MANENCO: 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.
MANENCO
Largest movements
- Tangible fixed assets +€631,155
up €631,155 (+3810.1%), from €16,565 to €647,720
of which Land and buildings: +€633,218
- Cash -€130,409
down €130,409 (-72.9%), from €178,972 to €48,563
mainly Investment in fixed assets (net) (-€678,241) and Contributions, distributions and other (-€71,169)
- Receivables within one year +€7,761
up €7,761 (+489.4%), from €1,586 to €9,347
of which Trade receivables: +€8,652
- Other debts +€591,152
up €591,152 (+3818.8%), from €15,480 to €606,632
- Reserves -€83,633
down €83,633 (-46.0%), from €181,804 to €98,171
- Gross operating margin -€19,611
down €19,611 (-31.6%), from €62,073 to €42,462
- Depreciation +€5,979
up €5,979 (+14.5%), from €41,107 to €47,087
- Taxes -€4,693
down €4,693 (-94.7%), from €4,953 to €260
- Financial charges -€3,232
down €3,232 (-94.0%), from €3,438 to €205
- Other operating charges +€681
up €681 (+10.2%), from €6,693 to €7,373
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 | €223,940 | €732,505 | +€508,565 | +227.1% |
| Fixed assets | 21/28 | €41,565 | €672,720 | +€631,155 | +1518.5% |
| Tangible fixed assets | 22/27 | €16,565 | €647,720 | +€631,155 | +3810.1% |
| Land and buildings | 22 | €206 | €633,423 | +€633,218 | +308060.1% |
| Plant, machinery and equipment | 23 | €12,687 | €12,442 | -€245 | -1.9% |
| Furniture and vehicles | 24 | €3,672 | €1,855 | -€1,818 | -49.5% |
| Financial fixed assets | 28 | €25,000 | €25,000 | = | 0.0% |
| Current assets | 29/58 | €182,375 | €59,785 | -€122,590 | -67.2% |
| Amounts receivable within one year | 40/41 | €1,586 | €9,347 | +€7,761 | +489.4% |
| Trade receivables | 40 | - | €8,652 | +€8,652 | |
| Other amounts receivable | 41 | €1,586 | €695 | -€890 | -56.1% |
| Cash at bank and in hand | 54/58 | €178,972 | €48,563 | -€130,409 | -72.9% |
| Deferred charges and accrued income | 490/1 | €1,817 | €1,875 | +€58 | +3.2% |
| Total equity and liabilities | 10/49 | €223,940 | €732,505 | +€508,565 | +227.1% |
| Equity | 10/15 | €200,354 | €116,721 | -€83,633 | -41.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €181,804 | €98,171 | -€83,633 | -46.0% |
| Distributable reserves | 133 | €181,804 | €98,171 | -€83,633 | -46.0% |
| Amounts payable | 17/49 | €23,586 | €615,783 | +€592,197 | +2510.8% |
| Amounts payable within one year | 42/48 | €23,586 | €615,783 | +€592,197 | +2510.8% |
| Financial debts | 43 | - | €3,199 | +€3,199 | |
| Credit institutions | 430/8 | - | €3,199 | +€3,199 | |
| Trade debts | 44 | €3,153 | €735 | -€2,418 | -76.7% |
| Suppliers | 440/4 | €3,153 | €735 | -€2,418 | -76.7% |
| Taxes, remuneration and social security | 45 | €4,953 | €5,217 | +€264 | +5.3% |
| Taxes | 450/3 | €4,953 | €5,217 | +€264 | +5.3% |
| Other amounts payable | 47/48 | €15,480 | €606,632 | +€591,152 | +3818.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,107 | €47,087 | +€5,979 | +14.5% |
| Other operating charges | 640/8 | €6,693 | €7,373 | +€681 | +10.2% |
| Gross operating margin | 9900 | €62,073 | €42,462 | -€19,611 | -31.6% |
| Operating profit (loss) | 9901 | €14,273 | -€11,998 | -€26,271 | |
| Financial charges | 65/66B | €3,438 | €205 | -€3,232 | -94.0% |
| Recurring financial charges | 65 | €3,438 | €205 | -€3,232 | -94.0% |
| Profit (loss) for the period before taxes | 9903 | €10,835 | -€12,203 | -€23,038 | |
| Income taxes | 67/77 | €4,953 | €260 | -€4,693 | -94.7% |
| Profit (loss) for the period | 9904 | €5,882 | -€12,463 | -€18,346 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,882 | -€12,463 | -€18,346 |
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 8 October 2026 via checked.be.