MANCHET: 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.
MANCHET
Largest movements
- Tangible fixed assets -€40,775
down €40,775 (-13.7%), from €296,609 to €255,834
of which Other tangible fixed assets: -€21,333
- Current investments +€10,974
up €10,974 (+41566.7%), from €26 to €11,000
- Cash +€10,121
up €10,121 (+94.8%), from €10,677 to €20,798
mainly Depreciation (+€70,880) and Other debts (+€31,047)
- Deferred charges and accrued income +€6,098
up €6,098 (+284.9%), from €2,141 to €8,239
- Receivables within one year +€4,552
up €4,552 (+31.6%), from €14,425 to €18,977
of which Trade receivables: +€6,650
- Trade debts -€44,126
down €44,126 (-35.2%), from €125,446 to €81,320
- Other debts +€31,047
up €31,047 (+159.4%), from €19,479 to €50,526
- Debts after one year -€19,699
down €19,699 (-20.9%), from €94,437 to €74,738
- Advances received +€14,845
new in 2025: €14,845
- Profit (loss) carried forward +€4,676
up €4,676 (+21.4%), from -€21,828 to -€17,152
- Gross operating margin +€55,385
up €55,385 (+34.9%), from €158,596 to €213,980
- Staff costs +€16,970
up €16,970 (+17.5%), from €97,033 to €114,003
- Depreciation +€16,365
up €16,365 (+30.0%), from €54,515 to €70,880
- Taxes -€3,463
down €3,463 (-72.1%), from €4,803 to €1,341
- Other operating charges -€2,329
down €2,329 (-15.5%), from €15,022 to €12,693
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 | €350,871 | €340,588 | -€10,283 | -2.9% |
| Fixed assets | 21/28 | €306,609 | €265,834 | -€40,775 | -13.3% |
| Tangible fixed assets | 22/27 | €296,609 | €255,834 | -€40,775 | -13.7% |
| Plant, machinery and equipment | 23 | €76,354 | €67,070 | -€9,283 | -12.2% |
| Furniture and vehicles | 24 | €31,445 | €25,914 | -€5,531 | -17.6% |
| Leasing and similar rights | 25 | €31,414 | €26,787 | -€4,627 | -14.7% |
| Other tangible fixed assets | 26 | €157,396 | €136,063 | -€21,333 | -13.6% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €44,261 | €74,753 | +€30,492 | +68.9% |
| Stocks and contracts in progress | 3 | €16,993 | €15,740 | -€1,253 | -7.4% |
| Stocks | 30/36 | €16,993 | €15,740 | -€1,253 | -7.4% |
| Amounts receivable within one year | 40/41 | €14,425 | €18,977 | +€4,552 | +31.6% |
| Trade receivables | 40 | €11,181 | €17,831 | +€6,650 | +59.5% |
| Other amounts receivable | 41 | €3,243 | €1,146 | -€2,098 | -64.7% |
| Current investments | 50/53 | €26 | €11,000 | +€10,974 | +41566.7% |
| Cash at bank and in hand | 54/58 | €10,677 | €20,798 | +€10,121 | +94.8% |
| Deferred charges and accrued income | 490/1 | €2,141 | €8,239 | +€6,098 | +284.9% |
| Total equity and liabilities | 10/49 | €350,871 | €340,588 | -€10,283 | -2.9% |
| Equity | 10/15 | €46,689 | €51,364 | +€4,676 | +10.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €62,317 | €62,317 | = | 0.0% |
| Distributable reserves | 133 | €62,317 | €62,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,828 | -€17,152 | +€4,676 | +21.4% |
| Amounts payable | 17/49 | €304,182 | €289,224 | -€14,958 | -4.9% |
| Amounts payable after more than one year | 17 | €94,437 | €74,738 | -€19,699 | -20.9% |
| Financial debts | 170/4 | €94,437 | €74,738 | -€19,699 | -20.9% |
| Amounts payable within one year | 42/48 | €209,745 | €214,486 | +€4,741 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €21,102 | €19,699 | -€1,403 | -6.6% |
| Trade debts | 44 | €125,446 | €81,320 | -€44,126 | -35.2% |
| Suppliers | 440/4 | €125,446 | €81,320 | -€44,126 | -35.2% |
| Advances received on contracts in progress | 46 | - | €14,845 | +€14,845 | |
| Taxes, remuneration and social security | 45 | €43,717 | €48,095 | +€4,378 | +10.0% |
| Taxes | 450/3 | €24,087 | €27,065 | +€2,978 | +12.4% |
| Remuneration and social security | 454/9 | €19,631 | €21,030 | +€1,400 | +7.1% |
| Other amounts payable | 47/48 | €19,479 | €50,526 | +€31,047 | +159.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €15,636 | +€15,636 | |
| Remuneration, social security and pensions | 62 | €97,033 | €114,003 | +€16,970 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,515 | €70,880 | +€16,365 | +30.0% |
| Other operating charges | 640/8 | €15,022 | €12,693 | -€2,329 | -15.5% |
| Gross operating margin | 9900 | €158,596 | €213,980 | +€55,385 | +34.9% |
| Operating profit (loss) | 9901 | -€7,974 | €16,404 | +€24,378 | |
| Financial income | 75/76B | €93 | €31 | -€62 | -66.5% |
| Recurring financial income | 75 | €93 | €31 | -€62 | -66.5% |
| Financial charges | 65/66B | €9,144 | €10,419 | +€1,275 | +13.9% |
| Recurring financial charges | 65 | €9,144 | €10,419 | +€1,275 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | -€17,025 | €6,016 | +€23,041 | |
| Income taxes | 67/77 | €4,803 | €1,341 | -€3,463 | -72.1% |
| Profit (loss) for the period | 9904 | -€21,828 | €4,676 | +€26,504 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,828 | €4,676 | +€26,504 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.