Manibel: 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.
Manibel
Largest movements
- Cash +€67,821
up €67,821 (+41.7%), from €162,591 to €230,412
mainly Net result for the year (+€142,219) and Other debts (+€91,661)
- Tangible fixed assets -€40,885
down €40,885 (-4.2%), from €981,656 to €940,771
of which Land and buildings: -€43,956
- Debts after one year -€124,970
down €124,970 (-32.0%), from €390,584 to €265,614
- Other debts +€91,661
up €91,661 (+27.4%), from €334,432 to €426,093
- Reserves +€62,222
up €62,222 (+9.2%), from €675,387 to €737,609
- Gross operating margin +€14,525
up €14,525 (+5.5%), from €265,107 to €279,632
- Taxes +€4,411
up €4,411 (+7.5%), from €59,205 to €63,616
- Financial charges +€3,504
up €3,504 (+15.2%), from €23,026 to €26,530
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 | €1,490,181 | €1,520,931 | +€30,750 | +2.1% |
| Fixed assets | 21/28 | €1,128,013 | €1,087,128 | -€40,885 | -3.6% |
| Tangible fixed assets | 22/27 | €981,656 | €940,771 | -€40,885 | -4.2% |
| Land and buildings | 22 | €981,025 | €937,070 | -€43,956 | -4.5% |
| Plant, machinery and equipment | 23 | €432 | €201 | -€231 | -53.5% |
| Furniture and vehicles | 24 | €198 | €0 | -€198 | -100% |
| Other tangible fixed assets | 26 | - | €3,500 | +€3,500 | |
| Financial fixed assets | 28 | €146,358 | €146,358 | = | 0.0% |
| Current assets | 29/58 | €362,168 | €433,803 | +€71,635 | +19.8% |
| Amounts receivable after more than one year | 29 | €35,200 | €35,200 | = | 0.0% |
| Other amounts receivable | 291 | €35,200 | €35,200 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €101,460 | €102,065 | +€605 | +0.6% |
| Trade receivables | 40 | €31,460 | €32,065 | +€605 | +1.9% |
| Other amounts receivable | 41 | €70,000 | €70,000 | = | 0.0% |
| Current investments | 50/53 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €162,591 | €230,412 | +€67,821 | +41.7% |
| Deferred charges and accrued income | 490/1 | €2,917 | €6,126 | +€3,209 | +110% |
| Total equity and liabilities | 10/49 | €1,490,181 | €1,520,931 | +€30,750 | +2.1% |
| Equity | 10/15 | €681,587 | €743,809 | +€62,222 | +9.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €675,387 | €737,609 | +€62,222 | +9.2% |
| Distributable reserves | 133 | €675,387 | €737,609 | +€62,222 | +9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €808,594 | €777,122 | -€31,472 | -3.9% |
| Amounts payable after more than one year | 17 | €390,584 | €265,614 | -€124,970 | -32.0% |
| Financial debts | 170/4 | €390,584 | €265,614 | -€124,970 | -32.0% |
| Amounts payable within one year | 42/48 | €418,010 | €511,508 | +€93,498 | +22.4% |
| Current portion of amounts payable after more than one year | 42 | €33,512 | €25,606 | -€7,905 | -23.6% |
| Trade debts | 44 | €10,514 | €8,650 | -€1,864 | -17.7% |
| Suppliers | 440/4 | €10,514 | €8,650 | -€1,864 | -17.7% |
| Taxes, remuneration and social security | 45 | €39,552 | €51,159 | +€11,607 | +29.3% |
| Taxes | 450/3 | €35,552 | €50,561 | +€15,009 | +42.2% |
| Remuneration and social security | 454/9 | €4,000 | €598 | -€3,402 | -85.1% |
| Other amounts payable | 47/48 | €334,432 | €426,093 | +€91,661 | +27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,882 | €44,385 | -€1,497 | -3.3% |
| Other operating charges | 640/8 | €10,095 | €10,192 | +€97 | +1.0% |
| Gross operating margin | 9900 | €265,107 | €279,632 | +€14,525 | +5.5% |
| Operating profit (loss) | 9901 | €209,130 | €225,055 | +€15,925 | +7.6% |
| Financial income | 75/76B | €5,469 | €7,310 | +€1,842 | +33.7% |
| Recurring financial income | 75 | €5,469 | €7,310 | +€1,842 | +33.7% |
| Financial charges | 65/66B | €23,026 | €26,530 | +€3,504 | +15.2% |
| Recurring financial charges | 65 | €23,026 | €26,530 | +€3,504 | +15.2% |
| Profit (loss) for the period before taxes | 9903 | €191,572 | €205,835 | +€14,263 | +7.4% |
| Income taxes | 67/77 | €59,205 | €63,616 | +€4,411 | +7.5% |
| Profit (loss) for the period | 9904 | €132,367 | €142,219 | +€9,851 | +7.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €132,367 | €142,219 | +€9,851 | +7.4% |
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 18 October 2026 via checked.be.