MAN-EXCLUSIEF: 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-EXCLUSIEF
Largest movements
- Stocks and contracts -€11,198
down €11,198 (-37.2%), from €30,075 to €18,877
- Deferred charges and accrued income +€4,699
up €4,699 (+7,839%), from €60 to €4,758
- Cash +€1,125
up €1,125 (+17.7%), from €6,355 to €7,480
mainly Net result for the year (+€13,251) and Stocks and contracts (+€11,198)
- Profit (loss) carried forward +€13,251
up €13,251 (+9.0%), from -€146,902 to -€133,651
- Debts after one year -€11,640
down €11,640 (-57.4%), from €20,284 to €8,644
- Other debts -€8,836
down €8,836 (-10.4%), from €85,226 to €76,390
- Trade debts +€6,051
up €6,051 (+95.7%), from €6,320 to €12,370
- Accrued charges and deferred income -€2,908
down €2,908 (-100%), from €2,908 to €0
- Gross operating margin -€5,802
down €5,802 (-18.7%), from €30,949 to €25,147
- Financial charges -€501
down €501 (-26.8%), from €1,870 to €1,369
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 | €83,962 | €78,302 | -€5,661 | -6.7% |
| Fixed assets | 21/28 | €47,362 | €47,043 | -€319 | -0.7% |
| Intangible fixed assets | 21 | €333 | €168 | -€165 | -49.5% |
| Tangible fixed assets | 22/27 | €47,029 | €46,875 | -€154 | -0.3% |
| Plant, machinery and equipment | 23 | €2,986 | €4,273 | +€1,287 | +43.1% |
| Furniture and vehicles | 24 | €3,052 | €1,756 | -€1,296 | -42.5% |
| Other tangible fixed assets | 26 | €40,991 | €40,847 | -€145 | -0.4% |
| Current assets | 29/58 | €36,600 | €31,259 | -€5,342 | -14.6% |
| Stocks and contracts in progress | 3 | €30,075 | €18,877 | -€11,198 | -37.2% |
| Stocks | 30/36 | €30,075 | €18,877 | -€11,198 | -37.2% |
| Amounts receivable within one year | 40/41 | €111 | €143 | +€32 | +28.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €111 | €143 | +€32 | +28.6% |
| Cash at bank and in hand | 54/58 | €6,355 | €7,480 | +€1,125 | +17.7% |
| Deferred charges and accrued income | 490/1 | €60 | €4,758 | +€4,699 | +7,839% |
| Total equity and liabilities | 10/49 | €83,962 | €78,302 | -€5,661 | -6.7% |
| Equity | 10/15 | -€46,902 | -€33,651 | +€13,251 | +28.3% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,902 | -€133,651 | +€13,251 | +9.0% |
| Amounts payable | 17/49 | €130,865 | €111,953 | -€18,912 | -14.5% |
| Amounts payable after more than one year | 17 | €20,284 | €8,644 | -€11,640 | -57.4% |
| Financial debts | 170/4 | €20,284 | €8,644 | -€11,640 | -57.4% |
| Amounts payable within one year | 42/48 | €107,673 | €103,309 | -€4,364 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | €11,240 | €11,640 | +€401 | +3.6% |
| Trade debts | 44 | €6,320 | €12,370 | +€6,051 | +95.7% |
| Suppliers | 440/4 | €6,320 | €12,370 | +€6,051 | +95.7% |
| Taxes, remuneration and social security | 45 | €4,888 | €2,909 | -€1,979 | -40.5% |
| Taxes | 450/3 | €4,888 | €2,909 | -€1,979 | -40.5% |
| Other amounts payable | 47/48 | €85,226 | €76,390 | -€8,836 | -10.4% |
| Accrued charges and deferred income | 492/3 | €2,908 | €0 | -€2,908 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,876 | €8,676 | -€200 | -2.3% |
| Other operating charges | 640/8 | €1,878 | €1,861 | -€18 | -0.9% |
| Gross operating margin | 9900 | €30,949 | €25,147 | -€5,802 | -18.7% |
| Operating profit (loss) | 9901 | €20,195 | €14,611 | -€5,584 | -27.7% |
| Financial income | 75/76B | €124 | €127 | +€3 | +2.8% |
| Recurring financial income | 75 | €124 | €127 | +€3 | +2.8% |
| Financial charges | 65/66B | €1,870 | €1,369 | -€501 | -26.8% |
| Recurring financial charges | 65 | €1,870 | €1,369 | -€501 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €18,449 | €13,369 | -€5,080 | -27.5% |
| Income taxes | 67/77 | €111 | €118 | +€7 | +6.0% |
| Profit (loss) for the period | 9904 | €18,338 | €13,251 | -€5,086 | -27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €18,338 | €13,251 | -€5,086 | -27.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.