MANCEL: 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.
MANCEL
Largest movements
- Tangible fixed assets +€814,637
up €814,637 (+12354.0%), from €6,594 to €821,231
of which Land and buildings: +€784,234
- Cash -€258,702
down €258,702 (-68.6%), from €377,366 to €118,664
mainly Investment in fixed assets (net) (-€832,500) and Tax, wage and social debts (-€69,118)
- Receivables within one year -€37,446
down €37,446 (-52.1%), from €71,811 to €34,366
of which Trade receivables: -€32,227
- Debts after one year +€563,095
new in 2025: €563,095
- Tax, wage and social debts -€69,118
down €69,118 (-50.2%), from €137,711 to €68,593
- Current portion of long-term debt +€22,374
new in 2025: €22,374
- Gross operating margin -€100,746
down €100,746 (-41.8%), from €240,796 to €140,050
- Taxes -€54,834
down €54,834 (-95.1%), from €57,646 to €2,811
- Depreciation +€15,826
up €15,826 (+776.8%), from €2,037 to €17,863
- Financial charges +€13,431
up €13,431 (+896.1%), from €1,499 to €14,929
- Other operating charges +€5,052
up €5,052 (+904.1%), from €559 to €5,611
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 | €455,771 | €974,850 | +€519,079 | +113.9% |
| Fixed assets | 21/28 | €6,594 | €821,231 | +€814,637 | +12354.0% |
| Tangible fixed assets | 22/27 | €6,594 | €821,231 | +€814,637 | +12354.0% |
| Land and buildings | 22 | - | €784,234 | +€784,234 | |
| Furniture and vehicles | 24 | €6,594 | €4,497 | -€2,097 | -31.8% |
| Other tangible fixed assets | 26 | - | €32,500 | +€32,500 | |
| Current assets | 29/58 | €449,177 | €153,619 | -€295,558 | -65.8% |
| Amounts receivable within one year | 40/41 | €71,811 | €34,366 | -€37,446 | -52.1% |
| Trade receivables | 40 | €51,879 | €19,652 | -€32,227 | -62.1% |
| Other amounts receivable | 41 | €19,932 | €14,714 | -€5,219 | -26.2% |
| Cash at bank and in hand | 54/58 | €377,366 | €118,664 | -€258,702 | -68.6% |
| Deferred charges and accrued income | 490/1 | - | €589 | +€589 | |
| Total equity and liabilities | 10/49 | €455,771 | €974,850 | +€519,079 | +113.9% |
| Equity | 10/15 | €316,349 | €315,191 | -€1,158 | -0.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €313,349 | €312,191 | -€1,158 | -0.4% |
| Amounts payable | 17/49 | €139,422 | €659,659 | +€520,237 | +373.1% |
| Amounts payable after more than one year | 17 | - | €563,095 | +€563,095 | |
| Financial debts | 170/4 | - | €563,095 | +€563,095 | |
| Amounts payable within one year | 42/48 | €139,422 | €93,194 | -€46,228 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | - | €22,374 | +€22,374 | |
| Trade debts | 44 | €1,711 | €2,227 | +€516 | +30.2% |
| Suppliers | 440/4 | €1,711 | €2,227 | +€516 | +30.2% |
| Taxes, remuneration and social security | 45 | €137,711 | €68,593 | -€69,118 | -50.2% |
| Taxes | 450/3 | €137,711 | €68,593 | -€69,118 | -50.2% |
| Accrued charges and deferred income | 492/3 | - | €3,370 | +€3,370 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,037 | €17,863 | +€15,826 | +776.8% |
| Other operating charges | 640/8 | €559 | €5,611 | +€5,052 | +904.1% |
| Non-recurring operating charges | 66A | - | €100,000 | +€100,000 | |
| Gross operating margin | 9900 | €240,796 | €140,050 | -€100,746 | -41.8% |
| Operating profit (loss) | 9901 | €238,200 | €16,576 | -€221,624 | -93.0% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €1,499 | €14,929 | +€13,431 | +896.1% |
| Recurring financial charges | 65 | €1,499 | €14,929 | +€13,431 | +896.1% |
| Profit (loss) for the period before taxes | 9903 | €236,702 | €1,653 | -€235,048 | -99.3% |
| Income taxes | 67/77 | €57,646 | €2,811 | -€54,834 | -95.1% |
| Profit (loss) for the period | 9904 | €179,056 | -€1,158 | -€180,214 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,056 | -€1,158 | -€180,214 |
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 10 October 2026 via checked.be.