MANOVA: 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.
MANOVA
Largest movements
- Cash -€7,909
down €7,909 (-62.5%), from €12,651 to €4,742
mainly Trade debts (-€9,966) and Net result for the year (-€3,813)
- Receivables within one year -€7,710
down €7,710 (-27.6%), from €27,948 to €20,239
of which Trade receivables: -€5,494
- Tangible fixed assets +€2,613
up €2,613 (+85.8%), from €3,046 to €5,660
of which Land and buildings: +€1,873
- Trade debts -€9,966
down €9,966 (-68.3%), from €14,592 to €4,626
- Profit (loss) carried forward -€3,313
down €3,313, from €365 to -€2,949
- Reserves -€1,800
down €1,800 (-10.1%), from €17,800 to €16,000
of which Non-distributable reserves: -€1,300
- Advances received +€1,786
new in 2025: €1,786
- Contributions +€1,300
up €1,300 (+21.0%), from €6,200 to €7,500
- Gross operating margin +€13,282
up €13,282 (+129.2%), from €10,284 to €23,566
- Staff costs +€11,859
up €11,859 (+326.8%), from €3,629 to €15,488
- Other operating charges +€2,923
up €2,923 (+60.5%), from €4,833 to €7,756
- Taxes -€1,532
down €1,532 (-40.4%), from €3,788 to €2,257
- Financial charges +€581
up €581 (+235.7%), from €246 to €827
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 | €47,725 | €34,897 | -€12,828 | -26.9% |
| Fixed assets | 21/28 | €3,529 | €6,143 | +€2,613 | +74.0% |
| Tangible fixed assets | 22/27 | €3,046 | €5,660 | +€2,613 | +85.8% |
| Land and buildings | 22 | - | €1,873 | +€1,873 | |
| Furniture and vehicles | 24 | €1,044 | €544 | -€499 | -47.8% |
| Other tangible fixed assets | 26 | €2,003 | €3,242 | +€1,240 | +61.9% |
| Financial fixed assets | 28 | €483 | €483 | = | 0.0% |
| Current assets | 29/58 | €44,196 | €28,755 | -€15,441 | -34.9% |
| Stocks and contracts in progress | 3 | €3,529 | €3,705 | +€176 | +5.0% |
| Stocks | 30/36 | €3,529 | €3,705 | +€176 | +5.0% |
| Amounts receivable within one year | 40/41 | €27,948 | €20,239 | -€7,710 | -27.6% |
| Trade receivables | 40 | €12,615 | €7,122 | -€5,494 | -43.5% |
| Other amounts receivable | 41 | €15,333 | €13,117 | -€2,216 | -14.5% |
| Cash at bank and in hand | 54/58 | €12,651 | €4,742 | -€7,909 | -62.5% |
| Deferred charges and accrued income | 490/1 | €67 | €69 | +€1 | +2.0% |
| Total equity and liabilities | 10/49 | €47,725 | €34,897 | -€12,828 | -26.9% |
| Equity | 10/15 | €24,365 | €20,551 | -€3,813 | -15.7% |
| Contributions | 10/11 | €6,200 | €7,500 | +€1,300 | +21.0% |
| Reserves | 13 | €17,800 | €16,000 | -€1,800 | -10.1% |
| Non-distributable reserves | 130/1 | €1,300 | - | -€1,300 | |
| Reserves not available under the articles | 1311 | €1,300 | - | -€1,300 | |
| Tax-exempt reserves | 132 | €16,000 | €16,000 | = | 0.0% |
| Distributable reserves | 133 | €500 | - | -€500 | |
| Profit (loss) carried forward | 14 | €365 | -€2,949 | -€3,313 | |
| Amounts payable | 17/49 | €23,360 | €14,346 | -€9,014 | -38.6% |
| Amounts payable within one year | 42/48 | €23,360 | €14,346 | -€9,014 | -38.6% |
| Trade debts | 44 | €14,592 | €4,626 | -€9,966 | -68.3% |
| Suppliers | 440/4 | €14,592 | €4,626 | -€9,966 | -68.3% |
| Advances received on contracts in progress | 46 | - | €1,786 | +€1,786 | |
| Taxes, remuneration and social security | 45 | €8,768 | €7,934 | -€834 | -9.5% |
| Taxes | 450/3 | €6,268 | €3,247 | -€3,021 | -48.2% |
| Remuneration and social security | 454/9 | €2,500 | €4,687 | +€2,187 | +87.5% |
| Remuneration, social security and pensions | 62 | €3,629 | €15,488 | +€11,859 | +326.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €867 | €1,053 | +€185 | +21.4% |
| Other operating charges | 640/8 | €4,833 | €7,756 | +€2,923 | +60.5% |
| Non-recurring operating charges | 66A | €882 | - | -€882 | |
| Gross operating margin | 9900 | €10,284 | €23,566 | +€13,282 | +129.2% |
| Operating profit (loss) | 9901 | €73 | -€730 | -€803 | |
| Financial income | 75/76B | €24 | - | -€24 | |
| Recurring financial income | 75 | €24 | - | -€24 | |
| Financial charges | 65/66B | €246 | €827 | +€581 | +235.7% |
| Recurring financial charges | 65 | €246 | €827 | +€581 | +235.7% |
| Profit (loss) for the period before taxes | 9903 | -€149 | -€1,557 | -€1,408 | -941.9% |
| Income taxes | 67/77 | €3,788 | €2,257 | -€1,532 | -40.4% |
| Profit (loss) for the period | 9904 | -€3,938 | -€3,813 | +€124 | +3.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,938 | -€3,813 | +€124 | +3.1% |
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 5 October 2026 via checked.be.