MANU: 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.
MANU
Largest movements
- Receivables within one year +€76,228
up €76,228 (+88.2%), from €86,379 to €162,607
of which Trade receivables: +€75,718
- Cash -€52,310
down €52,310 (-81.1%), from €64,470 to €12,159
mainly Receivables within one year (-€76,228) and Trade debts (-€5,020)
- Reserves +€23,000
up €23,000 (+104.1%), from €22,100 to €45,100
of which Distributable reserves: +€23,000
- Tax, wage and social debts +€7,467
up €7,467 (+379.1%), from €1,969 to €9,436
- Trade debts -€5,020
down €5,020 (-53.1%), from €9,454 to €4,434
- Other debts -€3,845
down €3,845 (-67.5%), from €5,695 to €1,850
- Taxes -€2,695
down €2,695 (-23.2%), from €11,637 to €8,942
- Gross operating margin -€2,303
down €2,303 (-6.0%), from €38,442 to €36,140
- Depreciation -€749
down €749 (-28.2%), from €2,650 to €1,902
- Financial income +€624
new in 2025: €624
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 | €153,769 | €176,184 | +€22,415 | +14.6% |
| Fixed assets | 21/28 | €2,920 | €1,418 | -€1,503 | -51.5% |
| Tangible fixed assets | 22/27 | €2,920 | €1,418 | -€1,503 | -51.5% |
| Furniture and vehicles | 24 | €2,920 | €1,418 | -€1,503 | -51.5% |
| Current assets | 29/58 | €150,849 | €174,766 | +€23,918 | +15.9% |
| Amounts receivable within one year | 40/41 | €86,379 | €162,607 | +€76,228 | +88.2% |
| Trade receivables | 40 | €85,937 | €161,655 | +€75,718 | +88.1% |
| Other amounts receivable | 41 | €442 | €952 | +€510 | +115.5% |
| Cash at bank and in hand | 54/58 | €64,470 | €12,159 | -€52,310 | -81.1% |
| Total equity and liabilities | 10/49 | €153,769 | €176,184 | +€22,415 | +14.6% |
| Equity | 10/15 | €136,037 | €160,464 | +€24,427 | +18.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | - | €20,000 | +€20,000 | |
| Other | 1109/19 | - | €20,000 | +€20,000 | |
| Reserves | 13 | €22,100 | €45,100 | +€23,000 | +104.1% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Other | 1319 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €22,000 | €45,000 | +€23,000 | +104.5% |
| Profit (loss) carried forward | 14 | €93,937 | €95,364 | +€1,427 | +1.5% |
| Amounts payable | 17/49 | €17,732 | €15,720 | -€2,012 | -11.3% |
| Amounts payable within one year | 42/48 | €17,732 | €15,720 | -€2,012 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €613 | €0 | -€613 | -100.0% |
| Trade debts | 44 | €9,454 | €4,434 | -€5,020 | -53.1% |
| Suppliers | 440/4 | €9,454 | €4,434 | -€5,020 | -53.1% |
| Taxes, remuneration and social security | 45 | €1,969 | €9,436 | +€7,467 | +379.1% |
| Taxes | 450/3 | €1,969 | €9,436 | +€7,467 | +379.1% |
| Other amounts payable | 47/48 | €5,695 | €1,850 | -€3,845 | -67.5% |
| Remuneration, social security and pensions | 62 | €579 | €252 | -€327 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,650 | €1,902 | -€749 | -28.2% |
| Other operating charges | 640/8 | €190 | €0 | -€190 | -100.0% |
| Gross operating margin | 9900 | €38,442 | €36,140 | -€2,303 | -6.0% |
| Operating profit (loss) | 9901 | €35,023 | €33,986 | -€1,037 | -3.0% |
| Financial income | 75/76B | - | €624 | +€624 | |
| Recurring financial income | 75 | - | €624 | +€624 | |
| Financial charges | 65/66B | €1,068 | €1,241 | +€173 | +16.3% |
| Recurring financial charges | 65 | €1,068 | €1,241 | +€173 | +16.3% |
| Profit (loss) for the period before taxes | 9903 | €33,956 | €33,369 | -€587 | -1.7% |
| Income taxes | 67/77 | €11,637 | €8,942 | -€2,695 | -23.2% |
| Profit (loss) for the period | 9904 | €22,319 | €24,427 | +€2,108 | +9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €22,319 | €24,427 | +€2,108 | +9.4% |
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.