MANAN: 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.
MANAN
Largest movements
- Tangible fixed assets +€179,709
up €179,709 (+5.8%), from €3.1m to €3.3m
of which Land and buildings: +€181,866
- Cash +€95,293
up €95,293 (+196.9%), from €48,398 to €143,691
mainly Net result for the year (+€291,259) and Provisions (+€94,146)
- Receivables within one year -€39,434
down €39,434 (-75.5%), from €52,221 to €12,787
of which Trade receivables: -€33,961
- Reserves +€284,810
up €284,810 (+62.1%), from €458,548 to €743,358
of which Tax-exempt reserves: +€284,810
- Provisions +€94,146
up €94,146 (+84.9%), from €110,925 to €205,071
- Debts after one year -€73,810
down €73,810 (-12.0%), from €614,258 to €540,449
- Tax, wage and social debts -€43,248
down €43,248 (-79.3%), from €54,553 to €11,306
- Other debts -€38,393
down €38,393 (-4.2%), from €909,479 to €871,087
- Gross operating margin +€387,432
up €387,432 (+238.8%), from €162,238 to €549,670
- Other operating charges -€71,640
down €71,640 (-44.1%), from €162,539 to €90,899
- Depreciation -€9,399
down €9,399 (-15.2%), from €62,015 to €52,615
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 | €3,203,397 | €3,438,965 | +€235,568 | +7.4% |
| Fixed assets | 21/28 | €3,102,779 | €3,282,488 | +€179,709 | +5.8% |
| Tangible fixed assets | 22/27 | €3,102,779 | €3,282,488 | +€179,709 | +5.8% |
| Land and buildings | 22 | €3,100,488 | €3,282,355 | +€181,866 | +5.9% |
| Furniture and vehicles | 24 | €2,291 | €133 | -€2,157 | -94.2% |
| Current assets | 29/58 | €100,618 | €156,477 | +€55,859 | +55.5% |
| Amounts receivable within one year | 40/41 | €52,221 | €12,787 | -€39,434 | -75.5% |
| Trade receivables | 40 | €33,961 | - | -€33,961 | |
| Other amounts receivable | 41 | €18,260 | €12,787 | -€5,473 | -30.0% |
| Cash at bank and in hand | 54/58 | €48,398 | €143,691 | +€95,293 | +196.9% |
| Total equity and liabilities | 10/49 | €3,203,397 | €3,438,965 | +€235,568 | +7.4% |
| Equity | 10/15 | €1,448,518 | €1,739,777 | +€291,259 | +20.1% |
| Contributions | 10/11 | €1,051,973 | €1,051,973 | = | 0.0% |
| Reserves | 13 | €458,548 | €743,358 | +€284,810 | +62.1% |
| Non-distributable reserves | 130/1 | €6,350 | €6,350 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,350 | €6,350 | = | 0.0% |
| Tax-exempt reserves | 132 | €276,224 | €561,034 | +€284,810 | +103.1% |
| Distributable reserves | 133 | €175,974 | €175,974 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€62,003 | -€55,555 | +€6,448 | +10.4% |
| Provisions and deferred taxes | 16 | €110,925 | €205,071 | +€94,146 | +84.9% |
| Deferred taxes | 168 | €110,925 | €205,071 | +€94,146 | +84.9% |
| Amounts payable | 17/49 | €1,643,954 | €1,494,117 | -€149,837 | -9.1% |
| Amounts payable after more than one year | 17 | €614,258 | €540,449 | -€73,810 | -12.0% |
| Financial debts | 170/4 | €614,258 | €540,449 | -€73,810 | -12.0% |
| Amounts payable within one year | 42/48 | €1,029,696 | €953,669 | -€76,027 | -7.4% |
| Current portion of amounts payable after more than one year | 42 | €60,764 | €66,194 | +€5,430 | +8.9% |
| Trade debts | 44 | €4,899 | €5,082 | +€183 | +3.7% |
| Suppliers | 440/4 | €4,899 | €5,082 | +€183 | +3.7% |
| Taxes, remuneration and social security | 45 | €54,553 | €11,306 | -€43,248 | -79.3% |
| Taxes | 450/3 | €54,553 | €11,306 | -€43,248 | -79.3% |
| Other amounts payable | 47/48 | €909,479 | €871,087 | -€38,393 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €62,015 | €52,615 | -€9,399 | -15.2% |
| Other operating charges | 640/8 | €162,539 | €90,899 | -€71,640 | -44.1% |
| Gross operating margin | 9900 | €162,238 | €549,670 | +€387,432 | +238.8% |
| Operating profit (loss) | 9901 | -€62,316 | €406,155 | +€468,471 | |
| Financial income | 75/76B | €38 | - | -€38 | |
| Recurring financial income | 75 | €38 | - | -€38 | |
| Financial charges | 65/66B | €18,190 | €20,147 | +€1,957 | +10.8% |
| Recurring financial charges | 65 | €18,190 | €20,147 | +€1,957 | +10.8% |
| Profit (loss) for the period before taxes | 9903 | -€80,467 | €386,009 | +€466,476 | |
| Transfer from deferred taxes | 780 | €4,205 | €4,205 | = | 0.0% |
| Transfer to deferred taxes | 680 | - | €98,351 | +€98,351 | |
| Income taxes | 67/77 | -€787 | €604 | +€1,391 | |
| Profit (loss) for the period | 9904 | -€75,475 | €291,259 | +€366,734 | |
| Transfer from tax-exempt reserves | 789 | €10,242 | €10,242 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | - | €295,053 | +€295,053 | |
| Profit (loss) for the period to be appropriated | 9905 | -€65,233 | €6,448 | +€71,681 |
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 12 October 2026 via checked.be.