MANADIM: 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.
MANADIM
Largest movements
- Receivables after one year -€84,657
down €84,657 (-12.8%), from €659,016 to €574,359
- Financial fixed assets +€80,000
new in 2025: €80,000
- Receivables within one year -€59,041
down €59,041 (-33.2%), from €178,074 to €119,033
of which Trade receivables: -€106,137
- Cash +€36,655
up €36,655 (+815%), from €4,500 to €41,155
mainly Net result for the year (+€106,067) and Receivables after one year (+€84,657)
- Tax, wage and social debts -€43,398
down €43,398 (-74.8%), from €57,991 to €14,593
- Reserves +€32,604
up €32,604 (+4.6%), from €708,543 to €741,147
- Debts after one year -€19,743
down €19,743 (-8.6%), from €229,417 to €209,675
- Other debts +€19,497
up €19,497 (+18.9%), from €103,239 to €122,737
- Provisions -€18,507
down €18,507 (-100%), from €18,507 to €0
- Gross operating margin -€211,604
down €211,604 (-68.1%), from €310,658 to €99,053
- Taxes -€58,751
down €58,751 (-57.1%), from €102,910 to €44,159
- Provisions -€18,507
new in 2025: -€18,507
- Financial income +€14,563
up €14,563 (+36.1%), from €40,368 to €54,931
- Financial charges +€4,756
up €4,756 (+68.4%), from €6,952 to €11,707
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 | €1,162,131 | €1,126,691 | -€35,440 | -3.0% |
| Fixed assets | 21/28 | €318,639 | €391,470 | +€72,831 | +22.9% |
| Tangible fixed assets | 22/27 | €318,639 | €311,470 | -€7,170 | -2.3% |
| Land and buildings | 22 | €318,639 | €310,636 | -€8,003 | -2.5% |
| Furniture and vehicles | 24 | €0 | €834 | +€834 | |
| Financial fixed assets | 28 | - | €80,000 | +€80,000 | |
| Current assets | 29/58 | €843,492 | €735,221 | -€108,271 | -12.8% |
| Amounts receivable after more than one year | 29 | €659,016 | €574,359 | -€84,657 | -12.8% |
| Other amounts receivable | 291 | €659,016 | €574,359 | -€84,657 | -12.8% |
| Amounts receivable within one year | 40/41 | €178,074 | €119,033 | -€59,041 | -33.2% |
| Trade receivables | 40 | €137,730 | €31,594 | -€106,137 | -77.1% |
| Other amounts receivable | 41 | €40,343 | €87,439 | +€47,096 | +117% |
| Cash at bank and in hand | 54/58 | €4,500 | €41,155 | +€36,655 | +815% |
| Deferred charges and accrued income | 490/1 | €1,902 | €674 | -€1,228 | -64.6% |
| Total equity and liabilities | 10/49 | €1,162,131 | €1,126,691 | -€35,440 | -3.0% |
| Equity | 10/15 | €727,143 | €759,747 | +€32,604 | +4.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €708,543 | €741,147 | +€32,604 | +4.6% |
| Distributable reserves | 133 | €708,543 | €741,147 | +€32,604 | +4.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €18,507 | €0 | -€18,507 | -100% |
| Provisions for liabilities and charges | 160/5 | €18,507 | €0 | -€18,507 | -100% |
| Pensions and similar obligations | 160 | €18,507 | €0 | -€18,507 | -100% |
| Amounts payable | 17/49 | €416,481 | €366,944 | -€49,537 | -11.9% |
| Amounts payable after more than one year | 17 | €229,417 | €209,675 | -€19,743 | -8.6% |
| Financial debts | 170/4 | €229,417 | €209,675 | -€19,743 | -8.6% |
| Amounts payable within one year | 42/48 | €183,305 | €157,269 | -€26,036 | -14.2% |
| Current portion of amounts payable after more than one year | 42 | €19,560 | €19,743 | +€183 | +0.9% |
| Trade debts | 44 | €2,515 | €197 | -€2,318 | -92.2% |
| Suppliers | 440/4 | €2,515 | €197 | -€2,318 | -92.2% |
| Taxes, remuneration and social security | 45 | €57,991 | €14,593 | -€43,398 | -74.8% |
| Taxes | 450/3 | €57,991 | €14,593 | -€43,398 | -74.8% |
| Other amounts payable | 47/48 | €103,239 | €122,737 | +€19,497 | +18.9% |
| Accrued charges and deferred income | 492/3 | €3,758 | €0 | -€3,758 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,411 | €8,420 | +€9 | +0.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€18,507 | -€18,507 | |
| Other operating charges | 640/8 | €1,555 | €2,138 | +€583 | +37.5% |
| Gross operating margin | 9900 | €310,658 | €99,053 | -€211,604 | -68.1% |
| Operating profit (loss) | 9901 | €300,691 | €107,002 | -€193,689 | -64.4% |
| Financial income | 75/76B | €40,368 | €54,931 | +€14,563 | +36.1% |
| Recurring financial income | 75 | €40,368 | €54,931 | +€14,563 | +36.1% |
| Financial charges | 65/66B | €6,952 | €11,707 | +€4,756 | +68.4% |
| Recurring financial charges | 65 | €6,952 | €11,707 | +€4,756 | +68.4% |
| Profit (loss) for the period before taxes | 9903 | €334,108 | €150,226 | -€183,882 | -55.0% |
| Income taxes | 67/77 | €102,910 | €44,159 | -€58,751 | -57.1% |
| Profit (loss) for the period | 9904 | €231,198 | €106,067 | -€125,131 | -54.1% |
| Profit (loss) for the period to be appropriated | 9905 | €231,198 | €106,067 | -€125,131 | -54.1% |
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 17 October 2026 via checked.be.