ManaMax: 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.
ManaMax
Largest movements
- Receivables within one year -€998,619
down €998,619 (-94.4%), from €1.1m to €59,533
of which Other amounts receivable: -€997,089
- Receivables after one year -€627,842
down €627,842 (-100.0%), from €627,842 to €0
- Financial fixed assets -€438,872
down €438,872 (-3.1%), from €14.4m to €13.9m
- Tangible fixed assets -€332,077
down €332,077 (-100.0%), from €332,077 to €0
of which Leasing and similar rights: -€317,148
- Contributions -€1.5m
down €1.5m (-10.6%), from €14.1m to €12.6m
- Debts after one year -€327,744
down €327,744 (-34.4%), from €952,744 to €625,000
- Other debts -€324,309
down €324,309 (-54.8%), from €591,623 to €267,315
- Short-term financial debts -€175,000
down €175,000 (-100.0%), from €175,000 to €0
- Gross operating margin +€48,467
up €48,467 (+71.7%), from €67,597 to €116,063
- Financial charges +€26,924
up €26,924 (+83.6%), from €32,217 to €59,142
- Taxes +€12,964
up €12,964 (+228.1%), from €5,685 to €18,649
- Depreciation -€8,802
down €8,802 (-24.2%), from €36,340 to €27,538
- Financial income +€6,992
up €6,992 (+31.9%), from €21,912 to €28,904
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 | €16,467,538 | €14,080,243 | -€2.4m | -14.5% |
| Fixed assets | 21/28 | €14,695,949 | €13,925,000 | -€770,949 | -5.2% |
| Tangible fixed assets | 22/27 | €332,077 | €0 | -€332,077 | -100.0% |
| Furniture and vehicles | 24 | €6,909 | €0 | -€6,909 | -100.0% |
| Leasing and similar rights | 25 | €317,148 | €0 | -€317,148 | -100.0% |
| Other tangible fixed assets | 26 | €8,021 | €0 | -€8,021 | -100.0% |
| Financial fixed assets | 28 | €14,363,872 | €13,925,000 | -€438,872 | -3.1% |
| Current assets | 29/58 | €1,771,589 | €155,243 | -€1.6m | -91.2% |
| Amounts receivable after more than one year | 29 | €627,842 | €0 | -€627,842 | -100.0% |
| Other amounts receivable | 291 | €627,842 | €0 | -€627,842 | -100.0% |
| Amounts receivable within one year | 40/41 | €1,058,152 | €59,533 | -€998,619 | -94.4% |
| Trade receivables | 40 | €17,633 | €16,103 | -€1,530 | -8.7% |
| Other amounts receivable | 41 | €1,040,519 | €43,430 | -€997,089 | -95.8% |
| Current investments | 50/53 | - | €50,000 | +€50,000 | |
| Cash at bank and in hand | 54/58 | €63,019 | €40,227 | -€22,792 | -36.2% |
| Deferred charges and accrued income | 490/1 | €22,576 | €5,483 | -€17,094 | -75.7% |
| Total equity and liabilities | 10/49 | €16,467,538 | €14,080,243 | -€2.4m | -14.5% |
| Equity | 10/15 | €14,617,773 | €13,106,939 | -€1.5m | -10.3% |
| Contributions | 10/11 | €14,055,000 | €12,568,723 | -€1.5m | -10.6% |
| Reserves | 13 | €562,773 | €538,216 | -€24,557 | -4.4% |
| Distributable reserves | 133 | €562,773 | €538,216 | -€24,557 | -4.4% |
| Amounts payable | 17/49 | €1,849,765 | €973,304 | -€876,461 | -47.4% |
| Amounts payable after more than one year | 17 | €952,744 | €625,000 | -€327,744 | -34.4% |
| Financial debts | 170/4 | €952,744 | €625,000 | -€327,744 | -34.4% |
| Amounts payable within one year | 42/48 | €887,657 | €305,013 | -€582,644 | -65.6% |
| Current portion of amounts payable after more than one year | 42 | €55,070 | €0 | -€55,070 | -100.0% |
| Financial debts | 43 | €175,000 | €0 | -€175,000 | -100.0% |
| Credit institutions | 430/8 | €175,000 | €0 | -€175,000 | -100.0% |
| Trade debts | 44 | €4,984 | €9,680 | +€4,697 | +94.2% |
| Suppliers | 440/4 | €4,984 | €9,680 | +€4,697 | +94.2% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €60,980 | €28,018 | -€32,962 | -54.1% |
| Taxes | 450/3 | €60,980 | €28,018 | -€32,962 | -54.1% |
| Other amounts payable | 47/48 | €591,623 | €267,315 | -€324,309 | -54.8% |
| Accrued charges and deferred income | 492/3 | €9,364 | €43,291 | +€33,927 | +362.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,340 | €27,538 | -€8,802 | -24.2% |
| Other operating charges | 640/8 | €5,269 | €4,684 | -€585 | -11.1% |
| Gross operating margin | 9900 | €67,597 | €116,063 | +€48,467 | +71.7% |
| Operating profit (loss) | 9901 | €25,988 | €83,842 | +€57,854 | +222.6% |
| Financial income | 75/76B | €21,912 | €28,904 | +€6,992 | +31.9% |
| Recurring financial income | 75 | €21,912 | €28,904 | +€6,992 | +31.9% |
| Financial charges | 65/66B | €32,217 | €59,142 | +€26,924 | +83.6% |
| Recurring financial charges | 65 | €32,217 | €59,142 | +€26,924 | +83.6% |
| Profit (loss) for the period before taxes | 9903 | €15,683 | €53,604 | +€37,921 | +241.8% |
| Income taxes | 67/77 | €5,685 | €18,649 | +€12,964 | +228.1% |
| Profit (loss) for the period | 9904 | €9,998 | €34,955 | +€24,957 | +249.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,998 | €34,955 | +€24,957 | +249.6% |
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 8 October 2026 via checked.be.