MANALEX: 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.
MANALEX
Largest movements
- Tangible fixed assets -€22,748
down €22,748 (-20.7%), from €109,805 to €87,058
of which Furniture and vehicles: -€20,546
- Cash +€15,776
up €15,776 (+61.1%), from €25,820 to €41,596
mainly Net result for the year (+€136,002) and Other debts (+€27,639)
- Reserves -€37,789
down €37,789 (-21.7%), from €173,791 to €136,002
- Other debts +€27,639
up €27,639 (+15.9%), from €174,078 to €201,717
- Debts after one year -€17,949
down €17,949 (-25.1%), from €71,626 to €53,677
- Trade debts +€15,834
up €15,834 (+1172.7%), from €1,350 to €17,184
- Gross operating margin -€31,110
down €31,110 (-13.3%), from €234,597 to €203,488
- Depreciation +€14,373
up €14,373 (+171.6%), from €8,375 to €22,748
- Taxes -€9,699
down €9,699 (-19.4%), from €49,920 to €40,221
- Financial charges +€2,448
up €2,448 (+200.0%), from €1,224 to €3,672
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 | €456,652 | €449,449 | -€7,203 | -1.6% |
| Fixed assets | 21/28 | €109,805 | €87,058 | -€22,748 | -20.7% |
| Tangible fixed assets | 22/27 | €109,805 | €87,058 | -€22,748 | -20.7% |
| Land and buildings | 22 | €3,887 | €2,835 | -€1,051 | -27.1% |
| Furniture and vehicles | 24 | €96,559 | €76,012 | -€20,546 | -21.3% |
| Other tangible fixed assets | 26 | €9,360 | €8,210 | -€1,150 | -12.3% |
| Current assets | 29/58 | €346,847 | €362,391 | +€15,544 | +4.5% |
| Amounts receivable within one year | 40/41 | €317,424 | €319,126 | +€1,702 | +0.5% |
| Trade receivables | 40 | €63,437 | €64,347 | +€910 | +1.4% |
| Other amounts receivable | 41 | €253,987 | €254,779 | +€792 | +0.3% |
| Cash at bank and in hand | 54/58 | €25,820 | €41,596 | +€15,776 | +61.1% |
| Deferred charges and accrued income | 490/1 | €3,603 | €1,669 | -€1,933 | -53.7% |
| Total equity and liabilities | 10/49 | €456,652 | €449,449 | -€7,203 | -1.6% |
| Equity | 10/15 | €192,391 | €154,602 | -€37,789 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €173,791 | €136,002 | -€37,789 | -21.7% |
| Distributable reserves | 133 | €173,791 | €136,002 | -€37,789 | -21.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €264,261 | €294,847 | +€30,586 | +11.6% |
| Amounts payable after more than one year | 17 | €71,626 | €53,677 | -€17,949 | -25.1% |
| Financial debts | 170/4 | €71,626 | €53,677 | -€17,949 | -25.1% |
| Amounts payable within one year | 42/48 | €192,635 | €241,170 | +€48,535 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €17,169 | €17,949 | +€780 | +4.5% |
| Trade debts | 44 | €1,350 | €17,184 | +€15,834 | +1172.7% |
| Suppliers | 440/4 | €1,350 | €17,184 | +€15,834 | +1172.7% |
| Taxes, remuneration and social security | 45 | €37 | €4,319 | +€4,282 | +11421.5% |
| Taxes | 450/3 | €37 | €4,319 | +€4,282 | +11421.5% |
| Other amounts payable | 47/48 | €174,078 | €201,717 | +€27,639 | +15.9% |
| Non-recurring operating income | 76A | €21,972 | €0 | -€21,972 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,375 | €22,748 | +€14,373 | +171.6% |
| Other operating charges | 640/8 | €1,288 | €845 | -€443 | -34.4% |
| Gross operating margin | 9900 | €234,597 | €203,488 | -€31,110 | -13.3% |
| Operating profit (loss) | 9901 | €224,935 | €179,895 | -€45,040 | -20.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €1,224 | €3,672 | +€2,448 | +200.0% |
| Recurring financial charges | 65 | €1,224 | €3,672 | +€2,448 | +200.0% |
| Profit (loss) for the period before taxes | 9903 | €223,711 | €176,223 | -€47,488 | -21.2% |
| Income taxes | 67/77 | €49,920 | €40,221 | -€9,699 | -19.4% |
| Profit (loss) for the period | 9904 | €173,791 | €136,002 | -€37,789 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €173,791 | €136,002 | -€37,789 | -21.7% |
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 5 October 2026 via checked.be.