MANETCO: 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.
MANETCO
Largest movements
- Receivables within one year -€52,616
down €52,616 (-65.2%), from €80,729 to €28,113
of which Trade receivables: -€55,713
- Stocks and contracts +€7,421
new in 2025: €7,421
- Tangible fixed assets -€6,879
down €6,879 (-11.1%), from €61,980 to €55,101
of which Other tangible fixed assets: -€4,912
- Deferred charges and accrued income -€1,693
down €1,693 (-43.8%), from €3,866 to €2,172
- Other debts -€32,527
down €32,527 (-37.8%), from €85,953 to €53,426
- Profit (loss) carried forward -€26,131
down €26,131, from €15,175 to -€10,956
- Debts after one year +€19,988
up €19,988 (+205%), from €9,759 to €29,747
of which Other amounts payable: +€25,000
- Trade debts -€13,277
down €13,277 (-43.7%), from €30,369 to €17,091
of which Suppliers: -€16,737
- Tax, wage and social debts +€4,736
up €4,736 (+309%), from €1,531 to €6,267
of which Taxes: +€3,691
- Gross operating margin -€41,182
down €41,182 (-66.6%), from €61,795 to €20,613
- Staff costs +€19,143
up €19,143 (+148%), from €12,911 to €32,054
- Taxes -€5,125
down €5,125 (-97.1%), from €5,280 to €155
- Depreciation +€1,772
up €1,772 (+16.1%), from €11,007 to €12,779
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.
Derived cash bridge
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 | €160,769 | €107,966 | -€52,803 | -32.8% |
| Fixed assets | 21/28 | €61,980 | €55,101 | -€6,879 | -11.1% |
| Tangible fixed assets | 22/27 | €61,980 | €55,101 | -€6,879 | -11.1% |
| Furniture and vehicles | 24 | €5,593 | €3,626 | -€1,967 | -35.2% |
| Other tangible fixed assets | 26 | €56,388 | €51,475 | -€4,912 | -8.7% |
| Current assets | 29/58 | €98,789 | €52,865 | -€45,924 | -46.5% |
| Stocks and contracts in progress | 3 | - | €7,421 | +€7,421 | |
| Stocks | 30/36 | - | €7,421 | +€7,421 | |
| Amounts receivable within one year | 40/41 | €80,729 | €28,113 | -€52,616 | -65.2% |
| Trade receivables | 40 | €75,009 | €19,295 | -€55,713 | -74.3% |
| Other amounts receivable | 41 | €5,720 | €8,818 | +€3,098 | +54.2% |
| Cash at bank and in hand | 54/58 | €14,195 | €15,159 | +€964 | +6.8% |
| Deferred charges and accrued income | 490/1 | €3,866 | €2,172 | -€1,693 | -43.8% |
| Total equity and liabilities | 10/49 | €160,769 | €107,966 | -€52,803 | -32.8% |
| Equity | 10/15 | €22,554 | -€3,577 | -€26,131 | |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €380 | €380 | = | 0.0% |
| Distributable reserves | 133 | €380 | €380 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,175 | -€10,956 | -€26,131 | |
| Amounts payable | 17/49 | €138,215 | €111,543 | -€26,672 | -19.3% |
| Amounts payable after more than one year | 17 | €9,759 | €29,747 | +€19,988 | +205% |
| Financial debts | 170/4 | €9,759 | €4,747 | -€5,012 | -51.4% |
| Other amounts payable | 178/9 | - | €25,000 | +€25,000 | |
| Amounts payable within one year | 42/48 | €127,496 | €81,797 | -€45,699 | -35.8% |
| Current portion of amounts payable after more than one year | 42 | €7,748 | €5,012 | -€2,736 | -35.3% |
| Financial debts | 43 | €1,895 | - | -€1,895 | |
| Credit institutions | 430/8 | €1,895 | - | -€1,895 | |
| Trade debts | 44 | €30,369 | €17,091 | -€13,277 | -43.7% |
| Suppliers | 440/4 | €30,369 | €13,631 | -€16,737 | -55.1% |
| Bills of exchange payable | 441 | - | €3,460 | +€3,460 | |
| Taxes, remuneration and social security | 45 | €1,531 | €6,267 | +€4,736 | +309% |
| Taxes | 450/3 | - | €3,691 | +€3,691 | |
| Remuneration and social security | 454/9 | €1,531 | €2,576 | +€1,045 | +68.2% |
| Other amounts payable | 47/48 | €85,953 | €53,426 | -€32,527 | -37.8% |
| Accrued charges and deferred income | 492/3 | €960 | - | -€960 | |
| Remuneration, social security and pensions | 62 | €12,911 | €32,054 | +€19,143 | +148% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,007 | €12,779 | +€1,772 | +16.1% |
| Other operating charges | 640/8 | €856 | €926 | +€70 | +8.2% |
| Non-recurring operating charges | 66A | €363 | - | -€363 | |
| Gross operating margin | 9900 | €61,795 | €20,613 | -€41,182 | -66.6% |
| Operating profit (loss) | 9901 | €36,659 | -€25,145 | -€61,804 | |
| Financial income | 75/76B | €92 | €40 | -€52 | -56.6% |
| Recurring financial income | 75 | €92 | €40 | -€52 | -56.6% |
| Financial charges | 65/66B | €448 | €871 | +€423 | +94.3% |
| Recurring financial charges | 65 | €448 | €871 | +€423 | +94.3% |
| Profit (loss) for the period before taxes | 9903 | €36,302 | -€25,976 | -€62,279 | |
| Income taxes | 67/77 | €5,280 | €155 | -€5,125 | -97.1% |
| Profit (loss) for the period | 9904 | €31,022 | -€26,131 | -€57,154 | |
| Profit (loss) for the period to be appropriated | 9905 | €31,022 | -€26,131 | -€57,154 |
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 18 October 2026 via checked.be.