MANDUS: 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.
MANDUS
Largest movements
- Cash -€238,692
down €238,692 (-79.0%), from €302,205 to €63,513
mainly Current investments (-€161,639) and Contributions, distributions and other (-€120,521)
- Current investments +€161,639
up €161,639 (+227.3%), from €71,121 to €232,761
- Tangible fixed assets -€32,267
down €32,267 (-20.8%), from €154,852 to €122,585
of which Furniture and vehicles: -€17,294
- Receivables within one year -€10,024
down €10,024 (-27.5%), from €36,476 to €26,452
of which Other amounts receivable: -€10,024
- Reserves -€87,479
down €87,479 (-19.2%), from €455,793 to €368,314
- Current portion of long-term debt -€23,283
down €23,283 (-66.4%), from €35,088 to €11,805
- Other debts +€13,665
new in 2025: €13,665
- Debts after one year -€11,805
down €11,805 (-100.0%), from €11,805 to €0
- Tax, wage and social debts -€8,812
down €8,812 (-30.5%), from €28,869 to €20,057
- Financial income -€112,136
down €112,136 (-94.9%), from €118,183 to €6,046
- Gross operating margin -€53,790
down €53,790 (-39.5%), from €136,094 to €82,304
- Taxes -€49,281
down €49,281 (-74.1%), from €66,469 to €17,187
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 | €565,857 | €446,596 | -€119,261 | -21.1% |
| Fixed assets | 21/28 | €155,062 | €122,795 | -€32,267 | -20.8% |
| Tangible fixed assets | 22/27 | €154,852 | €122,585 | -€32,267 | -20.8% |
| Land and buildings | 22 | €123,464 | €115,248 | -€8,216 | -6.7% |
| Plant, machinery and equipment | 23 | €12,942 | €6,185 | -€6,757 | -52.2% |
| Furniture and vehicles | 24 | €18,446 | €1,152 | -€17,294 | -93.8% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €410,795 | €323,802 | -€86,993 | -21.2% |
| Amounts receivable within one year | 40/41 | €36,476 | €26,452 | -€10,024 | -27.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €36,476 | €26,452 | -€10,024 | -27.5% |
| Current investments | 50/53 | €71,121 | €232,761 | +€161,639 | +227.3% |
| Cash at bank and in hand | 54/58 | €302,205 | €63,513 | -€238,692 | -79.0% |
| Deferred charges and accrued income | 490/1 | €993 | €1,076 | +€83 | +8.3% |
| Total equity and liabilities | 10/49 | €565,857 | €446,596 | -€119,261 | -21.1% |
| Equity | 10/15 | €486,079 | €398,600 | -€87,479 | -18.0% |
| Reserves | 13 | €455,793 | €368,314 | -€87,479 | -19.2% |
| Distributable reserves | 133 | €455,793 | €368,314 | -€87,479 | -19.2% |
| Profit (loss) carried forward | 14 | €30,286 | €30,286 | = | 0.0% |
| Amounts payable | 17/49 | €79,778 | €47,996 | -€31,782 | -39.8% |
| Amounts payable after more than one year | 17 | €11,805 | €0 | -€11,805 | -100.0% |
| Financial debts | 170/4 | €11,805 | €0 | -€11,805 | -100.0% |
| Amounts payable within one year | 42/48 | €67,673 | €47,996 | -€19,676 | -29.1% |
| Current portion of amounts payable after more than one year | 42 | €35,088 | €11,805 | -€23,283 | -66.4% |
| Financial debts | 43 | €265 | €184 | -€81 | -30.6% |
| Credit institutions | 430/8 | €265 | €184 | -€81 | -30.6% |
| Trade debts | 44 | €3,451 | €2,285 | -€1,166 | -33.8% |
| Suppliers | 440/4 | €3,451 | €2,285 | -€1,166 | -33.8% |
| Taxes, remuneration and social security | 45 | €28,869 | €20,057 | -€8,812 | -30.5% |
| Taxes | 450/3 | €28,869 | €20,057 | -€8,812 | -30.5% |
| Other amounts payable | 47/48 | - | €13,665 | +€13,665 | |
| Accrued charges and deferred income | 492/3 | €300 | €0 | -€300 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,162 | €33,176 | -€987 | -2.9% |
| Other operating charges | 640/8 | €1,578 | €1,660 | +€82 | +5.2% |
| Non-recurring operating charges | 66A | €7,725 | €2,553 | -€5,172 | -67.0% |
| Gross operating margin | 9900 | €136,094 | €82,304 | -€53,790 | -39.5% |
| Operating profit (loss) | 9901 | €92,629 | €44,916 | -€47,714 | -51.5% |
| Financial income | 75/76B | €118,183 | €6,046 | -€112,136 | -94.9% |
| Recurring financial income | 75 | €118,183 | €6,046 | -€112,136 | -94.9% |
| Financial charges | 65/66B | €1,072 | €732 | -€340 | -31.7% |
| Recurring financial charges | 65 | €1,072 | €732 | -€340 | -31.7% |
| Profit (loss) for the period before taxes | 9903 | €209,739 | €50,230 | -€159,510 | -76.1% |
| Income taxes | 67/77 | €66,469 | €17,187 | -€49,281 | -74.1% |
| Profit (loss) for the period | 9904 | €143,271 | €33,042 | -€110,229 | -76.9% |
| Profit (loss) for the period to be appropriated | 9905 | €143,271 | €33,042 | -€110,229 | -76.9% |
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 1 October 2026 via checked.be.