Manad4: 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.
Manad4
Largest movements
- Cash +€91,065
up €91,065 (+51.1%), from €178,109 to €269,174
mainly Net result for the year (+€91,026) and Tax, wage and social debts (+€41,821)
- Receivables within one year +€22,170
up €22,170 (+97.3%), from €22,785 to €44,955
of which Other amounts receivable: +€21,395
- Tangible fixed assets -€4,431
down €4,431 (-27.4%), from €16,151 to €11,720
- Reserves +€91,026
up €91,026 (+71.2%), from €127,811 to €218,837
- Tax, wage and social debts +€41,821
up €41,821 (+61.6%), from €67,841 to €109,662
- Accrued charges and deferred income -€24,000
no longer reported in 2025 (was €24,000)
- Gross operating margin -€56,976
down €56,976 (-29.4%), from €193,967 to €136,991
- Taxes -€18,036
down €18,036 (-31.7%), from €56,823 to €38,787
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 | €221,714 | €330,663 | +€108,949 | +49.1% |
| Fixed assets | 21/28 | €16,281 | €11,850 | -€4,431 | -27.2% |
| Tangible fixed assets | 22/27 | €16,151 | €11,720 | -€4,431 | -27.4% |
| Furniture and vehicles | 24 | €16,151 | €11,720 | -€4,431 | -27.4% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €205,433 | €318,813 | +€113,380 | +55.2% |
| Amounts receivable within one year | 40/41 | €22,785 | €44,955 | +€22,170 | +97.3% |
| Trade receivables | 40 | €5,808 | €6,582 | +€774 | +13.3% |
| Other amounts receivable | 41 | €16,977 | €38,373 | +€21,395 | +126% |
| Cash at bank and in hand | 54/58 | €178,109 | €269,174 | +€91,065 | +51.1% |
| Deferred charges and accrued income | 490/1 | €4,539 | €4,684 | +€145 | +3.2% |
| Total equity and liabilities | 10/49 | €221,714 | €330,663 | +€108,949 | +49.1% |
| Equity | 10/15 | €129,811 | €220,837 | +€91,026 | +70.1% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €127,811 | €218,837 | +€91,026 | +71.2% |
| Distributable reserves | 133 | €127,811 | €218,837 | +€91,026 | +71.2% |
| Amounts payable | 17/49 | €91,903 | €109,826 | +€17,923 | +19.5% |
| Amounts payable within one year | 42/48 | €67,903 | €109,826 | +€41,923 | +61.7% |
| Trade debts | 44 | €62 | €163 | +€102 | +165% |
| Suppliers | 440/4 | €62 | €163 | +€102 | +165% |
| Taxes, remuneration and social security | 45 | €67,841 | €109,662 | +€41,821 | +61.6% |
| Taxes | 450/3 | €67,841 | €109,662 | +€41,821 | +61.6% |
| Accrued charges and deferred income | 492/3 | €24,000 | - | -€24,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,817 | €6,132 | +€316 | +5.4% |
| Other operating charges | 640/8 | €3,940 | €2,341 | -€1,599 | -40.6% |
| Gross operating margin | 9900 | €193,967 | €136,991 | -€56,976 | -29.4% |
| Operating profit (loss) | 9901 | €184,210 | €128,518 | -€55,692 | -30.2% |
| Financial income | 75/76B | €514 | €1,500 | +€985 | +192% |
| Recurring financial income | 75 | €514 | €1,500 | +€985 | +192% |
| Financial charges | 65/66B | €91 | €205 | +€115 | +127% |
| Recurring financial charges | 65 | €91 | €205 | +€115 | +127% |
| Profit (loss) for the period before taxes | 9903 | €184,634 | €129,813 | -€54,821 | -29.7% |
| Income taxes | 67/77 | €56,823 | €38,787 | -€18,036 | -31.7% |
| Profit (loss) for the period | 9904 | €127,811 | €91,026 | -€36,785 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €127,811 | €91,026 | -€36,785 | -28.8% |
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 13 October 2026 via checked.be.