MAN & SCIENCE: 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 & SCIENCE
Largest movements
- Cash -€4.1m
down €4.1m (-79.2%), from €5.2m to €1.1m
mainly Net result for the year (-€3.3m) and Investment in fixed assets (net) (-€2.5m)
- Intangible fixed assets +€2.0m
up €2.0m (+99.2%), from €2.0m to €3.9m
- Receivables within one year -€95,031
down €95,031 (-27.8%), from €341,913 to €246,882
of which Trade receivables: -€116,197
- Profit (loss) carried forward -€3.3m
down €3.3m (-19.5%), from -€17.1m to -€20.4m
- Other debts +€1.0m
up €1.0m (+51687.9%), from €1,935 to €1.0m
- Current portion of long-term debt -€229,067
down €229,067 (-76.4%), from €300,000 to €70,933
- Debts after one year +€184,752
up €184,752 (+37.0%), from €500,000 to €684,752
- Trade debts +€162,555
up €162,555 (+17.8%), from €914,959 to €1.1m
- Financial charges -€9.4m
down €9.4m (-98.9%), from €9.5m to €104,207
of which Non-recurring financial charges: -€9.4m
- Financial income +€388,527
up €388,527 (+793.3%), from €48,974 to €437,501
of which Non-recurring financial income: +€368,655
- Depreciation +€250,995
up €250,995 (+88.6%), from €283,271 to €534,266
- Staff costs +€150,647
up €150,647 (+19.3%), from €780,045 to €930,692
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 | €7,619,202 | €5,391,595 | -€2.2m | -29.2% |
| Fixed assets | 21/28 | €2,105,194 | €4,050,153 | +€1.9m | +92.4% |
| Intangible fixed assets | 21 | €1,980,122 | €3,944,380 | +€2.0m | +99.2% |
| Tangible fixed assets | 22/27 | €119,918 | €100,618 | -€19,299 | -16.1% |
| Plant, machinery and equipment | 23 | €4,294 | €5,920 | +€1,626 | +37.9% |
| Furniture and vehicles | 24 | €115,624 | €94,699 | -€20,925 | -18.1% |
| Financial fixed assets | 28 | €5,155 | €5,155 | = | 0.0% |
| Current assets | 29/58 | €5,514,008 | €1,341,442 | -€4.2m | -75.7% |
| Amounts receivable within one year | 40/41 | €341,913 | €246,882 | -€95,031 | -27.8% |
| Trade receivables | 40 | €152,517 | €36,320 | -€116,197 | -76.2% |
| Other amounts receivable | 41 | €189,396 | €210,562 | +€21,166 | +11.2% |
| Cash at bank and in hand | 54/58 | €5,168,044 | €1,077,269 | -€4.1m | -79.2% |
| Deferred charges and accrued income | 490/1 | €4,051 | €17,291 | +€13,239 | +326.8% |
| Total equity and liabilities | 10/49 | €7,619,202 | €5,391,595 | -€2.2m | -29.2% |
| Equity | 10/15 | €5,776,030 | €2,438,561 | -€3.3m | -57.8% |
| Contributions | 10/11 | €22,880,773 | €22,880,773 | = | 0.0% |
| Capital | 10 | €22,880,773 | €22,880,773 | = | 0.0% |
| Issued capital | 100 | €22,880,773 | €22,880,773 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,104,743 | -€20,442,212 | -€3.3m | -19.5% |
| Amounts payable | 17/49 | €1,843,172 | €2,953,034 | +€1.1m | +60.2% |
| Amounts payable after more than one year | 17 | €500,000 | €684,752 | +€184,752 | +37.0% |
| Financial debts | 170/4 | €500,000 | €684,752 | +€184,752 | +37.0% |
| Amounts payable within one year | 42/48 | €1,343,172 | €2,268,282 | +€925,109 | +68.9% |
| Current portion of amounts payable after more than one year | 42 | €300,000 | €70,933 | -€229,067 | -76.4% |
| Trade debts | 44 | €914,959 | €1,077,514 | +€162,555 | +17.8% |
| Suppliers | 440/4 | €914,959 | €1,077,514 | +€162,555 | +17.8% |
| Taxes, remuneration and social security | 45 | €126,279 | €117,900 | -€8,379 | -6.6% |
| Taxes | 450/3 | €3,779 | €90 | -€3,689 | -97.6% |
| Remuneration and social security | 454/9 | €122,500 | €117,810 | -€4,690 | -3.8% |
| Other amounts payable | 47/48 | €1,935 | €1,001,935 | +€1.0m | +51687.9% |
| Remuneration, social security and pensions | 62 | €780,045 | €930,692 | +€150,647 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €283,271 | €534,266 | +€250,995 | +88.6% |
| Other operating charges | 640/8 | - | €2,059 | +€2,059 | |
| Gross operating margin | 9900 | -€2,194,505 | -€2,198,681 | -€4,176 | -0.2% |
| Operating profit (loss) | 9901 | -€3,257,821 | -€3,665,698 | -€407,877 | -12.5% |
| Financial income | 75/76B | €48,974 | €437,501 | +€388,527 | +793.3% |
| Recurring financial income | 75 | €48,974 | €68,845 | +€19,872 | +40.6% |
| Non-recurring financial income | 76B | - | €368,655 | +€368,655 | |
| Financial charges | 65/66B | €9,512,000 | €104,207 | -€9.4m | -98.9% |
| Recurring financial charges | 65 | €97,940 | €104,207 | +€6,267 | +6.4% |
| Non-recurring financial charges | 66B | €9,414,059 | - | -€9.4m | |
| Profit (loss) for the period before taxes | 9903 | -€12,720,847 | -€3,332,405 | +€9.4m | +73.8% |
| Income taxes | 67/77 | €1,728 | €5,064 | +€3,336 | +193.0% |
| Profit (loss) for the period | 9904 | -€12,722,575 | -€3,337,469 | +€9.4m | +73.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€12,722,575 | -€3,337,469 | +€9.4m | +73.8% |
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.