MANIFESTOR: 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.
MANIFESTOR
Largest movements
- Tangible fixed assets -€484,570
down €484,570 (-100%), from €484,570 to €0
of which Land and buildings: -€484,504
- Current investments +€41,640
new in 2025: €41,640
- Cash +€10,511
up €10,511 (+254%), from €4,132 to €14,644
mainly Investment in fixed assets (net) (+€484,329) and Trade debts (+€3,665)
- Debts after one year -€317,676
down €317,676 (-100%), from €317,676 to €0
- Other debts -€61,953
down €61,953 (-72.8%), from €85,151 to €23,198
- Current portion of long-term debt -€25,245
down €25,245 (-100%), from €25,245 to €0
- Profit (loss) carried forward -€22,371
new in 2025: -€22,371
- Tax, wage and social debts -€5,303
down €5,303 (-46.2%), from €11,469 to €6,166
- Gross operating margin -€78,013
down €78,013, from €73,236 to -€4,777
- Taxes -€13,623
down €13,623 (-98.2%), from €13,870 to €247
- Depreciation -€12,005
down €12,005 (-99.5%), from €12,070 to €65
- Financial income +€5,463
up €5,463 (+27,313%), from €20 to €5,483
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 | €498,617 | €67,416 | -€431,201 | -86.5% |
| Fixed assets | 21/28 | €484,699 | €304 | -€484,395 | -99.9% |
| Tangible fixed assets | 22/27 | €484,570 | €0 | -€484,570 | -100% |
| Land and buildings | 22 | €484,504 | €0 | -€484,504 | -100% |
| Furniture and vehicles | 24 | €65 | €0 | -€65 | -100% |
| Financial fixed assets | 28 | €129 | €304 | +€175 | +136% |
| Current assets | 29/58 | €13,918 | €67,112 | +€53,194 | +382% |
| Amounts receivable within one year | 40/41 | €9,786 | €9,199 | -€587 | -6.0% |
| Trade receivables | 40 | €8,482 | €7,260 | -€1,222 | -14.4% |
| Other amounts receivable | 41 | €1,303 | €1,939 | +€636 | +48.8% |
| Current investments | 50/53 | - | €41,640 | +€41,640 | |
| Cash at bank and in hand | 54/58 | €4,132 | €14,644 | +€10,511 | +254% |
| Deferred charges and accrued income | 490/1 | - | €1,630 | +€1,630 | |
| Total equity and liabilities | 10/49 | €498,617 | €67,416 | -€431,201 | -86.5% |
| Equity | 10/15 | €53,657 | €30,847 | -€22,810 | -42.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,057 | €34,617 | -€440 | -1.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €35,057 | €34,617 | -€440 | -1.3% |
| Profit (loss) carried forward | 14 | - | -€22,371 | -€22,371 | |
| Amounts payable | 17/49 | €444,960 | €36,569 | -€408,390 | -91.8% |
| Amounts payable after more than one year | 17 | €317,676 | €0 | -€317,676 | -100% |
| Financial debts | 170/4 | €317,676 | €0 | -€317,676 | -100% |
| Amounts payable within one year | 42/48 | €125,384 | €36,549 | -€88,835 | -70.9% |
| Current portion of amounts payable after more than one year | 42 | €25,245 | €0 | -€25,245 | -100% |
| Trade debts | 44 | €3,519 | €7,184 | +€3,665 | +104% |
| Suppliers | 440/4 | €3,519 | €7,184 | +€3,665 | +104% |
| Taxes, remuneration and social security | 45 | €11,469 | €6,166 | -€5,303 | -46.2% |
| Taxes | 450/3 | €11,469 | €6,166 | -€5,303 | -46.2% |
| Other amounts payable | 47/48 | €85,151 | €23,198 | -€61,953 | -72.8% |
| Accrued charges and deferred income | 492/3 | €1,900 | €20 | -€1,880 | -98.9% |
| Non-recurring operating income | 76A | - | €1,204 | +€1,204 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,070 | €65 | -€12,005 | -99.5% |
| Other operating charges | 640/8 | €2,047 | €1,688 | -€359 | -17.5% |
| Non-recurring operating charges | 66A | - | €10,709 | +€10,709 | |
| Gross operating margin | 9900 | €73,236 | -€4,777 | -€78,013 | |
| Operating profit (loss) | 9901 | €59,120 | -€17,239 | -€76,358 | |
| Financial income | 75/76B | €20 | €5,483 | +€5,463 | +27,313% |
| Recurring financial income | 75 | €20 | €5,483 | +€5,463 | +27,313% |
| Financial charges | 65/66B | €10,653 | €10,808 | +€155 | +1.5% |
| Recurring financial charges | 65 | €10,653 | €10,808 | +€155 | +1.5% |
| Profit (loss) for the period before taxes | 9903 | €48,487 | -€22,564 | -€71,051 | |
| Income taxes | 67/77 | €13,870 | €247 | -€13,623 | -98.2% |
| Profit (loss) for the period | 9904 | €34,617 | -€22,810 | -€57,428 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,617 | -€22,810 | -€57,428 |
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 29 October 2026 via checked.be.