MANPAARD: 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.
MANPAARD
Largest movements
- Receivables within one year +€43,983
up €43,983 (+178%), from €24,733 to €68,716
of which Trade receivables: +€51,540
- Cash +€2,013
up €2,013 (+11.0%), from €18,264 to €20,277
mainly Net result for the year (+€16,465) and Trade debts (+€13,336)
- Tangible fixed assets -€1,096
down €1,096 (-72.4%), from €1,514 to €418
- Trade debts +€13,336
up €13,336 (+2,531%), from €527 to €13,863
- Reserves +€11,840
up €11,840 (+83.9%), from €14,107 to €25,947
of which Distributable reserves: +€11,840
- Tax, wage and social debts +€7,328
up €7,328 (+131%), from €5,592 to €12,920
- Other debts +€7,267
up €7,267 (+72.7%), from €9,997 to €17,264
- Profit (loss) carried forward +€4,625
up €4,625, from -€4,625 to €0
- Gross operating margin +€26,814
up €26,814, from -€584 to €26,230
- Taxes +€7,010
up €7,010 (+51,812%), from €14 to €7,024
- Depreciation -€1,538
down €1,538 (-58.4%), from €2,634 to €1,096
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 | €44,848 | €89,486 | +€44,638 | +99.5% |
| Fixed assets | 21/28 | €1,514 | €418 | -€1,096 | -72.4% |
| Tangible fixed assets | 22/27 | €1,514 | €418 | -€1,096 | -72.4% |
| Furniture and vehicles | 24 | €1,514 | €418 | -€1,096 | -72.4% |
| Current assets | 29/58 | €43,334 | €89,068 | +€45,734 | +106% |
| Amounts receivable within one year | 40/41 | €24,733 | €68,716 | +€43,983 | +178% |
| Trade receivables | 40 | €17,170 | €68,710 | +€51,540 | +300% |
| Other amounts receivable | 41 | €7,563 | €6 | -€7,557 | -99.9% |
| Cash at bank and in hand | 54/58 | €18,264 | €20,277 | +€2,013 | +11.0% |
| Deferred charges and accrued income | 490/1 | €338 | €75 | -€262 | -77.8% |
| Total equity and liabilities | 10/49 | €44,848 | €89,486 | +€44,638 | +99.5% |
| Equity | 10/15 | €28,082 | €44,547 | +€16,465 | +58.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €14,107 | €25,947 | +€11,840 | +83.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €14,107 | €25,947 | +€11,840 | +83.9% |
| Profit (loss) carried forward | 14 | -€4,625 | €0 | +€4,625 | |
| Amounts payable | 17/49 | €16,766 | €44,939 | +€28,173 | +168% |
| Amounts payable within one year | 42/48 | €16,116 | €44,047 | +€27,931 | +173% |
| Trade debts | 44 | €527 | €13,863 | +€13,336 | +2,531% |
| Suppliers | 440/4 | €527 | €13,863 | +€13,336 | +2,531% |
| Taxes, remuneration and social security | 45 | €5,592 | €12,920 | +€7,328 | +131% |
| Taxes | 450/3 | €5,592 | €12,920 | +€7,328 | +131% |
| Other amounts payable | 47/48 | €9,997 | €17,264 | +€7,267 | +72.7% |
| Accrued charges and deferred income | 492/3 | €650 | €892 | +€242 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,634 | €1,096 | -€1,538 | -58.4% |
| Other operating charges | 640/8 | €525 | €531 | +€7 | +1.2% |
| Gross operating margin | 9900 | -€584 | €26,230 | +€26,814 | |
| Operating profit (loss) | 9901 | -€3,744 | €24,602 | +€28,346 | |
| Financial income | 75/76B | €27 | €0 | -€27 | -98.9% |
| Recurring financial income | 75 | €27 | €0 | -€27 | -98.9% |
| Financial charges | 65/66B | €895 | €1,114 | +€219 | +24.5% |
| Recurring financial charges | 65 | €895 | €1,114 | +€219 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,611 | €23,489 | +€28,100 | |
| Income taxes | 67/77 | €14 | €7,024 | +€7,010 | +51,812% |
| Profit (loss) for the period | 9904 | -€4,625 | €16,465 | +€21,090 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,625 | €16,465 | +€21,090 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.