MANHUMAX: 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.
MANHUMAX
Largest movements
- Current investments +€184,000
up €184,000 (+279%), from €66,000 to €250,000
- Cash -€39,148
down €39,148 (-36.5%), from €107,123 to €67,975
mainly Current investments (-€184,000) and Receivables within one year (-€4,700)
- Receivables within one year +€4,700
up €4,700 (+7.7%), from €61,300 to €66,000
- Reserves +€134,460
up €134,460 (+78.6%), from €171,083 to €305,543
- Tax, wage and social debts +€8,351
up €8,351 (+13.7%), from €61,002 to €69,353
of which Taxes: +€8,351
- Gross operating margin +€13,305
up €13,305 (+8.1%), from €165,200 to €178,505
- Taxes +€2,915
up €2,915 (+7.0%), from €41,687 to €44,602
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €238,232 | €384,946 | +€146,715 | +61.6% |
| Fixed assets | 21/28 | €2,418 | - | -€2,418 | |
| Financial fixed assets | 28 | €2,418 | - | -€2,418 | |
| Current assets | 29/58 | €235,814 | €384,946 | +€149,133 | +63.2% |
| Amounts receivable within one year | 40/41 | €61,300 | €66,000 | +€4,700 | +7.7% |
| Trade receivables | 40 | €61,300 | €66,000 | +€4,700 | +7.7% |
| Current investments | 50/53 | €66,000 | €250,000 | +€184,000 | +279% |
| Cash at bank and in hand | 54/58 | €107,123 | €67,975 | -€39,148 | -36.5% |
| Deferred charges and accrued income | 490/1 | €1,391 | €971 | -€420 | -30.2% |
| Total equity and liabilities | 10/49 | €238,232 | €384,946 | +€146,715 | +61.6% |
| Equity | 10/15 | €172,374 | €306,834 | +€134,460 | +78.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €171,083 | €305,543 | +€134,460 | +78.6% |
| Distributable reserves | 133 | €171,083 | €305,543 | +€134,460 | +78.6% |
| Profit (loss) carried forward | 14 | -€1,709 | -€1,709 | = | 0.0% |
| Amounts payable | 17/49 | €65,858 | €78,113 | +€12,255 | +18.6% |
| Amounts payable within one year | 42/48 | €65,858 | €78,113 | +€12,255 | +18.6% |
| Trade debts | 44 | €2,496 | €5,979 | +€3,482 | +139% |
| Suppliers | 440/4 | €2,496 | €5,979 | +€3,482 | +139% |
| Taxes, remuneration and social security | 45 | €61,002 | €69,353 | +€8,351 | +13.7% |
| Taxes | 450/3 | €60,842 | €69,193 | +€8,351 | +13.7% |
| Remuneration and social security | 454/9 | €160 | €160 | = | 0.0% |
| Other amounts payable | 47/48 | €2,360 | €2,781 | +€421 | +17.9% |
| Non-recurring operating income | 76A | - | €49,582 | +€49,582 | |
| Other operating charges | 640/8 | €560 | €1,414 | +€855 | +153% |
| Gross operating margin | 9900 | €165,200 | €178,505 | +€13,305 | +8.1% |
| Operating profit (loss) | 9901 | €164,640 | €177,091 | +€12,450 | +7.6% |
| Financial income | 75/76B | €2,146 | €3,175 | +€1,029 | +47.9% |
| Recurring financial income | 75 | €2,146 | €3,175 | +€1,029 | +47.9% |
| Financial charges | 65/66B | €1,754 | €1,203 | -€551 | -31.4% |
| Recurring financial charges | 65 | €1,754 | €1,203 | -€551 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €165,032 | €179,062 | +€14,030 | +8.5% |
| Income taxes | 67/77 | €41,687 | €44,602 | +€2,915 | +7.0% |
| Profit (loss) for the period | 9904 | €123,345 | €134,460 | +€11,115 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €123,345 | €134,460 | +€11,115 | +9.0% |
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 14 October 2026 via checked.be.