MANCOVER: 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.
MANCOVER
Largest movements
- Cash +€300,743
up €300,743 (+141.8%), from €212,151 to €512,894
mainly Net result for the year (+€276,948) and Current investments (+€200,000)
- Current investments -€200,000
down €200,000 (-100.0%), from €200,000 to €0
- Tangible fixed assets -€33,557
down €33,557 (-3.6%), from €939,613 to €906,057
of which Land and buildings: -€26,569
- Receivables within one year -€24,307
down €24,307 (-24.4%), from €99,467 to €75,159
of which Trade receivables: -€15,590
- Reserves +€185,282
up €185,282 (+15.5%), from €1.2m to €1.4m
of which Distributable reserves: +€143,182
- Debts after one year -€116,562
down €116,562 (-96.1%), from €121,327 to €4,765
of which Financial debts: -€64,996
- Current portion of long-term debt -€40,246
down €40,246 (-100.0%), from €40,246 to €0
- Revaluation surpluses +€16,116
up €16,116 (+79.6%), from €20,242 to €36,359
- Gross operating margin +€30,718
up €30,718 (+6.8%), from €451,782 to €482,500
- Taxes +€17,986
up €17,986 (+18.1%), from €99,354 to €117,341
- Depreciation -€6,450
down €6,450 (-8.5%), from €75,864 to €69,414
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 | €1,469,245 | €1,500,739 | +€31,494 | +2.1% |
| Fixed assets | 21/28 | €939,613 | €906,057 | -€33,557 | -3.6% |
| Tangible fixed assets | 22/27 | €939,613 | €906,057 | -€33,557 | -3.6% |
| Land and buildings | 22 | €878,559 | €851,989 | -€26,569 | -3.0% |
| Plant, machinery and equipment | 23 | €1,091 | €819 | -€273 | -25.0% |
| Furniture and vehicles | 24 | €41,876 | €38,362 | -€3,514 | -8.4% |
| Other tangible fixed assets | 26 | €18,087 | €14,887 | -€3,200 | -17.7% |
| Current assets | 29/58 | €529,632 | €594,683 | +€65,051 | +12.3% |
| Amounts receivable within one year | 40/41 | €99,467 | €75,159 | -€24,307 | -24.4% |
| Trade receivables | 40 | €84,364 | €68,774 | -€15,590 | -18.5% |
| Other amounts receivable | 41 | €15,103 | €6,386 | -€8,718 | -57.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €212,151 | €512,894 | +€300,743 | +141.8% |
| Deferred charges and accrued income | 490/1 | €18,014 | €6,629 | -€11,385 | -63.2% |
| Total equity and liabilities | 10/49 | €1,469,245 | €1,500,739 | +€31,494 | +2.1% |
| Equity | 10/15 | €1,236,126 | €1,437,525 | +€201,399 | +16.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €20,242 | €36,359 | +€16,116 | +79.6% |
| Reserves | 13 | €1,195,884 | €1,381,166 | +€185,282 | +15.5% |
| Tax-exempt reserves | 132 | €145,580 | €187,680 | +€42,100 | +28.9% |
| Distributable reserves | 133 | €1,050,303 | €1,193,486 | +€143,182 | +13.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €233,119 | €63,214 | -€169,904 | -72.9% |
| Amounts payable after more than one year | 17 | €121,327 | €4,765 | -€116,562 | -96.1% |
| Financial debts | 170/4 | €64,996 | €0 | -€64,996 | -100.0% |
| Other amounts payable | 178/9 | €56,331 | €4,765 | -€51,566 | -91.5% |
| Amounts payable within one year | 42/48 | €111,698 | €54,850 | -€56,848 | -50.9% |
| Current portion of amounts payable after more than one year | 42 | €40,246 | €0 | -€40,246 | -100.0% |
| Trade debts | 44 | €3,709 | €2,780 | -€929 | -25.0% |
| Suppliers | 440/4 | €3,709 | €2,780 | -€929 | -25.0% |
| Taxes, remuneration and social security | 45 | €57,983 | €45,143 | -€12,840 | -22.1% |
| Taxes | 450/3 | €57,983 | €45,143 | -€12,840 | -22.1% |
| Other amounts payable | 47/48 | €9,759 | €6,927 | -€2,832 | -29.0% |
| Accrued charges and deferred income | 492/3 | €94 | €3,600 | +€3,506 | +3725.7% |
| Non-recurring operating income | 76A | €1,234 | €10,194 | +€8,960 | +726.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,864 | €69,414 | -€6,450 | -8.5% |
| Other operating charges | 640/8 | €14,558 | €12,966 | -€1,592 | -10.9% |
| Non-recurring operating charges | 66A | €0 | €4,237 | +€4,237 | |
| Gross operating margin | 9900 | €451,782 | €482,500 | +€30,718 | +6.8% |
| Operating profit (loss) | 9901 | €361,360 | €395,883 | +€34,523 | +9.6% |
| Financial income | 75/76B | €8,860 | €7,833 | -€1,027 | -11.6% |
| Recurring financial income | 75 | €8,860 | €7,833 | -€1,027 | -11.6% |
| Financial charges | 65/66B | €13,538 | €9,427 | -€4,111 | -30.4% |
| Recurring financial charges | 65 | €13,538 | €9,427 | -€4,111 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €356,682 | €394,289 | +€37,607 | +10.5% |
| Income taxes | 67/77 | €99,354 | €117,341 | +€17,986 | +18.1% |
| Profit (loss) for the period | 9904 | €257,328 | €276,948 | +€19,621 | +7.6% |
| Transfer to tax-exempt reserves | 689 | €126,300 | €42,100 | -€84,200 | -66.7% |
| Profit (loss) for the period to be appropriated | 9905 | €131,028 | €234,848 | +€103,821 | +79.2% |
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 12 October 2026 via checked.be.