MANAEST: 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.
MANAEST
Largest movements
- Cash +€16,321
up €16,321 (+2221.5%), from €735 to €17,055
mainly Tax, wage and social debts (+€12,074) and Other debts (+€10,106)
- Stocks and contracts +€5,000
up €5,000 (+38.5%), from €13,000 to €18,000
- Receivables within one year +€4,092
up €4,092 (+23.2%), from €17,644 to €21,735
of which Trade receivables: +€4,483
- Tangible fixed assets +€1,935
up €1,935 (+45.8%), from €4,223 to €6,158
- Tax, wage and social debts +€12,074
up €12,074 (+249.3%), from €4,844 to €16,917
of which Taxes: +€7,218
- Other debts +€10,106
up €10,106 (+5.4%), from €186,352 to €196,457
- Trade debts +€2,702
up €2,702 (+79.7%), from €3,389 to €6,091
- Profit (loss) carried forward +€1,967
up €1,967 (+1.1%), from -€180,397 to -€178,430
- Gross operating margin +€34,472
up €34,472 (+255.3%), from €13,504 to €47,976
- Financial charges +€606
up €606 (+17.7%), from €3,425 to €4,031
- Other operating charges +€542
up €542 (+44.6%), from €1,215 to €1,757
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 | €36,712 | €64,150 | +€27,438 | +74.7% |
| Fixed assets | 21/28 | €4,538 | €6,473 | +€1,935 | +42.6% |
| Tangible fixed assets | 22/27 | €4,223 | €6,158 | +€1,935 | +45.8% |
| Plant, machinery and equipment | 23 | €4,223 | €6,158 | +€1,935 | +45.8% |
| Financial fixed assets | 28 | €315 | €315 | = | 0.0% |
| Current assets | 29/58 | €32,173 | €57,676 | +€25,503 | +79.3% |
| Stocks and contracts in progress | 3 | €13,000 | €18,000 | +€5,000 | +38.5% |
| Stocks | 30/36 | €13,000 | €18,000 | +€5,000 | +38.5% |
| Amounts receivable within one year | 40/41 | €17,644 | €21,735 | +€4,092 | +23.2% |
| Trade receivables | 40 | €17,252 | €21,735 | +€4,483 | +26.0% |
| Other amounts receivable | 41 | €391 | - | -€391 | |
| Cash at bank and in hand | 54/58 | €735 | €17,055 | +€16,321 | +2221.5% |
| Deferred charges and accrued income | 490/1 | €795 | €886 | +€91 | +11.5% |
| Total equity and liabilities | 10/49 | €36,712 | €64,150 | +€27,438 | +74.7% |
| Equity | 10/15 | -€161,147 | -€159,180 | +€1,967 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €650 | €650 | = | 0.0% |
| Non-distributable reserves | 130/1 | €650 | €650 | = | 0.0% |
| Reserves not available under the articles | 1311 | €650 | €650 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€180,397 | -€178,430 | +€1,967 | +1.1% |
| Amounts payable | 17/49 | €197,859 | €223,329 | +€25,471 | +12.9% |
| Amounts payable within one year | 42/48 | €194,584 | €219,466 | +€24,882 | +12.8% |
| Trade debts | 44 | €3,389 | €6,091 | +€2,702 | +79.7% |
| Suppliers | 440/4 | €3,389 | €6,091 | +€2,702 | +79.7% |
| Taxes, remuneration and social security | 45 | €4,844 | €16,917 | +€12,074 | +249.3% |
| Taxes | 450/3 | - | €7,218 | +€7,218 | |
| Remuneration and social security | 454/9 | €4,844 | €9,699 | +€4,856 | +100.3% |
| Other amounts payable | 47/48 | €186,352 | €196,457 | +€10,106 | +5.4% |
| Accrued charges and deferred income | 492/3 | €3,275 | €3,864 | +€589 | +18.0% |
| Remuneration, social security and pensions | 62 | €38,622 | €38,347 | -€275 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,576 | €1,874 | +€299 | +19.0% |
| Other operating charges | 640/8 | €1,215 | €1,757 | +€542 | +44.6% |
| Gross operating margin | 9900 | €13,504 | €47,976 | +€34,472 | +255.3% |
| Operating profit (loss) | 9901 | -€27,908 | €5,998 | +€33,906 | |
| Financial income | 75/76B | €94 | €0 | -€94 | -100.0% |
| Recurring financial income | 75 | €94 | €0 | -€94 | -100.0% |
| Financial charges | 65/66B | €3,425 | €4,031 | +€606 | +17.7% |
| Recurring financial charges | 65 | €3,425 | €4,031 | +€606 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | -€31,238 | €1,967 | +€33,206 | |
| Profit (loss) for the period | 9904 | -€31,238 | €1,967 | +€33,206 | |
| Profit (loss) for the period to be appropriated | 9905 | -€31,238 | €1,967 | +€33,206 |
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 10 October 2026 via checked.be.