MANAX: 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.
MANAX
Largest movements
- Receivables within one year -€64,469
down €64,469 (-51.7%), from €124,690 to €60,221
of which Trade receivables: -€65,378
- Cash +€49,409
up €49,409 (+8,200%), from €603 to €50,012
mainly Receivables within one year (+€64,469) and Tax, wage and social debts (+€18,646)
- Other debts -€26,695
down €26,695 (-99.9%), from €26,714 to €19
- Tax, wage and social debts +€18,646
up €18,646 (+108%), from €17,322 to €35,968
of which Remuneration and social security: +€32,046
- Trade debts -€11,056
down €11,056 (-94.8%), from €11,668 to €612
- Profit (loss) carried forward +€4,045
up €4,045 (+3.7%), from €110,582 to €114,627
- Gross operating margin -€28,172
down €28,172 (-86.2%), from €32,690 to €4,519
- Taxes -€5,090
down €5,090, from €4,903 to -€188
- Other operating charges -€386
down €386 (-42.6%), from €906 to €520
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 | €184,886 | €169,825 | -€15,060 | -8.1% |
| Fixed assets | 21/28 | €59,593 | €59,593 | = | 0.0% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €59,593 | €59,593 | = | 0.0% |
| Current assets | 29/58 | €125,293 | €110,233 | -€15,060 | -12.0% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Trade receivables | 290 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €124,690 | €60,221 | -€64,469 | -51.7% |
| Trade receivables | 40 | €117,158 | €51,780 | -€65,378 | -55.8% |
| Other amounts receivable | 41 | €7,533 | €8,441 | +€908 | +12.1% |
| Cash at bank and in hand | 54/58 | €603 | €50,012 | +€49,409 | +8,200% |
| Total equity and liabilities | 10/49 | €184,886 | €169,825 | -€15,060 | -8.1% |
| Equity | 10/15 | €129,182 | €133,227 | +€4,045 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €110,582 | €114,627 | +€4,045 | +3.7% |
| Amounts payable | 17/49 | €55,703 | €36,598 | -€19,105 | -34.3% |
| Amounts payable within one year | 42/48 | €55,703 | €36,598 | -€19,105 | -34.3% |
| Trade debts | 44 | €11,668 | €612 | -€11,056 | -94.8% |
| Suppliers | 440/4 | €11,668 | €612 | -€11,056 | -94.8% |
| Taxes, remuneration and social security | 45 | €17,322 | €35,968 | +€18,646 | +108% |
| Taxes | 450/3 | €17,322 | €3,922 | -€13,400 | -77.4% |
| Remuneration and social security | 454/9 | - | €32,046 | +€32,046 | |
| Other amounts payable | 47/48 | €26,714 | €19 | -€26,695 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €155 | €0 | -€155 | -100% |
| Other operating charges | 640/8 | €906 | €520 | -€386 | -42.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €32,690 | €4,519 | -€28,172 | -86.2% |
| Operating profit (loss) | 9901 | €31,630 | €3,999 | -€27,631 | -87.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €199 | €142 | -€57 | -28.6% |
| Recurring financial charges | 65 | €199 | €142 | -€57 | -28.6% |
| Profit (loss) for the period before taxes | 9903 | €31,431 | €3,857 | -€27,574 | -87.7% |
| Income taxes | 67/77 | €4,903 | -€188 | -€5,090 | |
| Profit (loss) for the period | 9904 | €26,528 | €4,045 | -€22,484 | -84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,528 | €4,045 | -€22,484 | -84.8% |
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 16 October 2026 via checked.be.