MANGEZ FERMIER: 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.
MANGEZ FERMIER
Largest movements
- Tangible fixed assets +€283,999
new in 2025: €283,999
of which Other tangible fixed assets: +€262,190
- Receivables within one year -€94,011
down €94,011 (-43.9%), from €214,221 to €120,210
of which Other amounts receivable: -€95,869
- Cash -€74,548
down €74,548 (-47.5%), from €156,893 to €82,345
mainly Investment in fixed assets (net) (-€290,151) and Stocks and contracts (-€17,126)
- Stocks and contracts +€17,126
new in 2025: €17,126
- Other debts +€50,000
up €50,000 (+100%), from €50,000 to €100,000
- Trade debts +€44,350
up €44,350 (+27,175%), from €163 to €44,513
- Investment grants -€38,520
down €38,520 (-13.3%), from €290,000 to €251,480
- Debts after one year +€26,726
new in 2025: €26,726
- Contributions +€24,750
up €24,750 (+79.3%), from €31,200 to €55,950
- Gross operating margin +€43,711
up €43,711 (+1,904%), from €2,295 to €46,006
- Staff costs +€22,400
new in 2025: €22,400
- Depreciation +€3,872
new in 2025: €3,872
- Financial income +€3,671
new in 2025: €3,671
- Financial charges +€697
up €697 (+758%), from €92 to €789
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 | €371,114 | €509,953 | +€138,839 | +37.4% |
| Fixed assets | 21/28 | - | €286,278 | +€286,278 | |
| Intangible fixed assets | 21 | - | €2,279 | +€2,279 | |
| Tangible fixed assets | 22/27 | - | €283,999 | +€283,999 | |
| Plant, machinery and equipment | 23 | - | €14,251 | +€14,251 | |
| Furniture and vehicles | 24 | - | €7,558 | +€7,558 | |
| Other tangible fixed assets | 26 | - | €262,190 | +€262,190 | |
| Current assets | 29/58 | €371,114 | €223,674 | -€147,439 | -39.7% |
| Stocks and contracts in progress | 3 | - | €17,126 | +€17,126 | |
| Stocks | 30/36 | - | €17,126 | +€17,126 | |
| Amounts receivable within one year | 40/41 | €214,221 | €120,210 | -€94,011 | -43.9% |
| Trade receivables | 40 | €209 | €2,067 | +€1,859 | +890% |
| Other amounts receivable | 41 | €214,012 | €118,143 | -€95,869 | -44.8% |
| Cash at bank and in hand | 54/58 | €156,893 | €82,345 | -€74,548 | -47.5% |
| Deferred charges and accrued income | 490/1 | - | €3,993 | +€3,993 | |
| Total equity and liabilities | 10/49 | €371,114 | €509,953 | +€138,839 | +37.4% |
| Equity | 10/15 | €320,950 | €328,017 | +€7,067 | +2.2% |
| Contributions | 10/11 | €31,200 | €55,950 | +€24,750 | +79.3% |
| Profit (loss) carried forward | 14 | -€250 | €20,587 | +€20,837 | |
| Investment grants | 15 | €290,000 | €251,480 | -€38,520 | -13.3% |
| Amounts payable | 17/49 | €50,163 | €181,935 | +€131,772 | +263% |
| Amounts payable after more than one year | 17 | - | €26,726 | +€26,726 | |
| Financial debts | 170/4 | - | €26,726 | +€26,726 | |
| Amounts payable within one year | 42/48 | €50,163 | €155,210 | +€105,046 | +209% |
| Current portion of amounts payable after more than one year | 42 | - | €6,644 | +€6,644 | |
| Trade debts | 44 | €163 | €44,513 | +€44,350 | +27,175% |
| Suppliers | 440/4 | €163 | €44,513 | +€44,350 | +27,175% |
| Taxes, remuneration and social security | 45 | - | €4,053 | +€4,053 | |
| Taxes | 450/3 | - | €321 | +€321 | |
| Remuneration and social security | 454/9 | - | €3,732 | +€3,732 | |
| Other amounts payable | 47/48 | €50,000 | €100,000 | +€50,000 | +100% |
| Remuneration, social security and pensions | 62 | - | €22,400 | +€22,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,872 | +€3,872 | |
| Other operating charges | 640/8 | €1,724 | €1,779 | +€55 | +3.2% |
| Gross operating margin | 9900 | €2,295 | €46,006 | +€43,711 | +1,904% |
| Operating profit (loss) | 9901 | €571 | €17,954 | +€17,384 | +3,046% |
| Financial income | 75/76B | - | €3,671 | +€3,671 | |
| Recurring financial income | 75 | - | €3,671 | +€3,671 | |
| Financial charges | 65/66B | €92 | €789 | +€697 | +758% |
| Recurring financial charges | 65 | €92 | €789 | +€697 | +758% |
| Profit (loss) for the period before taxes | 9903 | €479 | €20,837 | +€20,358 | +4,252% |
| Income taxes | 67/77 | €25 | - | -€25 | |
| Profit (loss) for the period | 9904 | €453 | €20,837 | +€20,383 | +4,496% |
| Profit (loss) for the period to be appropriated | 9905 | €453 | €20,837 | +€20,383 | +4,496% |
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 29 October 2026 via checked.be.