Manas Keukens: what changed
Manas Keukens
Largest movements
- Tangible fixed assets +€181,103
new in 2025: €181,103
of which Other tangible fixed assets: +€176,591
- Receivables within one year +€79,551
up €79,551 (+49.1%), from €161,886 to €241,438
of which Trade receivables: +€80,643
- Cash +€46,655
up €46,655 (+198%), from €23,583 to €70,238
mainly Net result for the year (+€101,609) and Debts after one year (+€82,442)
- Stocks and contracts +€7,443
up €7,443 (+44.3%), from €16,818 to €24,261
- Reserves +€101,609
up €101,609 (+259%), from €39,274 to €140,883
- Debts after one year +€82,442
new in 2025: €82,442
- Trade debts +€46,320
up €46,320 (+48.9%), from €94,669 to €140,989
- Tax, wage and social debts +€35,007
up €35,007 (+358%), from €9,786 to €44,792
of which Taxes: +€34,296
- Short-term financial debts +€30,000
up €30,000 (+60.0%), from €50,000 to €80,000
- Gross operating margin +€94,758
up €94,758 (+187%), from €50,699 to €145,457
- Taxes +€18,540
up €18,540 (+189%), from €9,786 to €28,325
- Depreciation +€9,228
up €9,228 (+4,418%), from €209 to €9,437
- Financial charges +€3,554
up €3,554 (+309%), from €1,149 to €4,703
- Staff costs +€1,987
new in 2025: €1,987
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €203,728 | €522,178 | +€318,450 | +156% |
| Fixed assets | 21/28 | €1,441 | €182,516 | +€181,074 | +12,565% |
| Intangible fixed assets | 21 | €1,441 | €1,112 | -€329 | -22.8% |
| Tangible fixed assets | 22/27 | - | €181,103 | +€181,103 | |
| Plant, machinery and equipment | 23 | - | €4,512 | +€4,512 | |
| Other tangible fixed assets | 26 | - | €176,591 | +€176,591 | |
| Financial fixed assets | 28 | - | €300 | +€300 | |
| Current assets | 29/58 | €202,287 | €339,663 | +€137,376 | +67.9% |
| Stocks and contracts in progress | 3 | €16,818 | €24,261 | +€7,443 | +44.3% |
| Contracts in progress | 37 | €16,818 | €24,261 | +€7,443 | +44.3% |
| Amounts receivable within one year | 40/41 | €161,886 | €241,438 | +€79,551 | +49.1% |
| Trade receivables | 40 | €160,752 | €241,395 | +€80,643 | +50.2% |
| Other amounts receivable | 41 | €1,134 | €43 | -€1,091 | -96.2% |
| Cash at bank and in hand | 54/58 | €23,583 | €70,238 | +€46,655 | +198% |
| Deferred charges and accrued income | 490/1 | - | €3,726 | +€3,726 | |
| Total equity and liabilities | 10/49 | €203,728 | €522,178 | +€318,450 | +156% |
| Equity | 10/15 | €49,274 | €150,883 | +€101,609 | +206% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €39,274 | €140,883 | +€101,609 | +259% |
| Distributable reserves | 133 | €39,274 | €140,883 | +€101,609 | +259% |
| Amounts payable | 17/49 | €154,454 | €371,295 | +€216,841 | +140% |
| Amounts payable after more than one year | 17 | - | €82,442 | +€82,442 | |
| Financial debts | 170/4 | - | €82,442 | +€82,442 | |
| Amounts payable within one year | 42/48 | €154,454 | €288,853 | +€134,399 | +87.0% |
| Current portion of amounts payable after more than one year | 42 | - | €22,823 | +€22,823 | |
| Financial debts | 43 | €50,000 | €80,000 | +€30,000 | +60.0% |
| Credit institutions | 430/8 | €50,000 | €80,000 | +€30,000 | +60.0% |
| Trade debts | 44 | €94,669 | €140,989 | +€46,320 | +48.9% |
| Suppliers | 440/4 | €94,669 | €140,989 | +€46,320 | +48.9% |
| Taxes, remuneration and social security | 45 | €9,786 | €44,792 | +€35,007 | +358% |
| Taxes | 450/3 | €9,786 | €44,082 | +€34,296 | +350% |
| Remuneration and social security | 454/9 | - | €710 | +€710 | |
| Other amounts payable | 47/48 | - | €249 | +€249 | |
| Remuneration, social security and pensions | 62 | - | €1,987 | +€1,987 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €209 | €9,437 | +€9,228 | +4,418% |
| Other operating charges | 640/8 | €426 | €1,197 | +€771 | +181% |
| Gross operating margin | 9900 | €50,699 | €145,457 | +€94,758 | +187% |
| Operating profit (loss) | 9901 | €50,064 | €132,837 | +€82,773 | +165% |
| Financial income | 75/76B | €144 | €1,801 | +€1,656 | +1,148% |
| Recurring financial income | 75 | €144 | €1,801 | +€1,656 | +1,148% |
| Financial charges | 65/66B | €1,149 | €4,703 | +€3,554 | +309% |
| Recurring financial charges | 65 | €1,149 | €4,703 | +€3,554 | +309% |
| Profit (loss) for the period before taxes | 9903 | €49,060 | €129,934 | +€80,875 | +165% |
| Income taxes | 67/77 | €9,786 | €28,325 | +€18,540 | +189% |
| Profit (loss) for the period | 9904 | €39,274 | €101,609 | +€62,335 | +159% |
| Profit (loss) for the period to be appropriated | 9905 | €39,274 | €101,609 | +€62,335 | +159% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.