ManADB: 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.
ManADB
Largest movements
- Receivables within one year -€31,916
down €31,916 (-43.5%), from €73,407 to €41,491
of which Trade receivables: -€30,711
- Receivables after one year +€6,000
up €6,000 (+22.8%), from €26,270 to €32,270
- Stocks and contracts +€3,736
new in 2025: €3,736
- Tangible fixed assets +€2,198
new in 2025: €2,198
- Cash -€2,054
down €2,054 (-41.9%), from €4,901 to €2,847
mainly Advances received (-€26,058) and Trade debts (-€14,318)
- Advances received -€26,058
no longer reported in 2025 (was €26,058)
- Trade debts -€14,318
down €14,318 (-27.4%), from €52,282 to €37,964
- Profit (loss) carried forward +€9,336
up €9,336 (+252.8%), from €3,693 to €13,029
- Tax, wage and social debts +€8,150
up €8,150 (+40.6%), from €20,088 to €28,239
- Gross operating margin +€21,255
up €21,255 (+349.4%), from €6,083 to €27,339
- Write-downs +€10,500
new in 2025: €10,500
- Financial charges +€2,166
up €2,166 (+228.4%), from €949 to €3,115
- Taxes +€1,816
up €1,816 (+150.3%), from €1,208 to €3,024
- Other operating charges -€1,226
down €1,226 (-50.3%), from €2,440 to €1,214
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 | €105,042 | €83,006 | -€22,036 | -21.0% |
| Fixed assets | 21/28 | €464 | €2,662 | +€2,198 | +473.6% |
| Tangible fixed assets | 22/27 | - | €2,198 | +€2,198 | |
| Furniture and vehicles | 24 | - | €2,198 | +€2,198 | |
| Financial fixed assets | 28 | €464 | €464 | = | 0.0% |
| Current assets | 29/58 | €104,578 | €80,344 | -€24,234 | -23.2% |
| Amounts receivable after more than one year | 29 | €26,270 | €32,270 | +€6,000 | +22.8% |
| Other amounts receivable | 291 | €26,270 | €32,270 | +€6,000 | +22.8% |
| Stocks and contracts in progress | 3 | - | €3,736 | +€3,736 | |
| Stocks | 30/36 | - | €3,736 | +€3,736 | |
| Amounts receivable within one year | 40/41 | €73,407 | €41,491 | -€31,916 | -43.5% |
| Trade receivables | 40 | €72,202 | €41,491 | -€30,711 | -42.5% |
| Other amounts receivable | 41 | €1,205 | - | -€1,205 | |
| Cash at bank and in hand | 54/58 | €4,901 | €2,847 | -€2,054 | -41.9% |
| Total equity and liabilities | 10/49 | €105,042 | €83,006 | -€22,036 | -21.0% |
| Equity | 10/15 | €5,693 | €15,029 | +€9,336 | +164.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,693 | €13,029 | +€9,336 | +252.8% |
| Amounts payable | 17/49 | €99,349 | €67,977 | -€31,372 | -31.6% |
| Amounts payable within one year | 42/48 | €99,349 | €67,977 | -€31,372 | -31.6% |
| Trade debts | 44 | €52,282 | €37,964 | -€14,318 | -27.4% |
| Suppliers | 440/4 | €52,282 | €37,964 | -€14,318 | -27.4% |
| Advances received on contracts in progress | 46 | €26,058 | - | -€26,058 | |
| Taxes, remuneration and social security | 45 | €20,088 | €28,239 | +€8,150 | +40.6% |
| Taxes | 450/3 | €20,088 | €28,239 | +€8,150 | +40.6% |
| Other amounts payable | 47/48 | €922 | €1,774 | +€853 | +92.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €327 | +€327 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €10,500 | +€10,500 | |
| Other operating charges | 640/8 | €2,440 | €1,214 | -€1,226 | -50.3% |
| Gross operating margin | 9900 | €6,083 | €27,339 | +€21,255 | +349.4% |
| Operating profit (loss) | 9901 | €3,643 | €15,297 | +€11,654 | +319.9% |
| Financial income | 75/76B | €907 | €1,011 | +€104 | +11.5% |
| Recurring financial income | 75 | €907 | €1,011 | +€104 | +11.5% |
| Financial charges | 65/66B | €949 | €3,115 | +€2,166 | +228.4% |
| Recurring financial charges | 65 | €949 | €3,115 | +€2,166 | +228.4% |
| Profit (loss) for the period before taxes | 9903 | €3,602 | €13,194 | +€9,592 | +266.3% |
| Income taxes | 67/77 | €1,208 | €3,024 | +€1,816 | +150.3% |
| Profit (loss) for the period | 9904 | €2,394 | €10,169 | +€7,776 | +324.9% |
| Profit (loss) for the period to be appropriated | 9905 | €2,394 | €10,169 | +€7,776 | +324.9% |
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 12 October 2026 via checked.be.