MANATHAN: 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.
MANATHAN
Largest movements
- Cash +€18,429
up €18,429 (+6.8%), from €270,404 to €288,833
mainly Net result for the year (+€23,112) and Other debts (+€14,535)
- Other debts +€14,535
up €14,535 (+13.6%), from €107,153 to €121,688
- Gross operating margin -€4,652
down €4,652 (-11.4%), from €40,912 to €36,261
- Taxes -€1,039
down €1,039 (-8.8%), from €11,810 to €10,771
- Depreciation -€1,002
down €1,002 (-68.5%), from €1,462 to €460
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 | €299,643 | €318,301 | +€18,658 | +6.2% |
| Fixed assets | 21/28 | €28,091 | €27,630 | -€460 | -1.6% |
| Tangible fixed assets | 22/27 | €28,091 | €27,630 | -€460 | -1.6% |
| Land and buildings | 22 | €28,091 | €27,630 | -€460 | -1.6% |
| Current assets | 29/58 | €271,552 | €290,671 | +€19,119 | +7.0% |
| Amounts receivable within one year | 40/41 | - | €530 | +€530 | |
| Other amounts receivable | 41 | - | €530 | +€530 | |
| Cash at bank and in hand | 54/58 | €270,404 | €288,833 | +€18,429 | +6.8% |
| Deferred charges and accrued income | 490/1 | €1,149 | €1,308 | +€159 | +13.9% |
| Total equity and liabilities | 10/49 | €299,643 | €318,301 | +€18,658 | +6.2% |
| Equity | 10/15 | €186,900 | €190,012 | +€3,112 | +1.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €119,290 | €122,290 | +€3,000 | +2.5% |
| Non-distributable reserves | 130/1 | €20,690 | €20,690 | = | 0.0% |
| Legal reserve | 130 | - | €20,690 | +€20,690 | |
| Reserves not available under the articles | 1311 | €20,690 | - | -€20,690 | |
| Distributable reserves | 133 | €98,600 | €101,600 | +€3,000 | +3.0% |
| Profit (loss) carried forward | 14 | €5,610 | €5,722 | +€112 | +2.0% |
| Amounts payable | 17/49 | €112,743 | €128,289 | +€15,546 | +13.8% |
| Amounts payable within one year | 42/48 | €112,743 | €128,289 | +€15,546 | +13.8% |
| Taxes, remuneration and social security | 45 | €5,590 | €6,601 | +€1,011 | +18.1% |
| Taxes | 450/3 | €5,590 | €6,601 | +€1,011 | +18.1% |
| Other amounts payable | 47/48 | €107,153 | €121,688 | +€14,535 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,462 | €460 | -€1,002 | -68.5% |
| Other operating charges | 640/8 | €2,246 | €1,917 | -€329 | -14.6% |
| Gross operating margin | 9900 | €40,912 | €36,261 | -€4,652 | -11.4% |
| Operating profit (loss) | 9901 | €37,205 | €33,883 | -€3,321 | -8.9% |
| Financial charges | 65/66B | €0 | €0 | = | 0.0% |
| Recurring financial charges | 65 | €0 | €0 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €37,204 | €33,883 | -€3,321 | -8.9% |
| Income taxes | 67/77 | €11,810 | €10,771 | -€1,039 | -8.8% |
| Profit (loss) for the period | 9904 | €25,394 | €23,112 | -€2,282 | -9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,394 | €23,112 | -€2,282 | -9.0% |
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 6 October 2026 via checked.be.