Manco Daan: 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 Daan
Largest movements
- Financial fixed assets +€84,915
new in 2025: €84,915
- Receivables after one year +€20,000
new in 2025: €20,000
- Cash -€19,017
down €19,017 (-38.5%), from €49,381 to €30,365
mainly Investment in fixed assets (net) (-€93,749) and Receivables after one year (-€20,000)
- Receivables within one year +€5,717
up €5,717 (+28.2%), from €20,295 to €26,013
of which Trade receivables: +€13,507
- Debts after one year +€70,111
up €70,111 (+50.8%), from €137,885 to €207,997
- Reserves +€20,815
up €20,815 (+39.2%), from €53,104 to €73,919
- Trade debts -€13,771
down €13,771 (-73.0%), from €18,861 to €5,090
- Current portion of long-term debt +€12,538
up €12,538 (+144.0%), from €8,708 to €21,246
- Gross operating margin +€8,634
up €8,634 (+22.3%), from €38,783 to €47,417
- Depreciation +€6,405
up €6,405 (+222.6%), from €2,877 to €9,283
- Financial charges +€5,811
up €5,811 (+210.0%), from €2,767 to €8,578
- Taxes -€750
down €750 (-10.4%), from €7,219 to €6,469
- Other operating charges +€497
up €497 (+45.9%), from €1,082 to €1,579
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 | €226,792 | €318,352 | +€91,561 | +40.4% |
| Fixed assets | 21/28 | €157,115 | €241,582 | +€84,467 | +53.8% |
| Tangible fixed assets | 22/27 | €157,115 | €156,667 | -€448 | -0.3% |
| Land and buildings | 22 | €156,466 | €152,323 | -€4,143 | -2.6% |
| Furniture and vehicles | 24 | €649 | €4,344 | +€3,695 | +569.2% |
| Financial fixed assets | 28 | - | €84,915 | +€84,915 | |
| Current assets | 29/58 | €69,677 | €76,770 | +€7,094 | +10.2% |
| Amounts receivable after more than one year | 29 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 291 | - | €20,000 | +€20,000 | |
| Amounts receivable within one year | 40/41 | €20,295 | €26,013 | +€5,717 | +28.2% |
| Trade receivables | 40 | €11,706 | €25,213 | +€13,507 | +115.4% |
| Other amounts receivable | 41 | €8,589 | €799 | -€7,790 | -90.7% |
| Cash at bank and in hand | 54/58 | €49,381 | €30,365 | -€19,017 | -38.5% |
| Deferred charges and accrued income | 490/1 | - | €393 | +€393 | |
| Total equity and liabilities | 10/49 | €226,792 | €318,352 | +€91,561 | +40.4% |
| Equity | 10/15 | €55,104 | €75,919 | +€20,815 | +37.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €53,104 | €73,919 | +€20,815 | +39.2% |
| Distributable reserves | 133 | €53,104 | €73,919 | +€20,815 | +39.2% |
| Amounts payable | 17/49 | €171,688 | €242,433 | +€70,745 | +41.2% |
| Amounts payable after more than one year | 17 | €137,885 | €207,997 | +€70,111 | +50.8% |
| Financial debts | 170/4 | €137,885 | €207,997 | +€70,111 | +50.8% |
| Amounts payable within one year | 42/48 | €33,802 | €34,436 | +€634 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €8,708 | €21,246 | +€12,538 | +144.0% |
| Trade debts | 44 | €18,861 | €5,090 | -€13,771 | -73.0% |
| Suppliers | 440/4 | €18,861 | €5,090 | -€13,771 | -73.0% |
| Taxes, remuneration and social security | 45 | €5,401 | €7,267 | +€1,866 | +34.6% |
| Taxes | 450/3 | €5,401 | €7,267 | +€1,866 | +34.6% |
| Other amounts payable | 47/48 | €833 | €833 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,877 | €9,283 | +€6,405 | +222.6% |
| Other operating charges | 640/8 | €1,082 | €1,579 | +€497 | +45.9% |
| Gross operating margin | 9900 | €38,783 | €47,417 | +€8,634 | +22.3% |
| Operating profit (loss) | 9901 | €34,824 | €36,555 | +€1,731 | +5.0% |
| Financial income | 75/76B | €14 | €141 | +€128 | +941.6% |
| Recurring financial income | 75 | €14 | €141 | +€128 | +941.6% |
| Financial charges | 65/66B | €2,767 | €8,578 | +€5,811 | +210.0% |
| Recurring financial charges | 65 | €2,767 | €8,578 | +€5,811 | +210.0% |
| Profit (loss) for the period before taxes | 9903 | €32,070 | €28,118 | -€3,952 | -12.3% |
| Income taxes | 67/77 | €7,219 | €6,469 | -€750 | -10.4% |
| Profit (loss) for the period | 9904 | €24,851 | €21,648 | -€3,202 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,851 | €21,648 | -€3,202 | -12.9% |
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.