Manthano: 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.
Manthano
Largest movements
- Current investments +€207,096
up €207,096 (+72.3%), from €286,445 to €493,541
- Receivables within one year -€198,913
down €198,913 (-98.0%), from €203,000 to €4,087
- Profit (loss) carried forward -€3.4m
no longer reported in 2025 (was €3.4m)
- Reserves +€3.3m
up €3.3m (+1033994.1%), from €321 to €3.3m
of which Distributable reserves: +€3.3m
- Other debts +€1.7m
up €1.7m (+84.7%), from €2.0m to €3.7m
- Debts after one year -€1.7m
down €1.7m (-35.1%), from €4.8m to €3.1m
- Financial income -€2.1m
down €2.1m (-99.8%), from €2.1m to €3,515
of which Financial income: -€2.1m
- Financial charges +€93,707
up €93,707 (+62.6%), from €149,669 to €243,376
- Gross operating margin +€14,051
up €14,051 (+8.4%), from €168,050 to €182,101
- Taxes -€2,063
down €2,063 (-57.3%), from €3,599 to €1,536
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 | €11,844,006 | €11,760,356 | -€83,650 | -0.7% |
| Fixed assets | 21/28 | €11,069,388 | €11,055,363 | -€14,025 | -0.1% |
| Tangible fixed assets | 22/27 | €29,388 | €15,363 | -€14,025 | -47.7% |
| Furniture and vehicles | 24 | €29,388 | €15,363 | -€14,025 | -47.7% |
| Financial fixed assets | 28 | €11,040,000 | €11,040,000 | = | 0.0% |
| Current assets | 29/58 | €774,618 | €704,993 | -€69,625 | -9.0% |
| Amounts receivable within one year | 40/41 | €203,000 | €4,087 | -€198,913 | -98.0% |
| Other amounts receivable | 41 | €203,000 | €4,087 | -€198,913 | -98.0% |
| Current investments | 50/53 | €286,445 | €493,541 | +€207,096 | +72.3% |
| Cash at bank and in hand | 54/58 | €285,173 | €207,365 | -€77,808 | -27.3% |
| Total equity and liabilities | 10/49 | €11,844,006 | €11,760,356 | -€83,650 | -0.7% |
| Equity | 10/15 | €4,931,303 | €4,854,442 | -€76,861 | -1.6% |
| Contributions | 10/11 | €1,535,000 | €1,535,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,535,000 | €1,535,000 | = | 0.0% |
| Other | 1109/19 | €1,535,000 | €1,535,000 | = | 0.0% |
| Reserves | 13 | €321 | €3,319,442 | +€3.3m | +1033994.1% |
| Non-distributable reserves | 130/1 | €321 | €321 | = | 0.0% |
| Other | 1319 | €321 | €321 | = | 0.0% |
| Distributable reserves | 133 | - | €3,319,121 | +€3.3m | |
| Profit (loss) carried forward | 14 | €3,395,982 | - | -€3.4m | |
| Amounts payable | 17/49 | €6,912,703 | €6,905,914 | -€6,789 | -0.1% |
| Amounts payable after more than one year | 17 | €4,840,000 | €3,140,000 | -€1.7m | -35.1% |
| Financial debts | 170/4 | €4,840,000 | €3,140,000 | -€1.7m | -35.1% |
| Amounts payable within one year | 42/48 | €2,072,703 | €3,762,686 | +€1.7m | +81.5% |
| Trade debts | 44 | €2,129 | €2,854 | +€725 | +34.1% |
| Suppliers | 440/4 | €2,129 | €2,854 | +€725 | +34.1% |
| Taxes, remuneration and social security | 45 | €63,543 | €52,209 | -€11,334 | -17.8% |
| Taxes | 450/3 | €63,543 | €52,209 | -€11,334 | -17.8% |
| Other amounts payable | 47/48 | €2,007,031 | €3,707,623 | +€1.7m | +84.7% |
| Accrued charges and deferred income | 492/3 | - | €3,228 | +€3,228 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,514 | €17,375 | +€861 | +5.2% |
| Other operating charges | 640/8 | - | €190 | +€190 | |
| Gross operating margin | 9900 | €168,050 | €182,101 | +€14,051 | +8.4% |
| Operating profit (loss) | 9901 | €151,536 | €164,536 | +€13,000 | +8.6% |
| Financial income | 75/76B | €2,102,064 | €3,515 | -€2.1m | -99.8% |
| Recurring financial income | 75 | €2,100,000 | €3,515 | -€2.1m | -99.8% |
| Non-recurring financial income | 76B | €2,064 | €3,515 | +€1,451 | +70.3% |
| Financial charges | 65/66B | €149,669 | €243,376 | +€93,707 | +62.6% |
| Recurring financial charges | 65 | €149,669 | €243,376 | +€93,707 | +62.6% |
| Profit (loss) for the period before taxes | 9903 | €2,103,931 | -€75,325 | -€2.2m | |
| Income taxes | 67/77 | €3,599 | €1,536 | -€2,063 | -57.3% |
| Profit (loss) for the period | 9904 | €2,100,332 | -€76,861 | -€2.2m | |
| Profit (loss) for the period to be appropriated | 9905 | €2,100,332 | -€76,861 | -€2.2m |
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 10 October 2026 via checked.be.