MANEL: 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.
MANEL
Largest movements
- Current investments +€800,000
new in 2025: €800,000
- Cash -€403,369
down €403,369 (-81.5%), from €494,874 to €91,505
mainly Current investments (-€800,000) and Contributions, distributions and other (-€453,355)
- Tangible fixed assets -€23,245
down €23,245 (-28.3%), from €82,052 to €58,807
- Other debts +€407,945
up €407,945 (+113.4%), from €359,700 to €767,645
- Reserves -€90,474
down €90,474 (-10.4%), from €869,780 to €779,306
- Tax, wage and social debts +€65,237
up €65,237 (+448.0%), from €14,563 to €79,800
- Gross operating margin +€137,608
up €137,608 (+32.0%), from €430,266 to €567,874
- Other operating charges +€28,507
up €28,507 (+1322.2%), from €2,156 to €30,663
- Taxes +€22,653
up €22,653 (+22.5%), from €100,621 to €123,274
- Financial charges +€21,110
up €21,110 (+315.0%), from €6,701 to €27,811
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 | €1,267,979 | €1,645,438 | +€377,459 | +29.8% |
| Fixed assets | 21/28 | €91,352 | €68,107 | -€23,245 | -25.4% |
| Tangible fixed assets | 22/27 | €82,052 | €58,807 | -€23,245 | -28.3% |
| Furniture and vehicles | 24 | €82,052 | €58,807 | -€23,245 | -28.3% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €1,176,627 | €1,577,331 | +€400,704 | +34.1% |
| Stocks and contracts in progress | 3 | €323,750 | €323,750 | = | 0.0% |
| Stocks | 30/36 | €323,750 | €323,750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €358,003 | €362,076 | +€4,073 | +1.1% |
| Trade receivables | 40 | €53,345 | €55,691 | +€2,346 | +4.4% |
| Other amounts receivable | 41 | €304,658 | €306,385 | +€1,727 | +0.6% |
| Current investments | 50/53 | - | €800,000 | +€800,000 | |
| Cash at bank and in hand | 54/58 | €494,874 | €91,505 | -€403,369 | -81.5% |
| Total equity and liabilities | 10/49 | €1,267,979 | €1,645,438 | +€377,459 | +29.8% |
| Equity | 10/15 | €888,380 | €797,906 | -€90,474 | -10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €869,780 | €779,306 | -€90,474 | -10.4% |
| Distributable reserves | 133 | €869,780 | €779,306 | -€90,474 | -10.4% |
| Amounts payable | 17/49 | €379,599 | €847,532 | +€467,933 | +123.3% |
| Amounts payable within one year | 42/48 | €374,909 | €847,532 | +€472,623 | +126.1% |
| Trade debts | 44 | €646 | €87 | -€559 | -86.5% |
| Suppliers | 440/4 | €646 | €87 | -€559 | -86.5% |
| Taxes, remuneration and social security | 45 | €14,563 | €79,800 | +€65,237 | +448.0% |
| Taxes | 450/3 | €14,563 | €79,800 | +€65,237 | +448.0% |
| Other amounts payable | 47/48 | €359,700 | €767,645 | +€407,945 | +113.4% |
| Accrued charges and deferred income | 492/3 | €4,690 | - | -€4,690 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,800 | €23,245 | +€5,445 | +30.6% |
| Other operating charges | 640/8 | €2,156 | €30,663 | +€28,507 | +1322.2% |
| Gross operating margin | 9900 | €430,266 | €567,874 | +€137,608 | +32.0% |
| Operating profit (loss) | 9901 | €410,310 | €513,966 | +€103,656 | +25.3% |
| Financial income | 75/76B | €99 | - | -€99 | |
| Recurring financial income | 75 | €99 | - | -€99 | |
| Financial charges | 65/66B | €6,701 | €27,811 | +€21,110 | +315.0% |
| Recurring financial charges | 65 | €6,701 | €27,811 | +€21,110 | +315.0% |
| Profit (loss) for the period before taxes | 9903 | €403,708 | €486,155 | +€82,447 | +20.4% |
| Income taxes | 67/77 | €100,621 | €123,274 | +€22,653 | +22.5% |
| Profit (loss) for the period | 9904 | €303,087 | €362,881 | +€59,794 | +19.7% |
| Profit (loss) for the period to be appropriated | 9905 | €303,087 | €362,881 | +€59,794 | +19.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.