MANICOR: 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.
MANICOR
Largest movements
- Cash +€124,721
up €124,721 (+110.2%), from €113,131 to €237,852
mainly Net result for the year (+€90,308) and Trade debts (+€85,822)
- Receivables within one year +€52,016
up €52,016 (+4.8%), from €1.1m to €1.1m
of which Trade receivables: +€40,253
- Tangible fixed assets -€23,363
down €23,363 (-8.6%), from €270,309 to €246,945
of which Land and buildings: -€28,503
- Reserves +€89,704
up €89,704 (+13.6%), from €659,555 to €749,260
of which Distributable reserves: +€89,704
- Trade debts +€85,822
up €85,822 (+19.1%), from €448,283 to €534,105
- Debts after one year -€26,106
down €26,106 (-17.9%), from €146,196 to €120,090
- Tax, wage and social debts -€19,640
down €19,640 (-44.8%), from €43,874 to €24,234
of which Remuneration and social security: -€23,640
- Gross operating margin -€156,068
down €156,068 (-25.1%), from €622,689 to €466,621
- Staff costs -€110,225
down €110,225 (-27.2%), from €404,548 to €294,323
- Other operating charges -€6,599
down €6,599 (-62.3%), from €10,599 to €4,000
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 | €1,484,494 | €1,640,813 | +€156,319 | +10.5% |
| Fixed assets | 21/28 | €270,309 | €247,945 | -€22,363 | -8.3% |
| Tangible fixed assets | 22/27 | €270,309 | €246,945 | -€23,363 | -8.6% |
| Land and buildings | 22 | €250,011 | €221,508 | -€28,503 | -11.4% |
| Plant, machinery and equipment | 23 | €1,257 | €819 | -€438 | -34.9% |
| Furniture and vehicles | 24 | €19,040 | €24,618 | +€5,578 | +29.3% |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €1,214,186 | €1,392,868 | +€178,682 | +14.7% |
| Stocks and contracts in progress | 3 | €27,565 | €30,280 | +€2,715 | +9.8% |
| Stocks | 30/36 | €27,565 | €30,280 | +€2,715 | +9.8% |
| Amounts receivable within one year | 40/41 | €1,072,720 | €1,124,736 | +€52,016 | +4.8% |
| Trade receivables | 40 | €969,134 | €1,009,388 | +€40,253 | +4.2% |
| Other amounts receivable | 41 | €103,586 | €115,348 | +€11,763 | +11.4% |
| Cash at bank and in hand | 54/58 | €113,131 | €237,852 | +€124,721 | +110.2% |
| Deferred charges and accrued income | 490/1 | €769 | €0 | -€769 | -100.0% |
| Total equity and liabilities | 10/49 | €1,484,494 | €1,640,813 | +€156,319 | +10.5% |
| Equity | 10/15 | €678,155 | €767,860 | +€89,704 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €659,555 | €749,260 | +€89,704 | +13.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,750 | €31,750 | = | 0.0% |
| Distributable reserves | 133 | €625,945 | €715,650 | +€89,704 | +14.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €806,339 | €872,954 | +€66,615 | +8.3% |
| Amounts payable after more than one year | 17 | €146,196 | €120,090 | -€26,106 | -17.9% |
| Financial debts | 170/4 | €146,196 | €120,090 | -€26,106 | -17.9% |
| Amounts payable within one year | 42/48 | €660,143 | €752,863 | +€92,720 | +14.0% |
| Current portion of amounts payable after more than one year | 42 | €25,655 | €27,498 | +€1,843 | +7.2% |
| Financial debts | 43 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Credit institutions | 430/8 | €50,000 | €60,000 | +€10,000 | +20.0% |
| Trade debts | 44 | €448,283 | €534,105 | +€85,822 | +19.1% |
| Suppliers | 440/4 | €448,283 | €534,105 | +€85,822 | +19.1% |
| Taxes, remuneration and social security | 45 | €43,874 | €24,234 | -€19,640 | -44.8% |
| Taxes | 450/3 | €0 | €4,000 | +€4,000 | +13333333.3% |
| Remuneration and social security | 454/9 | €43,874 | €20,234 | -€23,640 | -53.9% |
| Other amounts payable | 47/48 | €92,332 | €107,027 | +€14,695 | +15.9% |
| Remuneration, social security and pensions | 62 | €404,548 | €294,323 | -€110,225 | -27.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,419 | €35,414 | -€1,005 | -2.8% |
| Other operating charges | 640/8 | €10,599 | €4,000 | -€6,599 | -62.3% |
| Gross operating margin | 9900 | €622,689 | €466,621 | -€156,068 | -25.1% |
| Operating profit (loss) | 9901 | €171,124 | €132,884 | -€38,240 | -22.3% |
| Financial income | 75/76B | €767 | €177 | -€590 | -76.9% |
| Recurring financial income | 75 | €767 | €177 | -€590 | -76.9% |
| Financial charges | 65/66B | €6,062 | €4,573 | -€1,489 | -24.6% |
| Recurring financial charges | 65 | €6,062 | €4,573 | -€1,489 | -24.6% |
| Profit (loss) for the period before taxes | 9903 | €165,829 | €128,489 | -€37,341 | -22.5% |
| Income taxes | 67/77 | €38,913 | €38,181 | -€732 | -1.9% |
| Profit (loss) for the period | 9904 | €126,916 | €90,308 | -€36,609 | -28.8% |
| Profit (loss) for the period to be appropriated | 9905 | €126,916 | €90,308 | -€36,609 | -28.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.