MANCA: 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.
MANCA
Largest movements
- Financial fixed assets +€12.1m
up €12.1m (+66.5%), from €18.2m to €30.3m
- Cash -€7.5m
down €7.5m (-85.6%), from €8.8m to €1.3m
mainly Investment in fixed assets (net) (-€12.1m) and Current investments (-€1.7m)
- Current investments +€1.7m
up €1.7m (+192%), from €900,461 to €2.6m
- Receivables within one year -€951,760
down €951,760 (-92.9%), from €1.0m to €72,572
of which Other amounts receivable: -€905,219
- Debts after one year +€3.4m
up €3.4m (+4,784%), from €71,667 to €3.5m
- Reserves +€2.4m
up €2.4m (+7.8%), from €30.3m to €32.6m
of which Distributable reserves: +€2.4m
- Other debts -€1.5m
down €1.5m (-96.5%), from €1.6m to €54,903
- Provisions +€1.5m
up €1.5m (+1,256%), from €118,304 to €1.6m
of which Provisions for liabilities and charges: +€1.5m
- Tax, wage and social debts -€387,620
down €387,620 (-80.5%), from €481,689 to €94,069
of which Taxes: -€380,694
- Financial income -€2.9m
down €2.9m (-63.9%), from €4.6m to €1.7m
- Taxes -€422,592
down €422,592 (-63.3%), from €667,426 to €244,833
- Depreciation -€135,303
down €135,303 (-38.8%), from €348,630 to €213,327
- Gross operating margin +€27,074
up €27,074 (+1.7%), from €1.6m to €1.6m
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €33,034,289 | €38,140,763 | +€5.1m | +15.5% |
| Fixed assets | 21/28 | €22,293,474 | €34,162,009 | +€11.9m | +53.2% |
| Tangible fixed assets | 22/27 | €4,121,659 | €3,908,332 | -€213,327 | -5.2% |
| Land and buildings | 22 | €3,991,253 | €3,817,600 | -€173,653 | -4.4% |
| Furniture and vehicles | 24 | €130,406 | €90,732 | -€39,674 | -30.4% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €18,171,815 | €30,253,678 | +€12.1m | +66.5% |
| Current assets | 29/58 | €10,740,814 | €3,978,754 | -€6.8m | -63.0% |
| Amounts receivable within one year | 40/41 | €1,024,332 | €72,572 | -€951,760 | -92.9% |
| Trade receivables | 40 | €118,469 | €71,928 | -€46,541 | -39.3% |
| Other amounts receivable | 41 | €905,863 | €644 | -€905,219 | -99.9% |
| Current investments | 50/53 | €900,461 | €2,629,972 | +€1.7m | +192% |
| Cash at bank and in hand | 54/58 | €8,795,113 | €1,262,516 | -€7.5m | -85.6% |
| Deferred charges and accrued income | 490/1 | €20,908 | €13,694 | -€7,214 | -34.5% |
| Total equity and liabilities | 10/49 | €33,034,289 | €38,140,763 | +€5.1m | +15.5% |
| Equity | 10/15 | €30,354,948 | €32,706,382 | +€2.4m | +7.7% |
| Contributions | 10/11 | €65,927 | €65,927 | = | 0.0% |
| Capital | 10 | €65,927 | €65,927 | = | 0.0% |
| Issued capital | 100 | €65,927 | €65,927 | = | 0.0% |
| Reserves | 13 | €30,289,021 | €32,640,455 | +€2.4m | +7.8% |
| Non-distributable reserves | 130/1 | €6,593 | €6,593 | = | 0.0% |
| Legal reserve | 130 | €6,593 | €6,593 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,454,178 | €1,412,211 | -€41,968 | -2.9% |
| Distributable reserves | 133 | €28,828,250 | €31,221,652 | +€2.4m | +8.3% |
| Provisions and deferred taxes | 16 | €118,304 | €1,604,315 | +€1.5m | +1,256% |
| Provisions for liabilities and charges | 160/5 | - | €1,500,000 | +€1.5m | |
| Other liabilities and charges | 164/5 | - | €1,500,000 | +€1.5m | |
| Deferred taxes | 168 | €118,304 | €104,315 | -€13,989 | -11.8% |
| Amounts payable | 17/49 | €2,561,036 | €3,830,066 | +€1.3m | +49.6% |
| Amounts payable after more than one year | 17 | €71,667 | €3,500,000 | +€3.4m | +4,784% |
| Financial debts | 170/4 | €71,667 | €3,500,000 | +€3.4m | +4,784% |
| Amounts payable within one year | 42/48 | €2,488,668 | €226,845 | -€2.3m | -90.9% |
| Current portion of amounts payable after more than one year | 42 | €430,000 | €71,667 | -€358,333 | -83.3% |
| Trade debts | 44 | €6,058 | €6,205 | +€148 | +2.4% |
| Suppliers | 440/4 | €6,058 | €6,205 | +€148 | +2.4% |
| Taxes, remuneration and social security | 45 | €481,689 | €94,069 | -€387,620 | -80.5% |
| Taxes | 450/3 | €417,154 | €36,461 | -€380,694 | -91.3% |
| Remuneration and social security | 454/9 | €64,535 | €57,608 | -€6,927 | -10.7% |
| Other amounts payable | 47/48 | €1,570,921 | €54,903 | -€1.5m | -96.5% |
| Accrued charges and deferred income | 492/3 | €701 | €103,222 | +€102,521 | +14,625% |
| Remuneration, social security and pensions | 62 | €316,879 | €329,126 | +€12,247 | +3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €348,630 | €213,327 | -€135,303 | -38.8% |
| Other operating charges | 640/8 | €31,692 | €33,307 | +€1,615 | +5.1% |
| Gross operating margin | 9900 | €1,554,201 | €1,581,275 | +€27,074 | +1.7% |
| Operating profit (loss) | 9901 | €857,000 | €1,005,515 | +€148,515 | +17.3% |
| Financial income | 75/76B | €4,595,940 | €1,659,152 | -€2.9m | -63.9% |
| Recurring financial income | 75 | €4,595,940 | €1,659,152 | -€2.9m | -63.9% |
| Financial charges | 65/66B | €90,754 | €82,389 | -€8,365 | -9.2% |
| Recurring financial charges | 65 | €90,754 | €82,389 | -€8,365 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €5,362,186 | €2,582,278 | -€2.8m | -51.8% |
| Transfer from deferred taxes | 780 | €13,989 | €13,989 | = | 0.0% |
| Income taxes | 67/77 | €667,426 | €244,833 | -€422,592 | -63.3% |
| Profit (loss) for the period | 9904 | €4,708,750 | €2,351,434 | -€2.4m | -50.1% |
| Transfer from tax-exempt reserves | 789 | €41,968 | €41,968 | = | 0.0% |
| Transfer to tax-exempt reserves | 689 | €631,500 | €0 | -€631,500 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €4,119,218 | €2,393,402 | -€1.7m | -41.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.