MANFRED STABLES: 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.
MANFRED STABLES
Largest movements
- Stocks and contracts +€297,500
up €297,500 (+235.2%), from €126,500 to €424,000
- Receivables within one year +€234,774
up €234,774 (+706.5%), from €33,229 to €268,003
of which Trade receivables: +€238,925
- Deferred charges and accrued income -€20,450
down €20,450 (-99.1%), from €20,643 to €193
- Cash +€16,904
up €16,904 (+1043.1%), from €1,621 to €18,525
- Trade debts +€231,854
up €231,854 (+567.6%), from €40,852 to €272,705
- Other debts +€151,083
up €151,083 (+1527.6%), from €9,890 to €160,973
- Profit (loss) carried forward +€95,093
up €95,093, from -€15,258 to €79,835
- Tax, wage and social debts +€54,222
up €54,222 (+903.7%), from €6,000 to €60,222
of which Taxes: +€60,222
- Debts after one year -€13,750
down €13,750 (-10.6%), from €130,250 to €116,500
- Gross operating margin +€117,341
up €117,341 (+1223.1%), from €9,594 to €126,935
- Taxes +€21,494
new in 2025: €21,494
- Other operating charges +€6,589
up €6,589 (+189.4%), from €3,480 to €10,069
- Financial charges +€1,716
up €1,716 (+191.6%), from €895 to €2,611
of which Financial charges: +€2,206
- Financial income +€1,286
up €1,286 (+504.6%), from €255 to €1,541
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €192,344 | €720,846 | +€528,502 | +274.8% |
| Fixed assets | 21/28 | €10,351 | €10,124 | -€227 | -2.2% |
| Tangible fixed assets | 22/27 | €10,351 | €10,124 | -€227 | -2.2% |
| Plant, machinery and equipment | 23 | €10,351 | €10,124 | -€227 | -2.2% |
| Current assets | 29/58 | €181,993 | €710,722 | +€528,729 | +290.5% |
| Stocks and contracts in progress | 3 | €126,500 | €424,000 | +€297,500 | +235.2% |
| Stocks | 30/36 | €126,500 | €424,000 | +€297,500 | +235.2% |
| Amounts receivable within one year | 40/41 | €33,229 | €268,003 | +€234,774 | +706.5% |
| Trade receivables | 40 | €28,716 | €267,641 | +€238,925 | +832.0% |
| Other amounts receivable | 41 | €4,513 | €362 | -€4,151 | -92.0% |
| Cash at bank and in hand | 54/58 | €1,621 | €18,525 | +€16,904 | +1043.1% |
| Deferred charges and accrued income | 490/1 | €20,643 | €193 | -€20,450 | -99.1% |
| Total equity and liabilities | 10/49 | €192,344 | €720,846 | +€528,502 | +274.8% |
| Equity | 10/15 | €5,353 | €100,446 | +€95,093 | +1776.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,011 | €2,011 | = | 0.0% |
| Distributable reserves | 133 | €2,011 | €2,011 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,258 | €79,835 | +€95,093 | |
| Amounts payable | 17/49 | €186,992 | €620,400 | +€433,409 | +231.8% |
| Amounts payable after more than one year | 17 | €130,250 | €116,500 | -€13,750 | -10.6% |
| Other amounts payable | 178/9 | €130,250 | €116,500 | -€13,750 | -10.6% |
| Amounts payable within one year | 42/48 | €56,742 | €503,900 | +€447,159 | +788.1% |
| Trade debts | 44 | €40,852 | €272,705 | +€231,854 | +567.6% |
| Suppliers | 440/4 | €40,852 | €272,705 | +€231,854 | +567.6% |
| Advances received on contracts in progress | 46 | - | €10,000 | +€10,000 | |
| Taxes, remuneration and social security | 45 | €6,000 | €60,222 | +€54,222 | +903.7% |
| Taxes | 450/3 | - | €60,222 | +€60,222 | |
| Remuneration and social security | 454/9 | €6,000 | - | -€6,000 | |
| Other amounts payable | 47/48 | €9,890 | €160,973 | +€151,083 | +1527.6% |
| Remuneration, social security and pensions | 62 | - | €112 | +€112 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €988 | €1,127 | +€139 | +14.0% |
| Other operating charges | 640/8 | €3,480 | €10,069 | +€6,589 | +189.4% |
| Non-recurring operating charges | 66A | €1,311 | - | -€1,311 | |
| Gross operating margin | 9900 | €9,594 | €126,935 | +€117,341 | +1223.1% |
| Operating profit (loss) | 9901 | €3,815 | €115,628 | +€111,813 | +2931.2% |
| Financial income | 75/76B | €255 | €1,541 | +€1,286 | +504.6% |
| Recurring financial income | 75 | €255 | €1,541 | +€1,286 | +504.6% |
| Financial charges | 65/66B | €895 | €2,611 | +€1,716 | +191.6% |
| Recurring financial charges | 65 | €405 | €2,611 | +€2,206 | +544.4% |
| Non-recurring financial charges | 66B | €490 | - | -€490 | |
| Profit (loss) for the period before taxes | 9903 | €3,174 | €114,557 | +€111,383 | +3509.4% |
| Income taxes | 67/77 | - | €21,494 | +€21,494 | |
| Profit (loss) for the period | 9904 | €3,174 | €93,063 | +€89,890 | +2832.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,174 | €93,063 | +€89,890 | +2832.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.