MANEMI: 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.
MANEMI
Largest movements
- Tangible fixed assets +€317,880
up €317,880 (+157.5%), from €201,875 to €519,754
of which Land and buildings: +€308,720
- Current investments -€60,074
down €60,074 (-67.0%), from €89,631 to €29,557
- Cash -€18,401
down €18,401 (-17.7%), from €103,731 to €85,331
mainly Investment in fixed assets (net) (-€346,228) and Trade debts (-€20,313)
- Debts after one year +€212,746
up €212,746 (+126.3%), from €168,401 to €381,147
- Reserves +€41,015
up €41,015 (+23.9%), from €171,409 to €212,424
- Trade debts -€20,313
down €20,313 (-88.0%), from €23,094 to €2,781
- Current portion of long-term debt +€13,627
up €13,627 (+85.1%), from €16,008 to €29,635
- Other debts -€7,829
down €7,829 (-24.5%), from €32,003 to €24,174
- Depreciation +€14,321
up €14,321 (+90.1%), from €15,902 to €30,224
- Gross operating margin +€10,580
up €10,580 (+15.2%), from €69,690 to €80,269
- Financial income +€8,509
up €8,509 (+908.2%), from €937 to €9,446
- Financial charges +€5,632
up €5,632 (+107.1%), from €5,256 to €10,888
- Taxes -€5,564
down €5,564 (-52.8%), from €10,532 to €4,968
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 | €433,805 | €677,230 | +€243,425 | +56.1% |
| Fixed assets | 21/28 | €203,750 | €519,754 | +€316,005 | +155.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €201,875 | €519,754 | +€317,880 | +157.5% |
| Land and buildings | 22 | €195,263 | €503,983 | +€308,720 | +158.1% |
| Plant, machinery and equipment | 23 | €1,828 | €12,012 | +€10,184 | +557.0% |
| Furniture and vehicles | 24 | €4,783 | €3,759 | -€1,024 | -21.4% |
| Financial fixed assets | 28 | €1,875 | €0 | -€1,875 | -100.0% |
| Current assets | 29/58 | €230,055 | €157,475 | -€72,580 | -31.5% |
| Stocks and contracts in progress | 3 | €7,500 | €10,000 | +€2,500 | +33.3% |
| Stocks | 30/36 | €7,500 | €10,000 | +€2,500 | +33.3% |
| Amounts receivable within one year | 40/41 | €27,764 | €31,311 | +€3,547 | +12.8% |
| Trade receivables | 40 | €16,558 | €18,509 | +€1,951 | +11.8% |
| Other amounts receivable | 41 | €11,206 | €12,802 | +€1,596 | +14.2% |
| Current investments | 50/53 | €89,631 | €29,557 | -€60,074 | -67.0% |
| Cash at bank and in hand | 54/58 | €103,731 | €85,331 | -€18,401 | -17.7% |
| Deferred charges and accrued income | 490/1 | €1,429 | €1,277 | -€152 | -10.7% |
| Total equity and liabilities | 10/49 | €433,805 | €677,230 | +€243,425 | +56.1% |
| Equity | 10/15 | €187,409 | €228,424 | +€41,015 | +21.9% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Reserves | 13 | €171,409 | €212,424 | +€41,015 | +23.9% |
| Distributable reserves | 133 | €171,409 | €212,424 | +€41,015 | +23.9% |
| Amounts payable | 17/49 | €246,396 | €448,805 | +€202,410 | +82.1% |
| Amounts payable after more than one year | 17 | €168,401 | €381,147 | +€212,746 | +126.3% |
| Financial debts | 170/4 | €168,401 | €381,147 | +€212,746 | +126.3% |
| Amounts payable within one year | 42/48 | €76,454 | €64,361 | -€12,093 | -15.8% |
| Current portion of amounts payable after more than one year | 42 | €16,008 | €29,635 | +€13,627 | +85.1% |
| Financial debts | 43 | €1,202 | €1,112 | -€90 | -7.5% |
| Credit institutions | 430/8 | €1,202 | €1,112 | -€90 | -7.5% |
| Trade debts | 44 | €23,094 | €2,781 | -€20,313 | -88.0% |
| Suppliers | 440/4 | €23,094 | €2,781 | -€20,313 | -88.0% |
| Taxes, remuneration and social security | 45 | €4,147 | €6,659 | +€2,512 | +60.6% |
| Taxes | 450/3 | €4,147 | €6,659 | +€2,512 | +60.6% |
| Other amounts payable | 47/48 | €32,003 | €24,174 | -€7,829 | -24.5% |
| Accrued charges and deferred income | 492/3 | €1,541 | €3,297 | +€1,757 | +114.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,902 | €30,224 | +€14,321 | +90.1% |
| Other operating charges | 640/8 | €1,618 | €2,230 | +€612 | +37.8% |
| Non-recurring operating charges | 66A | - | €391 | +€391 | |
| Gross operating margin | 9900 | €69,690 | €80,269 | +€10,580 | +15.2% |
| Operating profit (loss) | 9901 | €52,169 | €47,425 | -€4,745 | -9.1% |
| Financial income | 75/76B | €937 | €9,446 | +€8,509 | +908.2% |
| Recurring financial income | 75 | €937 | €9,446 | +€8,509 | +908.2% |
| Financial charges | 65/66B | €5,256 | €10,888 | +€5,632 | +107.1% |
| Recurring financial charges | 65 | €5,256 | €10,888 | +€5,632 | +107.1% |
| Profit (loss) for the period before taxes | 9903 | €47,850 | €45,983 | -€1,867 | -3.9% |
| Income taxes | 67/77 | €10,532 | €4,968 | -€5,564 | -52.8% |
| Profit (loss) for the period | 9904 | €37,318 | €41,015 | +€3,697 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,318 | €41,015 | +€3,697 | +9.9% |
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 6 October 2026 via checked.be.