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 -€121,563
down €121,563 (-25.0%), from €485,444 to €363,881
mainly Tax, wage and social debts (-€85,471) and Contributions, distributions and other (-€50,000)
- Receivables within one year -€28,905
down €28,905 (-6.6%), from €440,827 to €411,923
of which Trade receivables: -€162,729
- Tax, wage and social debts -€85,471
down €85,471 (-15.2%), from €563,537 to €478,066
of which Remuneration and social security: -€62,468
- Other debts -€43,875
down €43,875 (-31.8%), from €137,901 to €94,025
- Trade debts -€21,700
down €21,700 (-37.8%), from €57,402 to €35,701
- Turnover -€671,178
down €671,178 (-22.6%), from €3.0m to €2.3m
- Staff costs -€659,217
down €659,217 (-24.3%), from €2.7m to €2.1m
- Other operating income -€34,200
down €34,200 (-21.0%), from €162,489 to €128,289
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 | €926,972 | €775,804 | -€151,168 | -16.3% |
| Current assets | 29/58 | €926,972 | €775,804 | -€151,168 | -16.3% |
| Amounts receivable within one year | 40/41 | €440,827 | €411,923 | -€28,905 | -6.6% |
| Trade receivables | 40 | €434,452 | €271,724 | -€162,729 | -37.5% |
| Other amounts receivable | 41 | €6,375 | €140,199 | +€133,824 | +2099.2% |
| Cash at bank and in hand | 54/58 | €485,444 | €363,881 | -€121,563 | -25.0% |
| Deferred charges and accrued income | 490/1 | €700 | - | -€700 | |
| Total equity and liabilities | 10/49 | €926,972 | €775,804 | -€151,168 | -16.3% |
| Equity | 10/15 | €168,133 | €168,011 | -€122 | -0.1% |
| Contributions | 10/11 | €130,847 | €130,847 | = | 0.0% |
| Capital | 10 | €130,847 | €130,847 | = | 0.0% |
| Issued capital | 100 | €130,847 | €130,847 | = | 0.0% |
| Reserves | 13 | €36,272 | €36,272 | = | 0.0% |
| Non-distributable reserves | 130/1 | €13,085 | €13,085 | = | 0.0% |
| Legal reserve | 130 | €13,085 | €13,085 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,187 | €1,187 | = | 0.0% |
| Distributable reserves | 133 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,014 | €892 | -€122 | -12.0% |
| Amounts payable | 17/49 | €758,839 | €607,793 | -€151,046 | -19.9% |
| Amounts payable within one year | 42/48 | €758,839 | €607,793 | -€151,046 | -19.9% |
| Trade debts | 44 | €57,402 | €35,701 | -€21,700 | -37.8% |
| Suppliers | 440/4 | €57,402 | €35,701 | -€21,700 | -37.8% |
| Taxes, remuneration and social security | 45 | €563,537 | €478,066 | -€85,471 | -15.2% |
| Taxes | 450/3 | €80,105 | €57,103 | -€23,002 | -28.7% |
| Remuneration and social security | 454/9 | €483,432 | €420,963 | -€62,468 | -12.9% |
| Other amounts payable | 47/48 | €137,901 | €94,025 | -€43,875 | -31.8% |
| Operating income | 70/76A | €3,127,467 | €2,422,089 | -€705,378 | -22.6% |
| Turnover | 70 | €2,964,978 | €2,293,800 | -€671,178 | -22.6% |
| Other operating income | 74 | €162,489 | €128,289 | -€34,200 | -21.0% |
| Operating charges | 60/66A | €2,945,460 | €2,304,885 | -€640,575 | -21.7% |
| Services and other goods | 61 | €234,772 | €243,411 | +€8,639 | +3.7% |
| Remuneration, social security and pensions | 62 | €2,710,171 | €2,050,954 | -€659,217 | -24.3% |
| Other operating charges | 640/8 | €517 | €10,520 | +€10,003 | +1934.5% |
| Operating profit (loss) | 9901 | €182,007 | €117,204 | -€64,803 | -35.6% |
| Financial income | 75/76B | €2,209 | €412 | -€1,798 | -81.4% |
| Recurring financial income | 75 | €2,209 | €412 | -€1,798 | -81.4% |
| Other financial income | 752/9 | €2,209 | €412 | -€1,798 | -81.4% |
| Financial charges | 65/66B | €23,674 | €29,102 | +€5,428 | +22.9% |
| Recurring financial charges | 65 | €23,674 | €29,102 | +€5,428 | +22.9% |
| Debt charges | 650 | €21,768 | €28,789 | +€7,020 | +32.2% |
| Other financial charges | 652/9 | €1,906 | €313 | -€1,592 | -83.6% |
| Profit (loss) for the period before taxes | 9903 | €160,542 | €88,514 | -€72,028 | -44.9% |
| Income taxes | 67/77 | €62,492 | €38,636 | -€23,855 | -38.2% |
| Taxes | 670/3 | €62,492 | €38,636 | -€23,855 | -38.2% |
| Profit (loss) for the period | 9904 | €98,051 | €49,878 | -€48,173 | -49.1% |
| Profit (loss) for the period to be appropriated | 9905 | €98,051 | €49,878 | -€48,173 | -49.1% |
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.