Manège Embourg: what changed
Manège Embourg
Largest movements
- Stocks and contracts -€9,350
down €9,350 (-32.5%), from €28,787 to €19,437
- Tangible fixed assets -€9,171
down €9,171 (-9.2%), from €99,630 to €90,459
of which Land and buildings: -€5,470
- Receivables within one year -€6,950
down €6,950 (-84.0%), from €8,272 to €1,322
of which Trade receivables: -€6,842
- Deferred charges and accrued income -€4,827
no longer reported in 2025 (was €4,827)
- Cash -€3,595
down €3,595 (-35.6%), from €10,090 to €6,495
mainly Other debts (-€35,802) and Investment in fixed assets (net) (-€5,863)
- Other debts -€35,802
down €35,802 (-31.8%), from €112,706 to €76,904
- Trade debts -€4,932
down €4,932 (-79.8%), from €6,182 to €1,250
- Tax, wage and social debts +€4,361
up €4,361 (+16,773%), from €26 to €4,387
- Profit (loss) carried forward +€2,480
up €2,480 (+18.6%), from €13,343 to €15,823
- Gross operating margin +€9,514
up €9,514 (+105%), from €9,079 to €18,593
- Depreciation +€9,446
up €9,446 (+169%), from €5,588 to €15,034
- Turnover +€6,706
up €6,706 (+8.0%), from €83,621 to €90,327
- Purchases and services -€2,808
down €2,808 (-3.8%), from €74,542 to €71,734
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €154,606 | €120,713 | -€33,893 | -21.9% |
| Fixed assets | 21/28 | €102,630 | €93,459 | -€9,171 | -8.9% |
| Tangible fixed assets | 22/27 | €99,630 | €90,459 | -€9,171 | -9.2% |
| Land and buildings | 22 | €95,929 | €90,459 | -€5,470 | -5.7% |
| Furniture and vehicles | 24 | €3,701 | - | -€3,701 | |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €51,976 | €27,254 | -€24,722 | -47.6% |
| Stocks and contracts in progress | 3 | €28,787 | €19,437 | -€9,350 | -32.5% |
| Stocks | 30/36 | €28,787 | €19,437 | -€9,350 | -32.5% |
| Amounts receivable within one year | 40/41 | €8,272 | €1,322 | -€6,950 | -84.0% |
| Trade receivables | 40 | €8,164 | €1,322 | -€6,842 | -83.8% |
| Other amounts receivable | 41 | €108 | - | -€108 | |
| Cash at bank and in hand | 54/58 | €10,090 | €6,495 | -€3,595 | -35.6% |
| Deferred charges and accrued income | 490/1 | €4,827 | - | -€4,827 | |
| Total equity and liabilities | 10/49 | €154,606 | €120,713 | -€33,893 | -21.9% |
| Equity | 10/15 | €35,692 | €38,172 | +€2,480 | +6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,749 | €3,749 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,889 | €1,889 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,343 | €15,823 | +€2,480 | +18.6% |
| Amounts payable | 17/49 | €118,914 | €82,541 | -€36,373 | -30.6% |
| Amounts payable within one year | 42/48 | €118,914 | €82,541 | -€36,373 | -30.6% |
| Trade debts | 44 | €6,182 | €1,250 | -€4,932 | -79.8% |
| Suppliers | 440/4 | €6,182 | €1,250 | -€4,932 | -79.8% |
| Taxes, remuneration and social security | 45 | €26 | €4,387 | +€4,361 | +16,773% |
| Taxes | 450/3 | €26 | €4,387 | +€4,361 | +16,773% |
| Other amounts payable | 47/48 | €112,706 | €76,904 | -€35,802 | -31.8% |
| Turnover | 70 | €83,621 | €90,327 | +€6,706 | +8.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €74,542 | €71,734 | -€2,808 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,588 | €15,034 | +€9,446 | +169% |
| Other operating charges | 640/8 | €712 | €250 | -€462 | -64.9% |
| Gross operating margin | 9900 | €9,079 | €18,593 | +€9,514 | +105% |
| Operating profit (loss) | 9901 | €2,779 | €3,309 | +€530 | +19.1% |
| Financial charges | 65/66B | €830 | €829 | -€1 | -0.1% |
| Recurring financial charges | 65 | €830 | €829 | -€1 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €1,949 | €2,480 | +€531 | +27.2% |
| Profit (loss) for the period | 9904 | €1,949 | €2,480 | +€531 | +27.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,949 | €2,480 | +€531 | +27.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.