MANELL: 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.
MANELL
Largest movements
- Stocks and contracts +€36,550
up €36,550 (+158.3%), from €23,085 to €59,635
- Receivables within one year -€12,063
down €12,063 (-10.6%), from €113,960 to €101,897
of which Trade receivables: -€15,877
- Cash +€6,187
up €6,187 (+54.9%), from €11,276 to €17,463
mainly Net result for the year (+€39,050) and Depreciation (+€28,178)
- Tangible fixed assets -€5,277
down €5,277 (-48.6%), from €10,849 to €5,573
- Intangible fixed assets +€3,554
up €3,554 (+2.8%), from €128,565 to €132,119
- Profit (loss) carried forward +€39,050
up €39,050 (+835.0%), from €4,677 to €43,727
- Tax, wage and social debts -€7,017
down €7,017 (-27.0%), from €26,017 to €19,000
of which Remuneration and social security: -€8,902
- Trade debts -€4,096
down €4,096 (-50.8%), from €8,059 to €3,962
- Gross operating margin +€65,936
up €65,936 (+97.2%), from €67,842 to €133,777
- Staff costs +€5,736
up €5,736 (+14.5%), from €39,688 to €45,425
- Financial charges +€5,358
up €5,358 (+35.4%), from €15,119 to €20,477
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 | €288,631 | €317,584 | +€28,953 | +10.0% |
| Fixed assets | 21/28 | €140,245 | €138,522 | -€1,723 | -1.2% |
| Intangible fixed assets | 21 | €128,565 | €132,119 | +€3,554 | +2.8% |
| Tangible fixed assets | 22/27 | €10,849 | €5,573 | -€5,277 | -48.6% |
| Furniture and vehicles | 24 | €10,849 | €5,573 | -€5,277 | -48.6% |
| Financial fixed assets | 28 | €831 | €831 | = | 0.0% |
| Current assets | 29/58 | €148,386 | €179,062 | +€30,676 | +20.7% |
| Stocks and contracts in progress | 3 | €23,085 | €59,635 | +€36,550 | +158.3% |
| Stocks | 30/36 | €23,085 | €59,635 | +€36,550 | +158.3% |
| Amounts receivable within one year | 40/41 | €113,960 | €101,897 | -€12,063 | -10.6% |
| Trade receivables | 40 | €15,877 | - | -€15,877 | |
| Other amounts receivable | 41 | €98,083 | €101,897 | +€3,814 | +3.9% |
| Cash at bank and in hand | 54/58 | €11,276 | €17,463 | +€6,187 | +54.9% |
| Deferred charges and accrued income | 490/1 | €65 | €68 | +€2 | +3.5% |
| Total equity and liabilities | 10/49 | €288,631 | €317,584 | +€28,953 | +10.0% |
| Equity | 10/15 | €29,677 | €68,727 | +€39,050 | +131.6% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,677 | €43,727 | +€39,050 | +835.0% |
| Amounts payable | 17/49 | €258,954 | €248,857 | -€10,098 | -3.9% |
| Amounts payable after more than one year | 17 | €171,774 | €170,400 | -€1,373 | -0.8% |
| Financial debts | 170/4 | €171,774 | €170,400 | -€1,373 | -0.8% |
| Amounts payable within one year | 42/48 | €87,181 | €78,457 | -€8,724 | -10.0% |
| Current portion of amounts payable after more than one year | 42 | €48,729 | €50,363 | +€1,634 | +3.4% |
| Trade debts | 44 | €8,059 | €3,962 | -€4,096 | -50.8% |
| Suppliers | 440/4 | €8,059 | €3,962 | -€4,096 | -50.8% |
| Taxes, remuneration and social security | 45 | €26,017 | €19,000 | -€7,017 | -27.0% |
| Taxes | 450/3 | €11,818 | €13,703 | +€1,886 | +16.0% |
| Remuneration and social security | 454/9 | €14,199 | €5,297 | -€8,902 | -62.7% |
| Other amounts payable | 47/48 | €4,376 | €5,131 | +€755 | +17.2% |
| Remuneration, social security and pensions | 62 | €39,688 | €45,425 | +€5,736 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,422 | €28,178 | +€756 | +2.8% |
| Other operating charges | 640/8 | €1,420 | €648 | -€772 | -54.3% |
| Gross operating margin | 9900 | €67,842 | €133,777 | +€65,936 | +97.2% |
| Operating profit (loss) | 9901 | -€689 | €59,526 | +€60,215 | |
| Financial income | 75/76B | €126 | €1 | -€125 | -99.6% |
| Recurring financial income | 75 | €126 | €1 | -€125 | -99.6% |
| Financial charges | 65/66B | €15,119 | €20,477 | +€5,358 | +35.4% |
| Recurring financial charges | 65 | €15,119 | €20,477 | +€5,358 | +35.4% |
| Profit (loss) for the period before taxes | 9903 | -€15,682 | €39,050 | +€54,732 | |
| Income taxes | 67/77 | €310 | - | -€310 | |
| Profit (loss) for the period | 9904 | -€15,992 | €39,050 | +€55,042 | |
| Profit (loss) for the period to be appropriated | 9905 | -€15,992 | €39,050 | +€55,042 |
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 11 October 2026 via checked.be.