MANIN: 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.
MANIN
Largest movements
- Cash -€68,352
down €68,352 (-64.0%), from €106,834 to €38,482
mainly Current investments (-€46,652) and Debts after one year (-€42,443)
- Current investments +€46,652
up €46,652 (+87.4%), from €53,348 to €100,000
- Tangible fixed assets -€45,883
down €45,883 (-7.7%), from €592,054 to €546,172
of which Land and buildings: -€25,859
- Receivables within one year +€16,749
up €16,749 (+11.6%), from €143,876 to €160,624
of which Other amounts receivable: +€18,327
- Reserves +€50,000
up €50,000 (+25.6%), from €195,315 to €245,315
- Debts after one year -€42,443
down €42,443 (-8.5%), from €500,679 to €458,237
- Profit (loss) carried forward -€37,287
down €37,287 (-69.7%), from €53,490 to €16,203
- Gross operating margin -€44,037
down €44,037 (-12.4%), from €355,427 to €311,390
- Staff costs -€15,190
down €15,190 (-9.2%), from €165,499 to €150,309
- Depreciation -€4,332
down €4,332 (-7.9%), from €55,078 to €50,746
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 | €972,348 | €933,656 | -€38,693 | -4.0% |
| Fixed assets | 21/28 | €592,866 | €546,983 | -€45,883 | -7.7% |
| Tangible fixed assets | 22/27 | €592,054 | €546,172 | -€45,883 | -7.7% |
| Land and buildings | 22 | €520,874 | €495,015 | -€25,859 | -5.0% |
| Plant, machinery and equipment | 23 | €18,527 | €15,943 | -€2,584 | -13.9% |
| Furniture and vehicles | 24 | €52,007 | €34,987 | -€17,020 | -32.7% |
| Other tangible fixed assets | 26 | €646 | €226 | -€420 | -65.0% |
| Financial fixed assets | 28 | €811 | €811 | = | 0.0% |
| Current assets | 29/58 | €379,483 | €386,673 | +€7,190 | +1.9% |
| Stocks and contracts in progress | 3 | €75,425 | €85,141 | +€9,716 | +12.9% |
| Stocks | 30/36 | €75,425 | €85,141 | +€9,716 | +12.9% |
| Amounts receivable within one year | 40/41 | €143,876 | €160,624 | +€16,749 | +11.6% |
| Trade receivables | 40 | €116,259 | €114,680 | -€1,578 | -1.4% |
| Other amounts receivable | 41 | €27,617 | €45,944 | +€18,327 | +66.4% |
| Current investments | 50/53 | €53,348 | €100,000 | +€46,652 | +87.4% |
| Cash at bank and in hand | 54/58 | €106,834 | €38,482 | -€68,352 | -64.0% |
| Deferred charges and accrued income | 490/1 | €0 | €2,426 | +€2,426 | |
| Total equity and liabilities | 10/49 | €972,348 | €933,656 | -€38,693 | -4.0% |
| Equity | 10/15 | €267,404 | €280,118 | +€12,713 | +4.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €195,315 | €245,315 | +€50,000 | +25.6% |
| Distributable reserves | 133 | €195,315 | €245,315 | +€50,000 | +25.6% |
| Profit (loss) carried forward | 14 | €53,490 | €16,203 | -€37,287 | -69.7% |
| Amounts payable | 17/49 | €704,944 | €653,538 | -€51,406 | -7.3% |
| Amounts payable after more than one year | 17 | €500,679 | €458,237 | -€42,443 | -8.5% |
| Financial debts | 170/4 | €500,679 | €458,237 | -€42,443 | -8.5% |
| Amounts payable within one year | 42/48 | €204,265 | €195,301 | -€8,963 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €44,094 | €42,443 | -€1,651 | -3.7% |
| Trade debts | 44 | €20,889 | €23,183 | +€2,294 | +11.0% |
| Suppliers | 440/4 | €20,889 | €23,183 | +€2,294 | +11.0% |
| Taxes, remuneration and social security | 45 | €94,282 | €89,675 | -€4,606 | -4.9% |
| Taxes | 450/3 | €68,112 | €76,061 | +€7,949 | +11.7% |
| Remuneration and social security | 454/9 | €26,169 | €13,614 | -€12,555 | -48.0% |
| Other amounts payable | 47/48 | €45,000 | €40,000 | -€5,000 | -11.1% |
| Remuneration, social security and pensions | 62 | €165,499 | €150,309 | -€15,190 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,078 | €50,746 | -€4,332 | -7.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €277 | +€277 | |
| Other operating charges | 640/8 | €15,121 | €11,738 | -€3,383 | -22.4% |
| Non-recurring operating charges | 66A | €450 | €18 | -€432 | -96.0% |
| Gross operating margin | 9900 | €355,427 | €311,390 | -€44,037 | -12.4% |
| Operating profit (loss) | 9901 | €119,279 | €98,302 | -€20,977 | -17.6% |
| Financial income | 75/76B | €582 | €2,005 | +€1,424 | +244.8% |
| Recurring financial income | 75 | €582 | €2,005 | +€1,424 | +244.8% |
| Financial charges | 65/66B | €25,930 | €22,791 | -€3,139 | -12.1% |
| Recurring financial charges | 65 | €25,930 | €22,791 | -€3,139 | -12.1% |
| Profit (loss) for the period before taxes | 9903 | €93,930 | €77,516 | -€16,414 | -17.5% |
| Income taxes | 67/77 | €26,428 | €24,803 | -€1,626 | -6.2% |
| Profit (loss) for the period | 9904 | €67,502 | €52,713 | -€14,788 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €67,502 | €52,713 | -€14,788 | -21.9% |
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 4 October 2026 via checked.be.