ManAd: 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.
ManAd
Largest movements
- Cash -€55,622
down €55,622 (-81.0%), from €68,629 to €13,007
mainly Net result for the year (-€40,439) and Current investments (-€20,333)
- Current investments +€20,333
up €20,333 (+144.5%), from €14,072 to €34,405
- Tangible fixed assets -€3,784
down €3,784 (-26.4%), from €14,330 to €10,546
of which Other tangible fixed assets: -€3,099
- Receivables within one year +€1,460
up €1,460 (+18.3%), from €7,990 to €9,450
- Profit (loss) carried forward -€40,439
down €40,439 (-24.3%), from -€166,314 to -€206,753
- Trade debts +€2,188
up €2,188 (+254.8%), from €859 to €3,047
- Financial income -€5,349
down €5,349 (-95.8%), from €5,582 to €233
- Depreciation -€3,385
down €3,385 (-47.2%), from €7,169 to €3,784
- Gross operating margin +€865
up €865 (+2.5%), from -€34,215 to -€33,350
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 | €105,778 | €68,224 | -€37,554 | -35.5% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €14,330 | €10,546 | -€3,784 | -26.4% |
| Tangible fixed assets | 22/27 | €14,330 | €10,546 | -€3,784 | -26.4% |
| Furniture and vehicles | 24 | €969 | €284 | -€685 | -70.7% |
| Other tangible fixed assets | 26 | €13,361 | €10,262 | -€3,099 | -23.2% |
| Current assets | 29/58 | €91,449 | €57,679 | -€33,770 | -36.9% |
| Amounts receivable within one year | 40/41 | €7,990 | €9,450 | +€1,460 | +18.3% |
| Other amounts receivable | 41 | €7,990 | €9,450 | +€1,460 | +18.3% |
| Current investments | 50/53 | €14,072 | €34,405 | +€20,333 | +144.5% |
| Cash at bank and in hand | 54/58 | €68,629 | €13,007 | -€55,622 | -81.0% |
| Deferred charges and accrued income | 490/1 | €758 | €818 | +€60 | +7.9% |
| Total equity and liabilities | 10/49 | €105,778 | €68,224 | -€37,554 | -35.5% |
| Equity | 10/15 | €100,857 | €60,418 | -€40,439 | -40.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €254,770 | €254,770 | = | 0.0% |
| Distributable reserves | 133 | €254,770 | €254,770 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€166,314 | -€206,753 | -€40,439 | -24.3% |
| Amounts payable | 17/49 | €4,922 | €7,807 | +€2,885 | +58.6% |
| Amounts payable within one year | 42/48 | €4,922 | €7,807 | +€2,885 | +58.6% |
| Trade debts | 44 | €859 | €3,047 | +€2,188 | +254.8% |
| Suppliers | 440/4 | €859 | €3,047 | +€2,188 | +254.8% |
| Taxes, remuneration and social security | 45 | €349 | €600 | +€251 | +71.7% |
| Taxes | 450/3 | €349 | €600 | +€251 | +71.7% |
| Other amounts payable | 47/48 | €3,713 | €4,160 | +€447 | +12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,169 | €3,784 | -€3,385 | -47.2% |
| Other operating charges | 640/8 | €1,815 | €1,931 | +€116 | +6.4% |
| Gross operating margin | 9900 | -€34,215 | -€33,350 | +€865 | +2.5% |
| Operating profit (loss) | 9901 | -€43,199 | -€39,065 | +€4,134 | +9.6% |
| Financial income | 75/76B | €5,582 | €233 | -€5,349 | -95.8% |
| Recurring financial income | 75 | €5,582 | €233 | -€5,349 | -95.8% |
| Financial charges | 65/66B | €689 | €938 | +€249 | +36.2% |
| Recurring financial charges | 65 | €689 | €938 | +€249 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | -€38,305 | -€39,769 | -€1,464 | -3.8% |
| Income taxes | 67/77 | €347 | €670 | +€323 | +93.0% |
| Profit (loss) for the period | 9904 | -€38,652 | -€40,439 | -€1,787 | -4.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,652 | -€40,439 | -€1,787 | -4.6% |
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.