MANCINELLI M.: 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.
MANCINELLI M.
Largest movements
- Stocks and contracts -€242,125
down €242,125 (-96.4%), from €251,045 to €8,920
- Receivables within one year +€62,955
up €62,955 (+144%), from €43,821 to €106,776
of which Trade receivables: +€54,045
- Tangible fixed assets -€49,191
down €49,191 (-9.5%), from €520,029 to €470,838
of which Land and buildings: -€29,826
- Debts after one year -€200,550
down €200,550 (-86.9%), from €230,673 to €30,123
- Current portion of long-term debt -€35,604
down €35,604 (-43.1%), from €82,575 to €46,972
- Profit (loss) carried forward +€30,454
up €30,454 (+5.9%), from €515,952 to €546,406
- Trade debts -€14,346
down €14,346 (-94.7%), from €15,151 to €805
- Gross operating margin -€34,048
down €34,048 (-10.3%), from €331,449 to €297,400
- Financial charges -€25,643
down €25,643 (-77.5%), from €33,093 to €7,450
- Staff costs -€22,516
down €22,516 (-13.2%), from €170,236 to €147,720
- Depreciation -€18,912
down €18,912 (-27.8%), from €68,103 to €49,191
- Financial income -€13,078
down €13,078 (-64.4%), from €20,322 to €7,244
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 | €909,227 | €682,686 | -€226,542 | -24.9% |
| Fixed assets | 21/28 | €524,056 | €474,865 | -€49,191 | -9.4% |
| Tangible fixed assets | 22/27 | €520,029 | €470,838 | -€49,191 | -9.5% |
| Land and buildings | 22 | €480,065 | €450,239 | -€29,826 | -6.2% |
| Plant, machinery and equipment | 23 | €2,872 | €1,888 | -€984 | -34.3% |
| Furniture and vehicles | 24 | €15,687 | €2,335 | -€13,352 | -85.1% |
| Other tangible fixed assets | 26 | €21,405 | €16,376 | -€5,029 | -23.5% |
| Financial fixed assets | 28 | €4,027 | €4,027 | = | 0.0% |
| Current assets | 29/58 | €385,171 | €207,820 | -€177,351 | -46.0% |
| Stocks and contracts in progress | 3 | €251,045 | €8,920 | -€242,125 | -96.4% |
| Stocks | 30/36 | €251,045 | €8,920 | -€242,125 | -96.4% |
| Amounts receivable within one year | 40/41 | €43,821 | €106,776 | +€62,955 | +144% |
| Trade receivables | 40 | €32,553 | €86,598 | +€54,045 | +166% |
| Other amounts receivable | 41 | €11,268 | €20,177 | +€8,910 | +79.1% |
| Cash at bank and in hand | 54/58 | €83,410 | €88,067 | +€4,657 | +5.6% |
| Deferred charges and accrued income | 490/1 | €6,896 | €4,057 | -€2,838 | -41.2% |
| Total equity and liabilities | 10/49 | €909,227 | €682,686 | -€226,542 | -24.9% |
| Equity | 10/15 | €543,383 | €573,836 | +€30,454 | +5.6% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €21,233 | €21,233 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €19,374 | €19,374 | = | 0.0% |
| Profit (loss) carried forward | 14 | €515,952 | €546,406 | +€30,454 | +5.9% |
| Amounts payable | 17/49 | €365,845 | €108,849 | -€256,995 | -70.2% |
| Amounts payable after more than one year | 17 | €230,673 | €30,123 | -€200,550 | -86.9% |
| Financial debts | 170/4 | €230,673 | €30,123 | -€200,550 | -86.9% |
| Amounts payable within one year | 42/48 | €135,172 | €78,726 | -€56,446 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €82,575 | €46,972 | -€35,604 | -43.1% |
| Trade debts | 44 | €15,151 | €805 | -€14,346 | -94.7% |
| Suppliers | 440/4 | €15,151 | €805 | -€14,346 | -94.7% |
| Advances received on contracts in progress | 46 | €3,872 | €3,872 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €29,446 | €26,712 | -€2,734 | -9.3% |
| Taxes | 450/3 | €11,836 | €16,438 | +€4,602 | +38.9% |
| Remuneration and social security | 454/9 | €17,610 | €10,274 | -€7,335 | -41.7% |
| Other amounts payable | 47/48 | €4,128 | €366 | -€3,762 | -91.1% |
| Remuneration, social security and pensions | 62 | €170,236 | €147,720 | -€22,516 | -13.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,103 | €49,191 | -€18,912 | -27.8% |
| Other operating charges | 640/8 | €11,132 | €10,500 | -€632 | -5.7% |
| Gross operating margin | 9900 | €331,449 | €297,400 | -€34,048 | -10.3% |
| Operating profit (loss) | 9901 | €81,978 | €89,989 | +€8,011 | +9.8% |
| Financial income | 75/76B | €20,322 | €7,244 | -€13,078 | -64.4% |
| Recurring financial income | 75 | €20,322 | €7,244 | -€13,078 | -64.4% |
| Financial charges | 65/66B | €33,093 | €7,450 | -€25,643 | -77.5% |
| Recurring financial charges | 65 | €33,093 | €7,450 | -€25,643 | -77.5% |
| Profit (loss) for the period before taxes | 9903 | €69,208 | €89,783 | +€20,575 | +29.7% |
| Income taxes | 67/77 | €18,572 | €12,330 | -€6,242 | -33.6% |
| Profit (loss) for the period | 9904 | €50,636 | €77,454 | +€26,818 | +53.0% |
| Profit (loss) for the period to be appropriated | 9905 | €50,636 | €77,454 | +€26,818 | +53.0% |
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.