MANHOVE: what changed
MANHOVE
Largest movements
- Tangible fixed assets +€338,209
up €338,209 (+55.6%), from €608,217 to €946,426
of which Land and buildings: +€354,218
- Stocks and contracts +€99,849
up €99,849 (+6,049%), from €1,651 to €101,500
of which Contracts in progress: +€100,000
- Receivables within one year -€82,462
down €82,462 (-63.7%), from €129,453 to €46,990
of which Trade receivables: -€89,994
- Cash +€39,204
up €39,204 (+94.9%), from €41,313 to €80,517
mainly Debts after one year (+€338,582) and Receivables within one year (+€82,462)
- Debts after one year +€338,582
up €338,582 (+74.1%), from €456,915 to €795,497
- Reserves +€34,430
up €34,430 (+24.8%), from €139,040 to €173,470
- Trade debts +€21,833
up €21,833 (+34.7%), from €62,836 to €84,669
- Tax, wage and social debts -€17,088
down €17,088 (-47.2%), from €36,211 to €19,124
of which Remuneration and social security: -€11,833
- Current portion of long-term debt +€16,984
up €16,984 (+42.1%), from €40,365 to €57,349
- Gross operating margin +€57,088
up €57,088 (+18.4%), from €310,048 to €367,135
- Other operating charges +€19,995
up €19,995 (+516%), from €3,874 to €23,870
- Financial charges +€12,202
up €12,202 (+49.3%), from €24,733 to €36,934
- Depreciation +€11,567
up €11,567 (+21.9%), from €52,704 to €64,271
- Staff costs -€4,287
down €4,287 (-2.0%), from €209,256 to €204,969
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €792,438 | €1,189,452 | +€397,015 | +50.1% |
| Fixed assets | 21/28 | €608,217 | €946,426 | +€338,209 | +55.6% |
| Tangible fixed assets | 22/27 | €608,217 | €946,426 | +€338,209 | +55.6% |
| Land and buildings | 22 | €536,299 | €890,517 | +€354,218 | +66.0% |
| Plant, machinery and equipment | 23 | €51,392 | €53,776 | +€2,384 | +4.6% |
| Furniture and vehicles | 24 | €20,526 | €2,133 | -€18,393 | -89.6% |
| Current assets | 29/58 | €184,220 | €243,027 | +€58,806 | +31.9% |
| Stocks and contracts in progress | 3 | €1,651 | €101,500 | +€99,849 | +6,049% |
| Stocks | 30/36 | €1,651 | €1,500 | -€151 | -9.1% |
| Contracts in progress | 37 | - | €100,000 | +€100,000 | |
| Amounts receivable within one year | 40/41 | €129,453 | €46,990 | -€82,462 | -63.7% |
| Trade receivables | 40 | €117,292 | €27,298 | -€89,994 | -76.7% |
| Other amounts receivable | 41 | €12,160 | €19,693 | +€7,532 | +61.9% |
| Cash at bank and in hand | 54/58 | €41,313 | €80,517 | +€39,204 | +94.9% |
| Deferred charges and accrued income | 490/1 | €11,804 | €14,019 | +€2,215 | +18.8% |
| Total equity and liabilities | 10/49 | €792,438 | €1,189,452 | +€397,015 | +50.1% |
| Equity | 10/15 | €189,806 | €224,236 | +€34,430 | +18.1% |
| Contributions | 10/11 | €34,000 | €34,000 | = | 0.0% |
| Reserves | 13 | €139,040 | €173,470 | +€34,430 | +24.8% |
| Distributable reserves | 133 | €139,040 | €173,470 | +€34,430 | +24.8% |
| Profit (loss) carried forward | 14 | €16,766 | €16,766 | = | 0.0% |
| Amounts payable | 17/49 | €602,632 | €965,216 | +€362,585 | +60.2% |
| Amounts payable after more than one year | 17 | €456,915 | €795,497 | +€338,582 | +74.1% |
| Financial debts | 170/4 | €456,915 | €795,497 | +€338,582 | +74.1% |
| Amounts payable within one year | 42/48 | €145,716 | €168,401 | +€22,684 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €40,365 | €57,349 | +€16,984 | +42.1% |
| Trade debts | 44 | €62,836 | €84,669 | +€21,833 | +34.7% |
| Suppliers | 440/4 | €62,836 | €84,669 | +€21,833 | +34.7% |
| Taxes, remuneration and social security | 45 | €36,211 | €19,124 | -€17,088 | -47.2% |
| Taxes | 450/3 | €10,695 | €5,441 | -€5,254 | -49.1% |
| Remuneration and social security | 454/9 | €25,516 | €13,683 | -€11,833 | -46.4% |
| Other amounts payable | 47/48 | €6,304 | €7,258 | +€955 | +15.1% |
| Accrued charges and deferred income | 492/3 | - | €1,319 | +€1,319 | |
| Remuneration, social security and pensions | 62 | €209,256 | €204,969 | -€4,287 | -2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,704 | €64,271 | +€11,567 | +21.9% |
| Other operating charges | 640/8 | €3,874 | €23,870 | +€19,995 | +516% |
| Gross operating margin | 9900 | €310,048 | €367,135 | +€57,088 | +18.4% |
| Operating profit (loss) | 9901 | €44,213 | €74,026 | +€29,813 | +67.4% |
| Financial income | 75/76B | €1,514 | €782 | -€733 | -48.4% |
| Recurring financial income | 75 | €1,514 | €782 | -€733 | -48.4% |
| Financial charges | 65/66B | €24,733 | €36,934 | +€12,202 | +49.3% |
| Recurring financial charges | 65 | €24,733 | €36,934 | +€12,202 | +49.3% |
| Profit (loss) for the period before taxes | 9903 | €20,995 | €37,873 | +€16,878 | +80.4% |
| Income taxes | 67/77 | €2,840 | €3,443 | +€603 | +21.3% |
| Profit (loss) for the period | 9904 | €18,155 | €34,430 | +€16,275 | +89.6% |
| Profit (loss) for the period to be appropriated | 9905 | €18,155 | €34,430 | +€16,275 | +89.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.