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
- Tangible fixed assets +€97,544
up €97,544 (+32.5%), from €300,528 to €398,072
of which Land and buildings: +€85,433
- Profit (loss) carried forward +€53,500
up €53,500 (+43.0%), from €124,398 to €177,899
- Debts after one year +€19,558
up €19,558 (+12.1%), from €161,611 to €181,168
- Trade debts +€15,554
up €15,554 (+696.4%), from €2,234 to €17,787
- Current portion of long-term debt +€9,131
up €9,131 (+45.4%), from €20,118 to €29,249
- Gross operating margin +€38,985
up €38,985 (+58.6%), from €66,543 to €105,528
- Depreciation -€19,184
down €19,184 (-42.6%), from €45,058 to €25,874
- Taxes +€9,211
up €9,211 (+304.9%), from €3,021 to €12,232
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 | €374,891 | €477,934 | +€103,044 | +27.5% |
| Fixed assets | 21/28 | €300,528 | €398,072 | +€97,544 | +32.5% |
| Tangible fixed assets | 22/27 | €300,528 | €398,072 | +€97,544 | +32.5% |
| Land and buildings | 22 | €240,899 | €326,333 | +€85,433 | +35.5% |
| Plant, machinery and equipment | 23 | - | €40,091 | +€40,091 | |
| Furniture and vehicles | 24 | €59,461 | €31,637 | -€27,823 | -46.8% |
| Other tangible fixed assets | 26 | €168 | €11 | -€157 | -93.6% |
| Current assets | 29/58 | €74,362 | €79,862 | +€5,500 | +7.4% |
| Amounts receivable within one year | 40/41 | €19,760 | €23,513 | +€3,753 | +19.0% |
| Trade receivables | 40 | €14,760 | €18,745 | +€3,985 | +27.0% |
| Other amounts receivable | 41 | €5,000 | €4,768 | -€232 | -4.6% |
| Cash at bank and in hand | 54/58 | €53,271 | €55,323 | +€2,052 | +3.9% |
| Deferred charges and accrued income | 490/1 | €1,332 | €1,027 | -€305 | -22.9% |
| Total equity and liabilities | 10/49 | €374,891 | €477,934 | +€103,044 | +27.5% |
| Equity | 10/15 | €126,898 | €180,399 | +€53,500 | +42.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Contributions outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €124,398 | €177,899 | +€53,500 | +43.0% |
| Amounts payable | 17/49 | €247,992 | €297,535 | +€49,543 | +20.0% |
| Amounts payable after more than one year | 17 | €161,611 | €181,168 | +€19,558 | +12.1% |
| Financial debts | 170/4 | €161,611 | €181,168 | +€19,558 | +12.1% |
| Amounts payable within one year | 42/48 | €86,382 | €116,367 | +€29,986 | +34.7% |
| Current portion of amounts payable after more than one year | 42 | €20,118 | €29,249 | +€9,131 | +45.4% |
| Trade debts | 44 | €2,234 | €17,787 | +€15,554 | +696.4% |
| Suppliers | 440/4 | €2,234 | €17,787 | +€15,554 | +696.4% |
| Taxes, remuneration and social security | 45 | €12,618 | €16,494 | +€3,876 | +30.7% |
| Taxes | 450/3 | €9,468 | €13,444 | +€3,976 | +42.0% |
| Remuneration and social security | 454/9 | €3,150 | €3,050 | -€100 | -3.2% |
| Other amounts payable | 47/48 | €51,413 | €52,838 | +€1,425 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,058 | €25,874 | -€19,184 | -42.6% |
| Other operating charges | 640/8 | €2,537 | €2,900 | +€363 | +14.3% |
| Gross operating margin | 9900 | €66,543 | €105,528 | +€38,985 | +58.6% |
| Operating profit (loss) | 9901 | €18,948 | €76,755 | +€57,806 | +305.1% |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.8% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.8% |
| Financial charges | 65/66B | €10,950 | €11,022 | +€72 | +0.7% |
| Recurring financial charges | 65 | €10,632 | €10,752 | +€120 | +1.1% |
| Non-recurring financial charges | 66B | €318 | €270 | -€49 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €8,002 | €65,733 | +€57,731 | +721.5% |
| Income taxes | 67/77 | €3,021 | €12,232 | +€9,211 | +304.9% |
| Profit (loss) for the period | 9904 | €4,981 | €53,500 | +€48,519 | +974.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,981 | €53,500 | +€48,519 | +974.0% |
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 10 October 2026 via checked.be.