MANATEE: 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.
MANATEE
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Debts after one year -€229,515
down €229,515 (-12.2%), from €1.9m to €1.7m
of which Other amounts payable: -€1.7m
- Profit (loss) carried forward +€184,190
up €184,190 (+18.2%), from €1.0m to €1.2m
- Current portion of long-term debt -€170,727
down €170,727 (-41.1%), from €415,773 to €245,046
- Other debts +€102,668
up €102,668 (+9.0%), from €1.1m to €1.2m
- Advances received +€91,000
new in 2025: €91,000
- Gross operating margin -€51,346
down €51,346 (-12.1%), from €423,614 to €372,268
- Purchases and services +€15,020
up €15,020 (+16.2%), from €92,712 to €107,732
- Turnover -€15,000
down €15,000 (-3.0%), from €495,000 to €480,000
- Staff costs -€11,148
down €11,148 (-34.9%), from €31,927 to €20,779
- Taxes -€10,960
down €10,960 (-13.9%), from €79,043 to €68,083
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 | €8,581,722 | €8,556,630 | -€25,092 | -0.3% |
| Fixed assets | 21/28 | €7,506,510 | €7,506,510 | = | 0.0% |
| Financial fixed assets | 28 | €7,506,510 | €7,506,510 | = | 0.0% |
| Current assets | 29/58 | €1,075,212 | €1,050,120 | -€25,092 | -2.3% |
| Amounts receivable within one year | 40/41 | €26,700 | €48,900 | +€22,200 | +83.1% |
| Trade receivables | 40 | €24,200 | €46,400 | +€22,200 | +91.7% |
| Other amounts receivable | 41 | €2,500 | €2,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,048,512 | €1,001,220 | -€47,292 | -4.5% |
| Total equity and liabilities | 10/49 | €8,581,722 | €8,556,630 | -€25,092 | -0.3% |
| Equity | 10/15 | €4,031,210 | €4,215,400 | +€184,190 | +4.6% |
| Contributions | 10/11 | €3,020,460 | €3,020,460 | = | 0.0% |
| Capital | 10 | €3,020,460 | - | -€3.0m | |
| Issued capital | 100 | €3,020,460 | - | -€3.0m | |
| Profit (loss) carried forward | 14 | €1,010,750 | €1,194,940 | +€184,190 | +18.2% |
| Amounts payable | 17/49 | €4,550,512 | €4,341,230 | -€209,282 | -4.6% |
| Amounts payable after more than one year | 17 | €1,886,234 | €1,656,719 | -€229,515 | -12.2% |
| Financial debts | 170/4 | - | €1,506,719 | +€1.5m | |
| Other amounts payable | 178/9 | €1,886,234 | €150,000 | -€1.7m | -92.0% |
| Amounts payable within one year | 42/48 | €2,664,278 | €2,684,511 | +€20,233 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €415,773 | €245,046 | -€170,727 | -41.1% |
| Financial debts | 43 | €892,669 | €807,866 | -€84,803 | -9.5% |
| Credit institutions | 430/8 | €892,669 | €807,866 | -€84,803 | -9.5% |
| Trade debts | 44 | €127,969 | €126,747 | -€1,222 | -1.0% |
| Suppliers | 440/4 | €127,969 | €126,747 | -€1,222 | -1.0% |
| Advances received on contracts in progress | 46 | - | €91,000 | +€91,000 | |
| Taxes, remuneration and social security | 45 | €91,912 | €175,229 | +€83,317 | +90.6% |
| Taxes | 450/3 | €91,912 | €145,328 | +€53,416 | +58.1% |
| Remuneration and social security | 454/9 | - | €29,901 | +€29,901 | |
| Other amounts payable | 47/48 | €1,135,955 | €1,238,623 | +€102,668 | +9.0% |
| Turnover | 70 | €495,000 | €480,000 | -€15,000 | -3.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €92,712 | €107,732 | +€15,020 | +16.2% |
| Remuneration, social security and pensions | 62 | €31,927 | €20,779 | -€11,148 | -34.9% |
| Other operating charges | 640/8 | €8,700 | €127 | -€8,573 | -98.5% |
| Gross operating margin | 9900 | €423,614 | €372,268 | -€51,346 | -12.1% |
| Operating profit (loss) | 9901 | €382,987 | €351,362 | -€31,625 | -8.3% |
| Financial charges | 65/66B | €104,228 | €99,089 | -€5,139 | -4.9% |
| Recurring financial charges | 65 | €104,228 | €99,089 | -€5,139 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €278,759 | €252,273 | -€26,486 | -9.5% |
| Income taxes | 67/77 | €79,043 | €68,083 | -€10,960 | -13.9% |
| Profit (loss) for the period | 9904 | €199,716 | €184,190 | -€15,526 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €199,716 | €184,190 | -€15,526 | -7.8% |
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 7 October 2026 via checked.be.