MANAUX: 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.
MANAUX
Largest movements
- Stocks and contracts -€404,915
down €404,915 (-49.1%), from €825,395 to €420,480
- Cash +€305,409
up €305,409 (+3198.7%), from €9,548 to €314,957
mainly Stocks and contracts (+€404,915) and Receivables within one year (+€187,669)
- Receivables within one year -€187,669
down €187,669 (-26.6%), from €704,732 to €517,063
of which Trade receivables: -€187,486
- Tangible fixed assets -€53,035
down €53,035 (-7.5%), from €711,633 to €658,598
of which Furniture and vehicles: -€61,331
- Other debts -€299,882
down €299,882 (-37.9%), from €791,320 to €491,438
- Short-term financial debts -€125,000
no longer reported in 2025 (was €125,000)
- Reserves +€85,034
up €85,034 (+8.0%), from €1.1m to €1.1m
of which Distributable reserves: +€97,268
- Gross operating margin +€94,365
up €94,365 (+110.5%), from €85,406 to €179,772
- Taxes +€33,503
up €33,503 (+491.5%), from €6,817 to €40,320
- Financial charges -€6,418
down €6,418 (-80.8%), from €7,942 to €1,524
- Other operating charges -€4,001
down €4,001 (-39.4%), from €10,162 to €6,161
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 | €2,251,309 | €1,911,098 | -€340,210 | -15.1% |
| Fixed assets | 21/28 | €711,633 | €658,598 | -€53,035 | -7.5% |
| Tangible fixed assets | 22/27 | €711,633 | €658,598 | -€53,035 | -7.5% |
| Land and buildings | 22 | €643,403 | €658,598 | +€15,195 | +2.4% |
| Plant, machinery and equipment | 23 | €6,899 | - | -€6,899 | |
| Furniture and vehicles | 24 | €61,331 | - | -€61,331 | |
| Current assets | 29/58 | €1,539,675 | €1,252,500 | -€287,175 | -18.7% |
| Stocks and contracts in progress | 3 | €825,395 | €420,480 | -€404,915 | -49.1% |
| Stocks | 30/36 | €825,395 | €420,480 | -€404,915 | -49.1% |
| Amounts receivable within one year | 40/41 | €704,732 | €517,063 | -€187,669 | -26.6% |
| Trade receivables | 40 | €266,486 | €79,000 | -€187,486 | -70.4% |
| Other amounts receivable | 41 | €438,247 | €438,063 | -€183 | 0.0% |
| Cash at bank and in hand | 54/58 | €9,548 | €314,957 | +€305,409 | +3198.7% |
| Total equity and liabilities | 10/49 | €2,251,309 | €1,911,098 | -€340,210 | -15.1% |
| Equity | 10/15 | €1,264,926 | €1,349,959 | +€85,034 | +6.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €1,063,120 | €1,148,154 | +€85,034 | +8.0% |
| Non-distributable reserves | 130/1 | €45,500 | €45,500 | = | 0.0% |
| Legal reserve | 130 | €45,500 | €45,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €113,947 | €101,713 | -€12,234 | -10.7% |
| Distributable reserves | 133 | €903,673 | €1,000,940 | +€97,268 | +10.8% |
| Profit (loss) carried forward | 14 | €1,806 | €1,806 | = | 0.0% |
| Provisions and deferred taxes | 16 | €58,700 | €52,398 | -€6,302 | -10.7% |
| Deferred taxes | 168 | €58,700 | €52,398 | -€6,302 | -10.7% |
| Amounts payable | 17/49 | €927,683 | €508,741 | -€418,942 | -45.2% |
| Amounts payable within one year | 42/48 | €927,683 | €508,741 | -€418,942 | -45.2% |
| Financial debts | 43 | €125,000 | - | -€125,000 | |
| Credit institutions | 430/8 | €125,000 | - | -€125,000 | |
| Trade debts | 44 | €2,380 | - | -€2,380 | |
| Suppliers | 440/4 | €2,380 | - | -€2,380 | |
| Advances received on contracts in progress | 46 | €8,982 | €8,982 | = | 0.0% |
| Taxes, remuneration and social security | 45 | - | €8,320 | +€8,320 | |
| Taxes | 450/3 | - | €8,320 | +€8,320 | |
| Other amounts payable | 47/48 | €791,320 | €491,438 | -€299,882 | -37.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,878 | €53,035 | +€157 | +0.3% |
| Other operating charges | 640/8 | €10,162 | €6,161 | -€4,001 | -39.4% |
| Gross operating margin | 9900 | €85,406 | €179,772 | +€94,365 | +110.5% |
| Operating profit (loss) | 9901 | €22,366 | €120,575 | +€98,209 | +439.1% |
| Financial income | 75/76B | €1 | €0 | -€1 | -64.3% |
| Recurring financial income | 75 | €1 | €0 | -€1 | -64.3% |
| Financial charges | 65/66B | €7,942 | €1,524 | -€6,418 | -80.8% |
| Recurring financial charges | 65 | €7,942 | €1,524 | -€6,418 | -80.8% |
| Profit (loss) for the period before taxes | 9903 | €14,425 | €119,051 | +€104,626 | +725.3% |
| Transfer from deferred taxes | 780 | €18,537 | €18,537 | = | 0.0% |
| Income taxes | 67/77 | €6,817 | €40,320 | +€33,503 | +491.5% |
| Profit (loss) for the period | 9904 | €26,145 | €97,268 | +€71,123 | +272.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,145 | €97,268 | +€71,123 | +272.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.