MANDU: what changed
Two fiscal 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.
MANDU
Largest movements
- Deferred charges and accrued income +€27,876
up €27,876 (+2685.9%), from €1,038 to €28,914
- Cash +€6,177
up €6,177 (+46.2%), from €13,382 to €19,559
mainly Net result for the year (+€33,138) and Depreciation (+€6,254)
- Tangible fixed assets -€6,134
down €6,134 (-35.2%), from €17,413 to €11,279
- Receivables within one year +€4,855
up €4,855 (+46.2%), from €10,509 to €15,364
of which Trade receivables: +€5,445
- Intangible fixed assets +€2,210
new in 2025: €2,210
- Profit (loss) carried forward +€33,138
up €33,138 (+88.7%), from -€37,355 to -€4,217
- Debts after one year -€4,674
down €4,674 (-7.6%), from €61,339 to €56,666
- Trade debts +€4,043
up €4,043 (+2310.4%), from €175 to €4,218
- Tax, wage and social debts +€2,477
up €2,477 (+3035.0%), from €82 to €2,558
- Gross operating margin +€50,050
up €50,050, from -€7,456 to €42,594
- Taxes +€2,161
up €2,161 (+1028.4%), from €210 to €2,371
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.
Cash bridge derived
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 | €42,841 | €77,825 | +€34,984 | +81.7% |
| Fixed assets | 21/28 | €17,913 | €13,989 | -€3,924 | -21.9% |
| Intangible fixed assets | 21 | - | €2,210 | +€2,210 | |
| Tangible fixed assets | 22/27 | €17,413 | €11,279 | -€6,134 | -35.2% |
| Furniture and vehicles | 24 | €17,413 | €11,279 | -€6,134 | -35.2% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €24,928 | €63,836 | +€38,908 | +156.1% |
| Amounts receivable within one year | 40/41 | €10,509 | €15,364 | +€4,855 | +46.2% |
| Trade receivables | 40 | - | €5,445 | +€5,445 | |
| Other amounts receivable | 41 | €10,509 | €9,919 | -€590 | -5.6% |
| Cash at bank and in hand | 54/58 | €13,382 | €19,559 | +€6,177 | +46.2% |
| Deferred charges and accrued income | 490/1 | €1,038 | €28,914 | +€27,876 | +2685.9% |
| Total equity and liabilities | 10/49 | €42,841 | €77,825 | +€34,984 | +81.7% |
| Equity | 10/15 | -€18,755 | €14,383 | +€33,138 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,355 | -€4,217 | +€33,138 | +88.7% |
| Amounts payable | 17/49 | €61,596 | €63,442 | +€1,846 | +3.0% |
| Amounts payable after more than one year | 17 | €61,339 | €56,666 | -€4,674 | -7.6% |
| Financial debts | 170/4 | €61,339 | €56,666 | -€4,674 | -7.6% |
| Amounts payable within one year | 42/48 | €257 | €6,776 | +€6,520 | +2540.8% |
| Trade debts | 44 | €175 | €4,218 | +€4,043 | +2310.4% |
| Suppliers | 440/4 | €175 | €4,218 | +€4,043 | +2310.4% |
| Taxes, remuneration and social security | 45 | €82 | €2,558 | +€2,477 | +3035.0% |
| Taxes | 450/3 | €82 | €2,558 | +€2,477 | +3035.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,134 | €6,254 | +€120 | +2.0% |
| Other operating charges | 640/8 | €723 | €743 | +€20 | +2.8% |
| Gross operating margin | 9900 | -€7,456 | €42,594 | +€50,050 | |
| Operating profit (loss) | 9901 | -€14,313 | €35,597 | +€49,910 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €38 | €88 | +€50 | +133.9% |
| Recurring financial charges | 65 | €38 | €88 | +€50 | +133.9% |
| Profit (loss) for the period before taxes | 9903 | -€14,346 | €35,510 | +€49,856 | |
| Income taxes | 67/77 | €210 | €2,371 | +€2,161 | +1028.4% |
| Profit (loss) for the period | 9904 | -€14,556 | €33,138 | +€47,694 | |
| Profit (loss) for the period to be appropriated | 9905 | -€14,556 | €33,138 | +€47,694 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.