MANAG'IN: 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'IN
Largest movements
- Receivables within one year +€80,498
up €80,498 (+434%), from €18,569 to €99,067
of which Other amounts receivable: +€78,907
- Cash -€54,723
down €54,723 (-23.4%), from €233,703 to €178,980
mainly Receivables within one year (-€80,498) and Debts after one year (-€53,996)
- Tangible fixed assets -€45,716
down €45,716 (-6.3%), from €730,906 to €685,191
- Debts after one year -€53,996
down €53,996 (-10.3%), from €522,813 to €468,817
- Other debts +€42,210
up €42,210 (+10,014%), from €422 to €42,631
- Financial income -€3,076
down €3,076 (-96.9%), from €3,174 to €98
- Gross operating margin +€1,624
up €1,624 (+1.4%), from €118,749 to €120,373
- Financial charges -€1,428
down €1,428 (-11.0%), from €13,018 to €11,589
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 | €986,029 | €965,467 | -€20,562 | -2.1% |
| Fixed assets | 21/28 | €730,906 | €685,191 | -€45,716 | -6.3% |
| Tangible fixed assets | 22/27 | €730,906 | €685,191 | -€45,716 | -6.3% |
| Land and buildings | 22 | €496,959 | €479,453 | -€17,507 | -3.5% |
| Plant, machinery and equipment | 23 | €9,904 | €7,750 | -€2,155 | -21.8% |
| Furniture and vehicles | 24 | €6,291 | €175 | -€6,116 | -97.2% |
| Other tangible fixed assets | 26 | €217,751 | €197,813 | -€19,938 | -9.2% |
| Current assets | 29/58 | €255,122 | €280,276 | +€25,154 | +9.9% |
| Amounts receivable within one year | 40/41 | €18,569 | €99,067 | +€80,498 | +434% |
| Trade receivables | 40 | €16,432 | €18,023 | +€1,591 | +9.7% |
| Other amounts receivable | 41 | €2,137 | €81,044 | +€78,907 | +3,692% |
| Cash at bank and in hand | 54/58 | €233,703 | €178,980 | -€54,723 | -23.4% |
| Deferred charges and accrued income | 490/1 | €2,850 | €2,229 | -€621 | -21.8% |
| Total equity and liabilities | 10/49 | €986,029 | €965,467 | -€20,562 | -2.1% |
| Equity | 10/15 | €340,148 | €338,482 | -€1,666 | -0.5% |
| Contributions | 10/11 | €14,400 | €14,400 | = | 0.0% |
| Reserves | 13 | €221,298 | €219,628 | -€1,671 | -0.8% |
| Tax-exempt reserves | 132 | €59,523 | €55,472 | -€4,051 | -6.8% |
| Distributable reserves | 133 | €161,776 | €164,156 | +€2,380 | +1.5% |
| Profit (loss) carried forward | 14 | €104,450 | €104,455 | +€5 | 0.0% |
| Provisions and deferred taxes | 16 | €30,655 | €28,568 | -€2,086 | -6.8% |
| Deferred taxes | 168 | €30,655 | €28,568 | -€2,086 | -6.8% |
| Amounts payable | 17/49 | €615,226 | €598,416 | -€16,810 | -2.7% |
| Amounts payable after more than one year | 17 | €522,813 | €468,817 | -€53,996 | -10.3% |
| Financial debts | 170/4 | €522,813 | €468,817 | -€53,996 | -10.3% |
| Amounts payable within one year | 42/48 | €87,787 | €124,973 | +€37,187 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €67,582 | €60,727 | -€6,855 | -10.1% |
| Trade debts | 44 | €4,418 | €4,725 | +€307 | +6.9% |
| Suppliers | 440/4 | €4,418 | €4,725 | +€307 | +6.9% |
| Taxes, remuneration and social security | 45 | €15,365 | €16,890 | +€1,525 | +9.9% |
| Taxes | 450/3 | €15,365 | €16,890 | +€1,525 | +9.9% |
| Other amounts payable | 47/48 | €422 | €42,631 | +€42,210 | +10,014% |
| Accrued charges and deferred income | 492/3 | €4,626 | €4,626 | -€0 | 0.0% |
| Non-recurring operating income | 76A | - | €735 | +€735 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,620 | €45,716 | +€95 | +0.2% |
| Other operating charges | 640/8 | €6,746 | €6,681 | -€65 | -1.0% |
| Gross operating margin | 9900 | €118,749 | €120,373 | +€1,624 | +1.4% |
| Operating profit (loss) | 9901 | €66,382 | €67,977 | +€1,594 | +2.4% |
| Financial income | 75/76B | €3,174 | €98 | -€3,076 | -96.9% |
| Recurring financial income | 75 | €3,174 | €98 | -€3,076 | -96.9% |
| Financial charges | 65/66B | €13,018 | €11,589 | -€1,428 | -11.0% |
| Recurring financial charges | 65 | €13,018 | €11,589 | -€1,428 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €56,539 | €56,486 | -€53 | -0.1% |
| Transfer from deferred taxes | 780 | €2,086 | €2,086 | = | 0.0% |
| Income taxes | 67/77 | €20,217 | €20,238 | +€21 | +0.1% |
| Profit (loss) for the period | 9904 | €38,409 | €38,334 | -€74 | -0.2% |
| Transfer from tax-exempt reserves | 789 | €4,051 | €4,051 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,460 | €42,385 | -€74 | -0.2% |
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 19 October 2026 via checked.be.