Mndshft (0628.431.920): financials and annual accounts

Annual accounts 2025

micro format, filed on 29-06-2026, 32 days before the deadline

Gross margin

€37,437

▼ 31.9%

Operating result

€30,739

▼ 37.5%

Profit

€21,594

▼ 41.4%

Working capital

€25,590

▼ 51.9%

Solvency

59.3%

▼ 2.3 percentage points

Current ratio

2.22

▼ 0.97

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €110,000. Estimated: probably between €63,000 and €150,000.

Balance sheet

balance sheet total €70,248 on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency59.3%

Higher than 53% of 39,312 companies in 2025.

Current ratio2.22

Higher than 52% of 37,997 companies in 2025.

Return on assets30.7%

Higher than 72% of 38,469 companies in 2025.

Mndshft Middle half of the sector 80% of the sector Micro accounts in head offices and management consultancy (NACE 70)

Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet: assets
Total assets`20/58`	70,248	105,596	80,875	61,094	102,176	102,581	106,978	90,243	77,389	60,371	36,156
Fixed assets`21/28`	23,647	28,061	18,387	25,695	24,213	14,645	15,726	1,616	1,714	620	-
Tangible fixed assets`22/27`	23,647	28,061	18,387	25,695	24,213	7,270	8,350	1,616	1,714	620	-
Land and buildings`22`	-	-	-	-	-	-	385	514	-	-	-
Plant, machinery and equipment`23`	21,488	23,101	10,327	10,355	11,705	257	-	-	-	-	-
Furniture and vehicles`24`	2,158	4,960	8,060	15,340	12,508	7,013	7,965	1,102	1,714	620	-
Financial fixed assets`28`	-	-	-	-	-	7,376	7,376	-	-	-	-
Current assets`29/58`	46,601	77,535	62,488	35,399	77,962	87,936	91,253	88,627	75,675	59,751	36,156
Amounts receivable within one year`40/41`	17,039	25,375	17,193	18,143	17,430	26,727	25,784	26,732	14,930	21,602	9,219
Trade receivables`40`	14,520	19,263	11,616	12,524	12,342	24,890	22,421	23,081	9,892	21,599	8,984
Other amounts receivable`41`	2,519	6,112	5,577	5,620	5,088	1,838	3,362	3,651	5,039	4	235
Current investments`50/53`	7,120	7,076	7,023	10,069	31,069	31,069	-	-	-	-	-
Cash at bank and in hand`54/58`	21,716	44,357	37,545	6,461	28,738	30,140	63,282	60,077	58,858	37,801	26,022
Deferred charges and accrued income`490/1`	726	726	726	726	726	-	2,187	1,818	1,886	348	915
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	70,248	105,596	80,875	61,094	102,176	102,581	106,978	90,243	77,389	60,371	36,156
Equity`10/15`	41,636	65,042	28,213	25,745	30,123	20,935	21,072	58,504	59,281	41,904	21,357
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	6,200	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	12,400	12,400	12,400	12,400
Reserves`13`	23,036	46,442	9,613	7,145	11,523	2,335	22,304	52,304	53,081	35,360	14,860
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860
Distributable reserves`133`	23,036	46,442	9,613	7,145	11,523	2,335	20,444	50,444	51,221	33,500	13,000
Profit (loss) carried forward`14`	-	-	-	-	-	-	-19,832	-	-	344	297
Amounts payable`17/49`	28,612	40,554	52,663	35,350	72,053	81,646	85,906	31,738	18,108	18,467	14,799
Amounts payable after more than one year`17`	7,601	16,248	11,325	20,163	25,314	32,997	40,277	-	-	-	-
Financial debts`170/4`	7,601	16,248	11,325	20,163	25,314	32,997	40,277	-	-	-	-
Amounts payable within one year`42/48`	21,011	24,306	41,338	15,187	46,739	48,299	45,629	31,738	18,108	18,467	14,799
Current portion of amounts payable after more than one year`42`	8,648	8,467	8,838	10,770	7,683	7,280	7,200	-	-	-	-
Trade debts`44`	3,287	7,575	1,022	465	5,517	385	406	2,410	1,886	3,229	3,543
Suppliers`440/4`	3,287	7,575	1,022	465	5,517	385	406	2,410	1,886	3,229	3,543
Taxes, remuneration and social security`45`	4,738	7,004	6,321	3,145	3,539	10,630	12,137	14,328	11,585	14,917	11,256
Taxes`450/3`	2,563	4,829	4,171	995	1,389	8,544	10,101	12,242	9,365	12,697	9,036
Remuneration and social security`454/9`	2,175	2,175	2,150	2,150	2,150	2,086	2,036	2,086	2,220	2,220	2,220
Other amounts payable`47/48`	4,338	1,260	25,157	807	30,000	30,003	25,885	15,000	4,636	320	-
Accrued charges and deferred income`492/3`	-	-	-	-	-	350	-	-	-	-	-
Income statement
Gross operating margin`9900`	37,437	54,968	40,842	5,138	54,222	44,077	21,416	25,576	28,671	31,092	22,408
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	6,051	5,550	4,401	5,883	2,055	2,564	2,972	1,340	1,012	310	-
Other operating charges`640/8`	647	259	617	846	721	1,101	1,859	677	1,468	410	608
Non-recurring operating charges`66A`	-	-	-	-	-	-	31,034	-	-	-	-
Operating profit (loss)`9901`	30,739	49,159	35,825	-1,591	51,446	40,412	-14,449	23,559	26,191	30,372	21,800
Financial income`75/76B`	63	81	25	-	-	38	0	8	29	14	13
Recurring financial income`75`	63	81	25	-	-	38	0	8	29	14	13
Financial charges`65/66B`	2,595	2,501	1,651	793	1,228	1,226	1,082	861	561	58	35
Recurring financial charges`65`	2,595	2,501	1,651	793	1,228	1,226	1,082	861	561	58	35
Profit (loss) for the period before taxes`9903`	28,206	46,740	34,198	-2,383	50,218	39,224	-15,531	22,707	25,659	30,327	21,778
Income taxes`67/77`	6,612	9,910	7,730	1,195	11,030	9,361	4,301	5,836	8,281	9,781	6,621
Profit (loss) for the period`9904`	21,594	36,829	26,468	-3,578	39,188	29,863	-19,832	16,870	17,377	20,547	15,157
Profit (loss) for the period to be appropriated`9905`	21,594	36,829	26,468	-3,578	39,188	29,863	-19,832	16,870	17,377	20,547	15,157
Appropriation of the result
Profit (loss) to be appropriated`9906`	21,594	36,829	26,468	-3,578	39,188	10,031	-19,832	16,870	17,721	20,844	15,157
Transfer from equity`791/2`	45,000	-	-	4,378	-	19,969	30,000	777	-	-	-
Transfer to equity`691/2`	21,594	36,829	2,468	-	9,188	-	-	-	17,721	20,500	14,860
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	1,860
To other reserves`6921`	21,594	36,829	2,468	-	9,188	-	-	-	17,721	20,500	13,000
Profit to be distributed`694/7`	45,000	-	24,000	800	30,000	30,000	30,000	17,647	-	-	-
Return on contributions (dividend)`694`	45,000	-	24,000	800	30,000	30,000	30,000	17,647	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 29-06-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	29-06-2026	2026-00212771	PDF
31-12-2024	micro format	30-06-2025	2025-00196290	PDF
31-12-2023	micro format	27-06-2024	2024-00182320	PDF
31-12-2022	micro format	27-06-2023	2023-00159901	PDF
31-12-2021	micro format	29-06-2022	2022-20105700	PDF
31-12-2020	micro format	25-06-2021	2021-24700384	PDF
31-12-2019	micro format	27-10-2020	2020-64300457	PDF
31-12-2018	micro format	22-08-2019	2019-49200503	PDF
31-12-2017	micro format	03-07-2018	2018-30400535	PDF
31-12-2016	micro format	16-08-2017	2017-44000321	PDF
31-12-2015	abbreviated format	13-07-2016	2016-31000568	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBITDA	36,790	54,710	40,225	4,292	53,502	42,976	-11,478	24,899	27,203	30,682	-
Cash flow	27,645	42,380	30,869	2,304	41,244	32,427	-16,861	18,210	18,389	20,857	-
Investment in fixed assets	1,637	15,224	2,742	7,364	24,823	1,483	48,116	1,242	2,106	930	-
Change in cash	-22,641	6,812	31,084	-22,277	-1,402	-33,142	3,205	1,218	21,057	11,779	-
Working capital	25,590	53,229	21,150	20,213	31,224	39,637	45,624	56,888	57,567	41,284	21,357
Solvency	59.3%	61.6%	34.9%	42.1%	29.5%	20.4%	19.7%	64.8%	76.6%	69.4%	59.1%
Current ratio	2.22	3.19	1.51	2.33	1.67	1.82	2.00	2.79	4.18	3.24	2.44
Debt to equity	0.69	0.62	1.87	1.37	2.39	3.90	4.08	0.54	0.31	0.44	0.69
ROE	51.9%	56.6%	93.8%	-13.9%	130.1%	142.6%	-94.1%	28.8%	29.3%	49.0%	71.0%
ROA	30.7%	34.9%	32.7%	-5.9%	38.4%	29.1%	-18.5%	18.7%	22.5%	34.0%	41.9%
Interest coverage	14.18	21.87	24.36	5.41	43.58	-	-	-	-	-	-

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Mortgages, amount registered	-	€28,061	€18,387	-	-
Mortgage mandates	-	-	€15,000	-	-
Carrying value of the mortgaged assets	-	€28,061	€18,387	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€1,637	€15,224	€2,742	€7,364	€24,823
Depreciation and write-downs of the year	€6,051	€5,550	€4,401	€5,883	€2,055

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on Mndshft

The operating result for 2025 is 37% lower than in 2024 and the lowest since 2022.

Debt's share of the balance-sheet total rises from 38.4% to 40.7%. Equity and debt are lower.