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MANDER: 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.

What changed

MANDER

BE 0863.977.020
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.2m
2024 · €110,554+€1.1m
Equity
€2.6m
2024 · €1.5m+€1.2m
Cash
€570,853
2024 · €483,484+€87,369
Balance sheet total
€4.4m
2024 · €3.7m+€672,410

Largest movements

2024 to 2025
Assets
  • Current investments +€754,053

    new in 2025: €754,053

  • Tangible fixed assets -€124,515

    down €124,515 (-8.9%), from €1.4m to €1.3m

    of which Land and buildings: -€125,255

  • Cash +€87,369

    up €87,369 (+18.1%), from €483,484 to €570,853

    mainly Net result for the year (+€1.2m) and Depreciation (+€133,484)

  • Receivables within one year -€55,802

    down €55,802 (-83.7%), from €66,632 to €10,831

    of which Trade receivables: -€61,994

Equity and liabilities
  • Reserves +€1.2m

    up €1.2m (+83.3%), from €1.4m to €2.6m

    of which Distributable reserves: +€1.2m

  • Other debts -€360,000

    down €360,000 (-26.4%), from €1.4m to €1.0m

  • Debts after one year -€106,051

    down €106,051 (-15.9%), from €668,694 to €562,643

Income statement
  • Financial income +€1.1m

    up €1.1m (+49,688%), from €2,216 to €1.1m

  • Gross operating margin -€66,535

    down €66,535 (-11.9%), from €558,901 to €492,366

  • Taxes -€23,328

    down €23,328 (-47.8%), from €48,788 to €25,460

  • Staff costs +€11,746

    up €11,746 (+7.0%), from €167,685 to €179,431

  • Financial charges -€7,954

    down €7,954 (-11.7%), from €68,024 to €60,070

From the 2024 result to the 2025 result

effect on the 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.

Result 2024 €110,554
Gross operating margin -€66,535
Staff costs -€11,746
Depreciation +€1,624
Other operating charges -€3,895
Financial income +€1.1m
Financial charges +€7,954
Taxes +€23,328
Result 2025 €1.2m
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€956,631
Investment -€763,023
Financing -€106,239
Cash 2024 €483,484
Net result for the year +€1.2m
Depreciation +€133,484
Receivables within one year +€55,802
Deferred charges and accrued income -€11,303
Trade debts -€293
Tax, wage and social debts -€23,220
Other debts -€360,000
Investment in fixed assets (net) -€8,969
Current investments -€754,053
Debts after one year -€106,051
Current portion of long-term debt +€3,102
Short-term financial debts -€3,290
Cash 2025 €570,853
brings cash intakes cash out
Every line side by side 49 lines
Line Code 2024 2025 Change %
Total assets 20/58 €3,703,752 €4,376,162 +€672,410 +18.2%
Fixed assets 21/28 €3,137,277 €3,012,763 -€124,515 -4.0%
Tangible fixed assets 22/27 €1,400,661 €1,276,147 -€124,515 -8.9%
Land and buildings 22 €1,395,573 €1,270,318 -€125,255 -9.0%
Plant, machinery and equipment 23 - €3,674 +€3,674
Furniture and vehicles 24 €5,088 €2,154 -€2,934 -57.7%
Financial fixed assets 28 €1,736,616 €1,736,616 = 0.0%
Current assets 29/58 €566,475 €1,363,399 +€796,924 +141%
Amounts receivable within one year 40/41 €66,632 €10,831 -€55,802 -83.7%
Trade receivables 40 €61,994 - -€61,994
Other amounts receivable 41 €4,638 €10,831 +€6,193 +134%
Current investments 50/53 - €754,053 +€754,053
Cash at bank and in hand 54/58 €483,484 €570,853 +€87,369 +18.1%
Deferred charges and accrued income 490/1 €16,359 €27,662 +€11,303 +69.1%
Total equity and liabilities 10/49 €3,703,752 €4,376,162 +€672,410 +18.2%
Equity 10/15 €1,456,633 €2,618,794 +€1.2m +79.8%
Contributions 10/11 €62,000 €62,000 = 0.0%
Capital 10 €62,000 €62,000 = 0.0%
Issued capital 100 €62,000 €62,000 = 0.0%
Reserves 13 €1,394,633 €2,556,794 +€1.2m +83.3%
Non-distributable reserves 130/1 €76,869 €76,869 = 0.0%
Legal reserve 130 €76,869 €76,869 = 0.0%
Distributable reserves 133 €1,317,763 €2,479,925 +€1.2m +88.2%
Amounts payable 17/49 €2,247,119 €1,757,368 -€489,752 -21.8%
Amounts payable after more than one year 17 €668,694 €562,643 -€106,051 -15.9%
Financial debts 170/4 €668,694 €562,643 -€106,051 -15.9%
Amounts payable within one year 42/48 €1,578,425 €1,194,724 -€383,700 -24.3%
Current portion of amounts payable after more than one year 42 €111,363 €114,465 +€3,102 +2.8%
Financial debts 43 €28,070 €24,780 -€3,290 -11.7%
Other loans 439 €28,070 €24,780 -€3,290 -11.7%
Trade debts 44 €774 €481 -€293 -37.9%
Suppliers 440/4 €774 €481 -€293 -37.9%
Taxes, remuneration and social security 45 €72,083 €48,863 -€23,220 -32.2%
Taxes 450/3 €37,857 €15,721 -€22,136 -58.5%
Remuneration and social security 454/9 €34,226 €33,142 -€1,083 -3.2%
Other amounts payable 47/48 €1,366,136 €1,006,136 -€360,000 -26.4%
Remuneration, social security and pensions 62 €167,685 €179,431 +€11,746 +7.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets 630 €135,108 €133,484 -€1,624 -1.2%
Other operating charges 640/8 €30,957 €34,852 +€3,895 +12.6%
Gross operating margin 9900 €558,901 €492,366 -€66,535 -11.9%
Operating profit (loss) 9901 €225,151 €144,598 -€80,552 -35.8%
Financial income 75/76B €2,216 €1,103,093 +€1.1m +49,688%
Recurring financial income 75 €2,216 €1,103,093 +€1.1m +49,688%
Financial charges 65/66B €68,024 €60,070 -€7,954 -11.7%
Recurring financial charges 65 €68,024 €60,070 -€7,954 -11.7%
Profit (loss) for the period before taxes 9903 €159,342 €1,187,621 +€1.0m +645%
Income taxes 67/77 €48,788 €25,460 -€23,328 -47.8%
Profit (loss) for the period 9904 €110,554 €1,162,161 +€1.1m +951%
Profit (loss) for the period to be appropriated 9905 €110,554 €1,162,161 +€1.1m +951%

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.