MANAG: what changed
Two fiscal 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.
MANAG
Largest movements
- Cash -€112,182
down €112,182 (-82.7%), from €135,720 to €23,538
mainly Current investments (-€100,000) and Net result for the year (-€83,584)
- Current investments +€100,000
new in 2025: €100,000
- Tangible fixed assets -€81,463
down €81,463 (-14.7%), from €553,953 to €472,490
of which Land and buildings: -€52,934
- Reserves -€83,584
down €83,584 (-31.9%), from €262,244 to €178,660
of which Distributable reserves: -€83,584
- Debts after one year -€21,221
down €21,221 (-40.1%), from €52,931 to €31,710
of which Financial debts: -€37,230
- Gross operating margin -€213,834
down €213,834 (-88.2%), from €242,479 to €28,644
- Taxes -€10,204
down €10,204 (-96.1%), from €10,619 to €415
- Financial charges +€2,790
up €2,790 (+74.1%), from €3,764 to €6,554
- Financial income +€2,720
up €2,720, from €0 to €2,720
- Other operating charges -€2,572
down €2,572 (-13.0%), from €19,861 to €17,288
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 | €699,579 | €600,877 | -€98,702 | -14.1% |
| Fixed assets | 21/28 | €553,953 | €472,490 | -€81,463 | -14.7% |
| Tangible fixed assets | 22/27 | €553,953 | €472,490 | -€81,463 | -14.7% |
| Land and buildings | 22 | €428,882 | €375,948 | -€52,934 | -12.3% |
| Plant, machinery and equipment | 23 | €2,591 | €1,833 | -€758 | -29.3% |
| Furniture and vehicles | 24 | €120,974 | €93,400 | -€27,574 | -22.8% |
| Other tangible fixed assets | 26 | €1,506 | €1,310 | -€196 | -13.0% |
| Current assets | 29/58 | €145,626 | €128,387 | -€17,239 | -11.8% |
| Amounts receivable within one year | 40/41 | €5,381 | €401 | -€4,980 | -92.5% |
| Other amounts receivable | 41 | €5,381 | €401 | -€4,980 | -92.5% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €135,720 | €23,538 | -€112,182 | -82.7% |
| Deferred charges and accrued income | 490/1 | €4,525 | €4,448 | -€77 | -1.7% |
| Total equity and liabilities | 10/49 | €699,579 | €600,877 | -€98,702 | -14.1% |
| Equity | 10/15 | €634,084 | €550,500 | -€83,584 | -13.2% |
| Contributions | 10/11 | €371,840 | €371,840 | = | 0.0% |
| Capital | 10 | €371,840 | €371,840 | = | 0.0% |
| Issued capital | 100 | €371,840 | €371,840 | = | 0.0% |
| Reserves | 13 | €262,244 | €178,660 | -€83,584 | -31.9% |
| Non-distributable reserves | 130/1 | €37,184 | €37,184 | = | 0.0% |
| Legal reserve | 130 | €37,184 | €37,184 | = | 0.0% |
| Distributable reserves | 133 | €225,060 | €141,475 | -€83,584 | -37.1% |
| Amounts payable | 17/49 | €65,495 | €50,378 | -€15,118 | -23.1% |
| Amounts payable after more than one year | 17 | €52,931 | €31,710 | -€21,221 | -40.1% |
| Financial debts | 170/4 | €52,931 | €15,701 | -€37,230 | -70.3% |
| Other amounts payable | 178/9 | - | €16,009 | +€16,009 | |
| Amounts payable within one year | 42/48 | €11,614 | €13,090 | +€1,476 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €5,664 | €5,880 | +€216 | +3.8% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,950 | €7,210 | +€1,260 | +21.2% |
| Accrued charges and deferred income | 492/3 | €950 | €5,577 | +€4,627 | +487.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,176 | €90,691 | +€2,515 | +2.9% |
| Other operating charges | 640/8 | €19,861 | €17,288 | -€2,572 | -13.0% |
| Gross operating margin | 9900 | €242,479 | €28,644 | -€213,834 | -88.2% |
| Operating profit (loss) | 9901 | €134,442 | -€79,335 | -€213,777 | |
| Financial income | 75/76B | €0 | €2,720 | +€2,720 | |
| Recurring financial income | 75 | €0 | €2,720 | +€2,720 | |
| Financial charges | 65/66B | €3,764 | €6,554 | +€2,790 | +74.1% |
| Recurring financial charges | 65 | €3,764 | €6,554 | +€2,790 | +74.1% |
| Profit (loss) for the period before taxes | 9903 | €130,678 | -€83,169 | -€213,847 | |
| Income taxes | 67/77 | €10,619 | €415 | -€10,204 | -96.1% |
| Profit (loss) for the period | 9904 | €120,059 | -€83,584 | -€203,643 | |
| Profit (loss) for the period to be appropriated | 9905 | €120,059 | -€83,584 | -€203,643 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.