Mandolor: what changed
Mandolor
Largest movements
- Tangible fixed assets +€601,928
up €601,928 (+44.6%), from €1.4m to €2.0m
- Cash +€27,132
up €27,132 (+99.3%), from €27,311 to €54,443
mainly Other debts (+€319,639) and Debts after one year (+€215,877)
- Other debts +€319,639
up €319,639 (+97.1%), from €329,189 to €648,828
- Debts after one year +€215,877
up €215,877 (+21.9%), from €986,234 to €1.2m
of which Financial debts: +€215,877
- Current portion of long-term debt +€28,022
up €28,022 (+47.0%), from €59,601 to €87,623
- Reserves +€25,454
up €25,454 (+149%), from €17,033 to €42,487
- Depreciation -€69,725
down €69,725 (-57.8%), from €120,543 to €50,818
- Gross operating margin -€33,448
down €33,448 (-18.2%), from €183,993 to €150,546
- Taxes +€10,349
new in 2025: €10,349
- Other operating charges -€4,298
down €4,298 (-29.6%), from €14,519 to €10,220
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,436,549 | €2,050,690 | +€614,141 | +42.8% |
| Fixed assets | 21/28 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Tangible fixed assets | 22/27 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Land and buildings | 22 | €1,350,195 | €1,952,123 | +€601,928 | +44.6% |
| Current assets | 29/58 | €86,354 | €98,568 | +€12,214 | +14.1% |
| Amounts receivable within one year | 40/41 | €15,670 | - | -€15,670 | |
| Other amounts receivable | 41 | €15,670 | - | -€15,670 | |
| Cash at bank and in hand | 54/58 | €27,311 | €54,443 | +€27,132 | +99.3% |
| Deferred charges and accrued income | 490/1 | €43,373 | €44,125 | +€751 | +1.7% |
| Total equity and liabilities | 10/49 | €1,436,549 | €2,050,690 | +€614,141 | +42.8% |
| Equity | 10/15 | €23,911 | €64,797 | +€40,886 | +171% |
| Contributions | 10/11 | €22,310 | €22,310 | = | 0.0% |
| Reserves | 13 | €17,033 | €42,487 | +€25,454 | +149% |
| Distributable reserves | 133 | €17,033 | €42,487 | +€25,454 | +149% |
| Profit (loss) carried forward | 14 | -€15,432 | - | +€15,432 | |
| Amounts payable | 17/49 | €1,412,638 | €1,985,893 | +€573,255 | +40.6% |
| Amounts payable after more than one year | 17 | €986,234 | €1,202,111 | +€215,877 | +21.9% |
| Financial debts | 170/4 | €984,434 | €1,200,311 | +€215,877 | +21.9% |
| Other amounts payable | 178/9 | €1,800 | €1,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €405,393 | €762,771 | +€357,378 | +88.2% |
| Current portion of amounts payable after more than one year | 42 | €59,601 | €87,623 | +€28,022 | +47.0% |
| Trade debts | 44 | €16,603 | €24,971 | +€8,368 | +50.4% |
| Suppliers | 440/4 | €16,603 | €24,971 | +€8,368 | +50.4% |
| Taxes, remuneration and social security | 45 | - | €1,349 | +€1,349 | |
| Taxes | 450/3 | - | €1,349 | +€1,349 | |
| Other amounts payable | 47/48 | €329,189 | €648,828 | +€319,639 | +97.1% |
| Accrued charges and deferred income | 492/3 | €21,011 | €21,011 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,543 | €50,818 | -€69,725 | -57.8% |
| Other operating charges | 640/8 | €14,519 | €10,220 | -€4,298 | -29.6% |
| Gross operating margin | 9900 | €183,993 | €150,546 | -€33,448 | -18.2% |
| Operating profit (loss) | 9901 | €48,931 | €89,507 | +€40,576 | +82.9% |
| Financial charges | 65/66B | €38,607 | €38,272 | -€335 | -0.9% |
| Recurring financial charges | 65 | €38,607 | €38,272 | -€335 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | €10,324 | €51,235 | +€40,910 | +396% |
| Income taxes | 67/77 | - | €10,349 | +€10,349 | |
| Profit (loss) for the period | 9904 | €10,324 | €40,886 | +€30,562 | +296% |
| Profit (loss) for the period to be appropriated | 9905 | €10,324 | €40,886 | +€30,562 | +296% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.