MANSEF: 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.
MANSEF
Largest movements
- Receivables within one year +€140,979
up €140,979 (+16.4%), from €862,013 to €1.0m
of which Other amounts receivable: +€148,048
- Tangible fixed assets +€91,531
up €91,531 (+16.6%), from €551,535 to €643,066
of which Other tangible fixed assets: +€100,422
- Cash -€70,187
down €70,187 (-37.2%), from €188,908 to €118,721
mainly Investment in fixed assets (net) (-€223,477) and Receivables within one year (-€140,979)
- Deferred charges and accrued income +€63,712
up €63,712 (+1933.5%), from €3,295 to €67,007
- Trade debts +€170,935
up €170,935 (+26.1%), from €653,824 to €824,759
- Profit (loss) carried forward +€143,738
up €143,738 (+58.3%), from €246,689 to €390,427
- Other debts -€121,109
down €121,109 (-20.1%), from €601,920 to €480,811
- Investment grants +€38,091
up €38,091 (+48.1%), from €79,205 to €117,296
- Other operating charges -€79,625
down €79,625 (-72.9%), from €109,200 to €29,574
- Gross operating margin +€73,611
up €73,611 (+5.9%), from €1.2m to €1.3m
- Staff costs +€71,956
up €71,956 (+10.3%), from €696,177 to €768,133
- Depreciation +€36,139
up €36,139 (+35.7%), from €101,307 to €137,446
- Provisions +€33,590
new in 2024: €33,590
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,775,893 | €2,002,838 | +€226,945 | +12.8% |
| Fixed assets | 21/28 | €702,372 | €788,403 | +€86,031 | +12.2% |
| Intangible fixed assets | 21 | €39,268 | €33,769 | -€5,500 | -14.0% |
| Tangible fixed assets | 22/27 | €551,535 | €643,066 | +€91,531 | +16.6% |
| Furniture and vehicles | 24 | €178,230 | €169,338 | -€8,891 | -5.0% |
| Other tangible fixed assets | 26 | €373,306 | €473,728 | +€100,422 | +26.9% |
| Financial fixed assets | 28 | €111,568 | €111,568 | = | 0.0% |
| Current assets | 29/58 | €1,073,521 | €1,214,435 | +€140,914 | +13.1% |
| Stocks and contracts in progress | 3 | €19,304 | €25,714 | +€6,410 | +33.2% |
| Stocks | 30/36 | €19,304 | €25,714 | +€6,410 | +33.2% |
| Amounts receivable within one year | 40/41 | €862,013 | €1,002,993 | +€140,979 | +16.4% |
| Trade receivables | 40 | €17,513 | €10,444 | -€7,068 | -40.4% |
| Other amounts receivable | 41 | €844,500 | €992,548 | +€148,048 | +17.5% |
| Cash at bank and in hand | 54/58 | €188,908 | €118,721 | -€70,187 | -37.2% |
| Deferred charges and accrued income | 490/1 | €3,295 | €67,007 | +€63,712 | +1933.5% |
| Total equity and liabilities | 10/49 | €1,775,893 | €2,002,838 | +€226,945 | +12.8% |
| Equity | 10/15 | €340,894 | €522,723 | +€181,829 | +53.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €246,689 | €390,427 | +€143,738 | +58.3% |
| Investment grants | 15 | €79,205 | €117,296 | +€38,091 | +48.1% |
| Amounts payable | 17/49 | €1,434,998 | €1,480,115 | +€45,117 | +3.1% |
| Amounts payable within one year | 42/48 | €1,434,803 | €1,480,115 | +€45,312 | +3.2% |
| Trade debts | 44 | €653,824 | €824,759 | +€170,935 | +26.1% |
| Suppliers | 440/4 | €653,824 | €824,759 | +€170,935 | +26.1% |
| Taxes, remuneration and social security | 45 | €179,059 | €174,544 | -€4,514 | -2.5% |
| Taxes | 450/3 | €104,835 | €116,202 | +€11,366 | +10.8% |
| Remuneration and social security | 454/9 | €74,223 | €58,342 | -€15,881 | -21.4% |
| Other amounts payable | 47/48 | €601,920 | €480,811 | -€121,109 | -20.1% |
| Accrued charges and deferred income | 492/3 | €195 | €0 | -€195 | -100.0% |
| Remuneration, social security and pensions | 62 | €696,177 | €768,133 | +€71,956 | +10.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,307 | €137,446 | +€36,139 | +35.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €33,590 | +€33,590 | |
| Other operating charges | 640/8 | €109,200 | €29,574 | -€79,625 | -72.9% |
| Gross operating margin | 9900 | €1,246,872 | €1,320,484 | +€73,611 | +5.9% |
| Operating profit (loss) | 9901 | €340,188 | €351,740 | +€11,552 | +3.4% |
| Financial income | 75/76B | €5,235 | €9,503 | +€4,268 | +81.5% |
| Recurring financial income | 75 | €5,235 | €9,503 | +€4,268 | +81.5% |
| Financial charges | 65/66B | €155,589 | €172,824 | +€17,235 | +11.1% |
| Recurring financial charges | 65 | €155,589 | €172,824 | +€17,235 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €189,834 | €188,419 | -€1,415 | -0.7% |
| Income taxes | 67/77 | €45,138 | €44,681 | -€457 | -1.0% |
| Profit (loss) for the period | 9904 | €144,697 | €143,738 | -€959 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €144,697 | €143,738 | -€959 | -0.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.