MANTARI: 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.
MANTARI
Largest movements
- Cash +€23,009
up €23,009 (+33.4%), from €68,831 to €91,840
mainly Net result for the year (+€33,450) and Stocks and contracts (+€7,269)
- Stocks and contracts -€7,269
down €7,269 (-7.6%), from €96,231 to €88,962
- Financial fixed assets +€6,900
up €6,900 (+511%), from €1,349 to €8,249
- Receivables within one year -€2,059
down €2,059 (-34.5%), from €5,972 to €3,914
of which Other amounts receivable: -€2,000
- Reserves +€11,000
up €11,000 (+16.5%), from €66,800 to €77,800
of which Distributable reserves: +€11,000
- Other debts +€4,190
up €4,190 (+30.2%), from €13,860 to €18,050
- Profit (loss) carried forward +€3,450
up €3,450 (+9.3%), from €37,047 to €40,497
- Trade debts +€2,843
up €2,843 (+17.7%), from €16,110 to €18,953
- Gross operating margin +€20,018
up €20,018 (+28.4%), from €70,382 to €90,400
- Taxes +€4,832
up €4,832 (+48.0%), from €10,077 to €14,909
- Staff costs +€3,811
up €3,811 (+13.2%), from €28,870 to €32,681
- Financial charges -€1,740
down €1,740 (-27.7%), from €6,282 to €4,542
- Depreciation -€905
down €905 (-22.1%), from €4,098 to €3,193
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 | €181,191 | €203,617 | +€22,426 | +12.4% |
| Fixed assets | 21/28 | €6,895 | €15,364 | +€8,469 | +123% |
| Tangible fixed assets | 22/27 | €5,546 | €7,115 | +€1,569 | +28.3% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €5,546 | €7,115 | +€1,569 | +28.3% |
| Financial fixed assets | 28 | €1,349 | €8,249 | +€6,900 | +511% |
| Current assets | 29/58 | €174,296 | €188,253 | +€13,957 | +8.0% |
| Stocks and contracts in progress | 3 | €96,231 | €88,962 | -€7,269 | -7.6% |
| Stocks | 30/36 | €96,231 | €88,962 | -€7,269 | -7.6% |
| Amounts receivable within one year | 40/41 | €5,972 | €3,914 | -€2,059 | -34.5% |
| Trade receivables | 40 | €2,549 | €2,490 | -€59 | -2.3% |
| Other amounts receivable | 41 | €3,423 | €1,423 | -€2,000 | -58.4% |
| Cash at bank and in hand | 54/58 | €68,831 | €91,840 | +€23,009 | +33.4% |
| Deferred charges and accrued income | 490/1 | €3,262 | €3,537 | +€275 | +8.4% |
| Total equity and liabilities | 10/49 | €181,191 | €203,617 | +€22,426 | +12.4% |
| Equity | 10/15 | €126,847 | €141,297 | +€14,450 | +11.4% |
| Contributions | 10/11 | €23,000 | €23,000 | = | 0.0% |
| Reserves | 13 | €66,800 | €77,800 | +€11,000 | +16.5% |
| Non-distributable reserves | 130/1 | €2,300 | €2,300 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,300 | €2,300 | = | 0.0% |
| Distributable reserves | 133 | €64,500 | €75,500 | +€11,000 | +17.1% |
| Profit (loss) carried forward | 14 | €37,047 | €40,497 | +€3,450 | +9.3% |
| Amounts payable | 17/49 | €54,344 | €62,320 | +€7,977 | +14.7% |
| Amounts payable within one year | 42/48 | €54,344 | €62,320 | +€7,977 | +14.7% |
| Current portion of amounts payable after more than one year | 42 | €2,367 | €3,365 | +€999 | +42.2% |
| Trade debts | 44 | €16,110 | €18,953 | +€2,843 | +17.7% |
| Suppliers | 440/4 | €16,110 | €18,953 | +€2,843 | +17.7% |
| Taxes, remuneration and social security | 45 | €22,007 | €21,952 | -€55 | -0.3% |
| Taxes | 450/3 | €16,794 | €14,683 | -€2,111 | -12.6% |
| Remuneration and social security | 454/9 | €5,213 | €7,268 | +€2,056 | +39.4% |
| Other amounts payable | 47/48 | €13,860 | €18,050 | +€4,190 | +30.2% |
| Remuneration, social security and pensions | 62 | €28,870 | €32,681 | +€3,811 | +13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,098 | €3,193 | -€905 | -22.1% |
| Other operating charges | 640/8 | €1,655 | €1,765 | +€109 | +6.6% |
| Gross operating margin | 9900 | €70,382 | €90,400 | +€20,018 | +28.4% |
| Operating profit (loss) | 9901 | €35,759 | €52,762 | +€17,003 | +47.5% |
| Financial income | 75/76B | €291 | €139 | -€152 | -52.2% |
| Recurring financial income | 75 | €291 | €139 | -€152 | -52.2% |
| Financial charges | 65/66B | €6,282 | €4,542 | -€1,740 | -27.7% |
| Recurring financial charges | 65 | €6,282 | €4,542 | -€1,740 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €29,769 | €48,359 | +€18,590 | +62.4% |
| Income taxes | 67/77 | €10,077 | €14,909 | +€4,832 | +48.0% |
| Profit (loss) for the period | 9904 | €19,692 | €33,450 | +€13,758 | +69.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,692 | €33,450 | +€13,758 | +69.9% |
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 27 October 2026 via checked.be.