MANEXCO: 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.
What changed
MANEXCO
NACE 46.425, Wholesale trade
fiscal year 2025 against 2026filed annual accounts (NBB)
Net result for the year
€64,630
2025 · -€176,420+€241,050
Equity
€567,833
2025 · €503,204+€64,630
Cash
€277,876
2025 · €359,006-€81,129
Balance sheet total
€2.2m
2025 · €2.0m+€197,074
Largest movements
Assets
- Receivables within one year +€228,907
up €228,907 (+29.9%), from €764,333 to €993,240
of which Trade receivables: +€219,355
- Intangible fixed assets +€118,010
up €118,010 (+310.1%), from €38,060 to €156,070
- Cash -€81,129
down €81,129 (-22.6%), from €359,006 to €277,876
mainly Receivables within one year (-€228,907) and Investment in fixed assets (net) (-€152,471)
- Deferred charges and accrued income -€78,103
down €78,103 (-49.9%), from €156,422 to €78,320
Equity and liabilities
- Short-term financial debts +€157,319
up €157,319 (+28.2%), from €557,588 to €714,907
- Profit (loss) carried forward +€64,630
up €64,630, from €0 to €64,630
- Trade debts -€62,721
down €62,721 (-7.6%), from €820,909 to €758,189
- Tax, wage and social debts +€57,333
up €57,333 (+57.5%), from €99,670 to €157,003
of which Taxes: +€81,329
Income statement
- Turnover -€6.0m
no longer reported in 2026 (was €6.0m)
- Goods and materials -€4.5m
no longer reported in 2026 (was €4.5m)
of which Purchases: -€3.9m
- Services and other goods -€1.1m
no longer reported in 2026 (was €1.1m)
- Gross operating margin +€717,784
new in 2026: €717,784
- Other operating income -€101,745
no longer reported in 2026 (was €101,745)
From the 2025 result to the 2026 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.
Result 2025
-€176,420
Turnover
-€6.0m
Other operating income
-€101,745
Goods and materials
+€4.5m
Services and other goods
+€1.1m
Staff costs
+€85,456
Depreciation
-€6,929
Write-downs
-€80,171
Other operating charges
-€2,177
Other operating items
+€717,784
Financial income
-€46,670
Financial charges
+€19,058
Taxes
-€138
Result 2026
€64,630
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€68,312
Investment
-€152,471
Financing
+€139,654
Cash 2025
€359,006
From operations (derived)
-€68,312
Net result for the year
+€64,630
Depreciation
+€32,612
Stocks and contracts
-€7,540
Receivables within one year
-€228,907
Deferred charges and accrued income
+€78,103
Trade debts
-€62,721
Tax, wage and social debts
+€57,333
Other debts
-€4,077
Accrued charges and deferred income
+€2,256
Investment (derived)
-€152,471
Investment in fixed assets (net)
-€152,471
Financing
+€139,654
Current portion of long-term debt
-€17,666
Short-term financial debts
+€157,319
Cash 2026
€277,876
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,017,384 | €2,214,459 | +€197,074 | +9.8% |
| Formation expenses | 20 | - | €4,846 | +€4,846 | |
| Fixed assets | 21/28 | €59,925 | €174,938 | +€115,013 | +191.9% |
| Intangible fixed assets | 21 | €38,060 | €156,070 | +€118,010 | +310.1% |
| Tangible fixed assets | 22/27 | €8,065 | €5,068 | -€2,997 | -37.2% |
| Furniture and vehicles | 24 | €4,116 | €3,807 | -€308 | -7.5% |
| Other tangible fixed assets | 26 | €3,949 | €1,261 | -€2,688 | -68.1% |
| Financial fixed assets | 28 | €13,800 | €13,800 | = | 0.0% |
| Other financial fixed assets | 284/8 | €13,800 | - | -€13,800 | |
| Amounts receivable and cash guarantees | 285/8 | €13,800 | - | -€13,800 | |
| Current assets | 29/58 | €1,957,460 | €2,034,675 | +€77,215 | +3.9% |
| Stocks and contracts in progress | 3 | €677,699 | €685,238 | +€7,540 | +1.1% |
| Stocks | 30/36 | €677,699 | €685,238 | +€7,540 | +1.1% |
| Goods purchased for resale | 34 | €677,699 | - | -€677,699 | |
| Amounts receivable within one year | 40/41 | €764,333 | €993,240 | +€228,907 | +29.9% |
| Trade receivables | 40 | €759,511 | €978,866 | +€219,355 | +28.9% |
| Other amounts receivable | 41 | €4,822 | €14,374 | +€9,552 | +198.1% |
| Cash at bank and in hand | 54/58 | €359,006 | €277,876 | -€81,129 | -22.6% |
| Deferred charges and accrued income | 490/1 | €156,422 | €78,320 | -€78,103 | -49.9% |
| Total equity and liabilities | 10/49 | €2,017,384 | €2,214,459 | +€197,074 | +9.8% |
| Equity | 10/15 | €503,204 | €567,833 | +€64,630 | +12.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €253,204 | €253,204 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €211 | €211 | = | 0.0% |
| Distributable reserves | 133 | €227,992 | €227,992 | = | 0.0% |
| Profit (loss) carried forward | 14 | €0 | €64,630 | +€64,630 | |
| Amounts payable | 17/49 | €1,514,181 | €1,646,625 | +€132,445 | +8.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,514,181 | €1,644,369 | +€130,189 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €17,666 | - | -€17,666 | |
| Financial debts | 43 | €557,588 | €714,907 | +€157,319 | +28.2% |
| Credit institutions | 430/8 | €557,588 | €714,907 | +€157,319 | +28.2% |
| Trade debts | 44 | €820,909 | €758,189 | -€62,721 | -7.6% |
| Suppliers | 440/4 | €820,909 | €758,189 | -€62,721 | -7.6% |
| Taxes, remuneration and social security | 45 | €99,670 | €157,003 | +€57,333 | +57.5% |
| Taxes | 450/3 | €35,843 | €117,173 | +€81,329 | +226.9% |
| Remuneration and social security | 454/9 | €63,826 | €39,830 | -€23,996 | -37.6% |
| Other amounts payable | 47/48 | €18,348 | €14,271 | -€4,077 | -22.2% |
| Accrued charges and deferred income | 492/3 | €0 | €2,256 | +€2,256 | |
| Operating income | 70/76A | €6,078,779 | - | -€6.1m | |
| Turnover | 70 | €5,977,034 | - | -€6.0m | |
| Other operating income | 74 | €101,745 | - | -€101,745 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Operating charges | 60/66A | €6,204,151 | - | -€6.2m | |
| Goods for resale, raw materials and consumables | 60 | €4,495,049 | - | -€4.5m | |
| Purchases | 600/8 | €3,902,983 | - | -€3.9m | |
| Change in stocks: decrease (increase) | 609 | €592,066 | - | -€592,066 | |
| Services and other goods | 61 | €1,138,566 | - | -€1.1m | |
| Remuneration, social security and pensions | 62 | €501,313 | €415,857 | -€85,456 | -17.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,683 | €32,612 | +€6,929 | +27.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €21,984 | €102,155 | +€80,171 | +364.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €21,557 | €23,734 | +€2,177 | +10.1% |
| Gross operating margin | 9900 | - | €717,784 | +€717,784 | |
| Operating profit (loss) | 9901 | -€125,373 | €143,427 | +€268,799 | |
| Financial income | 75/76B | €98,875 | €52,206 | -€46,670 | -47.2% |
| Recurring financial income | 75 | €98,875 | €52,206 | -€46,670 | -47.2% |
| Other financial income | 752/9 | €98,875 | - | -€98,875 | |
| Financial charges | 65/66B | €148,711 | €129,653 | -€19,058 | -12.8% |
| Recurring financial charges | 65 | €125,470 | €128,837 | +€3,367 | +2.7% |
| Debt charges | 650 | €42,007 | - | -€42,007 | |
| Other financial charges | 652/9 | €83,463 | - | -€83,463 | |
| Non-recurring financial charges | 66B | €23,241 | €815 | -€22,426 | -96.5% |
| Profit (loss) for the period before taxes | 9903 | -€175,209 | €65,979 | +€241,188 | |
| Income taxes | 67/77 | €1,212 | €1,350 | +€138 | +11.4% |
| Taxes | 670/3 | €1,212 | - | -€1,212 | |
| Profit (loss) for the period | 9904 | -€176,420 | €64,630 | +€241,050 | |
| Profit (loss) for the period to be appropriated | 9905 | -€176,420 | €64,630 | +€241,050 |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.