MANIL: 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.
MANIL
Largest movements
- Cash +€38,381
up €38,381 (+15.6%), from €246,302 to €284,683
mainly Net result for the year (+€47,976) and Depreciation (+€28,928)
- Reserves +€47,976
up €47,976 (+11.8%), from €406,340 to €454,316
of which Distributable reserves: +€47,976
- Gross operating margin -€13,971
down €13,971 (-11.4%), from €122,676 to €108,705
- Taxes -€7,523
down €7,523 (-32.0%), from €23,515 to €15,992
- Other operating charges +€2,246
up €2,246 (+16.9%), from €13,293 to €15,539
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 | €2,427,825 | €2,453,974 | +€26,149 | +1.1% |
| Fixed assets | 21/28 | €2,117,652 | €2,098,724 | -€18,928 | -0.9% |
| Intangible fixed assets | 21 | €6,064 | €4,388 | -€1,675 | -27.6% |
| Tangible fixed assets | 22/27 | €2,111,588 | €2,094,336 | -€17,252 | -0.8% |
| Land and buildings | 22 | €2,111,588 | €2,094,336 | -€17,252 | -0.8% |
| Current assets | 29/58 | €310,173 | €355,250 | +€45,077 | +14.5% |
| Amounts receivable within one year | 40/41 | €37,706 | €44,008 | +€6,302 | +16.7% |
| Trade receivables | 40 | €37,500 | €40,000 | +€2,500 | +6.7% |
| Other amounts receivable | 41 | €206 | €4,008 | +€3,802 | +1849.8% |
| Cash at bank and in hand | 54/58 | €246,302 | €284,683 | +€38,381 | +15.6% |
| Deferred charges and accrued income | 490/1 | €26,166 | €26,559 | +€393 | +1.5% |
| Total equity and liabilities | 10/49 | €2,427,825 | €2,453,974 | +€26,149 | +1.1% |
| Equity | 10/15 | €1,907,336 | €1,955,312 | +€47,976 | +2.5% |
| Contributions | 10/11 | €1,500,995 | €1,500,995 | = | 0.0% |
| Capital | 10 | €1,500,995 | €1,500,995 | = | 0.0% |
| Issued capital | 100 | €1,500,995 | €1,500,995 | = | 0.0% |
| Reserves | 13 | €406,340 | €454,316 | +€47,976 | +11.8% |
| Non-distributable reserves | 130/1 | €150,100 | €150,100 | = | 0.0% |
| Legal reserve | 130 | €150,100 | €150,100 | = | 0.0% |
| Distributable reserves | 133 | €256,241 | €304,217 | +€47,976 | +18.7% |
| Amounts payable | 17/49 | €520,490 | €498,662 | -€21,827 | -4.2% |
| Amounts payable within one year | 42/48 | €518,954 | €497,588 | -€21,366 | -4.1% |
| Current portion of amounts payable after more than one year | 42 | - | €1,681 | +€1,681 | |
| Trade debts | 44 | €9,635 | €10,103 | +€468 | +4.9% |
| Suppliers | 440/4 | €9,635 | €10,103 | +€468 | +4.9% |
| Taxes, remuneration and social security | 45 | €23,515 | €0 | -€23,515 | -100.0% |
| Taxes | 450/3 | €23,515 | €0 | -€23,515 | -100.0% |
| Other amounts payable | 47/48 | €485,804 | €485,804 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,536 | €1,074 | -€461 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,928 | €28,928 | = | 0.0% |
| Other operating charges | 640/8 | €13,293 | €15,539 | +€2,246 | +16.9% |
| Gross operating margin | 9900 | €122,676 | €108,705 | -€13,971 | -11.4% |
| Operating profit (loss) | 9901 | €80,456 | €64,239 | -€16,217 | -20.2% |
| Financial charges | 65/66B | €29 | €271 | +€242 | +849.7% |
| Recurring financial charges | 65 | €29 | €271 | +€242 | +849.7% |
| Profit (loss) for the period before taxes | 9903 | €80,427 | €63,968 | -€16,459 | -20.5% |
| Income taxes | 67/77 | €23,515 | €15,992 | -€7,523 | -32.0% |
| Profit (loss) for the period | 9904 | €56,912 | €47,976 | -€8,936 | -15.7% |
| Profit (loss) for the period to be appropriated | 9905 | €56,912 | €47,976 | -€8,936 | -15.7% |
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 3 October 2026 via checked.be.