MANAGO: 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.
MANAGO
Largest movements
- Cash -€90,359
down €90,359 (-90.3%), from €100,055 to €9,695
mainly Contributions, distributions and other (-€148,000) and Receivables within one year (-€18,796)
- Receivables within one year +€18,796
up €18,796 (+21805.3%), from €86 to €18,882
of which Trade receivables: +€18,150
- Tangible fixed assets -€8,073
down €8,073 (-28.5%), from €28,334 to €20,260
- Profit (loss) carried forward -€77,810
down €77,810 (-81.5%), from €95,435 to €17,625
- Debts after one year -€6,824
down €6,824 (-38.8%), from €17,604 to €10,781
- Tax, wage and social debts +€5,031
up €5,031 (+60.6%), from €8,298 to €13,329
of which Taxes: +€5,335
- Gross operating margin +€12,031
up €12,031 (+14.0%), from €86,148 to €98,179
- Taxes +€6,091
up €6,091 (+49.7%), from €12,263 to €18,354
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 | €129,113 | €49,559 | -€79,554 | -61.6% |
| Fixed assets | 21/28 | €28,334 | €20,260 | -€8,073 | -28.5% |
| Tangible fixed assets | 22/27 | €28,334 | €20,260 | -€8,073 | -28.5% |
| Furniture and vehicles | 24 | €28,334 | €20,260 | -€8,073 | -28.5% |
| Current assets | 29/58 | €100,779 | €29,298 | -€71,481 | -70.9% |
| Amounts receivable within one year | 40/41 | €86 | €18,882 | +€18,796 | +21805.3% |
| Trade receivables | 40 | €0 | €18,150 | +€18,150 | |
| Other amounts receivable | 41 | €86 | €732 | +€646 | +749.6% |
| Cash at bank and in hand | 54/58 | €100,055 | €9,695 | -€90,359 | -90.3% |
| Deferred charges and accrued income | 490/1 | €638 | €721 | +€82 | +12.9% |
| Total equity and liabilities | 10/49 | €129,113 | €49,559 | -€79,554 | -61.6% |
| Equity | 10/15 | €96,435 | €18,625 | -€77,810 | -80.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €95,435 | €17,625 | -€77,810 | -81.5% |
| Amounts payable | 17/49 | €32,677 | €30,933 | -€1,744 | -5.3% |
| Amounts payable after more than one year | 17 | €17,604 | €10,781 | -€6,824 | -38.8% |
| Financial debts | 170/4 | €17,604 | €10,781 | -€6,824 | -38.8% |
| Amounts payable within one year | 42/48 | €15,073 | €20,153 | +€5,080 | +33.7% |
| Current portion of amounts payable after more than one year | 42 | €6,547 | €6,824 | +€277 | +4.2% |
| Trade debts | 44 | €228 | €0 | -€228 | -100.0% |
| Suppliers | 440/4 | €228 | €0 | -€228 | -100.0% |
| Taxes, remuneration and social security | 45 | €8,298 | €13,329 | +€5,031 | +60.6% |
| Taxes | 450/3 | €7,994 | €13,329 | +€5,335 | +66.7% |
| Remuneration and social security | 454/9 | €304 | €0 | -€304 | -100.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,073 | €8,073 | = | 0.0% |
| Other operating charges | 640/8 | €98 | €534 | +€436 | +446.6% |
| Gross operating margin | 9900 | €86,148 | €98,179 | +€12,031 | +14.0% |
| Operating profit (loss) | 9901 | €77,977 | €89,572 | +€11,594 | +14.9% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,279 | €1,028 | -€251 | -19.6% |
| Recurring financial charges | 65 | €1,279 | €1,028 | -€251 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | €76,699 | €88,544 | +€11,845 | +15.4% |
| Income taxes | 67/77 | €12,263 | €18,354 | +€6,091 | +49.7% |
| Profit (loss) for the period | 9904 | €64,436 | €70,190 | +€5,754 | +8.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,436 | €70,190 | +€5,754 | +8.9% |
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 1 October 2026 via checked.be.