MANON: 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.
MANON
Largest movements
- Current investments -€160,000
no longer reported in 2025 (was €160,000)
- Cash -€56,333
down €56,333 (-30.4%), from €185,221 to €128,888
mainly Other debts (-€120,000) and Trade debts (-€107,850)
- Receivables within one year +€47,549
up €47,549 (+176.5%), from €26,946 to €74,495
of which Other amounts receivable: +€46,855
- Tangible fixed assets -€23,738
down €23,738 (-25.5%), from €92,948 to €69,211
- Other debts -€120,000
no longer reported in 2025 (was €120,000)
- Trade debts -€107,850
down €107,850 (-32.8%), from €328,609 to €220,760
- Profit (loss) carried forward +€42,052
up €42,052 (+41.4%), from €101,662 to €143,714
- Current portion of long-term debt -€11,069
down €11,069 (-83.2%), from €13,302 to €2,233
- Tax, wage and social debts +€8,867
up €8,867 (+12.9%), from €68,573 to €77,439
of which Taxes: +€4,894
- Gross operating margin -€124,716
down €124,716 (-20.5%), from €607,934 to €483,218
- Taxes -€25,727
down €25,727 (-63.5%), from €40,532 to €14,806
- Staff costs -€19,716
down €19,716 (-4.8%), from €414,313 to €394,597
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 | €763,237 | €568,087 | -€195,150 | -25.6% |
| Fixed assets | 21/28 | €92,948 | €69,211 | -€23,738 | -25.5% |
| Tangible fixed assets | 22/27 | €92,948 | €69,211 | -€23,738 | -25.5% |
| Plant, machinery and equipment | 23 | €15,244 | €11,497 | -€3,747 | -24.6% |
| Furniture and vehicles | 24 | €28,171 | €16,877 | -€11,294 | -40.1% |
| Other tangible fixed assets | 26 | €49,533 | €40,837 | -€8,696 | -17.6% |
| Current assets | 29/58 | €670,288 | €498,876 | -€171,412 | -25.6% |
| Stocks and contracts in progress | 3 | €291,505 | €288,806 | -€2,699 | -0.9% |
| Stocks | 30/36 | €291,505 | €288,806 | -€2,699 | -0.9% |
| Amounts receivable within one year | 40/41 | €26,946 | €74,495 | +€47,549 | +176.5% |
| Trade receivables | 40 | €1,929 | €2,623 | +€695 | +36.0% |
| Other amounts receivable | 41 | €25,017 | €71,872 | +€46,855 | +187.3% |
| Current investments | 50/53 | €160,000 | - | -€160,000 | |
| Cash at bank and in hand | 54/58 | €185,221 | €128,888 | -€56,333 | -30.4% |
| Deferred charges and accrued income | 490/1 | €6,616 | €6,687 | +€71 | +1.1% |
| Total equity and liabilities | 10/49 | €763,237 | €568,087 | -€195,150 | -25.6% |
| Equity | 10/15 | €209,750 | €251,802 | +€42,052 | +20.0% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €101,891 | €101,891 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,891 | €1,891 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,891 | €1,891 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,662 | €143,714 | +€42,052 | +41.4% |
| Provisions and deferred taxes | 16 | €20,769 | €15,853 | -€4,916 | -23.7% |
| Provisions for liabilities and charges | 160/5 | €20,769 | €15,853 | -€4,916 | -23.7% |
| Environmental obligations | 163 | €20,769 | €15,853 | -€4,916 | -23.7% |
| Amounts payable | 17/49 | €532,717 | €300,432 | -€232,285 | -43.6% |
| Amounts payable after more than one year | 17 | €2,233 | - | -€2,233 | |
| Financial debts | 170/4 | €2,233 | - | -€2,233 | |
| Amounts payable within one year | 42/48 | €530,484 | €300,432 | -€230,052 | -43.4% |
| Current portion of amounts payable after more than one year | 42 | €13,302 | €2,233 | -€11,069 | -83.2% |
| Trade debts | 44 | €328,609 | €220,760 | -€107,850 | -32.8% |
| Suppliers | 440/4 | €328,609 | €220,760 | -€107,850 | -32.8% |
| Taxes, remuneration and social security | 45 | €68,573 | €77,439 | +€8,867 | +12.9% |
| Taxes | 450/3 | €16,729 | €21,623 | +€4,894 | +29.3% |
| Remuneration and social security | 454/9 | €51,844 | €55,816 | +€3,972 | +7.7% |
| Other amounts payable | 47/48 | €120,000 | - | -€120,000 | |
| Non-recurring operating income | 76A | €2,278 | €2,116 | -€162 | -7.1% |
| Remuneration, social security and pensions | 62 | €414,313 | €394,597 | -€19,716 | -4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,387 | €26,790 | +€404 | +1.5% |
| Other operating charges | 640/8 | €4,664 | €4,922 | +€258 | +5.5% |
| Non-recurring operating charges | 66A | - | €350 | +€350 | |
| Gross operating margin | 9900 | €607,934 | €483,218 | -€124,716 | -20.5% |
| Operating profit (loss) | 9901 | €162,570 | €56,558 | -€106,012 | -65.2% |
| Financial income | 75/76B | €2,012 | €4,297 | +€2,284 | +113.5% |
| Recurring financial income | 75 | €2,012 | €4,297 | +€2,284 | +113.5% |
| Financial charges | 65/66B | €3,892 | €3,997 | +€105 | +2.7% |
| Recurring financial charges | 65 | €3,892 | €3,997 | +€105 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €160,690 | €56,858 | -€103,833 | -64.6% |
| Income taxes | 67/77 | €40,532 | €14,806 | -€25,727 | -63.5% |
| Profit (loss) for the period | 9904 | €120,158 | €42,052 | -€78,106 | -65.0% |
| Profit (loss) for the period to be appropriated | 9905 | €120,158 | €42,052 | -€78,106 | -65.0% |
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 7 October 2026 via checked.be.