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.
MANICO
Largest movements
- Cash -€104,874
down €104,874 (-41.1%), from €255,450 to €150,577
mainly Other debts (-€89,272) and Net result for the year (-€14,420)
- Other debts -€89,272
down €89,272 (-26.5%), from €336,529 to €247,258
- Profit (loss) carried forward -€14,420
down €14,420 (-16.2%), from -€89,151 to -€103,571
- Gross operating margin +€2,693
up €2,693 (+21.2%), from -€12,680 to -€9,986
- Depreciation +€722
up €722 (+43.0%), from €1,678 to €2,400
- Other operating charges -€286
down €286 (-16.1%), from €1,783 to €1,497
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €266,456 | €163,181 | -€103,275 | -38.8% |
| Fixed assets | 21/28 | €5,047 | €4,020 | -€1,027 | -20.3% |
| Tangible fixed assets | 22/27 | €4,939 | €3,912 | -€1,027 | -20.8% |
| Furniture and vehicles | 24 | €4,939 | €3,912 | -€1,027 | -20.8% |
| Financial fixed assets | 28 | €108 | €108 | = | 0.0% |
| Current assets | 29/58 | €261,409 | €159,161 | -€102,248 | -39.1% |
| Amounts receivable within one year | 40/41 | €5,619 | €8,213 | +€2,594 | +46.2% |
| Trade receivables | 40 | - | €2,332 | +€2,332 | |
| Other amounts receivable | 41 | €5,619 | €5,881 | +€261 | +4.7% |
| Cash at bank and in hand | 54/58 | €255,450 | €150,577 | -€104,874 | -41.1% |
| Deferred charges and accrued income | 490/1 | €340 | €371 | +€32 | +9.4% |
| Total equity and liabilities | 10/49 | €266,456 | €163,181 | -€103,275 | -38.8% |
| Equity | 10/15 | -€70,459 | -€84,879 | -€14,420 | -20.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,151 | -€103,571 | -€14,420 | -16.2% |
| Amounts payable | 17/49 | €336,915 | €248,060 | -€88,855 | -26.4% |
| Amounts payable within one year | 42/48 | €336,915 | €248,060 | -€88,855 | -26.4% |
| Trade debts | 44 | €218 | €648 | +€430 | +197.3% |
| Suppliers | 440/4 | €218 | €648 | +€430 | +197.3% |
| Taxes, remuneration and social security | 45 | €168 | €154 | -€14 | -8.1% |
| Taxes | 450/3 | €168 | €154 | -€14 | -8.1% |
| Other amounts payable | 47/48 | €336,529 | €247,258 | -€89,272 | -26.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,678 | €2,400 | +€722 | +43.0% |
| Other operating charges | 640/8 | €1,783 | €1,497 | -€286 | -16.1% |
| Gross operating margin | 9900 | -€12,680 | -€9,986 | +€2,693 | +21.2% |
| Operating profit (loss) | 9901 | -€16,141 | -€13,883 | +€2,258 | +14.0% |
| Financial charges | 65/66B | €403 | €383 | -€21 | -5.1% |
| Recurring financial charges | 65 | €403 | €383 | -€21 | -5.1% |
| Profit (loss) for the period before taxes | 9903 | -€16,544 | -€14,266 | +€2,278 | +13.8% |
| Income taxes | 67/77 | €168 | €154 | -€14 | -8.1% |
| Profit (loss) for the period | 9904 | -€16,712 | -€14,420 | +€2,292 | +13.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,712 | -€14,420 | +€2,292 | +13.7% |
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 1 October 2026 via checked.be.