FIRMA MANDERFELD: 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.
FIRMA MANDERFELD
Largest movements
- Stocks and contracts +€49,054
up €49,054 (+29.1%), from €168,777 to €217,831
- Receivables within one year -€22,726
down €22,726 (-14.1%), from €161,227 to €138,501
of which Trade receivables: -€26,885
- Cash +€20,909
up €20,909 (+84.5%), from €24,756 to €45,665
mainly Trade debts (+€94,198) and Receivables within one year (+€22,726)
- Intangible fixed assets +€14,763
new in 2025: €14,763
- Tangible fixed assets -€11,281
down €11,281 (-20.7%), from €54,527 to €43,246
of which Plant, machinery and equipment: -€6,799
- Trade debts +€94,198
up €94,198 (+96.0%), from €98,088 to €192,286
- Debts after one year -€23,647
down €23,647 (-33.9%), from €69,665 to €46,018
- Tax, wage and social debts -€20,221
down €20,221 (-59.4%), from €34,032 to €13,811
of which Remuneration and social security: -€15,267
- Profit (loss) carried forward +€10,954
up €10,954 (+13.6%), from -€80,379 to -€69,424
- Other debts -€10,313
down €10,313 (-17.2%), from €59,946 to €49,633
- Gross operating margin +€39,720
up €39,720 (+31.3%), from €126,781 to €166,502
- Staff costs -€38,657
down €38,657 (-23.1%), from €167,514 to €128,857
- Depreciation +€3,504
up €3,504 (+28.5%), from €12,298 to €15,802
- Financial income +€2,431
up €2,431 (+353%), from €688 to €3,119
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 | €416,849 | €467,820 | +€50,972 | +12.2% |
| Fixed assets | 21/28 | €54,764 | €58,246 | +€3,482 | +6.4% |
| Intangible fixed assets | 21 | - | €14,763 | +€14,763 | |
| Tangible fixed assets | 22/27 | €54,527 | €43,246 | -€11,281 | -20.7% |
| Plant, machinery and equipment | 23 | €27,082 | €20,283 | -€6,799 | -25.1% |
| Furniture and vehicles | 24 | €2,435 | €3,448 | +€1,013 | +41.6% |
| Leasing and similar rights | 25 | €25,010 | €19,514 | -€5,496 | -22.0% |
| Financial fixed assets | 28 | €237 | €237 | = | 0.0% |
| Current assets | 29/58 | €362,085 | €409,575 | +€47,490 | +13.1% |
| Stocks and contracts in progress | 3 | €168,777 | €217,831 | +€49,054 | +29.1% |
| Stocks | 30/36 | €168,777 | €217,831 | +€49,054 | +29.1% |
| Amounts receivable within one year | 40/41 | €161,227 | €138,501 | -€22,726 | -14.1% |
| Trade receivables | 40 | €161,227 | €134,343 | -€26,885 | -16.7% |
| Other amounts receivable | 41 | - | €4,158 | +€4,158 | |
| Cash at bank and in hand | 54/58 | €24,756 | €45,665 | +€20,909 | +84.5% |
| Deferred charges and accrued income | 490/1 | €7,324 | €7,577 | +€253 | +3.5% |
| Total equity and liabilities | 10/49 | €416,849 | €467,820 | +€50,972 | +12.2% |
| Equity | 10/15 | €29,621 | €40,576 | +€10,954 | +37.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,379 | -€69,424 | +€10,954 | +13.6% |
| Amounts payable | 17/49 | €387,227 | €427,245 | +€40,018 | +10.3% |
| Amounts payable after more than one year | 17 | €69,665 | €46,018 | -€23,647 | -33.9% |
| Financial debts | 170/4 | €69,665 | €46,018 | -€23,647 | -33.9% |
| Amounts payable within one year | 42/48 | €315,502 | €379,377 | +€63,875 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €23,436 | €23,647 | +€211 | +0.9% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €98,088 | €192,286 | +€94,198 | +96.0% |
| Suppliers | 440/4 | €98,088 | €192,286 | +€94,198 | +96.0% |
| Taxes, remuneration and social security | 45 | €34,032 | €13,811 | -€20,221 | -59.4% |
| Taxes | 450/3 | €10,698 | €5,744 | -€4,955 | -46.3% |
| Remuneration and social security | 454/9 | €23,334 | €8,067 | -€15,267 | -65.4% |
| Other amounts payable | 47/48 | €59,946 | €49,633 | -€10,313 | -17.2% |
| Accrued charges and deferred income | 492/3 | €2,060 | €1,850 | -€210 | -10.2% |
| Non-recurring operating income | 76A | €3,800 | - | -€3,800 | |
| Remuneration, social security and pensions | 62 | €167,514 | €128,857 | -€38,657 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,298 | €15,802 | +€3,504 | +28.5% |
| Other operating charges | 640/8 | €2,695 | €1,916 | -€780 | -28.9% |
| Gross operating margin | 9900 | €126,781 | €166,502 | +€39,720 | +31.3% |
| Operating profit (loss) | 9901 | -€55,726 | €19,927 | +€75,653 | |
| Financial income | 75/76B | €688 | €3,119 | +€2,431 | +353% |
| Recurring financial income | 75 | €688 | €3,119 | +€2,431 | +353% |
| Financial charges | 65/66B | €11,476 | €11,387 | -€90 | -0.8% |
| Recurring financial charges | 65 | €11,476 | €11,387 | -€90 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | -€66,515 | €11,659 | +€78,174 | |
| Income taxes | 67/77 | €779 | €705 | -€74 | -9.5% |
| Profit (loss) for the period | 9904 | -€67,294 | €10,954 | +€78,248 | |
| Profit (loss) for the period to be appropriated | 9905 | -€67,294 | €10,954 | +€78,248 |
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 18 October 2026 via checked.be.