MANEF CONSULTING: 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.
MANEF CONSULTING
Largest movements
- Financial fixed assets -€48,250
down €48,250 (-8.0%), from €604,250 to €556,000
- Cash +€13,705
up €13,705 (+17.6%), from €77,728 to €91,434
mainly Other debts (+€289,962) and Net result for the year (+€55,743)
- Current investments +€12,815
up €12,815 (+27.6%), from €46,444 to €59,259
- Other debts +€289,962
up €289,962 (+491%), from €59,072 to €349,035
- Reserves -€270,288
down €270,288 (-99.9%), from €270,597 to €309
of which Distributable reserves: -€270,288
- Debts after one year -€38,597
down €38,597 (-10.0%), from €387,559 to €348,962
- Current portion of long-term debt -€8,619
down €8,619 (-18.3%), from €47,216 to €38,597
- Gross operating margin -€146,176
down €146,176 (-58.2%), from €251,312 to €105,136
- Taxes -€38,883
down €38,883 (-66.9%), from €58,163 to €19,280
- Financial charges +€9,706
up €9,706 (+65.6%), from €14,806 to €24,512
- Financial income +€2,679
up €2,679 (+168%), from €1,598 to €4,277
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 | €803,137 | €776,085 | -€27,052 | -3.4% |
| Fixed assets | 21/28 | €677,180 | €624,342 | -€52,838 | -7.8% |
| Intangible fixed assets | 21 | €192 | €0 | -€192 | -100% |
| Tangible fixed assets | 22/27 | €72,738 | €68,342 | -€4,396 | -6.0% |
| Land and buildings | 22 | €63,712 | €61,543 | -€2,169 | -3.4% |
| Furniture and vehicles | 24 | €9,026 | €6,799 | -€2,227 | -24.7% |
| Financial fixed assets | 28 | €604,250 | €556,000 | -€48,250 | -8.0% |
| Current assets | 29/58 | €125,957 | €151,743 | +€25,786 | +20.5% |
| Amounts receivable within one year | 40/41 | €735 | €0 | -€735 | -100% |
| Trade receivables | 40 | €735 | €0 | -€735 | -100% |
| Current investments | 50/53 | €46,444 | €59,259 | +€12,815 | +27.6% |
| Cash at bank and in hand | 54/58 | €77,728 | €91,434 | +€13,705 | +17.6% |
| Deferred charges and accrued income | 490/1 | €1,050 | €1,050 | = | 0.0% |
| Total equity and liabilities | 10/49 | €803,137 | €776,085 | -€27,052 | -3.4% |
| Equity | 10/15 | €289,197 | €18,909 | -€270,288 | -93.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €270,597 | €309 | -€270,288 | -99.9% |
| Tax-exempt reserves | 132 | €309 | €309 | = | 0.0% |
| Distributable reserves | 133 | €270,288 | €0 | -€270,288 | -100% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €513,940 | €757,176 | +€243,236 | +47.3% |
| Amounts payable after more than one year | 17 | €387,559 | €348,962 | -€38,597 | -10.0% |
| Financial debts | 170/4 | €387,559 | €348,962 | -€38,597 | -10.0% |
| Amounts payable within one year | 42/48 | €123,647 | €400,717 | +€277,069 | +224% |
| Current portion of amounts payable after more than one year | 42 | €47,216 | €38,597 | -€8,619 | -18.3% |
| Trade debts | 44 | €3,640 | €2,451 | -€1,189 | -32.7% |
| Suppliers | 440/4 | €3,640 | €2,451 | -€1,189 | -32.7% |
| Taxes, remuneration and social security | 45 | €13,719 | €10,634 | -€3,086 | -22.5% |
| Taxes | 450/3 | €13,719 | €10,634 | -€3,086 | -22.5% |
| Other amounts payable | 47/48 | €59,072 | €349,035 | +€289,962 | +491% |
| Accrued charges and deferred income | 492/3 | €2,734 | €7,497 | +€4,764 | +174% |
| Non-recurring operating income | 76A | - | €16,517 | +€16,517 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,075 | €9,727 | -€348 | -3.5% |
| Other operating charges | 640/8 | €1,133 | €150 | -€984 | -86.8% |
| Gross operating margin | 9900 | €251,312 | €105,136 | -€146,176 | -58.2% |
| Operating profit (loss) | 9901 | €240,104 | €95,259 | -€144,845 | -60.3% |
| Financial income | 75/76B | €1,598 | €4,277 | +€2,679 | +168% |
| Recurring financial income | 75 | €1,598 | €4,277 | +€2,679 | +168% |
| Financial charges | 65/66B | €14,806 | €24,512 | +€9,706 | +65.6% |
| Recurring financial charges | 65 | €14,806 | €24,512 | +€9,706 | +65.6% |
| Profit (loss) for the period before taxes | 9903 | €226,895 | €75,024 | -€151,872 | -66.9% |
| Income taxes | 67/77 | €58,163 | €19,280 | -€38,883 | -66.9% |
| Profit (loss) for the period | 9904 | €168,732 | €55,743 | -€112,989 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €168,732 | €55,743 | -€112,989 | -67.0% |
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 13 October 2026 via checked.be.