Manthydro: 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.
Manthydro
Largest movements
- Tangible fixed assets -€445,385
down €445,385 (-38.6%), from €1.2m to €708,661
of which Land and buildings: -€438,635
- Receivables within one year -€154,451
down €154,451 (-30.4%), from €507,949 to €353,498
of which Trade receivables: -€87,513
- Cash -€28,391
down €28,391 (-15.8%), from €179,349 to €150,958
mainly Contributions, distributions and other (-€548,416) and Debts after one year (-€103,430)
- Profit (loss) carried forward -€512,118
down €512,118 (-43.0%), from €1.2m to €678,229
- Other debts +€140,000
new in 2025: €140,000
- Debts after one year -€103,430
down €103,430 (-14.0%), from €738,353 to €634,923
- Current portion of long-term debt -€53,236
down €53,236 (-39.3%), from €135,467 to €82,230
- Trade debts -€46,677
down €46,677 (-25.3%), from €184,401 to €137,724
- Gross operating margin -€101,392
down €101,392 (-17.1%), from €593,980 to €492,587
- Depreciation -€89,193
down €89,193 (-68.7%), from €129,836 to €40,642
- Financial charges +€55,403
up €55,403 (+265%), from €20,875 to €76,278
- Staff costs +€44,002
up €44,002 (+14.8%), from €297,786 to €341,788
- Write-downs -€32,466
down €32,466 (-96.9%), from €33,513 to €1,048
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 | €2,481,276 | €1,865,795 | -€615,481 | -24.8% |
| Fixed assets | 21/28 | €1,154,790 | €709,405 | -€445,385 | -38.6% |
| Tangible fixed assets | 22/27 | €1,154,047 | €708,661 | -€445,385 | -38.6% |
| Land and buildings | 22 | €1,127,340 | €688,705 | -€438,635 | -38.9% |
| Plant, machinery and equipment | 23 | €24,905 | €17,298 | -€7,607 | -30.5% |
| Furniture and vehicles | 24 | €892 | €2,576 | +€1,684 | +189% |
| Other tangible fixed assets | 26 | €909 | €83 | -€827 | -90.9% |
| Financial fixed assets | 28 | €744 | €744 | = | 0.0% |
| Current assets | 29/58 | €1,326,486 | €1,156,390 | -€170,095 | -12.8% |
| Stocks and contracts in progress | 3 | €631,059 | €642,185 | +€11,126 | +1.8% |
| Stocks | 30/36 | €631,059 | €642,185 | +€11,126 | +1.8% |
| Amounts receivable within one year | 40/41 | €507,949 | €353,498 | -€154,451 | -30.4% |
| Trade receivables | 40 | €321,474 | €233,961 | -€87,513 | -27.2% |
| Other amounts receivable | 41 | €186,476 | €119,537 | -€66,939 | -35.9% |
| Cash at bank and in hand | 54/58 | €179,349 | €150,958 | -€28,391 | -15.8% |
| Deferred charges and accrued income | 490/1 | €8,128 | €9,749 | +€1,621 | +19.9% |
| Total equity and liabilities | 10/49 | €2,481,276 | €1,865,795 | -€615,481 | -24.8% |
| Equity | 10/15 | €1,343,698 | €803,314 | -€540,384 | -40.2% |
| Contributions | 10/11 | €62,000 | €61,500 | -€500 | -0.8% |
| Capital | 10 | €62,000 | €61,500 | -€500 | -0.8% |
| Issued capital | 100 | €62,000 | €61,500 | -€500 | -0.8% |
| Reserves | 13 | €91,350 | €63,584 | -€27,766 | -30.4% |
| Non-distributable reserves | 130/1 | €6,200 | €4,316 | -€1,884 | -30.4% |
| Legal reserve | 130 | €6,200 | €4,316 | -€1,884 | -30.4% |
| Tax-exempt reserves | 132 | €85,150 | €59,269 | -€25,881 | -30.4% |
| Profit (loss) carried forward | 14 | €1,190,348 | €678,229 | -€512,118 | -43.0% |
| Amounts payable | 17/49 | €1,137,578 | €1,062,482 | -€75,096 | -6.6% |
| Amounts payable after more than one year | 17 | €738,353 | €634,923 | -€103,430 | -14.0% |
| Financial debts | 170/4 | €738,353 | €634,923 | -€103,430 | -14.0% |
| Amounts payable within one year | 42/48 | €399,225 | €427,558 | +€28,334 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €135,467 | €82,230 | -€53,236 | -39.3% |
| Trade debts | 44 | €184,401 | €137,724 | -€46,677 | -25.3% |
| Suppliers | 440/4 | €184,401 | €137,724 | -€46,677 | -25.3% |
| Taxes, remuneration and social security | 45 | €79,356 | €67,604 | -€11,753 | -14.8% |
| Taxes | 450/3 | €27,531 | €17,322 | -€10,208 | -37.1% |
| Remuneration and social security | 454/9 | €51,826 | €50,281 | -€1,545 | -3.0% |
| Other amounts payable | 47/48 | - | €140,000 | +€140,000 | |
| Remuneration, social security and pensions | 62 | €297,786 | €341,788 | +€44,002 | +14.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,836 | €40,642 | -€89,193 | -68.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €33,513 | €1,048 | -€32,466 | -96.9% |
| Other operating charges | 640/8 | €27,365 | €24,886 | -€2,480 | -9.1% |
| Non-recurring operating charges | 66A | €23,064 | - | -€23,064 | |
| Gross operating margin | 9900 | €593,980 | €492,587 | -€101,392 | -17.1% |
| Operating profit (loss) | 9901 | €82,416 | €84,224 | +€1,808 | +2.2% |
| Financial income | 75/76B | €338 | €3,780 | +€3,442 | +1,018% |
| Recurring financial income | 75 | €338 | €3,780 | +€3,442 | +1,018% |
| Financial charges | 65/66B | €20,875 | €76,278 | +€55,403 | +265% |
| Recurring financial charges | 65 | €20,875 | €76,278 | +€55,403 | +265% |
| Profit (loss) for the period before taxes | 9903 | €61,879 | €11,726 | -€50,153 | -81.1% |
| Income taxes | 67/77 | €16,987 | €3,694 | -€13,292 | -78.3% |
| Profit (loss) for the period | 9904 | €44,892 | €8,031 | -€36,861 | -82.1% |
| Profit (loss) for the period to be appropriated | 9905 | €44,892 | €8,031 | -€36,861 | -82.1% |
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 13 October 2026 via checked.be.