MANECON: 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.
MANECON
Largest movements
- Receivables within one year +€11,072
up €11,072 (+19.6%), from €56,628 to €67,700
- Cash +€2,310
up €2,310 (+40.7%), from €5,678 to €7,988
mainly Net result for the year (+€18,650) and Short-term financial debts (+€5,379)
- Reserves +€18,650
up €18,650 (+13.0%), from €143,967 to €162,617
- Debts after one year -€8,383
no longer reported in 2025 (was €8,383)
- Short-term financial debts +€5,379
new in 2025: €5,379
- Current portion of long-term debt -€2,285
down €2,285 (-21.4%), from €10,654 to €8,369
- Gross operating margin +€11,613
up €11,613 (+56.2%), from €20,655 to €32,268
- Taxes +€3,517
up €3,517 (+54.7%), from €6,433 to €9,950
- Financial charges -€369
down €369 (-25.7%), from €1,436 to €1,067
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 | €191,908 | €203,781 | +€11,873 | +6.2% |
| Fixed assets | 21/28 | €129,199 | €127,683 | -€1,517 | -1.2% |
| Tangible fixed assets | 22/27 | €4,739 | €3,223 | -€1,517 | -32.0% |
| Furniture and vehicles | 24 | €4,739 | €3,223 | -€1,517 | -32.0% |
| Financial fixed assets | 28 | €124,460 | €124,460 | = | 0.0% |
| Current assets | 29/58 | €62,709 | €76,098 | +€13,389 | +21.4% |
| Amounts receivable within one year | 40/41 | €56,628 | €67,700 | +€11,072 | +19.6% |
| Trade receivables | 40 | €56,628 | €67,700 | +€11,072 | +19.6% |
| Cash at bank and in hand | 54/58 | €5,678 | €7,988 | +€2,310 | +40.7% |
| Deferred charges and accrued income | 490/1 | €403 | €411 | +€8 | +2.0% |
| Total equity and liabilities | 10/49 | €191,908 | €203,781 | +€11,873 | +6.2% |
| Equity | 10/15 | €162,567 | €181,217 | +€18,650 | +11.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,967 | €162,617 | +€18,650 | +13.0% |
| Distributable reserves | 133 | €143,967 | €162,617 | +€18,650 | +13.0% |
| Amounts payable | 17/49 | €29,341 | €22,564 | -€6,777 | -23.1% |
| Amounts payable after more than one year | 17 | €8,383 | - | -€8,383 | |
| Financial debts | 170/4 | €8,383 | - | -€8,383 | |
| Amounts payable within one year | 42/48 | €20,458 | €22,564 | +€2,106 | +10.3% |
| Current portion of amounts payable after more than one year | 42 | €10,654 | €8,369 | -€2,285 | -21.4% |
| Financial debts | 43 | - | €5,379 | +€5,379 | |
| Credit institutions | 430/8 | - | €5,379 | +€5,379 | |
| Trade debts | 44 | €1,245 | €1,598 | +€353 | +28.3% |
| Suppliers | 440/4 | €1,245 | €1,598 | +€353 | +28.3% |
| Taxes, remuneration and social security | 45 | €8,306 | €6,464 | -€1,841 | -22.2% |
| Taxes | 450/3 | €8,306 | €6,464 | -€1,841 | -22.2% |
| Other amounts payable | 47/48 | €254 | €754 | +€500 | +197% |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,712 | €1,517 | -€196 | -11.4% |
| Other operating charges | 640/8 | €1,101 | €1,088 | -€13 | -1.2% |
| Gross operating margin | 9900 | €20,655 | €32,268 | +€11,613 | +56.2% |
| Operating profit (loss) | 9901 | €17,842 | €29,664 | +€11,822 | +66.3% |
| Financial income | 75/76B | €14 | €3 | -€11 | -78.3% |
| Recurring financial income | 75 | €14 | €3 | -€11 | -78.3% |
| Financial charges | 65/66B | €1,436 | €1,067 | -€369 | -25.7% |
| Recurring financial charges | 65 | €1,436 | €1,067 | -€369 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €16,420 | €28,600 | +€12,180 | +74.2% |
| Income taxes | 67/77 | €6,433 | €9,950 | +€3,517 | +54.7% |
| Profit (loss) for the period | 9904 | €9,987 | €18,650 | +€8,663 | +86.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,987 | €18,650 | +€8,663 | +86.7% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.