MANU: 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.
MANU
Largest movements
- Receivables within one year +€376,536
up €376,536 (+32.1%), from €1.2m to €1.6m
of which Trade receivables: +€282,199
- Cash -€49,078
down €49,078 (-14.1%), from €346,980 to €297,902
mainly Receivables within one year (-€376,536) and Debts after one year (-€157,493)
- Tangible fixed assets -€24,171
down €24,171 (-14.1%), from €171,047 to €146,876
of which Furniture and vehicles: -€22,156
- Current portion of long-term debt +€212,888
up €212,888, from €0 to €212,888
- Debts after one year -€157,493
down €157,493 (-81.7%), from €192,769 to €35,276
- Accrued charges and deferred income +€130,479
new in 2025: €130,479
- Trade debts +€106,264
up €106,264 (+49.2%), from €216,119 to €322,383
- Other debts -€94,538
down €94,538 (-100.0%), from €94,538 to €0
- Gross operating margin -€87,380
down €87,380 (-24.3%), from €358,899 to €271,519
- Taxes -€21,899
down €21,899 (-34.1%), from €64,229 to €42,330
- Staff costs -€15,879
down €15,879 (-38.5%), from €41,227 to €25,348
- Depreciation +€3,611
up €3,611 (+5.5%), from €65,701 to €69,312
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 | €1,695,605 | €2,000,804 | +€305,199 | +18.0% |
| Fixed assets | 21/28 | €172,836 | €148,665 | -€24,171 | -14.0% |
| Tangible fixed assets | 22/27 | €171,047 | €146,876 | -€24,171 | -14.1% |
| Land and buildings | 22 | €2,705 | €1,804 | -€902 | -33.3% |
| Plant, machinery and equipment | 23 | €70,557 | €69,444 | -€1,113 | -1.6% |
| Furniture and vehicles | 24 | €97,784 | €75,628 | -€22,156 | -22.7% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €1,790 | €1,790 | = | 0.0% |
| Current assets | 29/58 | €1,522,769 | €1,852,139 | +€329,369 | +21.6% |
| Stocks and contracts in progress | 3 | €777 | €3,097 | +€2,320 | +298.6% |
| Stocks | 30/36 | €777 | €3,097 | +€2,320 | +298.6% |
| Amounts receivable within one year | 40/41 | €1,174,604 | €1,551,139 | +€376,536 | +32.1% |
| Trade receivables | 40 | €1,173,015 | €1,455,214 | +€282,199 | +24.1% |
| Other amounts receivable | 41 | €1,589 | €95,926 | +€94,337 | +5936.6% |
| Cash at bank and in hand | 54/58 | €346,980 | €297,902 | -€49,078 | -14.1% |
| Deferred charges and accrued income | 490/1 | €408 | €0 | -€408 | -100.0% |
| Total equity and liabilities | 10/49 | €1,695,605 | €2,000,804 | +€305,199 | +18.0% |
| Equity | 10/15 | €1,165,078 | €1,260,744 | +€95,665 | +8.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €312,000 | €406,000 | +€94,000 | +30.1% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €287,000 | €381,000 | +€94,000 | +32.8% |
| Profit (loss) carried forward | 14 | €603,078 | €604,744 | +€1,665 | +0.3% |
| Amounts payable | 17/49 | €530,527 | €740,060 | +€209,533 | +39.5% |
| Amounts payable after more than one year | 17 | €192,769 | €35,276 | -€157,493 | -81.7% |
| Financial debts | 170/4 | €192,769 | €35,276 | -€157,493 | -81.7% |
| Amounts payable within one year | 42/48 | €337,758 | €574,306 | +€236,548 | +70.0% |
| Current portion of amounts payable after more than one year | 42 | €0 | €212,888 | +€212,888 | |
| Trade debts | 44 | €216,119 | €322,383 | +€106,264 | +49.2% |
| Suppliers | 440/4 | €216,119 | €322,383 | +€106,264 | +49.2% |
| Taxes, remuneration and social security | 45 | €27,101 | €39,035 | +€11,935 | +44.0% |
| Taxes | 450/3 | €23,993 | €37,268 | +€13,275 | +55.3% |
| Remuneration and social security | 454/9 | €3,107 | €1,767 | -€1,341 | -43.1% |
| Other amounts payable | 47/48 | €94,538 | €0 | -€94,538 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €130,479 | +€130,479 | |
| Remuneration, social security and pensions | 62 | €41,227 | €25,348 | -€15,879 | -38.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,701 | €69,312 | +€3,611 | +5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €22,648 | €23,613 | +€966 | +4.3% |
| Gross operating margin | 9900 | €358,899 | €271,519 | -€87,380 | -24.3% |
| Operating profit (loss) | 9901 | €229,323 | €153,246 | -€76,078 | -33.2% |
| Financial income | 75/76B | €4 | €2,599 | +€2,596 | +73530.0% |
| Recurring financial income | 75 | €4 | €2,599 | +€2,596 | +73530.0% |
| Financial charges | 65/66B | €16,680 | €17,850 | +€1,169 | +7.0% |
| Recurring financial charges | 65 | €16,680 | €17,850 | +€1,169 | +7.0% |
| Profit (loss) for the period before taxes | 9903 | €212,647 | €137,995 | -€74,651 | -35.1% |
| Income taxes | 67/77 | €64,229 | €42,330 | -€21,899 | -34.1% |
| Profit (loss) for the period | 9904 | €148,418 | €95,665 | -€52,753 | -35.5% |
| Profit (loss) for the period to be appropriated | 9905 | €148,418 | €95,665 | -€52,753 | -35.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.