MANDEEP: 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.
MANDEEP
Largest movements
- Receivables within one year +€68,265
up €68,265 (+207%), from €32,991 to €101,256
of which Trade receivables: +€35,156
- Tangible fixed assets +€19,522
up €19,522 (+467%), from €4,184 to €23,706
- Financial fixed assets -€2,856
no longer reported in 2025 (was €2,856)
- Stocks and contracts -€2,000
down €2,000 (-10.3%), from €19,502 to €17,502
- Trade debts +€41,566
up €41,566 (+5,867%), from €709 to €42,275
- Profit (loss) carried forward +€20,618
new in 2025: €20,618
- Debts after one year +€16,825
up €16,825, from €0 to €16,825
- Short-term financial debts -€13,355
down €13,355 (-49.1%), from €27,223 to €13,868
- Tax, wage and social debts +€10,231
up €10,231 (+146%), from €6,997 to €17,227
of which Taxes: +€11,391
- Turnover +€451,198
new in 2025: €451,198
- Purchases and services +€418,855
new in 2025: €418,855
- Gross operating margin +€35,810
up €35,810 (+291%), from €12,321 to €48,132
- Taxes +€12,458
up €12,458 (+528%), from €2,358 to €14,815
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 | €63,365 | €145,385 | +€82,020 | +129% |
| Fixed assets | 21/28 | €7,040 | €23,706 | +€16,666 | +237% |
| Tangible fixed assets | 22/27 | €4,184 | €23,706 | +€19,522 | +467% |
| Furniture and vehicles | 24 | €4,184 | €23,706 | +€19,522 | +467% |
| Financial fixed assets | 28 | €2,856 | - | -€2,856 | |
| Current assets | 29/58 | €56,324 | €121,679 | +€65,355 | +116% |
| Stocks and contracts in progress | 3 | €19,502 | €17,502 | -€2,000 | -10.3% |
| Stocks | 30/36 | €19,502 | €17,502 | -€2,000 | -10.3% |
| Amounts receivable within one year | 40/41 | €32,991 | €101,256 | +€68,265 | +207% |
| Trade receivables | 40 | - | €35,156 | +€35,156 | |
| Other amounts receivable | 41 | €32,991 | €66,100 | +€33,109 | +100% |
| Cash at bank and in hand | 54/58 | €3,483 | €2,261 | -€1,221 | -35.1% |
| Deferred charges and accrued income | 490/1 | €349 | €660 | +€311 | +89.3% |
| Total equity and liabilities | 10/49 | €63,365 | €145,385 | +€82,020 | +129% |
| Equity | 10/15 | €28,436 | €49,054 | +€20,618 | +72.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €9,836 | €9,836 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6 | €6 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6 | €6 | = | 0.0% |
| Distributable reserves | 133 | €9,831 | €9,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €20,618 | +€20,618 | |
| Amounts payable | 17/49 | €34,928 | €96,331 | +€61,403 | +176% |
| Amounts payable after more than one year | 17 | €0 | €16,825 | +€16,825 | |
| Financial debts | 170/4 | €0 | €16,825 | +€16,825 | |
| Amounts payable within one year | 42/48 | €34,928 | €79,506 | +€44,578 | +128% |
| Current portion of amounts payable after more than one year | 42 | - | €4,576 | +€4,576 | |
| Financial debts | 43 | €27,223 | €13,868 | -€13,355 | -49.1% |
| Credit institutions | 430/8 | €27,223 | €13,868 | -€13,355 | -49.1% |
| Trade debts | 44 | €709 | €42,275 | +€41,566 | +5,867% |
| Suppliers | 440/4 | €709 | €42,275 | +€41,566 | +5,867% |
| Taxes, remuneration and social security | 45 | €6,997 | €17,227 | +€10,231 | +146% |
| Taxes | 450/3 | €5,836 | €17,227 | +€11,391 | +195% |
| Remuneration and social security | 454/9 | €1,161 | - | -€1,161 | |
| Other amounts payable | 47/48 | €0 | €1,560 | +€1,560 | |
| Turnover | 70 | - | €451,198 | +€451,198 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €418,855 | +€418,855 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €316 | €4,323 | +€4,008 | +1,270% |
| Other operating charges | 640/8 | €6,658 | €7,991 | +€1,333 | +20.0% |
| Gross operating margin | 9900 | €12,321 | €48,132 | +€35,810 | +291% |
| Operating profit (loss) | 9901 | €5,348 | €35,818 | +€30,470 | +570% |
| Financial income | 75/76B | €995 | €2,488 | +€1,493 | +150% |
| Recurring financial income | 75 | €995 | €2,488 | +€1,493 | +150% |
| Financial charges | 65/66B | €854 | €2,873 | +€2,019 | +237% |
| Recurring financial charges | 65 | €854 | €2,873 | +€2,019 | +237% |
| Profit (loss) for the period before taxes | 9903 | €5,490 | €35,433 | +€29,943 | +545% |
| Income taxes | 67/77 | €2,358 | €14,815 | +€12,458 | +528% |
| Profit (loss) for the period | 9904 | €3,132 | €20,618 | +€17,486 | +558% |
| Profit (loss) for the period to be appropriated | 9905 | €3,132 | €20,618 | +€17,486 | +558% |
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 16 October 2026 via checked.be.