MANILUST: 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.
MANILUST
Largest movements
- Tangible fixed assets -€200,117
no longer reported in 2025 (was €200,117)
of which Other tangible fixed assets: -€189,804
- Cash -€159,761
down €159,761 (-97.0%), from €164,662 to €4,900
mainly Net result for the year (-€245,714) and Trade debts (-€107,429)
- Stocks and contracts -€22,173
no longer reported in 2025 (was €22,173)
- Receivables within one year -€11,328
down €11,328 (-52.0%), from €21,785 to €10,457
of which Trade receivables: -€13,042
- Financial fixed assets -€8,320
no longer reported in 2025 (was €8,320)
- Profit (loss) carried forward -€245,714
down €245,714 (-84.5%), from -€290,954 to -€536,668
- Trade debts -€107,429
down €107,429 (-22.7%), from €472,610 to €365,180
- Tax, wage and social debts -€27,094
down €27,094 (-96.5%), from €28,076 to €982
of which Taxes: -€16,574
- Other debts +€21,941
up €21,941 (+2670.2%), from €822 to €22,763
- Current portion of long-term debt -€16,737
down €16,737 (-69.5%), from €24,074 to €7,338
- Other operating charges +€199,487
up €199,487 (+19385.0%), from €1,029 to €200,516
- Gross operating margin -€62,827
down €62,827, from €58,016 to -€4,811
- Depreciation -€51,526
no longer reported in 2025 (was €51,526)
- Staff costs -€24,504
down €24,504 (-38.9%), from €62,916 to €38,412
- Financial charges -€2,645
down €2,645 (-56.8%), from €4,659 to €2,015
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 | €418,159 | €16,011 | -€402,149 | -96.2% |
| Fixed assets | 21/28 | €208,437 | - | -€208,437 | |
| Tangible fixed assets | 22/27 | €200,117 | - | -€200,117 | |
| Plant, machinery and equipment | 23 | €5,275 | - | -€5,275 | |
| Furniture and vehicles | 24 | €5,037 | - | -€5,037 | |
| Other tangible fixed assets | 26 | €189,804 | - | -€189,804 | |
| Financial fixed assets | 28 | €8,320 | - | -€8,320 | |
| Current assets | 29/58 | €209,723 | €16,011 | -€193,712 | -92.4% |
| Stocks and contracts in progress | 3 | €22,173 | - | -€22,173 | |
| Stocks | 30/36 | €22,173 | - | -€22,173 | |
| Amounts receivable within one year | 40/41 | €21,785 | €10,457 | -€11,328 | -52.0% |
| Trade receivables | 40 | €21,785 | €8,742 | -€13,042 | -59.9% |
| Other amounts receivable | 41 | - | €1,714 | +€1,714 | |
| Cash at bank and in hand | 54/58 | €164,662 | €4,900 | -€159,761 | -97.0% |
| Deferred charges and accrued income | 490/1 | €1,103 | €653 | -€450 | -40.8% |
| Total equity and liabilities | 10/49 | €418,159 | €16,011 | -€402,149 | -96.2% |
| Equity | 10/15 | -€122,764 | -€380,878 | -€258,114 | -210.3% |
| Contributions | 10/11 | €18,600 | €6,200 | -€12,400 | -66.7% |
| Reserves | 13 | €149,590 | €149,590 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,030 | €4,030 | = | 0.0% |
| Distributable reserves | 133 | €145,560 | €145,560 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€290,954 | -€536,668 | -€245,714 | -84.5% |
| Amounts payable | 17/49 | €540,923 | €396,888 | -€144,035 | -26.6% |
| Amounts payable after more than one year | 17 | €7,963 | €625 | -€7,338 | -92.1% |
| Financial debts | 170/4 | €7,963 | €625 | -€7,338 | -92.1% |
| Amounts payable within one year | 42/48 | €525,582 | €396,263 | -€129,319 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €24,074 | €7,338 | -€16,737 | -69.5% |
| Trade debts | 44 | €472,610 | €365,180 | -€107,429 | -22.7% |
| Suppliers | 440/4 | €472,610 | €365,180 | -€107,429 | -22.7% |
| Taxes, remuneration and social security | 45 | €28,076 | €982 | -€27,094 | -96.5% |
| Taxes | 450/3 | €16,574 | - | -€16,574 | |
| Remuneration and social security | 454/9 | €11,501 | €982 | -€10,519 | -91.5% |
| Other amounts payable | 47/48 | €822 | €22,763 | +€21,941 | +2670.2% |
| Accrued charges and deferred income | 492/3 | €7,379 | - | -€7,379 | |
| Remuneration, social security and pensions | 62 | €62,916 | €38,412 | -€24,504 | -38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,526 | - | -€51,526 | |
| Other operating charges | 640/8 | €1,029 | €200,516 | +€199,487 | +19385.0% |
| Gross operating margin | 9900 | €58,016 | -€4,811 | -€62,827 | |
| Operating profit (loss) | 9901 | -€57,455 | -€243,739 | -€186,284 | -324.2% |
| Financial income | 75/76B | €1,319 | €273 | -€1,046 | -79.3% |
| Recurring financial income | 75 | €1,319 | €273 | -€1,046 | -79.3% |
| Financial charges | 65/66B | €4,659 | €2,015 | -€2,645 | -56.8% |
| Recurring financial charges | 65 | €4,659 | €2,015 | -€2,645 | -56.8% |
| Profit (loss) for the period before taxes | 9903 | -€60,795 | -€245,481 | -€184,685 | -303.8% |
| Income taxes | 67/77 | - | €233 | +€233 | |
| Profit (loss) for the period | 9904 | -€60,795 | -€245,714 | -€184,918 | -304.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€60,795 | -€245,714 | -€184,918 | -304.2% |
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.