MANU FUEL TARGET: what changed
MANU FUEL TARGET
Largest movements
- Receivables within one year -€134,430
down €134,430 (-95.9%), from €140,224 to €5,794
of which Trade receivables: -€125,625
- Cash -€112,385
down €112,385 (-54.5%), from €206,085 to €93,700
mainly Trade debts (-€148,527) and Tax, wage and social debts (-€92,580)
- Tangible fixed assets -€17,831
no longer reported in 2026 (was €17,831)
- Trade debts -€148,527
down €148,527 (-98.8%), from €150,302 to €1,775
- Tax, wage and social debts -€92,580
no longer reported in 2026 (was €92,580)
of which Remuneration and social security: -€71,032
- Profit (loss) carried forward -€15,355
down €15,355 (-52.9%), from -€29,006 to -€44,361
- Accrued charges and deferred income -€6,796
no longer reported in 2026 (was €6,796)
- Current portion of long-term debt -€3,984
no longer reported in 2026 (was €3,984)
- Gross operating margin -€448,125
down €448,125, from €436,641 to -€11,484
- Staff costs -€429,916
down €429,916, from €429,712 to -€205
- Financial charges -€8,319
down €8,319 (-88.3%), from €9,425 to €1,105
- Depreciation -€4,807
no longer reported in 2026 (was €4,807)
- Financial income -€4,717
down €4,717 (-84.8%), from €5,560 to €843
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €367,408 | €99,494 | -€267,914 | -72.9% |
| Fixed assets | 21/28 | €17,843 | - | -€17,843 | |
| Tangible fixed assets | 22/27 | €17,831 | - | -€17,831 | |
| Furniture and vehicles | 24 | €17,831 | - | -€17,831 | |
| Financial fixed assets | 28 | €12 | - | -€12 | |
| Current assets | 29/58 | €349,565 | €99,494 | -€250,071 | -71.5% |
| Amounts receivable within one year | 40/41 | €140,224 | €5,794 | -€134,430 | -95.9% |
| Trade receivables | 40 | €126,815 | €1,190 | -€125,625 | -99.1% |
| Other amounts receivable | 41 | €13,409 | €4,604 | -€8,804 | -65.7% |
| Cash at bank and in hand | 54/58 | €206,085 | €93,700 | -€112,385 | -54.5% |
| Deferred charges and accrued income | 490/1 | €3,256 | - | -€3,256 | |
| Total equity and liabilities | 10/49 | €367,408 | €99,494 | -€267,914 | -72.9% |
| Equity | 10/15 | €113,075 | €97,719 | -€15,355 | -13.6% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €112,080 | €112,080 | = | 0.0% |
| Distributable reserves | 133 | €112,080 | €112,080 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,006 | -€44,361 | -€15,355 | -52.9% |
| Amounts payable | 17/49 | €254,334 | €1,775 | -€252,559 | -99.3% |
| Amounts payable after more than one year | 17 | €672 | - | -€672 | |
| Financial debts | 170/4 | €672 | - | -€672 | |
| Amounts payable within one year | 42/48 | €246,866 | €1,775 | -€245,091 | -99.3% |
| Current portion of amounts payable after more than one year | 42 | €3,984 | - | -€3,984 | |
| Trade debts | 44 | €150,302 | €1,775 | -€148,527 | -98.8% |
| Suppliers | 440/4 | €150,302 | €1,775 | -€148,527 | -98.8% |
| Taxes, remuneration and social security | 45 | €92,580 | - | -€92,580 | |
| Taxes | 450/3 | €21,548 | - | -€21,548 | |
| Remuneration and social security | 454/9 | €71,032 | - | -€71,032 | |
| Accrued charges and deferred income | 492/3 | €6,796 | - | -€6,796 | |
| Remuneration, social security and pensions | 62 | €429,712 | -€205 | -€429,916 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,807 | - | -€4,807 | |
| Other operating charges | 640/8 | €3,420 | €3,814 | +€393 | +11.5% |
| Gross operating margin | 9900 | €436,641 | -€11,484 | -€448,125 | |
| Operating profit (loss) | 9901 | -€1,299 | -€15,093 | -€13,794 | -1,062% |
| Financial income | 75/76B | €5,560 | €843 | -€4,717 | -84.8% |
| Recurring financial income | 75 | €5,560 | €843 | -€4,717 | -84.8% |
| Financial charges | 65/66B | €9,425 | €1,105 | -€8,319 | -88.3% |
| Recurring financial charges | 65 | €9,425 | €1,105 | -€8,319 | -88.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,163 | -€15,355 | -€10,192 | -197% |
| Income taxes | 67/77 | €897 | - | -€897 | |
| Profit (loss) for the period | 9904 | -€6,061 | -€15,355 | -€9,295 | -153% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,061 | -€15,355 | -€9,295 | -153% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.