MANEFIN: 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.
MANEFIN
Largest movements
- Cash -€81,781
down €81,781 (-59.1%), from €138,404 to €56,624
mainly Contributions, distributions and other (-€251,500) and Tax, wage and social debts (-€23,594)
- Receivables within one year -€68,577
down €68,577 (-100.0%), from €68,578 to €1
of which Other amounts receivable: -€68,577
- Financial fixed assets +€15,750
up €15,750 (+125.0%), from €12,600 to €28,350
- Deferred charges and accrued income -€11,966
down €11,966 (-84.3%), from €14,197 to €2,231
- Tangible fixed assets -€9,403
down €9,403 (-9.4%), from €100,374 to €90,971
of which Furniture and vehicles: -€8,131
- Reserves -€195,457
down €195,457 (-77.6%), from €251,799 to €56,342
- Other debts +€75,586
up €75,586 (+18676.7%), from €405 to €75,991
- Tax, wage and social debts -€23,594
down €23,594 (-76.9%), from €30,690 to €7,096
of which Taxes: -€23,594
- Current portion of long-term debt -€7,274
down €7,274 (-55.8%), from €13,046 to €5,771
- Debts after one year -€5,771
down €5,771 (-14.0%), from €41,315 to €35,543
- Financial income -€220,191
down €220,191 (-100.0%), from €220,227 to €35
- Depreciation -€14,431
down €14,431 (-54.1%), from €26,690 to €12,259
- Gross operating margin +€9,478
up €9,478 (+11.9%), from €79,634 to €89,112
- Financial charges -€9,171
down €9,171 (-70.8%), from €12,957 to €3,786
- Taxes +€5,926
up €5,926 (+59.3%), from €9,991 to €15,917
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 | €339,481 | €183,504 | -€155,977 | -45.9% |
| Fixed assets | 21/28 | €112,974 | €119,321 | +€6,347 | +5.6% |
| Tangible fixed assets | 22/27 | €100,374 | €90,971 | -€9,403 | -9.4% |
| Land and buildings | 22 | €83,741 | €80,981 | -€2,760 | -3.3% |
| Plant, machinery and equipment | 23 | €1,703 | €1,806 | +€103 | +6.0% |
| Furniture and vehicles | 24 | €10,990 | €2,859 | -€8,131 | -74.0% |
| Other tangible fixed assets | 26 | €3,939 | €5,325 | +€1,386 | +35.2% |
| Financial fixed assets | 28 | €12,600 | €28,350 | +€15,750 | +125.0% |
| Current assets | 29/58 | €226,508 | €64,183 | -€162,324 | -71.7% |
| Amounts receivable within one year | 40/41 | €68,578 | €1 | -€68,577 | -100.0% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €68,578 | €1 | -€68,577 | -100.0% |
| Current investments | 50/53 | €5,328 | €5,328 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €138,404 | €56,624 | -€81,781 | -59.1% |
| Deferred charges and accrued income | 490/1 | €14,197 | €2,231 | -€11,966 | -84.3% |
| Total equity and liabilities | 10/49 | €339,481 | €183,504 | -€155,977 | -45.9% |
| Equity | 10/15 | €253,799 | €58,342 | -€195,457 | -77.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €251,799 | €56,342 | -€195,457 | -77.6% |
| Distributable reserves | 133 | €251,799 | €56,342 | -€195,457 | -77.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,682 | €125,162 | +€39,480 | +46.1% |
| Amounts payable after more than one year | 17 | €41,315 | €35,543 | -€5,771 | -14.0% |
| Financial debts | 170/4 | €41,315 | €35,543 | -€5,771 | -14.0% |
| Amounts payable within one year | 42/48 | €44,248 | €89,618 | +€45,371 | +102.5% |
| Current portion of amounts payable after more than one year | 42 | €13,046 | €5,771 | -€7,274 | -55.8% |
| Trade debts | 44 | €108 | €760 | +€652 | +605.9% |
| Suppliers | 440/4 | €108 | €760 | +€652 | +605.9% |
| Taxes, remuneration and social security | 45 | €30,690 | €7,096 | -€23,594 | -76.9% |
| Taxes | 450/3 | €30,690 | €7,096 | -€23,594 | -76.9% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €405 | €75,991 | +€75,586 | +18676.7% |
| Accrued charges and deferred income | 492/3 | €120 | €0 | -€120 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,690 | €12,259 | -€14,431 | -54.1% |
| Other operating charges | 640/8 | €730 | €1,142 | +€411 | +56.3% |
| Gross operating margin | 9900 | €79,634 | €89,112 | +€9,478 | +11.9% |
| Operating profit (loss) | 9901 | €52,214 | €75,711 | +€23,497 | +45.0% |
| Financial income | 75/76B | €220,227 | €35 | -€220,191 | -100.0% |
| Recurring financial income | 75 | €220,227 | €35 | -€220,191 | -100.0% |
| Financial charges | 65/66B | €12,957 | €3,786 | -€9,171 | -70.8% |
| Recurring financial charges | 65 | €12,957 | €3,786 | -€9,171 | -70.8% |
| Profit (loss) for the period before taxes | 9903 | €259,483 | €71,961 | -€187,523 | -72.3% |
| Income taxes | 67/77 | €9,991 | €15,917 | +€5,926 | +59.3% |
| Profit (loss) for the period | 9904 | €249,493 | €56,043 | -€193,449 | -77.5% |
| Profit (loss) for the period to be appropriated | 9905 | €249,493 | €56,043 | -€193,449 | -77.5% |
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 8 October 2026 via checked.be.