MANATAN: 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.
MANATAN
Largest movements
- Tangible fixed assets -€44,995
down €44,995 (-22.6%), from €199,302 to €154,307
of which Land and buildings: -€25,763
- Cash +€14,687
up €14,687 (+134.2%), from €10,941 to €25,628
mainly Net result for the year (+€67,383) and Depreciation (+€44,995)
- Stocks and contracts -€10,068
down €10,068 (-4.8%), from €209,367 to €199,299
- Receivables within one year -€8,663
down €8,663 (-76.3%), from €11,359 to €2,696
of which Trade receivables: -€8,664
- Short-term financial debts -€65,000
down €65,000 (-43.3%), from €150,000 to €85,000
- Other debts +€28,986
up €28,986 (+231.7%), from €12,508 to €41,494
- Reserves -€17,617
down €17,617 (-86.7%), from €20,312 to €2,695
- Tax, wage and social debts +€11,467
up €11,467 (+24.7%), from €46,491 to €57,958
of which Taxes: +€8,275
- Trade debts -€5,834
down €5,834 (-3.0%), from €195,641 to €189,808
- Gross operating margin -€55,269
down €55,269 (-17.8%), from €311,214 to €255,946
- Depreciation +€16,248
up €16,248 (+56.5%), from €28,748 to €44,995
- Taxes -€14,492
down €14,492 (-68.0%), from €21,313 to €6,821
- Staff costs -€3,272
down €3,272 (-2.6%), from €128,097 to €124,825
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €447,140 | €399,143 | -€47,997 | -10.7% |
| Fixed assets | 21/28 | €199,310 | €154,314 | -€44,995 | -22.6% |
| Tangible fixed assets | 22/27 | €199,302 | €154,307 | -€44,995 | -22.6% |
| Land and buildings | 22 | €109,894 | €84,131 | -€25,763 | -23.4% |
| Plant, machinery and equipment | 23 | €3,263 | €1,489 | -€1,774 | -54.4% |
| Furniture and vehicles | 24 | €86,145 | €68,686 | -€17,459 | -20.3% |
| Financial fixed assets | 28 | €7 | €7 | = | 0.0% |
| Current assets | 29/58 | €247,830 | €244,829 | -€3,001 | -1.2% |
| Stocks and contracts in progress | 3 | €209,367 | €199,299 | -€10,068 | -4.8% |
| Stocks | 30/36 | €209,367 | €199,299 | -€10,068 | -4.8% |
| Amounts receivable within one year | 40/41 | €11,359 | €2,696 | -€8,663 | -76.3% |
| Trade receivables | 40 | €11,359 | €2,695 | -€8,664 | -76.3% |
| Other amounts receivable | 41 | - | €1 | +€1 | |
| Cash at bank and in hand | 54/58 | €10,941 | €25,628 | +€14,687 | +134.2% |
| Deferred charges and accrued income | 490/1 | €16,163 | €17,206 | +€1,043 | +6.5% |
| Total equity and liabilities | 10/49 | €447,140 | €399,143 | -€47,997 | -10.7% |
| Equity | 10/15 | €38,912 | €21,295 | -€17,617 | -45.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €20,312 | €2,695 | -€17,617 | -86.7% |
| Distributable reserves | 133 | €20,312 | €2,695 | -€17,617 | -86.7% |
| Amounts payable | 17/49 | €408,228 | €377,848 | -€30,379 | -7.4% |
| Amounts payable within one year | 42/48 | €404,640 | €374,259 | -€30,381 | -7.5% |
| Financial debts | 43 | €150,000 | €85,000 | -€65,000 | -43.3% |
| Credit institutions | 430/8 | €150,000 | €85,000 | -€65,000 | -43.3% |
| Trade debts | 44 | €195,641 | €189,808 | -€5,834 | -3.0% |
| Suppliers | 440/4 | €195,641 | €189,808 | -€5,834 | -3.0% |
| Taxes, remuneration and social security | 45 | €46,491 | €57,958 | +€11,467 | +24.7% |
| Taxes | 450/3 | €21,445 | €29,720 | +€8,275 | +38.6% |
| Remuneration and social security | 454/9 | €25,046 | €28,237 | +€3,192 | +12.7% |
| Other amounts payable | 47/48 | €12,508 | €41,494 | +€28,986 | +231.7% |
| Accrued charges and deferred income | 492/3 | €3,588 | €3,589 | +€2 | 0.0% |
| Remuneration, social security and pensions | 62 | €128,097 | €124,825 | -€3,272 | -2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,748 | €44,995 | +€16,248 | +56.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€267 | -€50 | +€217 | +81.3% |
| Other operating charges | 640/8 | €893 | €994 | +€102 | +11.4% |
| Gross operating margin | 9900 | €311,214 | €255,946 | -€55,269 | -17.8% |
| Operating profit (loss) | 9901 | €153,743 | €85,180 | -€68,563 | -44.6% |
| Financial income | 75/76B | €352 | €404 | +€52 | +14.7% |
| Recurring financial income | 75 | €352 | €404 | +€52 | +14.7% |
| Financial charges | 65/66B | €10,997 | €11,380 | +€383 | +3.5% |
| Recurring financial charges | 65 | €10,997 | €11,380 | +€383 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €143,098 | €74,204 | -€68,894 | -48.1% |
| Income taxes | 67/77 | €21,313 | €6,821 | -€14,492 | -68.0% |
| Profit (loss) for the period | 9904 | €121,785 | €67,383 | -€54,402 | -44.7% |
| Profit (loss) for the period to be appropriated | 9905 | €121,785 | €67,383 | -€54,402 | -44.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.