MANTREE: 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.
MANTREE
Largest movements
- Tangible fixed assets +€29,855
up €29,855 (+60.7%), from €49,199 to €79,054
of which Leasing and similar rights: +€31,651
- Cash +€8,419
up €8,419 (+13.4%), from €62,980 to €71,399
mainly Net result for the year (+€36,486) and Depreciation (+€16,247)
- Receivables within one year -€6,579
down €6,579 (-17.8%), from €37,001 to €30,423
of which Trade receivables: -€15,428
- Reserves +€36,486
up €36,486 (+35.9%), from €101,593 to €138,079
- Tax, wage and social debts -€18,616
down €18,616 (-77.2%), from €24,116 to €5,500
- Debts after one year +€11,973
up €11,973 (+40.4%), from €29,607 to €41,580
- Current portion of long-term debt +€5,795
up €5,795 (+62.1%), from €9,338 to €15,132
- Other debts -€4,918
down €4,918 (-20.9%), from €23,586 to €18,667
- Gross operating margin -€23,319
down €23,319 (-23.5%), from €99,322 to €76,003
- Taxes +€6,367
up €6,367 (+88.0%), from €7,237 to €13,604
- Other operating charges +€1,629
up €1,629 (+47.8%), from €3,406 to €5,035
- Depreciation +€1,450
up €1,450 (+9.8%), from €14,797 to €16,247
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 | €200,608 | €233,857 | +€33,249 | +16.6% |
| Fixed assets | 21/28 | €49,199 | €79,054 | +€29,855 | +60.7% |
| Tangible fixed assets | 22/27 | €49,199 | €79,054 | +€29,855 | +60.7% |
| Plant, machinery and equipment | 23 | - | €1,959 | +€1,959 | |
| Furniture and vehicles | 24 | €1,321 | €2,280 | +€959 | +72.6% |
| Leasing and similar rights | 25 | €38,450 | €70,100 | +€31,651 | +82.3% |
| Other tangible fixed assets | 26 | €9,429 | €4,714 | -€4,714 | -50.0% |
| Current assets | 29/58 | €151,409 | €154,803 | +€3,394 | +2.2% |
| Amounts receivable within one year | 40/41 | €37,001 | €30,423 | -€6,579 | -17.8% |
| Trade receivables | 40 | €27,028 | €11,600 | -€15,428 | -57.1% |
| Other amounts receivable | 41 | €9,973 | €18,823 | +€8,850 | +88.7% |
| Cash at bank and in hand | 54/58 | €62,980 | €71,399 | +€8,419 | +13.4% |
| Deferred charges and accrued income | 490/1 | €51,428 | €52,982 | +€1,553 | +3.0% |
| Total equity and liabilities | 10/49 | €200,608 | €233,857 | +€33,249 | +16.6% |
| Equity | 10/15 | €107,793 | €144,279 | +€36,486 | +33.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €101,593 | €138,079 | +€36,486 | +35.9% |
| Distributable reserves | 133 | €101,593 | €138,079 | +€36,486 | +35.9% |
| Amounts payable | 17/49 | €92,816 | €89,579 | -€3,237 | -3.5% |
| Amounts payable after more than one year | 17 | €29,607 | €41,580 | +€11,973 | +40.4% |
| Financial debts | 170/4 | €29,607 | €41,580 | +€11,973 | +40.4% |
| Amounts payable within one year | 42/48 | €63,209 | €46,503 | -€16,706 | -26.4% |
| Current portion of amounts payable after more than one year | 42 | €9,338 | €15,132 | +€5,795 | +62.1% |
| Trade debts | 44 | €6,169 | €7,203 | +€1,034 | +16.8% |
| Suppliers | 440/4 | €6,169 | €7,203 | +€1,034 | +16.8% |
| Taxes, remuneration and social security | 45 | €24,116 | €5,500 | -€18,616 | -77.2% |
| Taxes | 450/3 | €24,116 | €5,500 | -€18,616 | -77.2% |
| Other amounts payable | 47/48 | €23,586 | €18,667 | -€4,918 | -20.9% |
| Accrued charges and deferred income | 492/3 | - | €1,496 | +€1,496 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,797 | €16,247 | +€1,450 | +9.8% |
| Other operating charges | 640/8 | €3,406 | €5,035 | +€1,629 | +47.8% |
| Gross operating margin | 9900 | €99,322 | €76,003 | -€23,319 | -23.5% |
| Operating profit (loss) | 9901 | €81,119 | €54,720 | -€26,399 | -32.5% |
| Financial income | 75/76B | €564 | - | -€564 | |
| Recurring financial income | 75 | €564 | - | -€564 | |
| Financial charges | 65/66B | €4,148 | €4,630 | +€482 | +11.6% |
| Recurring financial charges | 65 | €4,148 | €4,630 | +€482 | +11.6% |
| Profit (loss) for the period before taxes | 9903 | €77,534 | €50,090 | -€27,444 | -35.4% |
| Income taxes | 67/77 | €7,237 | €13,604 | +€6,367 | +88.0% |
| Profit (loss) for the period | 9904 | €70,297 | €36,486 | -€33,811 | -48.1% |
| Profit (loss) for the period to be appropriated | 9905 | €70,297 | €36,486 | -€33,811 | -48.1% |
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 4 October 2026 via checked.be.