MAN-DES: 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.
MAN-DES
Largest movements
- Cash -€97,860
down €97,860 (-46.5%), from €210,387 to €112,528
mainly Contributions, distributions and other (-€242,204) and Current investments (-€2,955)
- Tangible fixed assets -€24,073
down €24,073 (-44.7%), from €53,832 to €29,759
of which Furniture and vehicles: -€15,160
- Reserves -€136,101
down €136,101 (-19.4%), from €700,832 to €564,731
- Other debts +€13,022
up €13,022 (+79.3%), from €16,431 to €29,453
- Gross operating margin +€13,235
up €13,235 (+8.4%), from €157,357 to €170,592
- Financial income -€7,916
down €7,916 (-60.5%), from €13,077 to €5,161
- Depreciation -€2,751
down €2,751 (-10.3%), from €26,824 to €24,073
- Financial charges -€2,001
down €2,001 (-89.1%), from €2,246 to €245
- Taxes +€1,888
up €1,888 (+4.5%), from €42,336 to €44,224
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 | €736,683 | €615,118 | -€121,565 | -16.5% |
| Fixed assets | 21/28 | €53,832 | €29,759 | -€24,073 | -44.7% |
| Tangible fixed assets | 22/27 | €53,832 | €29,759 | -€24,073 | -44.7% |
| Plant, machinery and equipment | 23 | €21,390 | €12,477 | -€8,913 | -41.7% |
| Furniture and vehicles | 24 | €32,443 | €17,283 | -€15,160 | -46.7% |
| Current assets | 29/58 | €682,851 | €585,359 | -€97,492 | -14.3% |
| Amounts receivable within one year | 40/41 | €23,480 | €20,893 | -€2,587 | -11.0% |
| Trade receivables | 40 | €55 | - | -€55 | |
| Other amounts receivable | 41 | €23,425 | €20,893 | -€2,532 | -10.8% |
| Current investments | 50/53 | €448,983 | €451,938 | +€2,955 | +0.7% |
| Cash at bank and in hand | 54/58 | €210,387 | €112,528 | -€97,860 | -46.5% |
| Total equity and liabilities | 10/49 | €736,683 | €615,118 | -€121,565 | -16.5% |
| Equity | 10/15 | €707,332 | €571,231 | -€136,101 | -19.2% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €700,832 | €564,731 | -€136,101 | -19.4% |
| Distributable reserves | 133 | €700,832 | €564,731 | -€136,101 | -19.4% |
| Amounts payable | 17/49 | €29,351 | €43,887 | +€14,536 | +49.5% |
| Amounts payable within one year | 42/48 | €29,351 | €43,887 | +€14,536 | +49.5% |
| Trade debts | 44 | €1,765 | €676 | -€1,089 | -61.7% |
| Suppliers | 440/4 | €1,765 | €676 | -€1,089 | -61.7% |
| Taxes, remuneration and social security | 45 | €11,156 | €13,759 | +€2,603 | +23.3% |
| Taxes | 450/3 | €11,156 | €13,759 | +€2,603 | +23.3% |
| Other amounts payable | 47/48 | €16,431 | €29,453 | +€13,022 | +79.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,824 | €24,073 | -€2,751 | -10.3% |
| Other operating charges | 640/8 | €1,079 | €1,108 | +€29 | +2.7% |
| Gross operating margin | 9900 | €157,357 | €170,592 | +€13,235 | +8.4% |
| Operating profit (loss) | 9901 | €129,454 | €145,411 | +€15,957 | +12.3% |
| Financial income | 75/76B | €13,077 | €5,161 | -€7,916 | -60.5% |
| Recurring financial income | 75 | €13,077 | €5,161 | -€7,916 | -60.5% |
| Financial charges | 65/66B | €2,246 | €245 | -€2,001 | -89.1% |
| Recurring financial charges | 65 | €2,246 | €245 | -€2,001 | -89.1% |
| Profit (loss) for the period before taxes | 9903 | €140,285 | €150,327 | +€10,043 | +7.2% |
| Income taxes | 67/77 | €42,336 | €44,224 | +€1,888 | +4.5% |
| Profit (loss) for the period | 9904 | €97,948 | €106,103 | +€8,155 | +8.3% |
| Profit (loss) for the period to be appropriated | 9905 | €97,948 | €106,103 | +€8,155 | +8.3% |
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 3 October 2026 via checked.be.