MANFORCE: 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.
MANFORCE
Largest movements
- Deferred charges and accrued income +€1.1m
new in 2025: €1.1m
- Receivables within one year +€597,218
up €597,218 (+66.5%), from €898,723 to €1.5m
of which Other amounts receivable: +€509,766
- Cash -€64,910
down €64,910 (-71.4%), from €90,929 to €26,019
mainly Debts after one year (-€1.2m) and Deferred charges and accrued income (-€1.1m)
- Tangible fixed assets -€61,321
down €61,321 (-27.0%), from €227,491 to €166,170
of which Furniture and vehicles: -€33,876
- Stocks and contracts +€34,633
new in 2025: €34,633
- Advances received +€1.5m
up €1.5m (+153,585%), from €978 to €1.5m
- Debts after one year -€1.2m
down €1.2m (-100%), from €1.2m to €0
- Contributions +€600,000
up €600,000 (+10,000%), from €6,000 to €606,000
- Trade debts +€456,191
up €456,191 (+182%), from €250,871 to €707,062
- Profit (loss) carried forward +€147,382
up €147,382 (+27.3%), from -€540,610 to -€393,228
- Staff costs -€256,192
down €256,192 (-33.2%), from €771,137 to €514,945
- Gross operating margin -€39,654
down €39,654 (-3.8%), from €1.0m to €991,664
- Taxes +€23,074
up €23,074 (+70.7%), from €32,636 to €55,710
- Depreciation -€22,002
down €22,002 (-19.7%), from €111,887 to €89,885
- Other operating charges -€18,285
down €18,285 (-66.7%), from €27,432 to €9,148
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 | €1,220,791 | €2,808,367 | +€1.6m | +130% |
| Fixed assets | 21/28 | €231,139 | €187,737 | -€43,403 | -18.8% |
| Intangible fixed assets | 21 | €1,608 | €19,527 | +€17,918 | +1,114% |
| Tangible fixed assets | 22/27 | €227,491 | €166,170 | -€61,321 | -27.0% |
| Plant, machinery and equipment | 23 | €125,024 | €99,637 | -€25,387 | -20.3% |
| Furniture and vehicles | 24 | €84,130 | €50,254 | -€33,876 | -40.3% |
| Other tangible fixed assets | 26 | €18,338 | €16,279 | -€2,059 | -11.2% |
| Financial fixed assets | 28 | €2,040 | €2,040 | = | 0.0% |
| Current assets | 29/58 | €989,652 | €2,620,631 | +€1.6m | +165% |
| Stocks and contracts in progress | 3 | - | €34,633 | +€34,633 | |
| Stocks | 30/36 | - | €34,633 | +€34,633 | |
| Amounts receivable within one year | 40/41 | €898,723 | €1,495,941 | +€597,218 | +66.5% |
| Trade receivables | 40 | €781,185 | €868,638 | +€87,453 | +11.2% |
| Other amounts receivable | 41 | €117,538 | €627,303 | +€509,766 | +434% |
| Cash at bank and in hand | 54/58 | €90,929 | €26,019 | -€64,910 | -71.4% |
| Deferred charges and accrued income | 490/1 | - | €1,064,037 | +€1.1m | |
| Total equity and liabilities | 10/49 | €1,220,791 | €2,808,367 | +€1.6m | +130% |
| Equity | 10/15 | -€508,951 | €238,431 | +€747,382 | |
| Contributions | 10/11 | €6,000 | €606,000 | +€600,000 | +10,000% |
| Reserves | 13 | €25,659 | €25,659 | = | 0.0% |
| Distributable reserves | 133 | €25,659 | €25,659 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€540,610 | -€393,228 | +€147,382 | +27.3% |
| Amounts payable | 17/49 | €1,729,742 | €2,569,937 | +€840,194 | +48.6% |
| Amounts payable after more than one year | 17 | €1,171,000 | €0 | -€1.2m | -100% |
| Financial debts | 170/4 | €1,171,000 | €0 | -€1.2m | -100% |
| Amounts payable within one year | 42/48 | €558,742 | €2,569,855 | +€2.0m | +360% |
| Trade debts | 44 | €250,871 | €707,062 | +€456,191 | +182% |
| Suppliers | 440/4 | €250,871 | €707,062 | +€456,191 | +182% |
| Advances received on contracts in progress | 46 | €978 | €1,502,980 | +€1.5m | +153,585% |
| Taxes, remuneration and social security | 45 | €189,737 | €169,235 | -€20,502 | -10.8% |
| Taxes | 450/3 | €34,011 | €94,191 | +€60,180 | +177% |
| Remuneration and social security | 454/9 | €155,726 | €75,044 | -€80,681 | -51.8% |
| Other amounts payable | 47/48 | €117,157 | €190,578 | +€73,421 | +62.7% |
| Accrued charges and deferred income | 492/3 | - | €81 | +€81 | |
| Non-recurring operating income | 76A | €4,028 | €0 | -€4,028 | -100% |
| Remuneration, social security and pensions | 62 | €771,137 | €514,945 | -€256,192 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,887 | €89,885 | -€22,002 | -19.7% |
| Other operating charges | 640/8 | €27,432 | €9,148 | -€18,285 | -66.7% |
| Gross operating margin | 9900 | €1,031,318 | €991,664 | -€39,654 | -3.8% |
| Operating profit (loss) | 9901 | €120,863 | €377,686 | +€256,824 | +212% |
| Financial income | 75/76B | €2,380 | €3,646 | +€1,266 | +53.2% |
| Recurring financial income | 75 | €2,380 | €3,646 | +€1,266 | +53.2% |
| Financial charges | 65/66B | €4,344 | €6,865 | +€2,521 | +58.0% |
| Recurring financial charges | 65 | €4,344 | €6,865 | +€2,521 | +58.0% |
| Profit (loss) for the period before taxes | 9903 | €118,899 | €374,467 | +€255,569 | +215% |
| Income taxes | 67/77 | €32,636 | €55,710 | +€23,074 | +70.7% |
| Profit (loss) for the period | 9904 | €86,262 | €318,757 | +€232,495 | +270% |
| Profit (loss) for the period to be appropriated | 9905 | €86,262 | €318,757 | +€232,495 | +270% |
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 16 October 2026 via checked.be.