MANILOU: 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.
MANILOU
Largest movements
- Cash -€42,864
down €42,864 (-67.9%), from €63,089 to €20,225
mainly Contributions, distributions and other (-€51,759) and Current investments (-€40,328)
- Current investments +€40,328
up €40,328 (+133.8%), from €30,136 to €70,464
- Tangible fixed assets -€19,459
down €19,459 (-9.5%), from €205,133 to €185,674
- Deferred charges and accrued income +€4,405
up €4,405 (+5585.6%), from €79 to €4,484
- Reserves -€13,197
down €13,197 (-9.2%), from €143,342 to €130,145
of which Distributable reserves: -€13,197
- Other debts -€6,745
down €6,745 (-5.3%), from €127,298 to €120,553
- Trade debts +€4,614
up €4,614 (+264.9%), from €1,742 to €6,356
- Gross operating margin +€2,334
up €2,334 (+3.2%), from €72,244 to €74,578
- Taxes +€885
up €885 (+6.2%), from €14,239 to €15,124
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 | €345,961 | €328,562 | -€17,399 | -5.0% |
| Fixed assets | 21/28 | €205,133 | €185,674 | -€19,459 | -9.5% |
| Tangible fixed assets | 22/27 | €205,133 | €185,674 | -€19,459 | -9.5% |
| Land and buildings | 22 | €205,133 | €185,674 | -€19,459 | -9.5% |
| Current assets | 29/58 | €140,828 | €142,888 | +€2,060 | +1.5% |
| Amounts receivable within one year | 40/41 | €47,524 | €47,715 | +€191 | +0.4% |
| Trade receivables | 40 | €47,524 | €45,698 | -€1,826 | -3.8% |
| Other amounts receivable | 41 | - | €2,017 | +€2,017 | |
| Current investments | 50/53 | €30,136 | €70,464 | +€40,328 | +133.8% |
| Cash at bank and in hand | 54/58 | €63,089 | €20,225 | -€42,864 | -67.9% |
| Deferred charges and accrued income | 490/1 | €79 | €4,484 | +€4,405 | +5585.6% |
| Total equity and liabilities | 10/49 | €345,961 | €328,562 | -€17,399 | -5.0% |
| Equity | 10/15 | €205,842 | €192,645 | -€13,197 | -6.4% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €143,342 | €130,145 | -€13,197 | -9.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €143,342 | €130,145 | -€13,197 | -9.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €140,119 | €135,916 | -€4,202 | -3.0% |
| Amounts payable within one year | 42/48 | €140,119 | €135,916 | -€4,202 | -3.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €1,742 | €6,356 | +€4,614 | +264.9% |
| Suppliers | 440/4 | €1,742 | €6,356 | +€4,614 | +264.9% |
| Taxes, remuneration and social security | 45 | €11,079 | €9,007 | -€2,072 | -18.7% |
| Taxes | 450/3 | €11,079 | €6,007 | -€5,072 | -45.8% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €127,298 | €120,553 | -€6,745 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,459 | €19,459 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,835 | €1,721 | -€114 | -6.2% |
| Gross operating margin | 9900 | €72,244 | €74,578 | +€2,334 | +3.2% |
| Operating profit (loss) | 9901 | €50,950 | €53,398 | +€2,448 | +4.8% |
| Financial income | 75/76B | €195 | €468 | +€274 | +140.4% |
| Recurring financial income | 75 | €195 | €468 | +€274 | +140.4% |
| Financial charges | 65/66B | €529 | €181 | -€349 | -65.9% |
| Recurring financial charges | 65 | €529 | €181 | -€349 | -65.9% |
| Profit (loss) for the period before taxes | 9903 | €50,615 | €53,686 | +€3,071 | +6.1% |
| Income taxes | 67/77 | €14,239 | €15,124 | +€885 | +6.2% |
| Profit (loss) for the period | 9904 | €36,377 | €38,562 | +€2,186 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €36,377 | €38,562 | +€2,186 | +6.0% |
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 8 October 2026 via checked.be.