M@NI@: 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.
M@NI@
Largest movements
- Stocks and contracts +€17,840
up €17,840 (+15.6%), from €114,689 to €132,529
- Receivables within one year -€10,264
down €10,264 (-17.1%), from €60,144 to €49,880
of which Other amounts receivable: -€10,264
- Cash -€7,284
down €7,284 (-35.4%), from €20,561 to €13,277
mainly Stocks and contracts (-€17,840) and Other debts (-€4,894)
- Reserves +€8,338
up €8,338 (+14.2%), from €58,908 to €67,246
of which Distributable reserves: +€8,338
- Other debts -€4,894
down €4,894 (-62.6%), from €7,821 to €2,926
- Gross operating margin +€7,015
up €7,015 (+15.8%), from €44,283 to €51,298
- Taxes +€3,563
up €3,563 (+324%), from €1,099 to €4,662
- Financial income +€1,731
up €1,731 (+253%), from €683 to €2,414
- Financial charges -€919
down €919 (-25.4%), from €3,615 to €2,695
- Staff costs +€827
up €827 (+2.4%), from €34,584 to €35,410
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 | €202,074 | €200,900 | -€1,174 | -0.6% |
| Fixed assets | 21/28 | €3,884 | €3,806 | -€78 | -2.0% |
| Tangible fixed assets | 22/27 | €3,884 | €3,806 | -€78 | -2.0% |
| Land and buildings | 22 | €161 | €0 | -€161 | -100% |
| Plant, machinery and equipment | 23 | €0 | €828 | +€828 | |
| Other tangible fixed assets | 26 | €3,723 | €2,978 | -€745 | -20.0% |
| Current assets | 29/58 | €198,190 | €197,094 | -€1,096 | -0.6% |
| Stocks and contracts in progress | 3 | €114,689 | €132,529 | +€17,840 | +15.6% |
| Stocks | 30/36 | €114,689 | €132,529 | +€17,840 | +15.6% |
| Amounts receivable within one year | 40/41 | €60,144 | €49,880 | -€10,264 | -17.1% |
| Trade receivables | 40 | €36,806 | €36,806 | = | 0.0% |
| Other amounts receivable | 41 | €23,338 | €13,074 | -€10,264 | -44.0% |
| Cash at bank and in hand | 54/58 | €20,561 | €13,277 | -€7,284 | -35.4% |
| Deferred charges and accrued income | 490/1 | €2,797 | €1,409 | -€1,388 | -49.6% |
| Total equity and liabilities | 10/49 | €202,074 | €200,900 | -€1,174 | -0.6% |
| Equity | 10/15 | €77,508 | €85,846 | +€8,338 | +10.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €58,908 | €67,246 | +€8,338 | +14.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Distributable reserves | 133 | €58,908 | €67,246 | +€8,338 | +14.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €124,566 | €115,054 | -€9,512 | -7.6% |
| Amounts payable after more than one year | 17 | €45,000 | €45,000 | = | 0.0% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €45,000 | €45,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €79,566 | €70,054 | -€9,512 | -12.0% |
| Current portion of amounts payable after more than one year | 42 | €1,347 | €0 | -€1,347 | -100% |
| Financial debts | 43 | €6,034 | €4,641 | -€1,393 | -23.1% |
| Credit institutions | 430/8 | €6,034 | €4,641 | -€1,393 | -23.1% |
| Trade debts | 44 | €52,605 | €51,826 | -€780 | -1.5% |
| Suppliers | 440/4 | €52,605 | €51,826 | -€780 | -1.5% |
| Taxes, remuneration and social security | 45 | €11,758 | €10,660 | -€1,098 | -9.3% |
| Taxes | 450/3 | €3,559 | €3,571 | +€12 | +0.4% |
| Remuneration and social security | 454/9 | €8,199 | €7,089 | -€1,110 | -13.5% |
| Other amounts payable | 47/48 | €7,821 | €2,926 | -€4,894 | -62.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €34,584 | €35,410 | +€827 | +2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,383 | €1,102 | -€281 | -20.3% |
| Other operating charges | 640/8 | €1,207 | €1,504 | +€297 | +24.6% |
| Gross operating margin | 9900 | €44,283 | €51,298 | +€7,015 | +15.8% |
| Operating profit (loss) | 9901 | €7,109 | €13,281 | +€6,172 | +86.8% |
| Financial income | 75/76B | €683 | €2,414 | +€1,731 | +253% |
| Recurring financial income | 75 | €683 | €2,414 | +€1,731 | +253% |
| Financial charges | 65/66B | €3,615 | €2,695 | -€919 | -25.4% |
| Recurring financial charges | 65 | €3,615 | €2,695 | -€919 | -25.4% |
| Profit (loss) for the period before taxes | 9903 | €4,177 | €13,000 | +€8,823 | +211% |
| Income taxes | 67/77 | €1,099 | €4,662 | +€3,563 | +324% |
| Profit (loss) for the period | 9904 | €3,078 | €8,338 | +€5,260 | +171% |
| Profit (loss) for the period to be appropriated | 9905 | €3,078 | €8,338 | +€5,260 | +171% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.