MANH: 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.
MANH
Largest movements
- Receivables within one year -€69,373
down €69,373 (-64.7%), from €107,260 to €37,887
of which Other amounts receivable: -€71,083
- Cash +€21,802
up €21,802 (+146.6%), from €14,872 to €36,674
mainly Net result for the year (+€86,995) and Receivables within one year (+€69,373)
- Tangible fixed assets +€10,795
up €10,795 (+3.8%), from €281,609 to €292,404
of which Land and buildings: +€20,047
- Other debts -€27,388
down €27,388 (-27.4%), from €99,927 to €72,538
- Debts after one year -€14,041
down €14,041 (-11.9%), from €117,896 to €103,855
- Reserves +€6,995
up €6,995 (+5.0%), from €138,953 to €145,948
- Gross operating margin -€19,280
down €19,280 (-12.8%), from €150,968 to €131,688
- Taxes -€3,444
down €3,444 (-11.1%), from €31,136 to €27,692
- Depreciation -€1,712
down €1,712 (-12.6%), from €13,590 to €11,878
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 | €406,902 | €370,445 | -€36,457 | -9.0% |
| Fixed assets | 21/28 | €281,609 | €292,404 | +€10,795 | +3.8% |
| Tangible fixed assets | 22/27 | €281,609 | €292,404 | +€10,795 | +3.8% |
| Land and buildings | 22 | €234,372 | €254,419 | +€20,047 | +8.6% |
| Furniture and vehicles | 24 | €34,895 | €30,198 | -€4,696 | -13.5% |
| Other tangible fixed assets | 26 | €12,342 | €7,786 | -€4,556 | -36.9% |
| Current assets | 29/58 | €125,294 | €78,042 | -€47,252 | -37.7% |
| Amounts receivable within one year | 40/41 | €107,260 | €37,887 | -€69,373 | -64.7% |
| Trade receivables | 40 | €23,000 | €24,710 | +€1,710 | +7.4% |
| Other amounts receivable | 41 | €84,260 | €13,177 | -€71,083 | -84.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €14,872 | €36,674 | +€21,802 | +146.6% |
| Deferred charges and accrued income | 490/1 | €3,162 | €3,481 | +€320 | +10.1% |
| Total equity and liabilities | 10/49 | €406,902 | €370,445 | -€36,457 | -9.0% |
| Equity | 10/15 | €157,503 | €164,498 | +€6,995 | +4.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €138,953 | €145,948 | +€6,995 | +5.0% |
| Distributable reserves | 133 | €138,953 | €145,948 | +€6,995 | +5.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €249,399 | €205,947 | -€43,452 | -17.4% |
| Amounts payable after more than one year | 17 | €117,896 | €103,855 | -€14,041 | -11.9% |
| Financial debts | 170/4 | €117,896 | €103,855 | -€14,041 | -11.9% |
| Amounts payable within one year | 42/48 | €131,352 | €102,093 | -€29,259 | -22.3% |
| Current portion of amounts payable after more than one year | 42 | €13,658 | €14,041 | +€383 | +2.8% |
| Financial debts | 43 | €95 | €773 | +€678 | +712.1% |
| Credit institutions | 430/8 | €95 | €773 | +€678 | +712.1% |
| Trade debts | 44 | €1,540 | €302 | -€1,238 | -80.4% |
| Suppliers | 440/4 | €1,540 | €302 | -€1,238 | -80.4% |
| Taxes, remuneration and social security | 45 | €16,133 | €14,438 | -€1,694 | -10.5% |
| Taxes | 450/3 | €16,133 | €14,438 | -€1,694 | -10.5% |
| Other amounts payable | 47/48 | €99,927 | €72,538 | -€27,388 | -27.4% |
| Accrued charges and deferred income | 492/3 | €152 | €0 | -€152 | -100.0% |
| Non-recurring operating income | 76A | €14,847 | €0 | -€14,847 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,590 | €11,878 | -€1,712 | -12.6% |
| Other operating charges | 640/8 | €1,652 | €1,439 | -€213 | -12.9% |
| Non-recurring operating charges | 66A | €902 | €0 | -€902 | -100.0% |
| Gross operating margin | 9900 | €150,968 | €131,688 | -€19,280 | -12.8% |
| Operating profit (loss) | 9901 | €134,824 | €118,371 | -€16,453 | -12.2% |
| Financial income | 75/76B | €695 | €59 | -€636 | -91.4% |
| Recurring financial income | 75 | €695 | €59 | -€636 | -91.4% |
| Financial charges | 65/66B | €4,456 | €3,744 | -€713 | -16.0% |
| Recurring financial charges | 65 | €4,456 | €3,744 | -€713 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €131,063 | €114,687 | -€16,376 | -12.5% |
| Income taxes | 67/77 | €31,136 | €27,692 | -€3,444 | -11.1% |
| Profit (loss) for the period | 9904 | €99,927 | €86,995 | -€12,932 | -12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €99,927 | €86,995 | -€12,932 | -12.9% |
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 29 September 2026 via checked.be.