MANAS: 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.
MANAS
Largest movements
- Receivables within one year -€28,043
down €28,043 (-9.5%), from €294,510 to €266,467
of which Other amounts receivable: -€25,683
- Tangible fixed assets -€12,522
down €12,522 (-32.9%), from €38,081 to €25,559
- Reserves -€33,344
down €33,344 (-12.4%), from €269,484 to €236,141
- Debts after one year -€8,865
down €8,865 (-47.0%), from €18,875 to €10,009
- Tax, wage and social debts -€6,847
down €6,847 (-45.8%), from €14,939 to €8,092
- Gross operating margin -€27,017
down €27,017 (-34.2%), from €78,985 to €51,968
- Taxes -€5,231
down €5,231 (-27.2%), from €19,262 to €14,031
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 | €602,825 | €556,791 | -€46,034 | -7.6% |
| Fixed assets | 21/28 | €302,533 | €290,011 | -€12,522 | -4.1% |
| Tangible fixed assets | 22/27 | €38,081 | €25,559 | -€12,522 | -32.9% |
| Furniture and vehicles | 24 | €38,081 | €25,559 | -€12,522 | -32.9% |
| Financial fixed assets | 28 | €264,452 | €264,452 | = | 0.0% |
| Current assets | 29/58 | €300,293 | €266,780 | -€33,512 | -11.2% |
| Amounts receivable within one year | 40/41 | €294,510 | €266,467 | -€28,043 | -9.5% |
| Trade receivables | 40 | €52,305 | €49,945 | -€2,360 | -4.5% |
| Other amounts receivable | 41 | €242,205 | €216,522 | -€25,683 | -10.6% |
| Cash at bank and in hand | 54/58 | €868 | €313 | -€555 | -63.9% |
| Deferred charges and accrued income | 490/1 | €4,914 | €0 | -€4,914 | -100.0% |
| Total equity and liabilities | 10/49 | €602,825 | €556,791 | -€46,034 | -7.6% |
| Equity | 10/15 | €380,144 | €346,800 | -€33,344 | -8.8% |
| Contributions | 10/11 | €43,100 | €43,100 | = | 0.0% |
| Reserves | 13 | €269,484 | €236,141 | -€33,344 | -12.4% |
| Distributable reserves | 133 | €269,484 | €236,141 | -€33,344 | -12.4% |
| Profit (loss) carried forward | 14 | €67,560 | €67,560 | = | 0.0% |
| Provisions and deferred taxes | 16 | €168,477 | €168,477 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €168,477 | €168,477 | = | 0.0% |
| Pensions and similar obligations | 160 | €168,477 | €168,477 | = | 0.0% |
| Amounts payable | 17/49 | €54,205 | €41,514 | -€12,691 | -23.4% |
| Amounts payable after more than one year | 17 | €18,875 | €10,009 | -€8,865 | -47.0% |
| Financial debts | 170/4 | €18,875 | €10,009 | -€8,865 | -47.0% |
| Amounts payable within one year | 42/48 | €34,215 | €24,483 | -€9,732 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €8,520 | €8,865 | +€345 | +4.0% |
| Financial debts | 43 | €3,726 | €2,850 | -€876 | -23.5% |
| Credit institutions | 430/8 | €3,726 | €2,850 | -€876 | -23.5% |
| Trade debts | 44 | €7,029 | €4,675 | -€2,354 | -33.5% |
| Suppliers | 440/4 | €7,029 | €4,675 | -€2,354 | -33.5% |
| Taxes, remuneration and social security | 45 | €14,939 | €8,092 | -€6,847 | -45.8% |
| Taxes | 450/3 | €14,939 | €8,092 | -€6,847 | -45.8% |
| Accrued charges and deferred income | 492/3 | €1,115 | €7,022 | +€5,906 | +529.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,522 | €12,522 | = | 0.0% |
| Other operating charges | 640/8 | €942 | €615 | -€326 | -34.6% |
| Gross operating margin | 9900 | €78,985 | €51,968 | -€27,017 | -34.2% |
| Operating profit (loss) | 9901 | €65,521 | €38,830 | -€26,691 | -40.7% |
| Financial income | 75/76B | €7 | €18 | +€11 | +150.1% |
| Recurring financial income | 75 | €7 | €18 | +€11 | +150.1% |
| Financial charges | 65/66B | €1,945 | €2,014 | +€69 | +3.6% |
| Recurring financial charges | 65 | €1,945 | €2,014 | +€69 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €63,584 | €36,834 | -€26,749 | -42.1% |
| Income taxes | 67/77 | €19,262 | €14,031 | -€5,231 | -27.2% |
| Profit (loss) for the period | 9904 | €44,322 | €22,803 | -€21,519 | -48.6% |
| Profit (loss) for the period to be appropriated | 9905 | €44,322 | €22,803 | -€21,519 | -48.6% |
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 4 October 2026 via checked.be.