MANICO: what changed
Two fiscal 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
MANICO
NACE 47.521, Retail sale of hardware, building materials, paint and glass (general range)
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€353,683
2024 · €392,825-€39,141
Equity
€1.1m
2024 · €1.1m+€3,683
Cash
€172,339
2024 · €356,035-€183,696
Balance sheet total
€3.0m
2024 · €3.1m-€129,311
Largest movements
Assets
- Cash -€183,696
down €183,696 (-51.6%), from €356,035 to €172,339
mainly Contributions, distributions and other (-€350,000) and Trade debts (-€168,577)
Equity and liabilities
- Short-term financial debts +€200,000
up €200,000 (+200.0%), from €100,000 to €300,000
- Trade debts -€168,577
down €168,577 (-30.9%), from €544,995 to €376,418
- Current portion of long-term debt -€112,447
down €112,447 (-48.8%), from €230,319 to €117,872
- Other debts -€39,760
down €39,760 (-10.1%), from €395,288 to €355,528
Income statement
- Staff costs +€111,200
up €111,200 (+20.6%), from €538,940 to €650,140
- Gross operating margin +€60,538
up €60,538 (+5.1%), from €1.2m to €1.2m
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
€392,825
Gross operating margin
+€60,538
Staff costs
-€111,200
Depreciation
-€4,117
Other operating charges
-€295
Financial income
+€2,856
Financial charges
+€6,733
Taxes
+€6,343
Result 2025
€353,683
Cash bridge derived
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
+€214,345
Investment
-€143,518
Financing
-€254,524
Cash 2024
€356,035
From operations (derived)
+€214,345
Net result for the year
+€353,683
Depreciation
+€136,060
Stocks and contracts
-€26,773
Receivables within one year
-€20,203
Smaller working-capital items
+€197
Trade debts
-€168,577
Tax, wage and social debts
-€20,283
Other debts
-€39,760
Investment (derived)
-€143,518
Investment in fixed assets (net)
-€143,518
Financing
-€254,524
Debts after one year
+€7,923
Current portion of long-term debt
-€112,447
Short-term financial debts
+€200,000
Contributions, distributions and other
-€350,000
Cash 2025
€172,339
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,099,205 | €2,969,894 | -€129,311 | -4.2% |
| Fixed assets | 21/28 | €1,005,905 | €1,013,363 | +€7,458 | +0.7% |
| Tangible fixed assets | 22/27 | €1,005,905 | €1,013,363 | +€7,458 | +0.7% |
| Land and buildings | 22 | €834,012 | €760,607 | -€73,405 | -8.8% |
| Plant, machinery and equipment | 23 | €125,214 | €203,471 | +€78,257 | +62.5% |
| Furniture and vehicles | 24 | €36,751 | €40,412 | +€3,660 | +10.0% |
| Other tangible fixed assets | 26 | €9,928 | €8,874 | -€1,054 | -10.6% |
| Current assets | 29/58 | €2,093,300 | €1,956,531 | -€136,769 | -6.5% |
| Stocks and contracts in progress | 3 | €1,482,045 | €1,508,818 | +€26,773 | +1.8% |
| Stocks | 30/36 | €1,482,045 | €1,508,818 | +€26,773 | +1.8% |
| Amounts receivable within one year | 40/41 | €243,764 | €263,967 | +€20,203 | +8.3% |
| Trade receivables | 40 | €87,257 | €81,873 | -€5,383 | -6.2% |
| Other amounts receivable | 41 | €156,508 | €182,094 | +€25,586 | +16.3% |
| Cash at bank and in hand | 54/58 | €356,035 | €172,339 | -€183,696 | -51.6% |
| Deferred charges and accrued income | 490/1 | €11,456 | €11,408 | -€48 | -0.4% |
| Total equity and liabilities | 10/49 | €3,099,205 | €2,969,894 | -€129,311 | -4.2% |
| Equity | 10/15 | €1,129,172 | €1,132,856 | +€3,683 | +0.3% |
| Contributions | 10/11 | €323,000 | €323,000 | = | 0.0% |
| Capital | 10 | €323,000 | €323,000 | = | 0.0% |
| Issued capital | 100 | €323,000 | €323,000 | = | 0.0% |
| Reserves | 13 | €806,172 | €809,856 | +€3,683 | +0.5% |
| Non-distributable reserves | 130/1 | €32,300 | €32,300 | = | 0.0% |
| Legal reserve | 130 | €32,300 | €32,300 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €736,372 | €740,056 | +€3,683 | +0.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,970,033 | €1,837,038 | -€132,995 | -6.8% |
| Amounts payable after more than one year | 17 | €566,601 | €574,524 | +€7,923 | +1.4% |
| Financial debts | 170/4 | €566,601 | €574,524 | +€7,923 | +1.4% |
| Amounts payable within one year | 42/48 | €1,402,989 | €1,261,922 | -€141,067 | -10.1% |
| Current portion of amounts payable after more than one year | 42 | €230,319 | €117,872 | -€112,447 | -48.8% |
| Financial debts | 43 | €100,000 | €300,000 | +€200,000 | +200.0% |
| Credit institutions | 430/8 | €100,000 | €300,000 | +€200,000 | +200.0% |
| Trade debts | 44 | €544,995 | €376,418 | -€168,577 | -30.9% |
| Suppliers | 440/4 | €544,995 | €376,418 | -€168,577 | -30.9% |
| Taxes, remuneration and social security | 45 | €132,386 | €112,103 | -€20,283 | -15.3% |
| Taxes | 450/3 | €68,790 | €35,245 | -€33,545 | -48.8% |
| Remuneration and social security | 454/9 | €63,596 | €76,858 | +€13,262 | +20.9% |
| Other amounts payable | 47/48 | €395,288 | €355,528 | -€39,760 | -10.1% |
| Accrued charges and deferred income | 492/3 | €443 | €592 | +€149 | +33.7% |
| Remuneration, social security and pensions | 62 | €538,940 | €650,140 | +€111,200 | +20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,943 | €136,060 | +€4,117 | +3.1% |
| Other operating charges | 640/8 | €48,154 | €48,449 | +€295 | +0.6% |
| Gross operating margin | 9900 | €1,181,367 | €1,241,905 | +€60,538 | +5.1% |
| Operating profit (loss) | 9901 | €462,330 | €407,256 | -€55,074 | -11.9% |
| Financial income | 75/76B | €8,469 | €11,326 | +€2,856 | +33.7% |
| Recurring financial income | 75 | €8,469 | €11,326 | +€2,856 | +33.7% |
| Financial charges | 65/66B | €34,626 | €27,893 | -€6,733 | -19.4% |
| Recurring financial charges | 65 | €34,626 | €27,893 | -€6,733 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €436,174 | €390,689 | -€45,485 | -10.4% |
| Income taxes | 67/77 | €43,349 | €37,006 | -€6,343 | -14.6% |
| Profit (loss) for the period | 9904 | €392,825 | €353,683 | -€39,141 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €392,825 | €353,683 | -€39,141 | -10.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.