MANOLEK: 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.
MANOLEK
Largest movements
- Receivables within one year -€55,993
down €55,993 (-48.5%), from €115,423 to €59,430
of which Other amounts receivable: -€49,089
- Receivables after one year +€39,441
new in 2025: €39,441
- Deferred charges and accrued income -€24,592
down €24,592 (-52.1%), from €47,169 to €22,577
- Tangible fixed assets +€21,396
up €21,396 (+109.7%), from €19,499 to €40,895
of which Furniture and vehicles: +€23,190
- Accrued charges and deferred income -€51,491
down €51,491 (-92.2%), from €55,868 to €4,377
- Reserves +€43,500
up €43,500 (+36.9%), from €117,890 to €161,390
of which Distributable reserves: +€43,500
- Advances received -€27,792
down €27,792 (-100.0%), from €27,792 to €0
- Trade debts +€26,280
up €26,280 (+218.3%), from €12,038 to €38,318
- Other debts -€21,536
down €21,536 (-97.9%), from €22,000 to €464
- Staff costs +€48,388
up €48,388 (+118.9%), from €40,684 to €89,072
- Gross operating margin +€10,770
up €10,770 (+6.8%), from €158,280 to €169,051
- Taxes -€2,270
down €2,270 (-8.5%), from €26,604 to €24,334
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 | €317,142 | €299,609 | -€17,533 | -5.5% |
| Fixed assets | 21/28 | €19,499 | €40,895 | +€21,396 | +109.7% |
| Tangible fixed assets | 22/27 | €19,499 | €40,895 | +€21,396 | +109.7% |
| Plant, machinery and equipment | 23 | €5,035 | €3,242 | -€1,794 | -35.6% |
| Furniture and vehicles | 24 | €14,463 | €37,653 | +€23,190 | +160.3% |
| Current assets | 29/58 | €297,643 | €258,714 | -€38,929 | -13.1% |
| Amounts receivable after more than one year | 29 | - | €39,441 | +€39,441 | |
| Other amounts receivable | 291 | - | €39,441 | +€39,441 | |
| Amounts receivable within one year | 40/41 | €115,423 | €59,430 | -€55,993 | -48.5% |
| Trade receivables | 40 | €25,790 | €18,886 | -€6,904 | -26.8% |
| Other amounts receivable | 41 | €89,633 | €40,544 | -€49,089 | -54.8% |
| Cash at bank and in hand | 54/58 | €135,051 | €137,267 | +€2,215 | +1.6% |
| Deferred charges and accrued income | 490/1 | €47,169 | €22,577 | -€24,592 | -52.1% |
| Total equity and liabilities | 10/49 | €317,142 | €299,609 | -€17,533 | -5.5% |
| Equity | 10/15 | €149,329 | €192,889 | +€43,560 | +29.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €117,890 | €161,390 | +€43,500 | +36.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €116,030 | €159,530 | +€43,500 | +37.5% |
| Profit (loss) carried forward | 14 | €19,040 | €19,099 | +€60 | +0.3% |
| Amounts payable | 17/49 | €167,813 | €106,720 | -€61,092 | -36.4% |
| Amounts payable after more than one year | 17 | - | €2,113 | +€2,113 | |
| Financial debts | 170/4 | - | €2,113 | +€2,113 | |
| Amounts payable within one year | 42/48 | €111,944 | €100,230 | -€11,714 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | - | €1,601 | +€1,601 | |
| Trade debts | 44 | €12,038 | €38,318 | +€26,280 | +218.3% |
| Suppliers | 440/4 | €12,038 | €38,318 | +€26,280 | +218.3% |
| Advances received on contracts in progress | 46 | €27,792 | €0 | -€27,792 | -100.0% |
| Taxes, remuneration and social security | 45 | €50,115 | €59,848 | +€9,733 | +19.4% |
| Taxes | 450/3 | €38,730 | €53,147 | +€14,417 | +37.2% |
| Remuneration and social security | 454/9 | €11,384 | €6,701 | -€4,683 | -41.1% |
| Other amounts payable | 47/48 | €22,000 | €464 | -€21,536 | -97.9% |
| Accrued charges and deferred income | 492/3 | €55,868 | €4,377 | -€51,491 | -92.2% |
| Non-recurring operating income | 76A | - | €5,939 | +€5,939 | |
| Remuneration, social security and pensions | 62 | €40,684 | €89,072 | +€48,388 | +118.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,407 | €10,589 | +€182 | +1.8% |
| Other operating charges | 640/8 | €1,068 | €613 | -€454 | -42.6% |
| Gross operating margin | 9900 | €158,280 | €169,051 | +€10,770 | +6.8% |
| Operating profit (loss) | 9901 | €106,122 | €68,776 | -€37,346 | -35.2% |
| Financial income | 75/76B | €1,195 | €941 | -€254 | -21.3% |
| Recurring financial income | 75 | €1,195 | €941 | -€254 | -21.3% |
| Financial charges | 65/66B | €682 | €1,824 | +€1,141 | +167.3% |
| Recurring financial charges | 65 | €682 | €1,824 | +€1,141 | +167.3% |
| Profit (loss) for the period before taxes | 9903 | €106,635 | €67,894 | -€38,741 | -36.3% |
| Income taxes | 67/77 | €26,604 | €24,334 | -€2,270 | -8.5% |
| Profit (loss) for the period | 9904 | €80,031 | €43,560 | -€36,472 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €80,031 | €43,560 | -€36,472 | -45.6% |
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.