M.A.N²: what changed
Two fiscal 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.
M.A.N²
Largest movements
- Cash +€85,132
up €85,132 (+341.9%), from €24,897 to €110,030
mainly Net result for the year (+€97,246) and Receivables within one year (+€14,499)
- Current investments +€30,000
up €30,000 (+42.9%), from €70,000 to €100,000
- Receivables within one year -€14,499
down €14,499 (-68.3%), from €21,216 to €6,717
- Tangible fixed assets +€3,214
up €3,214 (+207.8%), from €1,547 to €4,761
- Profit (loss) carried forward +€97,246
new in 2025: €97,246
- Tax, wage and social debts +€8,021
up €8,021 (+44.9%), from €17,866 to €25,887
- Gross operating margin +€78,217
up €78,217 (+86.6%), from €90,322 to €168,539
- Financial charges +€45,252
up €45,252 (+2448.3%), from €1,848 to €47,101
- Taxes +€8,410
up €8,410 (+47.1%), from €17,866 to €26,276
- Financial income +€2,661
up €2,661 (+434.1%), from €613 to €3,274
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.
Cash bridge derived
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 | €118,928 | €224,221 | +€105,293 | +88.5% |
| Fixed assets | 21/28 | €1,547 | €4,761 | +€3,214 | +207.8% |
| Tangible fixed assets | 22/27 | €1,547 | €4,761 | +€3,214 | +207.8% |
| Plant, machinery and equipment | 23 | €1,547 | €4,761 | +€3,214 | +207.8% |
| Current assets | 29/58 | €117,381 | €219,460 | +€102,079 | +87.0% |
| Amounts receivable within one year | 40/41 | €21,216 | €6,717 | -€14,499 | -68.3% |
| Other amounts receivable | 41 | €21,216 | €6,717 | -€14,499 | -68.3% |
| Current investments | 50/53 | €70,000 | €100,000 | +€30,000 | +42.9% |
| Cash at bank and in hand | 54/58 | €24,897 | €110,030 | +€85,132 | +341.9% |
| Deferred charges and accrued income | 490/1 | €1,268 | €2,713 | +€1,445 | +113.9% |
| Total equity and liabilities | 10/49 | €118,928 | €224,221 | +€105,293 | +88.5% |
| Equity | 10/15 | €100,574 | €197,820 | +€97,246 | +96.7% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €90,574 | €90,574 | = | 0.0% |
| Distributable reserves | 133 | €90,574 | €90,574 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €97,246 | +€97,246 | |
| Amounts payable | 17/49 | €18,354 | €26,401 | +€8,047 | +43.8% |
| Amounts payable within one year | 42/48 | €18,354 | €26,401 | +€8,047 | +43.8% |
| Trade debts | 44 | €488 | €514 | +€26 | +5.2% |
| Suppliers | 440/4 | €488 | €514 | +€26 | +5.2% |
| Taxes, remuneration and social security | 45 | €17,866 | €25,887 | +€8,021 | +44.9% |
| Taxes | 450/3 | €17,866 | €25,887 | +€8,021 | +44.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €867 | €1,190 | +€323 | +37.3% |
| Other operating charges | 640/8 | €180 | - | -€180 | |
| Gross operating margin | 9900 | €90,322 | €168,539 | +€78,217 | +86.6% |
| Operating profit (loss) | 9901 | €89,275 | €167,349 | +€78,074 | +87.5% |
| Financial income | 75/76B | €613 | €3,274 | +€2,661 | +434.1% |
| Recurring financial income | 75 | €613 | €3,274 | +€2,661 | +434.1% |
| Financial charges | 65/66B | €1,848 | €47,101 | +€45,252 | +2448.3% |
| Recurring financial charges | 65 | €1,848 | €47,101 | +€45,252 | +2448.3% |
| Profit (loss) for the period before taxes | 9903 | €88,039 | €123,522 | +€35,483 | +40.3% |
| Income taxes | 67/77 | €17,866 | €26,276 | +€8,410 | +47.1% |
| Profit (loss) for the period | 9904 | €70,173 | €97,246 | +€27,073 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €70,173 | €97,246 | +€27,073 | +38.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.