D & Manhattan: 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.
D & Manhattan
Largest movements
- Tangible fixed assets +€326,807
up €326,807 (+366%), from €89,380 to €416,187
of which Plant, machinery and equipment: +€318,382
- Stocks and contracts +€41,738
up €41,738 (+23.8%), from €175,240 to €216,978
- Cash -€36,660
down €36,660 (-16.6%), from €220,521 to €183,861
mainly Investment in fixed assets (net) (-€426,359) and Net result for the year (-€109,804)
- Intangible fixed assets +€26,055
new in 2025: €26,055
- Receivables within one year -€17,946
down €17,946 (-19.0%), from €94,271 to €76,325
of which Other amounts receivable: -€12,784
- Debts after one year +€289,671
up €289,671, from €0 to €289,671
- Reserves -€109,804
down €109,804 (-60.0%), from €183,092 to €73,288
- Other debts +€106,967
up €106,967 (+65.6%), from €163,033 to €270,000
- Current portion of long-term debt +€33,220
up €33,220 (+332%), from €9,999 to €43,219
- Trade debts +€11,162
up €11,162 (+5.9%), from €187,741 to €198,903
- Staff costs +€104,464
up €104,464 (+36.2%), from €288,325 to €392,789
- Gross operating margin -€102,587
down €102,587 (-20.9%), from €490,245 to €387,658
- Taxes -€33,384
down €33,384 (-100%), from €33,384 to €0
- Depreciation +€29,153
up €29,153 (+65.7%), from €44,344 to €73,497
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 | €586,612 | €921,025 | +€334,412 | +57.0% |
| Fixed assets | 21/28 | €89,655 | €442,517 | +€352,862 | +394% |
| Intangible fixed assets | 21 | - | €26,055 | +€26,055 | |
| Tangible fixed assets | 22/27 | €89,380 | €416,187 | +€326,807 | +366% |
| Plant, machinery and equipment | 23 | €85,795 | €404,176 | +€318,382 | +371% |
| Other tangible fixed assets | 26 | €3,585 | €12,011 | +€8,425 | +235% |
| Financial fixed assets | 28 | €275 | €275 | = | 0.0% |
| Current assets | 29/58 | €496,957 | €478,508 | -€18,450 | -3.7% |
| Stocks and contracts in progress | 3 | €175,240 | €216,978 | +€41,738 | +23.8% |
| Stocks | 30/36 | €175,240 | €216,978 | +€41,738 | +23.8% |
| Amounts receivable within one year | 40/41 | €94,271 | €76,325 | -€17,946 | -19.0% |
| Trade receivables | 40 | €26,302 | €21,141 | -€5,161 | -19.6% |
| Other amounts receivable | 41 | €67,969 | €55,184 | -€12,784 | -18.8% |
| Cash at bank and in hand | 54/58 | €220,521 | €183,861 | -€36,660 | -16.6% |
| Deferred charges and accrued income | 490/1 | €6,926 | €1,344 | -€5,582 | -80.6% |
| Total equity and liabilities | 10/49 | €586,612 | €921,025 | +€334,412 | +57.0% |
| Equity | 10/15 | €189,292 | €79,488 | -€109,804 | -58.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €183,092 | €73,288 | -€109,804 | -60.0% |
| Distributable reserves | 133 | €183,092 | €73,288 | -€109,804 | -60.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €397,321 | €841,537 | +€444,216 | +112% |
| Amounts payable after more than one year | 17 | €0 | €289,671 | +€289,671 | |
| Financial debts | 170/4 | €0 | €289,671 | +€289,671 | |
| Amounts payable within one year | 42/48 | €397,321 | €551,866 | +€154,545 | +38.9% |
| Current portion of amounts payable after more than one year | 42 | €9,999 | €43,219 | +€33,220 | +332% |
| Trade debts | 44 | €187,741 | €198,903 | +€11,162 | +5.9% |
| Suppliers | 440/4 | €187,741 | €198,903 | +€11,162 | +5.9% |
| Taxes, remuneration and social security | 45 | €36,548 | €39,744 | +€3,196 | +8.7% |
| Taxes | 450/3 | €3,489 | €3,384 | -€104 | -3.0% |
| Remuneration and social security | 454/9 | €33,059 | €36,360 | +€3,300 | +10.0% |
| Other amounts payable | 47/48 | €163,033 | €270,000 | +€106,967 | +65.6% |
| Non-recurring operating income | 76A | - | €22,500 | +€22,500 | |
| Remuneration, social security and pensions | 62 | €288,325 | €392,789 | +€104,464 | +36.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,344 | €73,497 | +€29,153 | +65.7% |
| Other operating charges | 640/8 | €4,937 | €1,388 | -€3,549 | -71.9% |
| Non-recurring operating charges | 66A | €1,000 | €0 | -€1,000 | -100% |
| Gross operating margin | 9900 | €490,245 | €387,658 | -€102,587 | -20.9% |
| Operating profit (loss) | 9901 | €151,640 | -€80,015 | -€231,655 | |
| Financial income | 75/76B | €75 | €0 | -€75 | -100% |
| Recurring financial income | 75 | €75 | €0 | -€75 | -100% |
| Financial charges | 65/66B | €26,293 | €29,788 | +€3,496 | +13.3% |
| Recurring financial charges | 65 | €26,293 | €29,788 | +€3,496 | +13.3% |
| Profit (loss) for the period before taxes | 9903 | €125,422 | -€109,804 | -€235,226 | |
| Income taxes | 67/77 | €33,384 | €0 | -€33,384 | -100% |
| Profit (loss) for the period | 9904 | €92,038 | -€109,804 | -€201,841 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,038 | -€109,804 | -€201,841 |
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 19 October 2026 via checked.be.