MANJAAR: 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.
MANJAAR
Largest movements
- Tangible fixed assets +€51,022
up €51,022 (+45.8%), from €111,347 to €162,369
of which Plant, machinery and equipment: +€36,419
- Receivables within one year +€20,436
up €20,436 (+78.0%), from €26,206 to €46,642
of which Other amounts receivable: +€18,092
- Stocks and contracts +€3,744
up €3,744 (+26.5%), from €14,120 to €17,864
- Trade debts +€33,879
up €33,879 (+96.2%), from €35,221 to €69,101
- Current portion of long-term debt +€24,218
up €24,218 (+78.7%), from €30,787 to €55,006
- Debts after one year +€15,221
up €15,221 (+52.4%), from €29,050 to €44,271
- Reserves +€6,821
up €6,821 (+18.9%), from €36,002 to €42,823
- Staff costs +€45,052
up €45,052 (+39.2%), from €114,983 to €160,035
- Gross operating margin +€44,668
up €44,668 (+23.6%), from €188,909 to €233,576
- Depreciation +€8,951
up €8,951 (+20.9%), from €42,902 to €51,853
- Taxes -€3,908
down €3,908 (-51.1%), from €7,654 to €3,746
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.
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 | €197,488 | €273,711 | +€76,223 | +38.6% |
| Fixed assets | 21/28 | €111,347 | €163,889 | +€52,542 | +47.2% |
| Tangible fixed assets | 22/27 | €111,347 | €162,369 | +€51,022 | +45.8% |
| Plant, machinery and equipment | 23 | €84,603 | €121,022 | +€36,419 | +43.0% |
| Furniture and vehicles | 24 | €16,812 | €14,364 | -€2,449 | -14.6% |
| Leasing and similar rights | 25 | €9,932 | €26,984 | +€17,052 | +172% |
| Financial fixed assets | 28 | - | €1,520 | +€1,520 | |
| Current assets | 29/58 | €86,141 | €109,822 | +€23,681 | +27.5% |
| Stocks and contracts in progress | 3 | €14,120 | €17,864 | +€3,744 | +26.5% |
| Stocks | 30/36 | €14,120 | €17,864 | +€3,744 | +26.5% |
| Amounts receivable within one year | 40/41 | €26,206 | €46,642 | +€20,436 | +78.0% |
| Trade receivables | 40 | €16,109 | €18,454 | +€2,344 | +14.6% |
| Other amounts receivable | 41 | €10,097 | €28,189 | +€18,092 | +179% |
| Cash at bank and in hand | 54/58 | €41,540 | €39,799 | -€1,741 | -4.2% |
| Deferred charges and accrued income | 490/1 | €4,274 | €5,517 | +€1,242 | +29.1% |
| Total equity and liabilities | 10/49 | €197,488 | €273,711 | +€76,223 | +38.6% |
| Equity | 10/15 | €77,040 | €83,860 | +€6,821 | +8.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €36,002 | €42,823 | +€6,821 | +18.9% |
| Distributable reserves | 133 | €36,002 | €42,823 | +€6,821 | +18.9% |
| Profit (loss) carried forward | 14 | €22,488 | €22,488 | = | 0.0% |
| Amounts payable | 17/49 | €120,448 | €189,851 | +€69,403 | +57.6% |
| Amounts payable after more than one year | 17 | €29,050 | €44,271 | +€15,221 | +52.4% |
| Financial debts | 170/4 | €29,050 | €44,271 | +€15,221 | +52.4% |
| Amounts payable within one year | 42/48 | €88,128 | €144,418 | +€56,290 | +63.9% |
| Current portion of amounts payable after more than one year | 42 | €30,787 | €55,006 | +€24,218 | +78.7% |
| Trade debts | 44 | €35,221 | €69,101 | +€33,879 | +96.2% |
| Suppliers | 440/4 | €35,221 | €69,101 | +€33,879 | +96.2% |
| Taxes, remuneration and social security | 45 | €22,120 | €20,312 | -€1,808 | -8.2% |
| Taxes | 450/3 | €8,378 | €857 | -€7,521 | -89.8% |
| Remuneration and social security | 454/9 | €13,742 | €19,454 | +€5,712 | +41.6% |
| Accrued charges and deferred income | 492/3 | €3,270 | €1,162 | -€2,108 | -64.5% |
| Remuneration, social security and pensions | 62 | €114,983 | €160,035 | +€45,052 | +39.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,902 | €51,853 | +€8,951 | +20.9% |
| Other operating charges | 640/8 | €1,734 | €1,765 | +€31 | +1.8% |
| Gross operating margin | 9900 | €188,909 | €233,576 | +€44,668 | +23.6% |
| Operating profit (loss) | 9901 | €29,290 | €19,924 | -€9,366 | -32.0% |
| Financial income | 75/76B | €79 | €48 | -€32 | -40.0% |
| Recurring financial income | 75 | €79 | €48 | -€32 | -40.0% |
| Financial charges | 65/66B | €8,007 | €9,405 | +€1,398 | +17.5% |
| Recurring financial charges | 65 | €8,007 | €9,405 | +€1,398 | +17.5% |
| Profit (loss) for the period before taxes | 9903 | €21,362 | €10,566 | -€10,796 | -50.5% |
| Income taxes | 67/77 | €7,654 | €3,746 | -€3,908 | -51.1% |
| Profit (loss) for the period | 9904 | €13,708 | €6,821 | -€6,888 | -50.2% |
| Profit (loss) for the period to be appropriated | 9905 | €13,708 | €6,821 | -€6,888 | -50.2% |
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 24 October 2026 via checked.be.