Man versus Web: 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 versus Web
Largest movements
- Cash -€28,421
down €28,421 (-15.7%), from €181,412 to €152,990
mainly Contributions, distributions and other (-€60,000) and Current investments (-€25,204)
- Receivables within one year -€27,598
down €27,598 (-47.7%), from €57,913 to €30,315
of which Other amounts receivable: -€18,149
- Current investments +€25,204
new in 2025: €25,204
- Stocks and contracts +€11,916
new in 2025: €11,916
- Reserves -€21,000
down €21,000 (-10.2%), from €205,000 to €184,000
- Gross operating margin +€19,283
up €19,283 (+32.0%), from €60,275 to €79,558
- Depreciation -€5,426
down €5,426 (-27.2%), from €19,935 to €14,509
- Taxes +€4,456
up €4,456 (+37.1%), from €12,005 to €16,461
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 | €298,824 | €281,662 | -€17,162 | -5.7% |
| Fixed assets | 21/28 | €57,934 | €59,766 | +€1,833 | +3.2% |
| Tangible fixed assets | 22/27 | €57,934 | €59,766 | +€1,833 | +3.2% |
| Plant, machinery and equipment | 23 | €2,769 | €2,294 | -€475 | -17.1% |
| Furniture and vehicles | 24 | €47,173 | €50,775 | +€3,602 | +7.6% |
| Other tangible fixed assets | 26 | €7,991 | €6,697 | -€1,294 | -16.2% |
| Current assets | 29/58 | €240,890 | €221,895 | -€18,995 | -7.9% |
| Stocks and contracts in progress | 3 | - | €11,916 | +€11,916 | |
| Stocks | 30/36 | - | €11,916 | +€11,916 | |
| Amounts receivable within one year | 40/41 | €57,913 | €30,315 | -€27,598 | -47.7% |
| Trade receivables | 40 | €32,081 | €22,632 | -€9,448 | -29.5% |
| Other amounts receivable | 41 | €25,832 | €7,683 | -€18,149 | -70.3% |
| Current investments | 50/53 | - | €25,204 | +€25,204 | |
| Cash at bank and in hand | 54/58 | €181,412 | €152,990 | -€28,421 | -15.7% |
| Deferred charges and accrued income | 490/1 | €1,566 | €1,470 | -€96 | -6.1% |
| Total equity and liabilities | 10/49 | €298,824 | €281,662 | -€17,162 | -5.7% |
| Equity | 10/15 | €224,020 | €203,560 | -€20,460 | -9.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €205,000 | €184,000 | -€21,000 | -10.2% |
| Distributable reserves | 133 | €205,000 | €184,000 | -€21,000 | -10.2% |
| Profit (loss) carried forward | 14 | €18,020 | €18,560 | +€540 | +3.0% |
| Amounts payable | 17/49 | €74,803 | €78,102 | +€3,298 | +4.4% |
| Amounts payable within one year | 42/48 | €74,803 | €78,102 | +€3,298 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | - | €2,020 | +€2,020 | |
| Trade debts | 44 | €1,668 | €3,513 | +€1,845 | +110.6% |
| Suppliers | 440/4 | €1,668 | €3,513 | +€1,845 | +110.6% |
| Taxes, remuneration and social security | 45 | €10,797 | €9,077 | -€1,720 | -15.9% |
| Taxes | 450/3 | €10,797 | €9,077 | -€1,720 | -15.9% |
| Other amounts payable | 47/48 | €62,338 | €63,492 | +€1,153 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,935 | €14,509 | -€5,426 | -27.2% |
| Other operating charges | 640/8 | €745 | €658 | -€86 | -11.6% |
| Non-recurring operating charges | 66A | - | €8,159 | +€8,159 | |
| Gross operating margin | 9900 | €60,275 | €79,558 | +€19,283 | +32.0% |
| Operating profit (loss) | 9901 | €39,595 | €56,231 | +€16,636 | +42.0% |
| Financial income | 75/76B | - | €473 | +€473 | |
| Recurring financial income | 75 | - | €473 | +€473 | |
| Financial charges | 65/66B | €738 | €703 | -€35 | -4.7% |
| Recurring financial charges | 65 | €738 | €703 | -€35 | -4.7% |
| Profit (loss) for the period before taxes | 9903 | €38,857 | €56,001 | +€17,144 | +44.1% |
| Income taxes | 67/77 | €12,005 | €16,461 | +€4,456 | +37.1% |
| Profit (loss) for the period | 9904 | €26,852 | €39,540 | +€12,688 | +47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,852 | €39,540 | +€12,688 | +47.3% |
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 9 October 2026 via checked.be.