MANAGEST: 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.
What changed
MANAGEST
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€111,406
2024 · -€8,048-€103,358
Equity
€3.6m
2024 · €3.6m-€8,012
Cash
€50,542
2024 · €70,475-€19,933
Balance sheet total
€3.8m
2024 · €3.8m+€87,272
Largest movements
Assets
- Financial fixed assets +€68,061
up €68,061 (+4.6%), from €1.5m to €1.5m
Equity and liabilities
- Provisions +€127,791
up €127,791 (+5785.7%), from €2,209 to €130,000
of which Provisions for liabilities and charges: +€130,000
- Profit (loss) carried forward -€110,936
down €110,936, from €13,037 to -€97,899
- Revaluation surpluses +€103,394
up €103,394 (+31.0%), from €333,566 to €436,960
Income statement
- Provisions +€130,000
new in 2025: €130,000
- Gross operating margin +€38,714
up €38,714 (+31.1%), from €124,638 to €163,352
- Depreciation +€32,727
up €32,727 (+38.5%), from €85,026 to €117,753
- Taxes -€29,988
down €29,988 (-85.0%), from €35,301 to €5,312
- Financial income -€15,370
down €15,370 (-54.0%), from €28,446 to €13,076
of which Financial income: -€15,396
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.
Result 2024
-€8,048
Gross operating margin
+€38,714
Depreciation
-€32,727
Provisions
-€130,000
Other operating charges
-€1,345
Financial income
-€15,370
Financial charges
+€5,339
Taxes
+€29,988
Deferred taxes and other
+€2,043
Result 2025
-€111,406
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.
From operations
+€89,635
Investment
-€197,962
Financing
+€88,394
Cash 2024
€70,475
From operations (derived)
+€89,635
Net result for the year
-€111,406
Depreciation
+€117,753
Receivables within one year
-€20,841
Deferred charges and accrued income
-€6,154
Provisions
+€127,791
Trade debts
+€1,456
Tax, wage and social debts
-€15,171
Other debts
-€3,793
Investment (derived)
-€197,962
Investment in fixed assets (net)
-€197,962
Financing
+€88,394
Debts after one year
-€15,000
Contributions, distributions and other
+€103,394
Cash 2025
€50,542
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,756,209 | €3,843,480 | +€87,272 | +2.3% |
| Fixed assets | 21/28 | €3,676,409 | €3,756,618 | +€80,208 | +2.2% |
| Tangible fixed assets | 22/27 | €2,212,435 | €2,224,583 | +€12,147 | +0.5% |
| Land and buildings | 22 | €1,977,511 | €1,938,545 | -€38,966 | -2.0% |
| Plant, machinery and equipment | 23 | €225,920 | €242,636 | +€16,716 | +7.4% |
| Furniture and vehicles | 24 | €9,004 | €43,402 | +€34,397 | +382.0% |
| Financial fixed assets | 28 | €1,463,974 | €1,532,035 | +€68,061 | +4.6% |
| Current assets | 29/58 | €79,799 | €86,863 | +€7,063 | +8.9% |
| Amounts receivable within one year | 40/41 | €8,843 | €29,685 | +€20,841 | +235.7% |
| Other amounts receivable | 41 | €8,843 | €29,685 | +€20,841 | +235.7% |
| Cash at bank and in hand | 54/58 | €70,475 | €50,542 | -€19,933 | -28.3% |
| Deferred charges and accrued income | 490/1 | €482 | €6,636 | +€6,154 | +1278.1% |
| Total equity and liabilities | 10/49 | €3,756,209 | €3,843,480 | +€87,272 | +2.3% |
| Equity | 10/15 | €3,585,483 | €3,577,471 | -€8,012 | -0.2% |
| Contributions | 10/11 | €681,500 | €681,500 | = | 0.0% |
| Capital | 10 | €681,500 | €681,500 | = | 0.0% |
| Issued capital | 100 | €681,500 | €681,500 | = | 0.0% |
| Revaluation surpluses | 12 | €333,566 | €436,960 | +€103,394 | +31.0% |
| Reserves | 13 | €2,557,380 | €2,556,910 | -€470 | 0.0% |
| Non-distributable reserves | 130/1 | €75,800 | €75,800 | = | 0.0% |
| Legal reserve | 130 | €75,800 | €75,800 | = | 0.0% |
| Tax-exempt reserves | 132 | €470 | - | -€470 | |
| Distributable reserves | 133 | €2,481,110 | €2,481,110 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,037 | -€97,899 | -€110,936 | |
| Provisions and deferred taxes | 16 | €2,209 | €130,000 | +€127,791 | +5785.7% |
| Provisions for liabilities and charges | 160/5 | - | €130,000 | +€130,000 | |
| Major repairs and maintenance | 162 | - | €130,000 | +€130,000 | |
| Deferred taxes | 168 | €2,209 | - | -€2,209 | |
| Amounts payable | 17/49 | €168,517 | €136,010 | -€32,508 | -19.3% |
| Amounts payable after more than one year | 17 | €50,330 | €35,330 | -€15,000 | -29.8% |
| Financial debts | 170/4 | €48,750 | €33,750 | -€15,000 | -30.8% |
| Other amounts payable | 178/9 | €1,580 | €1,580 | = | 0.0% |
| Amounts payable within one year | 42/48 | €118,187 | €100,679 | -€17,508 | -14.8% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €15,000 | = | 0.0% |
| Trade debts | 44 | €385 | €1,842 | +€1,456 | +377.8% |
| Suppliers | 440/4 | €385 | €1,842 | +€1,456 | +377.8% |
| Taxes, remuneration and social security | 45 | €15,171 | - | -€15,171 | |
| Taxes | 450/3 | €15,171 | - | -€15,171 | |
| Other amounts payable | 47/48 | €87,631 | €83,837 | -€3,793 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,026 | €117,753 | +€32,727 | +38.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €130,000 | +€130,000 | |
| Other operating charges | 640/8 | €18,154 | €19,499 | +€1,345 | +7.4% |
| Gross operating margin | 9900 | €124,638 | €163,352 | +€38,714 | +31.1% |
| Operating profit (loss) | 9901 | €21,458 | -€103,900 | -€125,358 | |
| Financial income | 75/76B | €28,446 | €13,076 | -€15,370 | -54.0% |
| Recurring financial income | 75 | €28,446 | €13,050 | -€15,396 | -54.1% |
| Non-recurring financial income | 76B | - | €25 | +€25 | |
| Financial charges | 65/66B | €22,817 | €17,478 | -€5,339 | -23.4% |
| Recurring financial charges | 65 | €22,817 | €17,478 | -€5,339 | -23.4% |
| Profit (loss) for the period before taxes | 9903 | €27,087 | -€108,303 | -€135,390 | |
| Transfer from deferred taxes | 780 | €165 | €2,209 | +€2,043 | +1236.0% |
| Income taxes | 67/77 | €35,301 | €5,312 | -€29,988 | -85.0% |
| Profit (loss) for the period | 9904 | -€8,048 | -€111,406 | -€103,358 | -1284.2% |
| Transfer from tax-exempt reserves | 789 | €574 | €470 | -€104 | -18.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,474 | -€110,936 | -€103,462 | -1384.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.