MANEF: what changed
Two fiscal 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.
MANEF
Largest movements
- Cash +€99,270
up €99,270 (+289.7%), from €34,265 to €133,534
mainly Trade debts (+€47,020) and Accrued charges and deferred income (+€32,541)
- Tangible fixed assets -€31,733
down €31,733 (-7.3%), from €436,833 to €405,100
of which Land and buildings: -€31,183
- Receivables within one year +€26,944
up €26,944 (+18.6%), from €144,477 to €171,421
of which Other amounts receivable: +€14,974
- Trade debts +€47,020
up €47,020 (+120.7%), from €38,944 to €85,964
- Accrued charges and deferred income +€32,541
up €32,541 (+31738.2%), from €103 to €32,644
- Profit (loss) carried forward +€26,499
up €26,499 (+8.1%), from -€328,890 to -€302,391
- Revaluation surpluses -€14,839
down €14,839 (-4.4%), from €338,641 to €323,802
- Reserves +€14,839
up €14,839 (+3.8%), from €390,019 to €404,858
of which Distributable reserves: +€14,839
- Gross operating margin +€19,538
up €19,538 (+23.3%), from €83,767 to €103,305
- Taxes +€13,277
new in 2025: €13,277
- Other operating charges +€9,079
up €9,079 (+37.1%), from €24,482 to €33,562
- Depreciation -€1,077
down €1,077 (-3.3%), from €32,811 to €31,733
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 | €618,022 | €716,925 | +€98,904 | +16.0% |
| Fixed assets | 21/28 | €436,833 | €405,100 | -€31,733 | -7.3% |
| Tangible fixed assets | 22/27 | €436,833 | €405,100 | -€31,733 | -7.3% |
| Land and buildings | 22 | €432,658 | €401,474 | -€31,183 | -7.2% |
| Plant, machinery and equipment | 23 | €4,175 | €3,625 | -€550 | -13.2% |
| Current assets | 29/58 | €181,188 | €311,826 | +€130,637 | +72.1% |
| Amounts receivable within one year | 40/41 | €144,477 | €171,421 | +€26,944 | +18.6% |
| Trade receivables | 40 | €10,566 | €22,536 | +€11,971 | +113.3% |
| Other amounts receivable | 41 | €133,911 | €148,884 | +€14,974 | +11.2% |
| Cash at bank and in hand | 54/58 | €34,265 | €133,534 | +€99,270 | +289.7% |
| Deferred charges and accrued income | 490/1 | €2,447 | €6,870 | +€4,423 | +180.8% |
| Total equity and liabilities | 10/49 | €618,022 | €716,925 | +€98,904 | +16.0% |
| Equity | 10/15 | €523,717 | €550,216 | +€26,499 | +5.1% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €338,641 | €323,802 | -€14,839 | -4.4% |
| Reserves | 13 | €390,019 | €404,858 | +€14,839 | +3.8% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €377,625 | €392,464 | +€14,839 | +3.9% |
| Profit (loss) carried forward | 14 | -€328,890 | -€302,391 | +€26,499 | +8.1% |
| Amounts payable | 17/49 | €94,305 | €166,709 | +€72,404 | +76.8% |
| Amounts payable after more than one year | 17 | €12,860 | €1,014 | -€11,846 | -92.1% |
| Financial debts | 170/4 | €12,860 | €1,014 | -€11,846 | -92.1% |
| Amounts payable within one year | 42/48 | €81,342 | €133,051 | +€51,709 | +63.6% |
| Current portion of amounts payable after more than one year | 42 | €12,186 | €11,846 | -€340 | -2.8% |
| Trade debts | 44 | €38,944 | €85,964 | +€47,020 | +120.7% |
| Suppliers | 440/4 | €38,944 | €85,964 | +€47,020 | +120.7% |
| Taxes, remuneration and social security | 45 | €518 | €4,697 | +€4,179 | +806.5% |
| Taxes | 450/3 | €518 | €4,697 | +€4,179 | +806.5% |
| Other amounts payable | 47/48 | €29,694 | €30,544 | +€850 | +2.9% |
| Accrued charges and deferred income | 492/3 | €103 | €32,644 | +€32,541 | +31738.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,811 | €31,733 | -€1,077 | -3.3% |
| Other operating charges | 640/8 | €24,482 | €33,562 | +€9,079 | +37.1% |
| Gross operating margin | 9900 | €83,767 | €103,305 | +€19,538 | +23.3% |
| Operating profit (loss) | 9901 | €26,474 | €38,010 | +€11,536 | +43.6% |
| Financial income | 75/76B | €2,524 | €2,860 | +€336 | +13.3% |
| Recurring financial income | 75 | €2,524 | €2,860 | +€336 | +13.3% |
| Financial charges | 65/66B | €1,288 | €1,094 | -€194 | -15.1% |
| Recurring financial charges | 65 | €1,288 | €1,094 | -€194 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | €27,710 | €39,777 | +€12,066 | +43.5% |
| Income taxes | 67/77 | - | €13,277 | +€13,277 | |
| Profit (loss) for the period | 9904 | €27,710 | €26,499 | -€1,211 | -4.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,710 | €26,499 | -€1,211 | -4.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.