MANDSON: 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.
MANDSON
Largest movements
- Receivables within one year +€14,616
up €14,616 (+74.2%), from €19,709 to €34,325
of which Trade receivables: +€13,880
- Cash +€8,112
up €8,112 (+64.8%), from €12,525 to €20,637
mainly Trade debts (+€32,368) and Stocks and contracts (+€7,088)
- Stocks and contracts -€7,088
down €7,088 (-24.2%), from €29,348 to €22,259
- Deferred charges and accrued income +€846
up €846 (+2,275%), from €37 to €883
- Trade debts +€32,368
up €32,368 (+132%), from €24,602 to €56,971
- Other debts -€9,654
down €9,654 (-32.8%), from €29,462 to €19,808
- Current portion of long-term debt -€6,757
down €6,757 (-79.3%), from €8,518 to €1,760
- Profit (loss) carried forward +€2,478
up €2,478 (+7.7%), from -€32,074 to -€29,596
- Debts after one year -€1,760
no longer reported in 2025 (was €1,760)
- Staff costs +€34,137
new in 2025: €34,137
- Gross operating margin +€29,722
up €29,722 (+200%), from €14,874 to €44,596
- Other operating charges +€1,273
up €1,273 (+37.3%), from €3,418 to €4,691
- Taxes -€581
new in 2025: -€581
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 | €67,919 | €84,404 | +€16,485 | +24.3% |
| Fixed assets | 21/28 | €6,300 | €6,300 | = | 0.0% |
| Financial fixed assets | 28 | €6,300 | €6,300 | = | 0.0% |
| Current assets | 29/58 | €61,619 | €78,104 | +€16,485 | +26.8% |
| Stocks and contracts in progress | 3 | €29,348 | €22,259 | -€7,088 | -24.2% |
| Stocks | 30/36 | €29,348 | €22,259 | -€7,088 | -24.2% |
| Amounts receivable within one year | 40/41 | €19,709 | €34,325 | +€14,616 | +74.2% |
| Trade receivables | 40 | €19,247 | €33,127 | +€13,880 | +72.1% |
| Other amounts receivable | 41 | €462 | €1,198 | +€736 | +159% |
| Cash at bank and in hand | 54/58 | €12,525 | €20,637 | +€8,112 | +64.8% |
| Deferred charges and accrued income | 490/1 | €37 | €883 | +€846 | +2,275% |
| Total equity and liabilities | 10/49 | €67,919 | €84,404 | +€16,485 | +24.3% |
| Equity | 10/15 | -€11,614 | -€9,136 | +€2,478 | +21.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,074 | -€29,596 | +€2,478 | +7.7% |
| Amounts payable | 17/49 | €79,533 | €93,540 | +€14,007 | +17.6% |
| Amounts payable after more than one year | 17 | €1,760 | - | -€1,760 | |
| Financial debts | 170/4 | €1,760 | - | -€1,760 | |
| Amounts payable within one year | 42/48 | €77,773 | €93,540 | +€15,767 | +20.3% |
| Current portion of amounts payable after more than one year | 42 | €8,518 | €1,760 | -€6,757 | -79.3% |
| Trade debts | 44 | €24,602 | €56,971 | +€32,368 | +132% |
| Suppliers | 440/4 | €24,602 | €56,971 | +€32,368 | +132% |
| Taxes, remuneration and social security | 45 | €15,191 | €15,001 | -€190 | -1.3% |
| Taxes | 450/3 | €153 | - | -€153 | |
| Remuneration and social security | 454/9 | €15,038 | €15,001 | -€38 | -0.3% |
| Other amounts payable | 47/48 | €29,462 | €19,808 | -€9,654 | -32.8% |
| Remuneration, social security and pensions | 62 | - | €34,137 | +€34,137 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207 | - | -€207 | |
| Other operating charges | 640/8 | €3,418 | €4,691 | +€1,273 | +37.3% |
| Gross operating margin | 9900 | €14,874 | €44,596 | +€29,722 | +200% |
| Operating profit (loss) | 9901 | €11,250 | €5,769 | -€5,481 | -48.7% |
| Financial income | 75/76B | €0 | €1 | +€1 | +600% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +600% |
| Financial charges | 65/66B | €3,865 | €3,873 | +€8 | +0.2% |
| Recurring financial charges | 65 | €3,865 | €3,873 | +€8 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | €7,385 | €1,897 | -€5,488 | -74.3% |
| Income taxes | 67/77 | - | -€581 | -€581 | |
| Profit (loss) for the period | 9904 | €7,385 | €2,478 | -€4,907 | -66.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,385 | €2,478 | -€4,907 | -66.4% |
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.