MANEX: 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.
MANEX
Largest movements
- Cash -€53,134
down €53,134 (-57.0%), from €93,225 to €40,091
mainly Contributions, distributions and other (-€60,403) and Debts after one year (-€37,000)
- Current investments +€22,500
up €22,500 (+45.0%), from €50,000 to €72,500
- Tangible fixed assets -€20,771
down €20,771 (-3.8%), from €551,427 to €530,656
of which Furniture and vehicles: -€12,743
- Deferred charges and accrued income +€7,752
up €7,752 (+313.1%), from €2,476 to €10,229
- Debts after one year -€37,000
down €37,000 (-26.7%), from €138,750 to €101,750
- Reserves +€21,521
up €21,521 (+7.9%), from €273,435 to €294,956
- Other debts -€20,042
down €20,042 (-10.6%), from €189,785 to €169,743
- Accrued charges and deferred income -€13,914
down €13,914 (-62.5%), from €22,251 to €8,337
- Gross operating margin +€8,978
up €8,978 (+6.3%), from €141,786 to €150,765
- Taxes +€7,656
up €7,656 (+29.1%), from €26,304 to €33,959
- Financial income +€7,642
up €7,642 (+810.5%), from €943 to €8,585
- Financial charges -€7,481
down €7,481 (-33.0%), from €22,656 to €15,175
- Depreciation -€2,615
down €2,615 (-10.8%), from €24,257 to €21,641
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 | €723,117 | €681,389 | -€41,729 | -5.8% |
| Fixed assets | 21/28 | €551,427 | €530,656 | -€20,771 | -3.8% |
| Tangible fixed assets | 22/27 | €551,427 | €530,656 | -€20,771 | -3.8% |
| Land and buildings | 22 | €525,763 | €515,770 | -€9,993 | -1.9% |
| Plant, machinery and equipment | 23 | €2,619 | €4,585 | +€1,966 | +75.1% |
| Furniture and vehicles | 24 | €23,044 | €10,301 | -€12,743 | -55.3% |
| Current assets | 29/58 | €171,691 | €150,733 | -€20,958 | -12.2% |
| Amounts receivable within one year | 40/41 | €25,989 | €27,913 | +€1,924 | +7.4% |
| Trade receivables | 40 | €25,860 | €26,727 | +€867 | +3.4% |
| Other amounts receivable | 41 | €129 | €1,186 | +€1,057 | +819.6% |
| Current investments | 50/53 | €50,000 | €72,500 | +€22,500 | +45.0% |
| Cash at bank and in hand | 54/58 | €93,225 | €40,091 | -€53,134 | -57.0% |
| Deferred charges and accrued income | 490/1 | €2,476 | €10,229 | +€7,752 | +313.1% |
| Total equity and liabilities | 10/49 | €723,117 | €681,389 | -€41,729 | -5.8% |
| Equity | 10/15 | €310,635 | €332,156 | +€21,521 | +6.9% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Reserves | 13 | €273,435 | €294,956 | +€21,521 | +7.9% |
| Distributable reserves | 133 | €273,435 | €294,956 | +€21,521 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €412,482 | €349,232 | -€63,250 | -15.3% |
| Amounts payable after more than one year | 17 | €138,750 | €101,750 | -€37,000 | -26.7% |
| Financial debts | 170/4 | €138,750 | €101,750 | -€37,000 | -26.7% |
| Amounts payable within one year | 42/48 | €251,481 | €239,146 | -€12,335 | -4.9% |
| Current portion of amounts payable after more than one year | 42 | €37,000 | €37,000 | = | 0.0% |
| Financial debts | 43 | €1,445 | €2,197 | +€752 | +52.0% |
| Credit institutions | 430/8 | €1,445 | €2,197 | +€752 | +52.0% |
| Trade debts | 44 | €4,286 | €7,649 | +€3,362 | +78.4% |
| Suppliers | 440/4 | €4,286 | €7,649 | +€3,362 | +78.4% |
| Taxes, remuneration and social security | 45 | €18,965 | €22,557 | +€3,592 | +18.9% |
| Taxes | 450/3 | €18,965 | €22,557 | +€3,592 | +18.9% |
| Other amounts payable | 47/48 | €189,785 | €169,743 | -€20,042 | -10.6% |
| Accrued charges and deferred income | 492/3 | €22,251 | €8,337 | -€13,914 | -62.5% |
| Non-recurring operating income | 76A | €0 | €21,652 | +€21,652 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,257 | €21,641 | -€2,615 | -10.8% |
| Other operating charges | 640/8 | €5,148 | €6,650 | +€1,502 | +29.2% |
| Gross operating margin | 9900 | €141,786 | €150,765 | +€8,978 | +6.3% |
| Operating profit (loss) | 9901 | €112,382 | €122,473 | +€10,092 | +9.0% |
| Financial income | 75/76B | €943 | €8,585 | +€7,642 | +810.5% |
| Recurring financial income | 75 | €943 | €8,585 | +€7,642 | +810.5% |
| Financial charges | 65/66B | €22,656 | €15,175 | -€7,481 | -33.0% |
| Recurring financial charges | 65 | €22,656 | €15,175 | -€7,481 | -33.0% |
| Profit (loss) for the period before taxes | 9903 | €90,669 | €115,884 | +€25,214 | +27.8% |
| Income taxes | 67/77 | €26,304 | €33,959 | +€7,656 | +29.1% |
| Profit (loss) for the period | 9904 | €64,365 | €81,924 | +€17,559 | +27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €64,365 | €81,924 | +€17,559 | +27.3% |
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 5 October 2026 via checked.be.