MANAVEST: what changed
Two financial 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.
MANAVEST
Largest movements
- Tangible fixed assets +€244,291
up €244,291 (+85.0%), from €287,434 to €531,725
- Cash -€26,279
down €26,279 (-65.8%), from €39,930 to €13,652
mainly Investment in fixed assets (net) (-€286,875) and Net result for the year (-€20,217)
- Debts after one year +€232,319
up €232,319 (+150%), from €155,396 to €387,716
- Profit (loss) carried forward -€20,217
down €20,217 (-90.4%), from -€22,352 to -€42,569
- Current portion of long-term debt +€12,884
up €12,884 (+132%), from €9,797 to €22,681
- Depreciation +€32,352
up €32,352 (+316%), from €10,232 to €42,584
- Gross operating margin -€4,456
down €4,456 (-12.6%), from €35,333 to €30,876
- Other operating charges -€1,175
down €1,175 (-67.9%), from €1,732 to €557
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.
Derived cash bridge
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 | €327,364 | €545,376 | +€218,013 | +66.6% |
| Fixed assets | 21/28 | €287,434 | €531,725 | +€244,291 | +85.0% |
| Tangible fixed assets | 22/27 | €287,434 | €531,725 | +€244,291 | +85.0% |
| Land and buildings | 22 | €287,434 | €531,725 | +€244,291 | +85.0% |
| Current assets | 29/58 | €39,930 | €13,652 | -€26,279 | -65.8% |
| Cash at bank and in hand | 54/58 | €39,930 | €13,652 | -€26,279 | -65.8% |
| Total equity and liabilities | 10/49 | €327,364 | €545,376 | +€218,013 | +66.6% |
| Equity | 10/15 | €147,648 | €127,431 | -€20,217 | -13.7% |
| Contributions | 10/11 | €170,000 | €170,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,352 | -€42,569 | -€20,217 | -90.4% |
| Amounts payable | 17/49 | €179,716 | €417,946 | +€238,229 | +133% |
| Amounts payable after more than one year | 17 | €155,396 | €387,716 | +€232,319 | +150% |
| Financial debts | 170/4 | €155,396 | €387,716 | +€232,319 | +150% |
| Amounts payable within one year | 42/48 | €24,320 | €30,230 | +€5,910 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €9,797 | €22,681 | +€12,884 | +132% |
| Trade debts | 44 | €26 | - | -€26 | |
| Suppliers | 440/4 | €26 | - | -€26 | |
| Taxes, remuneration and social security | 45 | €8,359 | €3,786 | -€4,573 | -54.7% |
| Taxes | 450/3 | €8,359 | €3,786 | -€4,573 | -54.7% |
| Other amounts payable | 47/48 | €6,138 | €3,763 | -€2,375 | -38.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,232 | €42,584 | +€32,352 | +316% |
| Other operating charges | 640/8 | €1,732 | €557 | -€1,175 | -67.9% |
| Gross operating margin | 9900 | €35,333 | €30,876 | -€4,456 | -12.6% |
| Operating profit (loss) | 9901 | €23,369 | -€12,264 | -€35,633 | |
| Financial charges | 65/66B | €7,675 | €7,953 | +€278 | +3.6% |
| Recurring financial charges | 65 | €7,675 | €7,953 | +€278 | +3.6% |
| Profit (loss) for the period before taxes | 9903 | €15,694 | -€20,217 | -€35,911 | |
| Profit (loss) for the period | 9904 | €15,694 | -€20,217 | -€35,911 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,694 | -€20,217 | -€35,911 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.