MANTAFLOR: 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.
MANTAFLOR
Largest movements
- Cash +€207,208
up €207,208 (+108.7%), from €190,540 to €397,748
mainly Current investments (+€150,000) and Debts after one year (+€36,480)
- Current investments -€150,000
down €150,000 (-42.9%), from €350,000 to €200,000
- Receivables within one year -€34,833
down €34,833 (-32.0%), from €108,905 to €74,071
of which Trade receivables: -€42,415
- Tangible fixed assets +€32,094
up €32,094 (+46.6%), from €68,931 to €101,026
of which Furniture and vehicles: +€41,780
- Debts after one year +€36,480
up €36,480, from €0 to €36,480
- Reserves +€15,008
up €15,008 (+2.0%), from €750,772 to €765,780
of which Distributable reserves: +€15,008
- Write-downs -€11,690
down €11,690, from €10,634 to -€1,056
- Gross operating margin -€8,919
down €8,919 (-9.8%), from €91,155 to €82,236
- Financial charges +€1,901
up €1,901 (+131.1%), from €1,450 to €3,350
- Depreciation -€1,614
down €1,614 (-7.1%), from €22,657 to €21,042
- Other operating charges +€1,174
up €1,174 (+27.2%), from €4,317 to €5,491
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 | €794,195 | €848,611 | +€54,416 | +6.9% |
| Fixed assets | 21/28 | €68,931 | €101,026 | +€32,094 | +46.6% |
| Tangible fixed assets | 22/27 | €68,931 | €101,026 | +€32,094 | +46.6% |
| Land and buildings | 22 | €2,493 | €1,830 | -€663 | -26.6% |
| Plant, machinery and equipment | 23 | €55,797 | €46,774 | -€9,023 | -16.2% |
| Furniture and vehicles | 24 | €10,641 | €52,421 | +€41,780 | +392.6% |
| Current assets | 29/58 | €725,264 | €747,586 | +€22,322 | +3.1% |
| Stocks and contracts in progress | 3 | €69,586 | €69,342 | -€244 | -0.4% |
| Stocks | 30/36 | €69,586 | €69,342 | -€244 | -0.4% |
| Amounts receivable within one year | 40/41 | €108,905 | €74,071 | -€34,833 | -32.0% |
| Trade receivables | 40 | €82,378 | €39,963 | -€42,415 | -51.5% |
| Other amounts receivable | 41 | €26,526 | €34,108 | +€7,582 | +28.6% |
| Current investments | 50/53 | €350,000 | €200,000 | -€150,000 | -42.9% |
| Cash at bank and in hand | 54/58 | €190,540 | €397,748 | +€207,208 | +108.7% |
| Deferred charges and accrued income | 490/1 | €6,234 | €6,425 | +€191 | +3.1% |
| Total equity and liabilities | 10/49 | €794,195 | €848,611 | +€54,416 | +6.9% |
| Equity | 10/15 | €770,772 | €785,780 | +€15,008 | +1.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €750,772 | €765,780 | +€15,008 | +2.0% |
| Tax-exempt reserves | 132 | €150 | €150 | = | 0.0% |
| Distributable reserves | 133 | €750,623 | €765,630 | +€15,008 | +2.0% |
| Amounts payable | 17/49 | €23,423 | €62,831 | +€39,408 | +168.2% |
| Amounts payable after more than one year | 17 | €0 | €36,480 | +€36,480 | |
| Financial debts | 170/4 | €0 | €36,480 | +€36,480 | |
| Amounts payable within one year | 42/48 | €23,423 | €26,352 | +€2,929 | +12.5% |
| Current portion of amounts payable after more than one year | 42 | €9,060 | €10,787 | +€1,726 | +19.1% |
| Trade debts | 44 | €6,538 | €8,333 | +€1,794 | +27.4% |
| Suppliers | 440/4 | €6,538 | €8,333 | +€1,794 | +27.4% |
| Taxes, remuneration and social security | 45 | €5,485 | €4,633 | -€851 | -15.5% |
| Taxes | 450/3 | €2,041 | €1,332 | -€708 | -34.7% |
| Remuneration and social security | 454/9 | €3,444 | €3,301 | -€143 | -4.2% |
| Other amounts payable | 47/48 | €2,340 | €2,599 | +€259 | +11.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €41,406 | +€41,406 | |
| Remuneration, social security and pensions | 62 | €37,672 | €37,998 | +€326 | +0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,657 | €21,042 | -€1,614 | -7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,634 | -€1,056 | -€11,690 | |
| Other operating charges | 640/8 | €4,317 | €5,491 | +€1,174 | +27.2% |
| Gross operating margin | 9900 | €91,155 | €82,236 | -€8,919 | -9.8% |
| Operating profit (loss) | 9901 | €15,875 | €18,761 | +€2,886 | +18.2% |
| Financial income | 75/76B | €5,966 | €5,871 | -€94 | -1.6% |
| Recurring financial income | 75 | €5,966 | €5,871 | -€94 | -1.6% |
| Financial charges | 65/66B | €1,450 | €3,350 | +€1,901 | +131.1% |
| Recurring financial charges | 65 | €1,450 | €3,350 | +€1,901 | +131.1% |
| Profit (loss) for the period before taxes | 9903 | €20,391 | €21,282 | +€891 | +4.4% |
| Income taxes | 67/77 | €6,047 | €6,274 | +€227 | +3.8% |
| Profit (loss) for the period | 9904 | €14,344 | €15,008 | +€663 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,344 | €15,008 | +€663 | +4.6% |
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 7 October 2026 via checked.be.