MANU-ART: 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-ART
Largest movements
- Cash +€108,166
up €108,166 (+22.8%), from €474,857 to €583,023
- Receivables within one year +€21,123
up €21,123 (+71.8%), from €29,420 to €50,543
of which Other amounts receivable: +€18,501
- Reserves +€164,793
up €164,793 (+37.8%), from €435,433 to €600,226
of which Distributable reserves: +€164,793
- Other debts -€45,098
no longer reported in 2025 (was €45,098)
- Gross operating margin +€49,620
up €49,620 (+34.3%), from €144,615 to €194,236
- Taxes +€23,729
up €23,729 (+58.3%), from €40,719 to €64,448
- Financial income +€14,650
up €14,650 (+324,829%), from €5 to €14,654
- Depreciation -€7,602
down €7,602 (-90.5%), from €8,402 to €799
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €512,679 | €636,585 | +€123,906 | +24.2% |
| Fixed assets | 21/28 | €8,402 | €2,424 | -€5,978 | -71.2% |
| Tangible fixed assets | 22/27 | €8,402 | €2,424 | -€5,978 | -71.2% |
| Plant, machinery and equipment | 23 | - | €2,424 | +€2,424 | |
| Furniture and vehicles | 24 | €8,402 | - | -€8,402 | |
| Current assets | 29/58 | €504,277 | €634,161 | +€129,884 | +25.8% |
| Amounts receivable within one year | 40/41 | €29,420 | €50,543 | +€21,123 | +71.8% |
| Trade receivables | 40 | €21,447 | €24,069 | +€2,623 | +12.2% |
| Other amounts receivable | 41 | €7,973 | €26,474 | +€18,501 | +232% |
| Cash at bank and in hand | 54/58 | €474,857 | €583,023 | +€108,166 | +22.8% |
| Deferred charges and accrued income | 490/1 | - | €594 | +€594 | |
| Total equity and liabilities | 10/49 | €512,679 | €636,585 | +€123,906 | +24.2% |
| Equity | 10/15 | €447,833 | €612,626 | +€164,793 | +36.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €435,433 | €600,226 | +€164,793 | +37.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €433,573 | €598,366 | +€164,793 | +38.0% |
| Amounts payable | 17/49 | €64,846 | €23,959 | -€40,887 | -63.1% |
| Amounts payable within one year | 42/48 | €64,846 | €23,959 | -€40,887 | -63.1% |
| Trade debts | 44 | €1,360 | €4,708 | +€3,349 | +246% |
| Suppliers | 440/4 | €1,360 | €4,708 | +€3,349 | +246% |
| Taxes, remuneration and social security | 45 | €18,388 | €19,251 | +€862 | +4.7% |
| Taxes | 450/3 | €18,388 | €19,251 | +€862 | +4.7% |
| Other amounts payable | 47/48 | €45,098 | - | -€45,098 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,402 | €799 | -€7,602 | -90.5% |
| Other operating charges | 640/8 | €1,868 | €2,231 | +€364 | +19.5% |
| Gross operating margin | 9900 | €144,615 | €194,236 | +€49,620 | +34.3% |
| Operating profit (loss) | 9901 | €134,346 | €191,205 | +€56,859 | +42.3% |
| Financial income | 75/76B | €5 | €14,654 | +€14,650 | +324,829% |
| Recurring financial income | 75 | €5 | €14,654 | +€14,650 | +324,829% |
| Financial charges | 65/66B | €95 | €192 | +€96 | +101% |
| Recurring financial charges | 65 | €95 | €192 | +€96 | +101% |
| Profit (loss) for the period before taxes | 9903 | €134,255 | €205,668 | +€71,413 | +53.2% |
| Income taxes | 67/77 | €40,719 | €64,448 | +€23,729 | +58.3% |
| Profit (loss) for the period | 9904 | €93,536 | €141,220 | +€47,684 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €93,536 | €141,220 | +€47,684 | +51.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2023 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.