ManTho: 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.
ManTho
Largest movements
- Receivables within one year +€2,424
up €2,424 (+557.2%), from €435 to €2,859
of which Trade receivables: +€2,633
- Tangible fixed assets -€802
down €802 (-24.1%), from €3,321 to €2,519
of which Furniture and vehicles: -€3,321
- Cash +€741
up €741 (+87.5%), from €847 to €1,588
mainly Net result for the year (+€2,971) and Depreciation (+€802)
- Reserves +€2,753
new in 2025: €2,753
- Trade debts -€676
down €676 (-23.4%), from €2,890 to €2,214
- Profit (loss) carried forward +€218
up €218, from -€218 to €0
- Other debts +€100
new in 2025: €100
- Gross operating margin +€3,357
up €3,357 (+165.6%), from €2,027 to €5,384
- Other operating charges -€815
down €815 (-53.1%), from €1,535 to €720
- Taxes +€774
new in 2025: €774
- Depreciation +€114
up €114 (+16.6%), from €688 to €802
- Financial income -€85
down €85 (-100.0%), from €85 to €0
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 | €5,672 | €8,074 | +€2,402 | +42.4% |
| Fixed assets | 21/28 | €3,321 | €2,519 | -€802 | -24.1% |
| Tangible fixed assets | 22/27 | €3,321 | €2,519 | -€802 | -24.1% |
| Furniture and vehicles | 24 | €3,321 | - | -€3,321 | |
| Other tangible fixed assets | 26 | - | €2,519 | +€2,519 | |
| Current assets | 29/58 | €2,351 | €5,555 | +€3,204 | +136.3% |
| Amounts receivable within one year | 40/41 | €435 | €2,859 | +€2,424 | +557.2% |
| Trade receivables | 40 | - | €2,633 | +€2,633 | |
| Other amounts receivable | 41 | €435 | €226 | -€209 | -48.0% |
| Cash at bank and in hand | 54/58 | €847 | €1,588 | +€741 | +87.5% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,109 | +€39 | +3.7% |
| Total equity and liabilities | 10/49 | €5,672 | €8,074 | +€2,402 | +42.4% |
| Equity | 10/15 | €2,783 | €5,753 | +€2,971 | +106.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €2,753 | +€2,753 | |
| Distributable reserves | 133 | - | €2,753 | +€2,753 | |
| Profit (loss) carried forward | 14 | -€218 | €0 | +€218 | |
| Amounts payable | 17/49 | €2,890 | €2,321 | -€569 | -19.7% |
| Amounts payable within one year | 42/48 | €2,890 | €2,321 | -€569 | -19.7% |
| Trade debts | 44 | €2,890 | €2,214 | -€676 | -23.4% |
| Suppliers | 440/4 | €2,890 | €2,214 | -€676 | -23.4% |
| Taxes, remuneration and social security | 45 | - | €7 | +€7 | |
| Taxes | 450/3 | - | €7 | +€7 | |
| Other amounts payable | 47/48 | - | €100 | +€100 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €688 | €802 | +€114 | +16.6% |
| Other operating charges | 640/8 | €1,535 | €720 | -€815 | -53.1% |
| Gross operating margin | 9900 | €2,027 | €5,384 | +€3,357 | +165.6% |
| Operating profit (loss) | 9901 | -€196 | €3,862 | +€4,058 | |
| Financial income | 75/76B | €85 | €0 | -€85 | -100.0% |
| Recurring financial income | 75 | €85 | €0 | -€85 | -100.0% |
| Financial charges | 65/66B | €107 | €117 | +€11 | +10.0% |
| Recurring financial charges | 65 | €107 | €117 | +€11 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | -€218 | €3,745 | +€3,962 | |
| Income taxes | 67/77 | - | €774 | +€774 | |
| Profit (loss) for the period | 9904 | -€218 | €2,971 | +€3,188 | |
| Profit (loss) for the period to be appropriated | 9905 | -€218 | €2,971 | +€3,188 |
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.