MANAKEEN: 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.
MANAKEEN
Largest movements
- Deferred charges and accrued income -€69,285
down €69,285 (-64.4%), from €107,562 to €38,277
- Intangible fixed assets -€20,609
down €20,609 (-20.8%), from €99,256 to €78,647
- Receivables within one year -€20,076
down €20,076 (-25.3%), from €79,466 to €59,390
of which Trade receivables: -€21,413
- Tangible fixed assets -€17,217
down €17,217 (-84.5%), from €20,372 to €3,156
of which Other tangible fixed assets: -€15,795
- Cash +€9,876
up €9,876 (+29.8%), from €33,130 to €43,006
mainly Deferred charges and accrued income (+€69,285) and Depreciation (+€40,896)
- Profit (loss) carried forward -€94,216
down €94,216 (-65.8%), from -€143,198 to -€237,413
- Tax, wage and social debts +€38,992
up €38,992 (+119.1%), from €32,726 to €71,717
of which Remuneration and social security: +€30,975
- Other debts -€34,270
down €34,270 (-72.5%), from €47,238 to €12,968
- Current portion of long-term debt -€15,201
down €15,201 (-100.0%), from €15,201 to €0
- Debts after one year -€7,905
down €7,905 (-100.0%), from €7,905 to €0
- Gross operating margin -€213,412
down €213,412 (-60.0%), from €355,489 to €142,077
- Staff costs -€75,474
down €75,474 (-28.9%), from €260,911 to €185,437
- Depreciation +€15,929
up €15,929 (+63.8%), from €24,967 to €40,896
- Other operating charges -€7,344
down €7,344 (-71.0%), from €10,350 to €3,006
- Financial charges -€6,552
down €6,552 (-63.7%), from €10,288 to €3,736
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 | €340,991 | €223,421 | -€117,569 | -34.5% |
| Formation expenses | 20 | €1,008 | €750 | -€258 | -25.6% |
| Fixed assets | 21/28 | €119,825 | €81,999 | -€37,826 | -31.6% |
| Intangible fixed assets | 21 | €99,256 | €78,647 | -€20,609 | -20.8% |
| Tangible fixed assets | 22/27 | €20,372 | €3,156 | -€17,217 | -84.5% |
| Furniture and vehicles | 24 | €1,738 | €316 | -€1,422 | -81.8% |
| Other tangible fixed assets | 26 | €18,634 | €2,840 | -€15,795 | -84.8% |
| Financial fixed assets | 28 | €196 | €196 | = | 0.0% |
| Current assets | 29/58 | €220,158 | €140,672 | -€79,485 | -36.1% |
| Amounts receivable within one year | 40/41 | €79,466 | €59,390 | -€20,076 | -25.3% |
| Trade receivables | 40 | €79,466 | €58,053 | -€21,413 | -26.9% |
| Other amounts receivable | 41 | €0 | €1,337 | +€1,337 | |
| Cash at bank and in hand | 54/58 | €33,130 | €43,006 | +€9,876 | +29.8% |
| Deferred charges and accrued income | 490/1 | €107,562 | €38,277 | -€69,285 | -64.4% |
| Total equity and liabilities | 10/49 | €340,991 | €223,421 | -€117,569 | -34.5% |
| Equity | 10/15 | -€122,738 | -€216,953 | -€94,216 | -76.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€143,198 | -€237,413 | -€94,216 | -65.8% |
| Investment grants | 15 | €0 | - | = | |
| Amounts payable | 17/49 | €463,729 | €440,375 | -€23,354 | -5.0% |
| Amounts payable after more than one year | 17 | €7,905 | €0 | -€7,905 | -100.0% |
| Financial debts | 170/4 | €7,905 | €0 | -€7,905 | -100.0% |
| Amounts payable within one year | 42/48 | €432,882 | €417,434 | -€15,448 | -3.6% |
| Current portion of amounts payable after more than one year | 42 | €15,201 | €0 | -€15,201 | -100.0% |
| Trade debts | 44 | €337,718 | €332,749 | -€4,969 | -1.5% |
| Suppliers | 440/4 | €337,718 | €332,749 | -€4,969 | -1.5% |
| Taxes, remuneration and social security | 45 | €32,726 | €71,717 | +€38,992 | +119.1% |
| Taxes | 450/3 | €26,654 | €34,670 | +€8,017 | +30.1% |
| Remuneration and social security | 454/9 | €6,072 | €37,047 | +€30,975 | +510.2% |
| Other amounts payable | 47/48 | €47,238 | €12,968 | -€34,270 | -72.5% |
| Accrued charges and deferred income | 492/3 | €22,941 | €22,941 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €260,911 | €185,437 | -€75,474 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,967 | €40,896 | +€15,929 | +63.8% |
| Other operating charges | 640/8 | €10,350 | €3,006 | -€7,344 | -71.0% |
| Non-recurring operating charges | 66A | - | €920 | +€920 | |
| Gross operating margin | 9900 | €355,489 | €142,077 | -€213,412 | -60.0% |
| Operating profit (loss) | 9901 | €59,261 | -€88,182 | -€147,443 | |
| Financial income | 75/76B | €1 | €2 | +€1 | +74.8% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +74.8% |
| Financial charges | 65/66B | €10,288 | €3,736 | -€6,552 | -63.7% |
| Recurring financial charges | 65 | €10,288 | €3,736 | -€6,552 | -63.7% |
| Profit (loss) for the period before taxes | 9903 | €48,975 | -€91,916 | -€140,890 | |
| Income taxes | 67/77 | €2,678 | €2,300 | -€378 | -14.1% |
| Profit (loss) for the period | 9904 | €46,296 | -€94,216 | -€140,512 | |
| Profit (loss) for the period to be appropriated | 9905 | €46,296 | -€94,216 | -€140,512 |
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 10 October 2026 via checked.be.