Manhattn's: 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
Manhattn's
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,933
2024 · €6,478+€11,455
Equity
€1.5m
2024 · €1.5m+€17,933
Cash
€6,157
2024 · €43,079-€36,922
Balance sheet total
€5.6m
2024 · €4.5m+€1.2m
Largest movements
Assets
- Receivables after one year +€1.1m
up €1.1m (+38.5%), from €2.8m to €3.8m
- Deferred charges and accrued income +€124,268
up €124,268 (+133%), from €93,435 to €217,704
Equity and liabilities
- Advances received +€935,966
new in 2025: €935,966
- Current portion of long-term debt +€726,454
up €726,454 (+270%), from €268,796 to €995,250
- Debts after one year -€699,217
down €699,217 (-43.3%), from €1.6m to €914,291
- Other debts +€116,072
up €116,072 (+12.8%), from €908,529 to €1.0m
- Trade debts +€61,488
up €61,488 (+114%), from €54,116 to €115,604
Income statement
- Other operating charges -€1.0m
down €1.0m (-100.0%), from €1.0m to €292
- Write-downs +€530,000
up €530,000, from -€530,000 to €0
- Financial income -€467,520
down €467,520 (-78.9%), from €592,416 to €124,895
- Other operating income +€78,605
up €78,605 (+11.3%), from €698,054 to €776,659
- Staff costs +€51,921
up €51,921 (+29.7%), from €174,935 to €226,856
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
€6,478
Turnover
-€23,309
Other operating income
+€78,605
Services and other goods
-€32,836
Staff costs
-€51,921
Depreciation
+€4,786
Write-downs
-€530,000
Other operating charges
+€1.0m
Financial income
-€467,520
Financial charges
+€3,085
Taxes
+€148
Result 2025
€17,933
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
-€64,164
Investment
€0
Financing
+€27,242
Cash 2024
€43,079
From operations (derived)
-€64,164
Net result for the year
+€17,933
Depreciation
+€677
Receivables after one year
-€1.1m
Receivables within one year
-€9,737
Deferred charges and accrued income
-€124,268
Trade debts
+€61,488
Smaller working-capital items
+€2,704
Advances received
+€935,966
Other debts
+€116,072
Financing
+€27,242
Debts after one year
-€699,217
Current portion of long-term debt
+€726,454
Short-term financial debts
+€6
Cash 2025
€6,157
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,460,140 | €5,621,547 | +€1.2m | +26.0% |
| Fixed assets | 21/28 | €732,213 | €731,536 | -€677 | -0.1% |
| Intangible fixed assets | 21 | €806 | €456 | -€350 | -43.4% |
| Tangible fixed assets | 22/27 | €327 | €0 | -€327 | -100% |
| Furniture and vehicles | 24 | €327 | €0 | -€327 | -100% |
| Financial fixed assets | 28 | €731,079 | €731,079 | = | 0.0% |
| Affiliated companies | 280/1 | €731,079 | €731,079 | = | 0.0% |
| Participating interests | 280 | €731,079 | €731,079 | = | 0.0% |
| Current assets | 29/58 | €3,727,927 | €4,890,011 | +€1.2m | +31.2% |
| Amounts receivable after more than one year | 29 | €2,764,561 | €3,829,561 | +€1.1m | +38.5% |
| Other amounts receivable | 291 | €2,764,561 | €3,829,561 | +€1.1m | +38.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €826,852 | €836,590 | +€9,737 | +1.2% |
| Trade receivables | 40 | €801,609 | €779,616 | -€21,992 | -2.7% |
| Other amounts receivable | 41 | €25,244 | €56,973 | +€31,730 | +126% |
| Cash at bank and in hand | 54/58 | €43,079 | €6,157 | -€36,922 | -85.7% |
| Deferred charges and accrued income | 490/1 | €93,435 | €217,704 | +€124,268 | +133% |
| Total equity and liabilities | 10/49 | €4,460,140 | €5,621,547 | +€1.2m | +26.0% |
| Equity | 10/15 | €1,531,816 | €1,549,750 | +€17,933 | +1.2% |
| Contributions | 10/11 | €2,060,540 | €2,060,540 | = | 0.0% |
| Capital | 10 | €70,387 | €70,387 | = | 0.0% |
| Issued capital | 100 | €70,387 | €70,387 | = | 0.0% |
| Contributions outside capital | 11 | €1,990,154 | €1,990,154 | = | 0.0% |
| Share premium | 1100/10 | €1,990,154 | €1,990,154 | = | 0.0% |
| Reserves | 13 | €6,443 | €6,443 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,443 | €6,443 | = | 0.0% |
| Legal reserve | 130 | €6,443 | €6,443 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€535,167 | -€517,234 | +€17,933 | +3.4% |
| Amounts payable | 17/49 | €2,928,324 | €4,071,797 | +€1.1m | +39.0% |
| Amounts payable after more than one year | 17 | €1,613,508 | €914,291 | -€699,217 | -43.3% |
| Financial debts | 170/4 | €1,613,508 | €914,291 | -€699,217 | -43.3% |
| Subordinated loans | 170 | €421,170 | €0 | -€421,170 | -100% |
| Credit institutions | 173 | €1,192,338 | €914,291 | -€278,047 | -23.3% |
| Amounts payable within one year | 42/48 | €1,277,084 | €3,117,773 | +€1.8m | +144% |
| Current portion of amounts payable after more than one year | 42 | €268,796 | €995,250 | +€726,454 | +270% |
| Financial debts | 43 | - | €6 | +€6 | |
| Credit institutions | 430/8 | - | €6 | +€6 | |
| Trade debts | 44 | €54,116 | €115,604 | +€61,488 | +114% |
| Suppliers | 440/4 | €54,116 | €115,604 | +€61,488 | +114% |
| Advances received on contracts in progress | 46 | - | €935,966 | +€935,966 | |
| Taxes, remuneration and social security | 45 | €45,643 | €46,346 | +€703 | +1.5% |
| Taxes | 450/3 | €11,326 | €3,871 | -€7,455 | -65.8% |
| Remuneration and social security | 454/9 | €34,317 | €42,475 | +€8,158 | +23.8% |
| Other amounts payable | 47/48 | €908,529 | €1,024,600 | +€116,072 | +12.8% |
| Accrued charges and deferred income | 492/3 | €37,732 | €39,733 | +€2,001 | +5.3% |
| Operating income | 70/76A | €721,363 | €776,659 | +€55,296 | +7.7% |
| Turnover | 70 | €23,309 | €0 | -€23,309 | -100% |
| Other operating income | 74 | €698,054 | €776,659 | +€78,605 | +11.3% |
| Operating charges | 60/66A | €1,220,193 | €799,746 | -€420,447 | -34.5% |
| Services and other goods | 61 | €539,085 | €571,921 | +€32,836 | +6.1% |
| Remuneration, social security and pensions | 62 | €174,935 | €226,856 | +€51,921 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,463 | €677 | -€4,786 | -87.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€530,000 | €0 | +€530,000 | |
| Other operating charges | 640/8 | €1,030,710 | €292 | -€1.0m | -100.0% |
| Operating profit (loss) | 9901 | -€498,830 | -€23,087 | +€475,743 | +95.4% |
| Financial income | 75/76B | €592,416 | €124,895 | -€467,520 | -78.9% |
| Recurring financial income | 75 | €592,416 | €124,895 | -€467,520 | -78.9% |
| Income from financial fixed assets | 750 | €510,000 | €0 | -€510,000 | -100% |
| Income from current assets | 751 | €82,416 | €124,472 | +€42,057 | +51.0% |
| Other financial income | 752/9 | €0 | €423 | +€423 | |
| Financial charges | 65/66B | €86,791 | €83,706 | -€3,085 | -3.6% |
| Recurring financial charges | 65 | €86,791 | €83,706 | -€3,085 | -3.6% |
| Debt charges | 650 | €84,798 | €81,699 | -€3,099 | -3.7% |
| Other financial charges | 652/9 | €1,993 | €2,006 | +€14 | +0.7% |
| Profit (loss) for the period before taxes | 9903 | €6,795 | €18,102 | +€11,307 | +166% |
| Income taxes | 67/77 | €317 | €169 | -€148 | -46.6% |
| Taxes | 670/3 | €317 | €169 | -€148 | -46.6% |
| Profit (loss) for the period | 9904 | €6,478 | €17,933 | +€11,455 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €6,478 | €17,933 | +€11,455 | +177% |
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 28 October 2026 via checked.be.