MANEL: 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.
MANEL
Largest movements
- Receivables within one year +€75,246
up €75,246 (+23.9%), from €314,470 to €389,716
of which Trade receivables: +€42,580
- Cash +€70,165
up €70,165 (+291.7%), from €24,052 to €94,216
mainly Tax, wage and social debts (+€68,973) and Net result for the year (+€46,241)
- Tangible fixed assets +€15,300
up €15,300 (+78.6%), from €19,462 to €34,762
of which Furniture and vehicles: +€11,612
- Deferred charges and accrued income +€9,142
up €9,142 (+289.3%), from €3,160 to €12,302
- Tax, wage and social debts +€68,973
up €68,973 (+41.7%), from €165,224 to €234,197
of which Remuneration and social security: +€66,414
- Profit (loss) carried forward +€46,241
up €46,241 (+45.5%), from €101,661 to €147,902
- Other debts +€32,978
new in 2025: €32,978
- Trade debts +€13,249
up €13,249 (+12.4%), from €106,693 to €119,943
- Accrued charges and deferred income +€6,045
new in 2025: €6,045
- Gross operating margin +€117,517
up €117,517 (+10.3%), from €1.1m to €1.3m
- Staff costs +€61,222
up €61,222 (+5.4%), from €1.1m to €1.2m
- Taxes -€49,703
down €49,703 (-98.1%), from €50,643 to €940
- Financial income +€13,189
new in 2025: €13,189
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 | €375,578 | €543,064 | +€167,486 | +44.6% |
| Fixed assets | 21/28 | €19,462 | €34,762 | +€15,300 | +78.6% |
| Tangible fixed assets | 22/27 | €19,462 | €34,762 | +€15,300 | +78.6% |
| Land and buildings | 22 | €515 | €439 | -€76 | -14.8% |
| Plant, machinery and equipment | 23 | €11,712 | €15,475 | +€3,763 | +32.1% |
| Furniture and vehicles | 24 | €7,235 | €18,848 | +€11,612 | +160.5% |
| Current assets | 29/58 | €356,116 | €508,302 | +€152,187 | +42.7% |
| Stocks and contracts in progress | 3 | €14,434 | €12,068 | -€2,365 | -16.4% |
| Stocks | 30/36 | €14,434 | €12,068 | -€2,365 | -16.4% |
| Amounts receivable within one year | 40/41 | €314,470 | €389,716 | +€75,246 | +23.9% |
| Trade receivables | 40 | €70,374 | €112,954 | +€42,580 | +60.5% |
| Other amounts receivable | 41 | €244,096 | €276,762 | +€32,666 | +13.4% |
| Cash at bank and in hand | 54/58 | €24,052 | €94,216 | +€70,165 | +291.7% |
| Deferred charges and accrued income | 490/1 | €3,160 | €12,302 | +€9,142 | +289.3% |
| Total equity and liabilities | 10/49 | €375,578 | €543,064 | +€167,486 | +44.6% |
| Equity | 10/15 | €103,661 | €149,902 | +€46,241 | +44.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,661 | €147,902 | +€46,241 | +45.5% |
| Amounts payable | 17/49 | €271,917 | €393,162 | +€121,245 | +44.6% |
| Amounts payable within one year | 42/48 | €271,917 | €387,117 | +€115,200 | +42.4% |
| Trade debts | 44 | €106,693 | €119,943 | +€13,249 | +12.4% |
| Suppliers | 440/4 | €106,693 | €119,943 | +€13,249 | +12.4% |
| Taxes, remuneration and social security | 45 | €165,224 | €234,197 | +€68,973 | +41.7% |
| Taxes | 450/3 | €12,523 | €15,082 | +€2,559 | +20.4% |
| Remuneration and social security | 454/9 | €152,700 | €219,114 | +€66,414 | +43.5% |
| Other amounts payable | 47/48 | - | €32,978 | +€32,978 | |
| Accrued charges and deferred income | 492/3 | - | €6,045 | +€6,045 | |
| Non-recurring operating income | 76A | - | €14,247 | +€14,247 | |
| Remuneration, social security and pensions | 62 | €1,127,242 | €1,188,464 | +€61,222 | +5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,372 | €7,803 | +€430 | +5.8% |
| Other operating charges | 640/8 | €6,990 | €4,453 | -€2,537 | -36.3% |
| Gross operating margin | 9900 | €1,141,673 | €1,259,190 | +€117,517 | +10.3% |
| Operating profit (loss) | 9901 | €69 | €58,470 | +€58,401 | +84455.0% |
| Financial income | 75/76B | - | €13,189 | +€13,189 | |
| Recurring financial income | 75 | - | €13,189 | +€13,189 | |
| Financial charges | 65/66B | €27,702 | €24,478 | -€3,225 | -11.6% |
| Recurring financial charges | 65 | €27,702 | €24,478 | -€3,225 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | -€27,633 | €47,181 | +€74,815 | |
| Income taxes | 67/77 | €50,643 | €940 | -€49,703 | -98.1% |
| Profit (loss) for the period | 9904 | -€78,276 | €46,241 | +€124,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€78,276 | €46,241 | +€124,517 |
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 7 October 2026 via checked.be.