MANCO: 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.
MANCO
Largest movements
- Tangible fixed assets -€33,745
down €33,745 (-6.0%), from €566,806 to €533,061
of which Land and buildings: -€33,527
- Cash +€9,787
up €9,787 (+2604.2%), from €376 to €10,163
mainly Other debts (+€76,920) and Depreciation (+€33,745)
- Other debts +€76,920
up €76,920 (+16.9%), from €454,603 to €531,523
- Debts after one year -€56,690
down €56,690 (-29.9%), from €189,456 to €132,766
- Profit (loss) carried forward -€50,009
down €50,009 (-26.4%), from -€189,584 to -€239,594
- Current portion of long-term debt +€7,306
up €7,306 (+13.5%), from €53,985 to €61,290
- Financial charges -€3,389
down €3,389 (-24.8%), from €13,639 to €10,250
- Other operating charges +€830
up €830 (+32.6%), from €2,548 to €3,378
- Gross operating margin -€773
down €773 (-20.8%), from -€3,724 to -€4,497
- Depreciation +€191
up €191 (+0.6%), from €33,554 to €33,745
- Financial income -€49
down €49 (-98.8%), from €50 to €1
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 | €567,509 | €543,588 | -€23,922 | -4.2% |
| Fixed assets | 21/28 | €566,806 | €533,061 | -€33,745 | -6.0% |
| Tangible fixed assets | 22/27 | €566,806 | €533,061 | -€33,745 | -6.0% |
| Land and buildings | 22 | €566,285 | €532,758 | -€33,527 | -5.9% |
| Plant, machinery and equipment | 23 | €521 | €303 | -€218 | -41.9% |
| Current assets | 29/58 | €703 | €10,527 | +€9,824 | +1397.0% |
| Amounts receivable within one year | 40/41 | €327 | €364 | +€37 | +11.2% |
| Other amounts receivable | 41 | €327 | €364 | +€37 | +11.2% |
| Cash at bank and in hand | 54/58 | €376 | €10,163 | +€9,787 | +2604.2% |
| Total equity and liabilities | 10/49 | €567,509 | €543,588 | -€23,922 | -4.2% |
| Equity | 10/15 | -€130,535 | -€182,404 | -€51,869 | -39.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €52,850 | €50,990 | -€1,860 | -3.5% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €50,990 | €50,990 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,584 | -€239,594 | -€50,009 | -26.4% |
| Amounts payable | 17/49 | €698,044 | €725,992 | +€27,948 | +4.0% |
| Amounts payable after more than one year | 17 | €189,456 | €132,766 | -€56,690 | -29.9% |
| Financial debts | 170/4 | €189,456 | €132,766 | -€56,690 | -29.9% |
| Amounts payable within one year | 42/48 | €508,588 | €593,226 | +€84,638 | +16.6% |
| Current portion of amounts payable after more than one year | 42 | €53,985 | €61,290 | +€7,306 | +13.5% |
| Trade debts | 44 | €0 | €412 | +€412 | |
| Suppliers | 440/4 | €0 | €412 | +€412 | |
| Other amounts payable | 47/48 | €454,603 | €531,523 | +€76,920 | +16.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,554 | €33,745 | +€191 | +0.6% |
| Other operating charges | 640/8 | €2,548 | €3,378 | +€830 | +32.6% |
| Gross operating margin | 9900 | -€3,724 | -€4,497 | -€773 | -20.8% |
| Operating profit (loss) | 9901 | -€39,826 | -€41,620 | -€1,793 | -4.5% |
| Financial income | 75/76B | €50 | €1 | -€49 | -98.8% |
| Recurring financial income | 75 | €50 | €1 | -€49 | -98.8% |
| Financial charges | 65/66B | €13,639 | €10,250 | -€3,389 | -24.8% |
| Recurring financial charges | 65 | €13,639 | €10,250 | -€3,389 | -24.8% |
| Profit (loss) for the period before taxes | 9903 | -€53,415 | -€51,869 | +€1,546 | +2.9% |
| Income taxes | 67/77 | - | €0 | +€0 | |
| Profit (loss) for the period | 9904 | -€53,415 | -€51,869 | +€1,546 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€53,415 | -€51,869 | +€1,546 | +2.9% |
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.