MANAG'AIR: 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.
MANAG'AIR
Largest movements
- Cash +€17,190
up €17,190 (+9.0%), from €190,900 to €208,090
mainly Trade debts (+€25,136) and Net result for the year (+€19,255)
- Receivables within one year +€16,583
up €16,583 (+132%), from €12,572 to €29,156
of which Trade receivables: +€15,011
- Trade debts +€25,136
up €25,136 (+1,259%), from €1,996 to €27,132
- Reserves +€19,000
up €19,000 (+19.0%), from €99,860 to €118,860
of which Distributable reserves: +€19,000
- Accrued charges and deferred income -€6,538
no longer reported in 2025 (was €6,538)
- Tax, wage and social debts -€4,994
no longer reported in 2025 (was €4,994)
- Purchases and services -€21,156
down €21,156 (-31.3%), from €67,656 to €46,500
- Taxes -€13,267
down €13,267, from €9,767 to -€3,500
- Gross operating margin +€1,171
up €1,171 (+6.9%), from €17,049 to €18,221
- Financial income -€899
no longer reported in 2025 (was €899)
- Financial charges +€777
up €777 (+368%), from €211 to €988
of which Non-recurring financial charges: +€600
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 | €204,789 | €237,647 | +€32,859 | +16.0% |
| Fixed assets | 21/28 | €1,317 | €402 | -€915 | -69.5% |
| Tangible fixed assets | 22/27 | €1,317 | €402 | -€915 | -69.5% |
| Plant, machinery and equipment | 23 | €631 | €402 | -€230 | -36.4% |
| Furniture and vehicles | 24 | €685 | - | -€685 | |
| Current assets | 29/58 | €203,472 | €237,246 | +€33,774 | +16.6% |
| Amounts receivable within one year | 40/41 | €12,572 | €29,156 | +€16,583 | +132% |
| Trade receivables | 40 | €12,483 | €27,494 | +€15,011 | +120% |
| Other amounts receivable | 41 | €89 | €1,661 | +€1,572 | +1,763% |
| Cash at bank and in hand | 54/58 | €190,900 | €208,090 | +€17,190 | +9.0% |
| Total equity and liabilities | 10/49 | €204,789 | €237,647 | +€32,859 | +16.0% |
| Equity | 10/15 | €191,260 | €210,515 | +€19,255 | +10.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €99,860 | €118,860 | +€19,000 | +19.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €98,000 | €117,000 | +€19,000 | +19.4% |
| Profit (loss) carried forward | 14 | €85,200 | €85,455 | +€255 | +0.3% |
| Amounts payable | 17/49 | €13,528 | €27,132 | +€13,604 | +101% |
| Amounts payable within one year | 42/48 | €6,990 | €27,132 | +€20,142 | +288% |
| Trade debts | 44 | €1,996 | €27,132 | +€25,136 | +1,259% |
| Suppliers | 440/4 | €1,996 | €27,132 | +€25,136 | +1,259% |
| Taxes, remuneration and social security | 45 | €4,994 | - | -€4,994 | |
| Taxes | 450/3 | €4,994 | - | -€4,994 | |
| Accrued charges and deferred income | 492/3 | €6,538 | - | -€6,538 | |
| Goods, raw materials, services and sundry goods | 60/61 | €67,656 | €46,500 | -€21,156 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €934 | €915 | -€19 | -2.1% |
| Other operating charges | 640/8 | €546 | €563 | +€17 | +3.2% |
| Gross operating margin | 9900 | €17,049 | €18,221 | +€1,171 | +6.9% |
| Operating profit (loss) | 9901 | €15,569 | €16,743 | +€1,173 | +7.5% |
| Financial income | 75/76B | €899 | - | -€899 | |
| Recurring financial income | 75 | €899 | - | -€899 | |
| Financial charges | 65/66B | €211 | €988 | +€777 | +368% |
| Recurring financial charges | 65 | €211 | €388 | +€177 | +83.7% |
| Non-recurring financial charges | 66B | - | €600 | +€600 | |
| Profit (loss) for the period before taxes | 9903 | €16,257 | €15,755 | -€502 | -3.1% |
| Income taxes | 67/77 | €9,767 | -€3,500 | -€13,267 | |
| Profit (loss) for the period | 9904 | €6,490 | €19,255 | +€12,765 | +197% |
| Profit (loss) for the period to be appropriated | 9905 | €6,490 | €19,255 | +€12,765 | +197% |
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 26 October 2026 via checked.be.