.6% |
| Recurring financial income | 75 | €2,801 | €1,412 | -€1,389 | -49.6% |
| Financial charges | 65/66B | €52 | €198 | +€146 | +282% |
| Recurring financial charges | 65 | €52 | €198 | +€146 | +282% |
| Profit (loss) for the period before taxes | 9903 | €1,576 | €57,817 | +€56,242 | +3,569% |
| Profit (loss) for the period | 9904 | €1,576 | €57,817 | +€56,242 | +3,569% |
| Profit (loss) for the period to be appropriated | 9905 | €1,576 | €57,817 | +€56,242 | +3,569% |
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 24 October 2026 via checked.be.