MANU-BAC: 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-BAC
Largest movements
- Current investments +€100,000
new in 2025: €100,000
- Cash -€82,364
down €82,364 (-70.3%), from €117,111 to €34,747
mainly Current investments (-€100,000) and Trade debts (-€14,060)
- Receivables within one year -€20,240
down €20,240 (-51.7%), from €39,186 to €18,946
of which Trade receivables: -€21,130
- Stocks and contracts +€1,664
up €1,664 (+251.5%), from €662 to €2,326
- Trade debts -€14,060
down €14,060 (-58.5%), from €24,037 to €9,976
- Reserves +€11,683
up €11,683 (+13.5%), from €86,494 to €98,177
of which Distributable reserves: +€11,683
- Other debts +€7,950
up €7,950 (+462.8%), from €1,718 to €9,668
- Tax, wage and social debts -€5,149
down €5,149 (-88.7%), from €5,806 to €657
- Profit (loss) carried forward -€1,666
down €1,666 (-5.0%), from €33,028 to €31,362
- Gross operating margin -€13,498
down €13,498 (-30.7%), from €43,920 to €30,422
- Taxes -€3,316
down €3,316 (-23.3%), from €14,258 to €10,941
- Financial income +€955
up €955 (+1627.7%), from €59 to €1,014
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 | €157,283 | €156,041 | -€1,242 | -0.8% |
| Fixed assets | 21/28 | €324 | €22 | -€303 | -93.3% |
| Tangible fixed assets | 22/27 | €324 | €22 | -€303 | -93.3% |
| Furniture and vehicles | 24 | €324 | €22 | -€303 | -93.3% |
| Current assets | 29/58 | €156,959 | €156,019 | -€940 | -0.6% |
| Stocks and contracts in progress | 3 | €662 | €2,326 | +€1,664 | +251.5% |
| Stocks | 30/36 | €662 | €2,326 | +€1,664 | +251.5% |
| Amounts receivable within one year | 40/41 | €39,186 | €18,946 | -€20,240 | -51.7% |
| Trade receivables | 40 | €38,900 | €17,769 | -€21,130 | -54.3% |
| Other amounts receivable | 41 | €286 | €1,177 | +€891 | +311.0% |
| Current investments | 50/53 | - | €100,000 | +€100,000 | |
| Cash at bank and in hand | 54/58 | €117,111 | €34,747 | -€82,364 | -70.3% |
| Total equity and liabilities | 10/49 | €157,283 | €156,041 | -€1,242 | -0.8% |
| Equity | 10/15 | €125,722 | €135,739 | +€10,017 | +8.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €86,494 | €98,177 | +€11,683 | +13.5% |
| 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 | €84,634 | €96,317 | +€11,683 | +13.8% |
| Profit (loss) carried forward | 14 | €33,028 | €31,362 | -€1,666 | -5.0% |
| Amounts payable | 17/49 | €31,561 | €20,301 | -€11,260 | -35.7% |
| Amounts payable within one year | 42/48 | €31,561 | €20,301 | -€11,260 | -35.7% |
| Trade debts | 44 | €24,037 | €9,976 | -€14,060 | -58.5% |
| Suppliers | 440/4 | €24,037 | €9,976 | -€14,060 | -58.5% |
| Taxes, remuneration and social security | 45 | €5,806 | €657 | -€5,149 | -88.7% |
| Taxes | 450/3 | €5,806 | €657 | -€5,149 | -88.7% |
| Other amounts payable | 47/48 | €1,718 | €9,668 | +€7,950 | +462.8% |
| Non-recurring operating income | 76A | €2,745 | - | -€2,745 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €370 | €303 | -€67 | -18.1% |
| Other operating charges | 640/8 | €616 | €467 | -€150 | -24.3% |
| Gross operating margin | 9900 | €43,920 | €30,422 | -€13,498 | -30.7% |
| Operating profit (loss) | 9901 | €42,934 | €29,652 | -€13,281 | -30.9% |
| Financial income | 75/76B | €59 | €1,014 | +€955 | +1627.7% |
| Recurring financial income | 75 | €59 | €1,014 | +€955 | +1627.7% |
| Financial charges | 65/66B | €88 | €42 | -€46 | -52.0% |
| Recurring financial charges | 65 | €88 | €42 | -€46 | -52.0% |
| Profit (loss) for the period before taxes | 9903 | €42,905 | €30,624 | -€12,280 | -28.6% |
| Income taxes | 67/77 | €14,258 | €10,941 | -€3,316 | -23.3% |
| Profit (loss) for the period | 9904 | €28,647 | €19,683 | -€8,964 | -31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,647 | €19,683 | -€8,964 | -31.3% |
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 10 October 2026 via checked.be.