MANGEM: 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.
MANGEM
Largest movements
- Cash +€18,141
up €18,141 (+102%), from €17,855 to €35,996
mainly Net result for the year (+€56,091) and Tax, wage and social debts (+€14,417)
- Current investments +€7,426
new in 2025: €7,426
- Tangible fixed assets +€5,075
up €5,075 (+24.6%), from €20,634 to €25,709
of which Land and buildings: +€4,197
- Receivables within one year +€2,762
up €2,762 (+10.5%), from €26,307 to €29,069
of which Trade receivables: +€3,781
- Reserves +€56,090
up €56,090 (+51.4%), from €109,193 to €165,283
- Profit (loss) carried forward -€24,999
down €24,999 (-32.1%), from €77,982 to €52,983
- Tax, wage and social debts +€14,417
up €14,417 (+81.4%), from €17,704 to €32,121
- Other debts -€8,500
down €8,500 (-28.6%), from €29,750 to €21,250
- Financial income -€25,396
down €25,396 (-98.4%), from €25,810 to €413
- Taxes +€7,495
up €7,495 (+33.8%), from €22,197 to €29,691
- Gross operating margin +€5,187
up €5,187 (+5.8%), from €89,854 to €95,041
- Staff costs +€1,822
up €1,822 (+183%), from €995 to €2,817
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 | €240,864 | €276,058 | +€35,194 | +14.6% |
| Fixed assets | 21/28 | €195,634 | €200,709 | +€5,075 | +2.6% |
| Tangible fixed assets | 22/27 | €20,634 | €25,709 | +€5,075 | +24.6% |
| Land and buildings | 22 | €9,572 | €13,769 | +€4,197 | +43.8% |
| Plant, machinery and equipment | 23 | €7,058 | €5,405 | -€1,653 | -23.4% |
| Furniture and vehicles | 24 | €4,004 | €6,535 | +€2,531 | +63.2% |
| Financial fixed assets | 28 | €175,000 | €175,000 | = | 0.0% |
| Current assets | 29/58 | €45,231 | €75,349 | +€30,119 | +66.6% |
| Amounts receivable within one year | 40/41 | €26,307 | €29,069 | +€2,762 | +10.5% |
| Trade receivables | 40 | €16,517 | €20,298 | +€3,781 | +22.9% |
| Other amounts receivable | 41 | €9,790 | €8,771 | -€1,019 | -10.4% |
| Current investments | 50/53 | - | €7,426 | +€7,426 | |
| Cash at bank and in hand | 54/58 | €17,855 | €35,996 | +€18,141 | +102% |
| Deferred charges and accrued income | 490/1 | €1,069 | €2,859 | +€1,790 | +167% |
| Total equity and liabilities | 10/49 | €240,864 | €276,058 | +€35,194 | +14.6% |
| Equity | 10/15 | €190,175 | €221,267 | +€31,091 | +16.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €109,193 | €165,283 | +€56,090 | +51.4% |
| Distributable reserves | 133 | €109,193 | €165,283 | +€56,090 | +51.4% |
| Profit (loss) carried forward | 14 | €77,982 | €52,983 | -€24,999 | -32.1% |
| Amounts payable | 17/49 | €50,689 | €54,791 | +€4,102 | +8.1% |
| Amounts payable within one year | 42/48 | €49,813 | €54,791 | +€4,978 | +10.0% |
| Trade debts | 44 | €2,359 | €1,420 | -€939 | -39.8% |
| Suppliers | 440/4 | €2,359 | €1,420 | -€939 | -39.8% |
| Taxes, remuneration and social security | 45 | €17,704 | €32,121 | +€14,417 | +81.4% |
| Taxes | 450/3 | €17,704 | €32,121 | +€14,417 | +81.4% |
| Other amounts payable | 47/48 | €29,750 | €21,250 | -€8,500 | -28.6% |
| Accrued charges and deferred income | 492/3 | €876 | - | -€876 | |
| Non-recurring operating income | 76A | - | €5,864 | +€5,864 | |
| Remuneration, social security and pensions | 62 | €995 | €2,817 | +€1,822 | +183% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,135 | €5,266 | +€131 | +2.6% |
| Other operating charges | 640/8 | €1,722 | €1,113 | -€610 | -35.4% |
| Gross operating margin | 9900 | €89,854 | €95,041 | +€5,187 | +5.8% |
| Operating profit (loss) | 9901 | €82,001 | €85,845 | +€3,843 | +4.7% |
| Financial income | 75/76B | €25,810 | €413 | -€25,396 | -98.4% |
| Recurring financial income | 75 | €25,810 | €413 | -€25,396 | -98.4% |
| Financial charges | 65/66B | €261 | €475 | +€214 | +81.7% |
| Recurring financial charges | 65 | €261 | €475 | +€214 | +81.7% |
| Profit (loss) for the period before taxes | 9903 | €107,550 | €85,783 | -€21,767 | -20.2% |
| Income taxes | 67/77 | €22,197 | €29,691 | +€7,495 | +33.8% |
| Profit (loss) for the period | 9904 | €85,353 | €56,091 | -€29,262 | -34.3% |
| Profit (loss) for the period to be appropriated | 9905 | €85,353 | €56,091 | -€29,262 | -34.3% |
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 25 October 2026 via checked.be.