MANTHELICO: 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.
MANTHELICO
Largest movements
- Tangible fixed assets -€30,400
down €30,400 (-12.8%), from €237,258 to €206,858
- Cash +€11,950
up €11,950 (+17.1%), from €69,980 to €81,930
mainly Depreciation (+€30,400) and Accrued charges and deferred income (+€3,244)
- Receivables within one year +€9,173
up €9,173 (+79.5%), from €11,543 to €20,717
of which Trade receivables: +€7,173
- Profit (loss) carried forward -€12,874
down €12,874, from €10,958 to -€1,916
- Accrued charges and deferred income +€3,244
up €3,244 (+179.9%), from €1,803 to €5,047
- Depreciation +€11,500
up €11,500 (+60.8%), from €18,900 to €30,400
- Taxes +€1,850
up €1,850, from -€429 to €1,421
- Other operating charges +€485
new in 2025: €485
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 | €318,782 | €309,505 | -€9,277 | -2.9% |
| Fixed assets | 21/28 | €237,258 | €206,858 | -€30,400 | -12.8% |
| Tangible fixed assets | 22/27 | €237,258 | €206,858 | -€30,400 | -12.8% |
| Furniture and vehicles | 24 | €237,258 | €206,858 | -€30,400 | -12.8% |
| Current assets | 29/58 | €81,524 | €102,647 | +€21,123 | +25.9% |
| Amounts receivable within one year | 40/41 | €11,543 | €20,717 | +€9,173 | +79.5% |
| Trade receivables | 40 | €11,543 | €18,717 | +€7,173 | +62.1% |
| Other amounts receivable | 41 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €69,980 | €81,930 | +€11,950 | +17.1% |
| Total equity and liabilities | 10/49 | €318,782 | €309,505 | -€9,277 | -2.9% |
| Equity | 10/15 | €15,958 | €3,084 | -€12,874 | -80.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,958 | -€1,916 | -€12,874 | |
| Amounts payable | 17/49 | €302,824 | €306,421 | +€3,597 | +1.2% |
| Amounts payable after more than one year | 17 | €295,000 | €295,000 | = | 0.0% |
| Financial debts | 170/4 | €295,000 | €295,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €6,021 | €6,374 | +€353 | +5.9% |
| Trade debts | 44 | €885 | €3,999 | +€3,115 | +352.1% |
| Suppliers | 440/4 | €885 | €3,999 | +€3,115 | +352.1% |
| Taxes, remuneration and social security | 45 | €5,136 | €2,375 | -€2,761 | -53.8% |
| Taxes | 450/3 | €5,136 | €2,375 | -€2,761 | -53.8% |
| Accrued charges and deferred income | 492/3 | €1,803 | €5,047 | +€3,244 | +179.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,900 | €30,400 | +€11,500 | +60.8% |
| Other operating charges | 640/8 | - | €485 | +€485 | |
| Gross operating margin | 9900 | €19,333 | €19,462 | +€129 | +0.7% |
| Operating profit (loss) | 9901 | €433 | -€11,423 | -€11,856 | |
| Financial charges | 65/66B | €47 | €30 | -€16 | -35.4% |
| Recurring financial charges | 65 | €47 | €30 | -€16 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €387 | -€11,453 | -€11,839 | |
| Income taxes | 67/77 | -€429 | €1,421 | +€1,850 | |
| Profit (loss) for the period | 9904 | €816 | -€12,874 | -€13,690 | |
| Profit (loss) for the period to be appropriated | 9905 | €816 | -€12,874 | -€13,690 |
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 11 October 2026 via checked.be.