MANFILCONSTRUCT: 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.
MANFILCONSTRUCT
Largest movements
- Tangible fixed assets +€286,739
up €286,739 (+848.7%), from €33,784 to €320,523
of which Land and buildings: +€287,063
- Current investments -€225,000
down €225,000 (-75.0%), from €300,000 to €75,000
- Cash -€24,972
down €24,972 (-23.7%), from €105,427 to €80,455
mainly Investment in fixed assets (net) (-€294,282) and Advances received (-€20,000)
- Receivables within one year +€9,795
up €9,795 (+19.7%), from €49,772 to €59,567
of which Other amounts receivable: +€24,027
- Accrued charges and deferred income +€93,969
up €93,969 (+268.5%), from €35,000 to €128,969
- Advances received -€20,000
no longer reported in 2025 (was €20,000)
- Provisions -€19,277
down €19,277 (-26.3%), from €73,258 to €53,981
- Reserves -€13,630
down €13,630 (-4.3%), from €317,898 to €304,268
of which Tax-exempt reserves: -€57,831
- Tax, wage and social debts +€9,173
up €9,173 (+234.0%), from €3,920 to €13,093
- Gross operating margin -€26,025
down €26,025, from €7,649 to -€18,377
- Taxes +€8,229
up €8,229 (+115.0%), from €7,153 to €15,382
- Depreciation +€4,515
up €4,515 (+149.1%), from €3,027 to €7,543
- Financial income -€809
down €809 (-8.0%), from €10,109 to €9,300
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 | €489,253 | €536,701 | +€47,448 | +9.7% |
| Fixed assets | 21/28 | €33,821 | €320,560 | +€286,739 | +847.8% |
| Tangible fixed assets | 22/27 | €33,784 | €320,523 | +€286,739 | +848.7% |
| Land and buildings | 22 | €32,295 | €319,358 | +€287,063 | +888.9% |
| Plant, machinery and equipment | 23 | €41 | - | -€41 | |
| Furniture and vehicles | 24 | €1,448 | €1,165 | -€283 | -19.5% |
| Financial fixed assets | 28 | €37 | €37 | = | 0.0% |
| Current assets | 29/58 | €455,432 | €216,141 | -€239,291 | -52.5% |
| Amounts receivable within one year | 40/41 | €49,772 | €59,567 | +€9,795 | +19.7% |
| Trade receivables | 40 | €14,315 | €83 | -€14,232 | -99.4% |
| Other amounts receivable | 41 | €35,458 | €59,485 | +€24,027 | +67.8% |
| Current investments | 50/53 | €300,000 | €75,000 | -€225,000 | -75.0% |
| Cash at bank and in hand | 54/58 | €105,427 | €80,455 | -€24,972 | -23.7% |
| Deferred charges and accrued income | 490/1 | €233 | €1,119 | +€886 | +380.8% |
| Total equity and liabilities | 10/49 | €489,253 | €536,701 | +€47,448 | +9.7% |
| Equity | 10/15 | €352,633 | €339,002 | -€13,630 | -3.9% |
| Contributions | 10/11 | €34,734 | €34,734 | = | 0.0% |
| Reserves | 13 | €317,898 | €304,268 | -€13,630 | -4.3% |
| Tax-exempt reserves | 132 | €219,773 | €161,942 | -€57,831 | -26.3% |
| Distributable reserves | 133 | €98,125 | €142,326 | +€44,201 | +45.0% |
| Provisions and deferred taxes | 16 | €73,258 | €53,981 | -€19,277 | -26.3% |
| Deferred taxes | 168 | €73,258 | €53,981 | -€19,277 | -26.3% |
| Amounts payable | 17/49 | €63,362 | €143,718 | +€80,356 | +126.8% |
| Amounts payable within one year | 42/48 | €28,362 | €14,749 | -€13,613 | -48.0% |
| Trade debts | 44 | €4,442 | €1,656 | -€2,786 | -62.7% |
| Suppliers | 440/4 | €4,442 | €1,656 | -€2,786 | -62.7% |
| Advances received on contracts in progress | 46 | €20,000 | - | -€20,000 | |
| Taxes, remuneration and social security | 45 | €3,920 | €13,093 | +€9,173 | +234.0% |
| Taxes | 450/3 | €3,920 | €13,093 | +€9,173 | +234.0% |
| Accrued charges and deferred income | 492/3 | €35,000 | €128,969 | +€93,969 | +268.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,027 | €7,543 | +€4,515 | +149.1% |
| Other operating charges | 640/8 | €721 | €738 | +€17 | +2.4% |
| Non-recurring operating charges | 66A | €93 | €121 | +€28 | +30.1% |
| Gross operating margin | 9900 | €7,649 | -€18,377 | -€26,025 | |
| Operating profit (loss) | 9901 | €3,807 | -€26,779 | -€30,586 | |
| Financial income | 75/76B | €10,109 | €9,300 | -€809 | -8.0% |
| Recurring financial income | 75 | €10,109 | €9,300 | -€809 | -8.0% |
| Financial charges | 65/66B | €46 | €47 | +€0 | +0.8% |
| Recurring financial charges | 65 | €46 | €47 | +€0 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €13,869 | -€17,526 | -€31,395 | |
| Transfer from deferred taxes | 780 | - | €19,277 | +€19,277 | |
| Income taxes | 67/77 | €7,153 | €15,382 | +€8,229 | +115.0% |
| Profit (loss) for the period | 9904 | €6,716 | -€13,630 | -€20,346 | |
| Transfer from tax-exempt reserves | 789 | - | €57,831 | +€57,831 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,716 | €44,201 | +€37,485 | +558.1% |
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 30 September 2026 via checked.be.