Manhattan office: 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.
What changed
Manhattan office
NACE 81.100, Combined facilities support activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€29.0m
2024 · -€30.0m+€999,545
Equity
-€126.2m
2024 · -€97.3m-€29.0m
Cash
€670,161
2024 · €1.1m-€470,294
Balance sheet total
€215.9m
2024 · €221.1m-€5.1m
Largest movements
Assets
- Tangible fixed assets -€5.4m
down €5.4m (-2.7%), from €202.1m to €196.7m
of which Land and buildings: -€6.6m
Equity and liabilities
- Accrued charges and deferred income +€30.8m
up €30.8m (+118,440%), from €26,047 to €30.9m
- Profit (loss) carried forward -€29.0m
down €29.0m (-26.0%), from -€111.4m to -€140.3m
- Debts after one year -€7.4m
down €7.4m (-2.4%), from €305.9m to €298.5m
of which Financial debts: -€7.4m
Income statement
- Gross operating margin +€2.6m
up €2.6m (+36.5%), from €7.0m to €9.6m
- Financial income -€694,700
down €694,700 (-99.8%), from €695,844 to €1,144
- Financial charges +€565,416
up €565,416 (+2.1%), from €27.1m to €27.7m
- Other operating charges +€133,568
up €133,568 (+7.1%), from €1.9m to €2.0m
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.
Result 2024
-€30.0m
Gross operating margin
+€2.6m
Depreciation
-€83,663
Write-downs
-€89,055
Other operating charges
-€133,568
Financial income
-€694,700
Financial charges
-€565,416
Taxes
-€13
Result 2025
-€29.0m
raises the resultlowers the result
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.
From operations
+€9.4m
Investment
-€2.5m
Financing
-€7.4m
Cash 2024
€1.1m
From operations (derived)
+€9.4m
Net result for the year
-€29.0m
Depreciation
+€7.9m
Stocks and contracts
+€3,373
Receivables within one year
-€330,324
Deferred charges and accrued income
-€428,051
Trade debts
-€1.3m
Tax, wage and social debts
+€2.1m
Other debts
-€402,973
Accrued charges and deferred income
+€30.8m
Investment (derived)
-€2.5m
Investment in fixed assets (net)
-€2.5m
Financing
-€7.4m
Debts after one year
-€7.4m
Cash 2025
€670,161
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €221,067,264 | €215,940,696 | -€5.1m | -2.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €203,114,885 | €197,703,609 | -€5.4m | -2.7% |
| Tangible fixed assets | 22/27 | €202,132,318 | €196,721,042 | -€5.4m | -2.7% |
| Land and buildings | 22 | €193,887,505 | €187,335,937 | -€6.6m | -3.4% |
| Plant, machinery and equipment | 23 | €3,304 | €0 | -€3,304 | -100% |
| Furniture and vehicles | 24 | €16,982 | €7,826 | -€9,156 | -53.9% |
| Other tangible fixed assets | 26 | €8,224,527 | €9,377,278 | +€1.2m | +14.0% |
| Financial fixed assets | 28 | €982,567 | €982,567 | = | 0.0% |
| Current assets | 29/58 | €17,952,379 | €18,237,087 | +€284,708 | +1.6% |
| Amounts receivable after more than one year | 29 | €232,972 | €232,972 | = | 0.0% |
| Trade receivables | 290 | €232,972 | €232,972 | = | 0.0% |
| Stocks and contracts in progress | 3 | €15,797 | €12,424 | -€3,373 | -21.4% |
| Stocks | 30/36 | €15,797 | €12,424 | -€3,373 | -21.4% |
| Amounts receivable within one year | 40/41 | €5,295,969 | €5,626,293 | +€330,324 | +6.2% |
| Trade receivables | 40 | €5,284,326 | €5,497,716 | +€213,390 | +4.0% |
| Other amounts receivable | 41 | €11,643 | €128,577 | +€116,933 | +1,004% |
| Cash at bank and in hand | 54/58 | €1,140,456 | €670,161 | -€470,294 | -41.2% |
| Deferred charges and accrued income | 490/1 | €11,267,186 | €11,695,237 | +€428,051 | +3.8% |
| Total equity and liabilities | 10/49 | €221,067,264 | €215,940,696 | -€5.1m | -2.3% |
| Equity | 10/15 | -€97,268,510 | -€126,238,990 | -€29.0m | -29.8% |
| Contributions | 10/11 | €13,982,885 | €13,982,885 | = | 0.0% |
| Reserves | 13 | €109,568 | €109,568 | = | 0.0% |
| Non-distributable reserves | 130/1 | €109,568 | €109,568 | = | 0.0% |
| Reserves not available under the articles | 1311 | €109,568 | €109,568 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€111,360,963 | -€140,331,443 | -€29.0m | -26.0% |
| Amounts payable | 17/49 | €318,335,774 | €342,179,685 | +€23.8m | +7.5% |
| Amounts payable after more than one year | 17 | €305,899,535 | €298,467,680 | -€7.4m | -2.4% |
| Financial debts | 170/4 | €305,746,943 | €298,325,496 | -€7.4m | -2.4% |
| Other amounts payable | 178/9 | €152,592 | €142,185 | -€10,408 | -6.8% |
| Amounts payable within one year | 42/48 | €12,410,192 | €12,836,200 | +€426,008 | +3.4% |
| Trade debts | 44 | €10,840,643 | €9,560,432 | -€1.3m | -11.8% |
| Suppliers | 440/4 | €9,778,179 | €8,497,968 | -€1.3m | -13.1% |
| Bills of exchange payable | 441 | €1,062,464 | €1,062,464 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €364,550 | €2,473,742 | +€2.1m | +579% |
| Taxes | 450/3 | €364,550 | €2,473,742 | +€2.1m | +579% |
| Other amounts payable | 47/48 | €1,204,998 | €802,026 | -€402,973 | -33.4% |
| Accrued charges and deferred income | 492/3 | €26,047 | €30,875,805 | +€30.8m | +118,440% |
| Non-recurring operating income | 76A | - | €540,226 | +€540,226 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,802,222 | €7,885,885 | +€83,663 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €906,185 | €995,240 | +€89,055 | +9.8% |
| Other operating charges | 640/8 | €1,889,139 | €2,022,708 | +€133,568 | +7.1% |
| Gross operating margin | 9900 | €7,029,044 | €9,595,003 | +€2.6m | +36.5% |
| Operating profit (loss) | 9901 | -€3,568,502 | -€1,308,828 | +€2.3m | +63.3% |
| Financial income | 75/76B | €695,844 | €1,144 | -€694,700 | -99.8% |
| Recurring financial income | 75 | €695,844 | €1,144 | -€694,700 | -99.8% |
| Financial charges | 65/66B | €27,097,380 | €27,662,796 | +€565,416 | +2.1% |
| Recurring financial charges | 65 | €27,097,380 | €27,662,796 | +€565,416 | +2.1% |
| Profit (loss) for the period before taxes | 9903 | -€29,970,038 | -€28,970,480 | +€999,558 | +3.3% |
| Income taxes | 67/77 | -€13 | - | +€13 | |
| Profit (loss) for the period | 9904 | -€29,970,025 | -€28,970,480 | +€999,545 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€29,970,025 | -€28,970,480 | +€999,545 | +3.3% |
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 22 October 2026 via checked.be.