MANDS: 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.
MANDS
Largest movements
- Tangible fixed assets -€12,530
down €12,530 (-5.8%), from €215,312 to €202,782
of which Land and buildings: -€17,813
- Cash -€3,981
down €3,981 (-33.5%), from €11,893 to €7,912
mainly Debts after one year (-€56,517) and Investment in fixed assets (net) (-€8,941)
- Stocks and contracts +€2,649
up €2,649 (+23.0%), from €11,523 to €14,172
- Debts after one year -€56,517
down €56,517 (-19.4%), from €290,842 to €234,325
of which Financial debts: -€31,517
- Short-term financial debts +€15,623
new in 2025: €15,623
- Profit (loss) carried forward +€10,997
up €10,997 (+7.8%), from -€141,580 to -€130,584
- Other debts +€5,700
up €5,700 (+22.8%), from €25,052 to €30,751
- Tax, wage and social debts +€4,021
up €4,021 (+62.4%), from €6,443 to €10,464
of which Taxes: +€4,496
- Gross operating margin +€33,585
up €33,585 (+50.3%), from €66,749 to €100,334
- Staff costs +€29,430
up €29,430 (+96.8%), from €30,400 to €59,830
- Financial income -€1,369
down €1,369 (-69.6%), from €1,966 to €598
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 | €241,496 | €227,564 | -€13,931 | -5.8% |
| Fixed assets | 21/28 | €215,312 | €202,782 | -€12,530 | -5.8% |
| Tangible fixed assets | 22/27 | €215,312 | €202,782 | -€12,530 | -5.8% |
| Land and buildings | 22 | €208,447 | €190,634 | -€17,813 | -8.5% |
| Plant, machinery and equipment | 23 | €5,509 | €11,366 | +€5,857 | +106% |
| Furniture and vehicles | 24 | €1,355 | €782 | -€573 | -42.3% |
| Current assets | 29/58 | €26,184 | €24,783 | -€1,402 | -5.4% |
| Stocks and contracts in progress | 3 | €11,523 | €14,172 | +€2,649 | +23.0% |
| Stocks | 30/36 | €11,523 | €14,172 | +€2,649 | +23.0% |
| Amounts receivable within one year | 40/41 | €320 | €9 | -€311 | -97.1% |
| Trade receivables | 40 | €320 | €0 | -€320 | -100% |
| Other amounts receivable | 41 | - | €9 | +€9 | |
| Cash at bank and in hand | 54/58 | €11,893 | €7,912 | -€3,981 | -33.5% |
| Deferred charges and accrued income | 490/1 | €2,449 | €2,690 | +€241 | +9.8% |
| Total equity and liabilities | 10/49 | €241,496 | €227,564 | -€13,931 | -5.8% |
| Equity | 10/15 | -€122,980 | -€111,984 | +€10,997 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€141,580 | -€130,584 | +€10,997 | +7.8% |
| Amounts payable | 17/49 | €364,476 | €339,548 | -€24,928 | -6.8% |
| Amounts payable after more than one year | 17 | €290,842 | €234,325 | -€56,517 | -19.4% |
| Financial debts | 170/4 | €90,842 | €59,325 | -€31,517 | -34.7% |
| Other amounts payable | 178/9 | €200,000 | €175,000 | -€25,000 | -12.5% |
| Amounts payable within one year | 42/48 | €73,635 | €105,223 | +€31,589 | +42.9% |
| Current portion of amounts payable after more than one year | 42 | €29,556 | €32,254 | +€2,698 | +9.1% |
| Financial debts | 43 | - | €15,623 | +€15,623 | |
| Credit institutions | 430/8 | - | €15,623 | +€15,623 | |
| Trade debts | 44 | €12,584 | €16,132 | +€3,548 | +28.2% |
| Suppliers | 440/4 | €12,584 | €16,132 | +€3,548 | +28.2% |
| Taxes, remuneration and social security | 45 | €6,443 | €10,464 | +€4,021 | +62.4% |
| Taxes | 450/3 | €389 | €4,885 | +€4,496 | +1,156% |
| Remuneration and social security | 454/9 | €6,054 | €5,579 | -€475 | -7.8% |
| Other amounts payable | 47/48 | €25,052 | €30,751 | +€5,700 | +22.8% |
| Remuneration, social security and pensions | 62 | €30,400 | €59,830 | +€29,430 | +96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,951 | €21,471 | -€481 | -2.2% |
| Other operating charges | 640/8 | €3,974 | €4,105 | +€132 | +3.3% |
| Gross operating margin | 9900 | €66,749 | €100,334 | +€33,585 | +50.3% |
| Operating profit (loss) | 9901 | €10,424 | €14,928 | +€4,503 | +43.2% |
| Financial income | 75/76B | €1,966 | €598 | -€1,369 | -69.6% |
| Recurring financial income | 75 | €1,966 | €598 | -€1,369 | -69.6% |
| Financial charges | 65/66B | €4,482 | €4,528 | +€46 | +1.0% |
| Recurring financial charges | 65 | €4,482 | €4,528 | +€46 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €7,908 | €10,997 | +€3,089 | +39.1% |
| Profit (loss) for the period | 9904 | €7,908 | €10,997 | +€3,089 | +39.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,908 | €10,997 | +€3,089 | +39.1% |
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.