MAN Brugge: 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.
MAN Brugge
Largest movements
- Tangible fixed assets -€117,589
down €117,589 (-22.5%), from €521,523 to €403,934
of which Land and buildings: -€77,211
- Receivables within one year -€33,302
down €33,302 (-6.7%), from €497,881 to €464,580
of which Trade receivables: -€32,174
- Stocks and contracts -€23,038
down €23,038 (-3.9%), from €583,632 to €560,594
of which Stocks: -€65,286
- Trade debts -€157,385
down €157,385 (-56.7%), from €277,726 to €120,341
- Debts after one year -€33,805
no longer reported in 2025 (was €33,805)
- Tax, wage and social debts +€19,498
up €19,498 (+15.1%), from €129,529 to €149,026
of which Taxes: +€10,352
- Current portion of long-term debt -€19,125
down €19,125 (-36.1%), from €52,930 to €33,805
- Reserves +€18,479
up €18,479 (+6.2%), from €300,320 to €318,800
of which Distributable reserves: +€33,705
- Gross operating margin -€177,611
down €177,611 (-16.0%), from €1.1m to €933,519
- Staff costs +€61,825
up €61,825 (+10.1%), from €613,104 to €674,929
- Write-downs -€25,705
down €25,705 (-92.4%), from €27,809 to €2,104
- Depreciation +€16,552
up €16,552 (+15.0%), from €110,486 to €127,038
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 | €1,657,203 | €1,473,095 | -€184,108 | -11.1% |
| Fixed assets | 21/28 | €524,604 | €407,014 | -€117,589 | -22.4% |
| Tangible fixed assets | 22/27 | €521,523 | €403,934 | -€117,589 | -22.5% |
| Land and buildings | 22 | €330,869 | €253,658 | -€77,211 | -23.3% |
| Plant, machinery and equipment | 23 | €50,185 | €39,283 | -€10,903 | -21.7% |
| Furniture and vehicles | 24 | €140,469 | €110,993 | -€29,476 | -21.0% |
| Financial fixed assets | 28 | €3,080 | €3,080 | = | 0.0% |
| Current assets | 29/58 | €1,132,599 | €1,066,080 | -€66,519 | -5.9% |
| Stocks and contracts in progress | 3 | €583,632 | €560,594 | -€23,038 | -3.9% |
| Stocks | 30/36 | €492,092 | €426,806 | -€65,286 | -13.3% |
| Contracts in progress | 37 | €91,540 | €133,788 | +€42,248 | +46.2% |
| Amounts receivable within one year | 40/41 | €497,881 | €464,580 | -€33,302 | -6.7% |
| Trade receivables | 40 | €490,260 | €458,086 | -€32,174 | -6.6% |
| Other amounts receivable | 41 | €7,621 | €6,493 | -€1,128 | -14.8% |
| Cash at bank and in hand | 54/58 | €46,861 | €36,450 | -€10,411 | -22.2% |
| Deferred charges and accrued income | 490/1 | €4,225 | €4,456 | +€231 | +5.5% |
| Total equity and liabilities | 10/49 | €1,657,203 | €1,473,095 | -€184,108 | -11.1% |
| Equity | 10/15 | €800,320 | €818,800 | +€18,479 | +2.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €300,320 | €318,800 | +€18,479 | +6.2% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,225 | - | -€15,225 | |
| Distributable reserves | 133 | €235,095 | €268,800 | +€33,705 | +14.3% |
| Provisions and deferred taxes | 16 | €11,636 | - | -€11,636 | |
| Deferred taxes | 168 | €11,636 | - | -€11,636 | |
| Amounts payable | 17/49 | €845,246 | €654,295 | -€190,951 | -22.6% |
| Amounts payable after more than one year | 17 | €33,805 | - | -€33,805 | |
| Financial debts | 170/4 | €33,805 | - | -€33,805 | |
| Amounts payable within one year | 42/48 | €807,603 | €646,395 | -€161,209 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €52,930 | €33,805 | -€19,125 | -36.1% |
| Trade debts | 44 | €277,726 | €120,341 | -€157,385 | -56.7% |
| Suppliers | 440/4 | €277,726 | €120,341 | -€157,385 | -56.7% |
| Taxes, remuneration and social security | 45 | €129,529 | €149,026 | +€19,498 | +15.1% |
| Taxes | 450/3 | €43,322 | €53,674 | +€10,352 | +23.9% |
| Remuneration and social security | 454/9 | €86,207 | €95,353 | +€9,146 | +10.6% |
| Other amounts payable | 47/48 | €347,419 | €343,223 | -€4,196 | -1.2% |
| Accrued charges and deferred income | 492/3 | €3,838 | €7,901 | +€4,063 | +106% |
| Remuneration, social security and pensions | 62 | €613,104 | €674,929 | +€61,825 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €110,486 | €127,038 | +€16,552 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €27,809 | €2,104 | -€25,705 | -92.4% |
| Other operating charges | 640/8 | €19,788 | €25,163 | +€5,375 | +27.2% |
| Non-recurring operating charges | 66A | - | €710 | +€710 | |
| Gross operating margin | 9900 | €1,111,130 | €933,519 | -€177,611 | -16.0% |
| Operating profit (loss) | 9901 | €339,943 | €103,575 | -€236,369 | -69.5% |
| Financial income | 75/76B | €3,848 | €2,198 | -€1,650 | -42.9% |
| Recurring financial income | 75 | €3,848 | €2,198 | -€1,650 | -42.9% |
| Financial charges | 65/66B | €13,115 | €11,303 | -€1,812 | -13.8% |
| Recurring financial charges | 65 | €13,115 | €11,303 | -€1,812 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €330,676 | €94,469 | -€236,207 | -71.4% |
| Transfer from deferred taxes | 780 | €6,715 | €6,715 | = | 0.0% |
| Income taxes | 67/77 | €48,721 | €44,292 | -€4,429 | -9.1% |
| Profit (loss) for the period | 9904 | €288,671 | €56,893 | -€231,778 | -80.3% |
| Transfer from tax-exempt reserves | 789 | €20,146 | €20,146 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €308,817 | €77,039 | -€231,778 | -75.1% |
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 24 October 2026 via checked.be.