MANPO: 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.
MANPO
Largest movements
- Financial fixed assets -€199,350
down €199,350 (-39.2%), from €508,049 to €308,700
- Cash +€129,456
up €129,456 (+686%), from €18,863 to €148,319
mainly Investment in fixed assets (net) (+€197,465) and Receivables after one year (+€50,000)
- Receivables within one year +€66,305
up €66,305 (+227%), from €29,171 to €95,476
of which Trade receivables: +€71,311
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tangible fixed assets -€7,482
down €7,482 (-29.2%), from €25,652 to €18,170
of which Other tangible fixed assets: -€3,957
- Debts after one year -€74,615
down €74,615 (-26.4%), from €282,412 to €207,797
- Other debts -€34,907
down €34,907 (-67.1%), from €52,000 to €17,093
- Current portion of long-term debt +€24,274
up €24,274 (+33.0%), from €73,450 to €97,724
- Reserves +€12,363
up €12,363 (+7.0%), from €176,772 to €189,135
- Financial charges +€62,559
up €62,559 (+128%), from €49,000 to €111,560
of which Non-recurring financial charges: +€39,914
- Financial income -€52,909
down €52,909 (-96.3%), from €54,920 to €2,011
- Gross operating margin +€51,687
up €51,687 (+49.8%), from €103,790 to €155,477
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 | €633,736 | €570,665 | -€63,071 | -10.0% |
| Fixed assets | 21/28 | €533,701 | €326,870 | -€206,832 | -38.8% |
| Tangible fixed assets | 22/27 | €25,652 | €18,170 | -€7,482 | -29.2% |
| Plant, machinery and equipment | 23 | €3,884 | €4,271 | +€388 | +10.0% |
| Furniture and vehicles | 24 | €14,214 | €10,301 | -€3,913 | -27.5% |
| Other tangible fixed assets | 26 | €7,555 | €3,598 | -€3,957 | -52.4% |
| Financial fixed assets | 28 | €508,049 | €308,700 | -€199,350 | -39.2% |
| Current assets | 29/58 | €100,035 | €243,795 | +€143,760 | +144% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €29,171 | €95,476 | +€66,305 | +227% |
| Trade receivables | 40 | €22,838 | €94,148 | +€71,311 | +312% |
| Other amounts receivable | 41 | €6,334 | €1,328 | -€5,006 | -79.0% |
| Cash at bank and in hand | 54/58 | €18,863 | €148,319 | +€129,456 | +686% |
| Deferred charges and accrued income | 490/1 | €2,000 | €0 | -€2,000 | -100% |
| Total equity and liabilities | 10/49 | €633,736 | €570,665 | -€63,071 | -10.0% |
| Equity | 10/15 | €189,172 | €201,535 | +€12,363 | +6.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €176,772 | €189,135 | +€12,363 | +7.0% |
| Distributable reserves | 133 | €176,772 | €189,135 | +€12,363 | +7.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €444,564 | €369,130 | -€75,434 | -17.0% |
| Amounts payable after more than one year | 17 | €282,412 | €207,797 | -€74,615 | -26.4% |
| Financial debts | 170/4 | €282,412 | €207,797 | -€74,615 | -26.4% |
| Amounts payable within one year | 42/48 | €162,152 | €161,333 | -€819 | -0.5% |
| Current portion of amounts payable after more than one year | 42 | €73,450 | €97,724 | +€24,274 | +33.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €2,025 | €6,788 | +€4,763 | +235% |
| Suppliers | 440/4 | €2,025 | €6,788 | +€4,763 | +235% |
| Taxes, remuneration and social security | 45 | €34,677 | €39,728 | +€5,051 | +14.6% |
| Taxes | 450/3 | €34,677 | €39,728 | +€5,051 | +14.6% |
| Other amounts payable | 47/48 | €52,000 | €17,093 | -€34,907 | -67.1% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,382 | €9,366 | -€1,016 | -9.8% |
| Other operating charges | 640/8 | €690 | €796 | +€106 | +15.4% |
| Gross operating margin | 9900 | €103,790 | €155,477 | +€51,687 | +49.8% |
| Operating profit (loss) | 9901 | €92,718 | €145,315 | +€52,597 | +56.7% |
| Financial income | 75/76B | €54,920 | €2,011 | -€52,909 | -96.3% |
| Recurring financial income | 75 | €54,920 | €2,011 | -€52,909 | -96.3% |
| Financial charges | 65/66B | €49,000 | €111,560 | +€62,559 | +128% |
| Recurring financial charges | 65 | €49,000 | €71,646 | +€22,646 | +46.2% |
| Non-recurring financial charges | 66B | - | €39,914 | +€39,914 | |
| Profit (loss) for the period before taxes | 9903 | €98,638 | €35,767 | -€62,871 | -63.7% |
| Income taxes | 67/77 | €23,109 | €23,404 | +€295 | +1.3% |
| Profit (loss) for the period | 9904 | €75,529 | €12,363 | -€63,167 | -83.6% |
| Profit (loss) for the period to be appropriated | 9905 | €75,529 | €12,363 | -€63,167 | -83.6% |
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 14 October 2026 via checked.be.