Manu Projects: 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 Projects
Largest movements
- Financial fixed assets +€14.0m
up €14.0m (+1469.5%), from €952,690 to €15.0m
- Receivables within one year +€394,793
up €394,793 (+85.9%), from €459,339 to €854,132
of which Other amounts receivable: +€302,936
- Debts after one year +€10.6m
new in 2025: €10.6m
- Reserves +€1.6m
up €1.6m (+109.6%), from €1.5m to €3.1m
- Current portion of long-term debt +€1.2m
up €1.2m (+4076.9%), from €29,245 to €1.2m
- Other debts +€1.0m
up €1.0m (+2343.7%), from €42,690 to €1.0m
- Financial income +€2.2m
up €2.2m (+348.9%), from €622,936 to €2.8m
- Financial charges +€128,811
up €128,811 (+563.6%), from €22,857 to €151,667
- Gross operating margin -€53,087
down €53,087 (-77.9%), from €68,151 to €15,064
- Other operating charges -€18,732
down €18,732 (-72.0%), from €26,022 to €7,290
- Taxes -€13,833
down €13,833 (-72.0%), from €19,214 to €5,380
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 | €1,873,510 | €16,309,940 | +€14.4m | +770.6% |
| Fixed assets | 21/28 | €956,989 | €14,956,077 | +€14.0m | +1462.8% |
| Tangible fixed assets | 22/27 | €4,299 | €3,387 | -€911 | -21.2% |
| Plant, machinery and equipment | 23 | €1,203 | €1,812 | +€609 | +50.6% |
| Furniture and vehicles | 24 | €3,096 | €1,576 | -€1,520 | -49.1% |
| Financial fixed assets | 28 | €952,690 | €14,952,690 | +€14.0m | +1469.5% |
| Current assets | 29/58 | €916,521 | €1,353,863 | +€437,342 | +47.7% |
| Amounts receivable after more than one year | 29 | €415,383 | €419,537 | +€4,154 | +1.0% |
| Other amounts receivable | 291 | €415,383 | €419,537 | +€4,154 | +1.0% |
| Amounts receivable within one year | 40/41 | €459,339 | €854,132 | +€394,793 | +85.9% |
| Trade receivables | 40 | €56,970 | €148,827 | +€91,857 | +161.2% |
| Other amounts receivable | 41 | €402,369 | €705,305 | +€302,936 | +75.3% |
| Cash at bank and in hand | 54/58 | €33,820 | €71,900 | +€38,079 | +112.6% |
| Deferred charges and accrued income | 490/1 | €7,979 | €8,294 | +€316 | +4.0% |
| Total equity and liabilities | 10/49 | €1,873,510 | €16,309,940 | +€14.4m | +770.6% |
| Equity | 10/15 | €1,507,349 | €3,152,377 | +€1.6m | +109.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,501,149 | €3,146,177 | +€1.6m | +109.6% |
| Distributable reserves | 133 | €1,501,149 | €3,146,177 | +€1.6m | +109.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €250,546 | €244,815 | -€5,731 | -2.3% |
| Provisions for liabilities and charges | 160/5 | €250,546 | €244,815 | -€5,731 | -2.3% |
| Environmental obligations | 163 | €250,546 | - | -€250,546 | |
| Other liabilities and charges | 164/5 | - | €244,815 | +€244,815 | |
| Amounts payable | 17/49 | €115,615 | €12,912,749 | +€12.8m | +11068.7% |
| Amounts payable after more than one year | 17 | - | €10,627,061 | +€10.6m | |
| Financial debts | 170/4 | - | €10,627,061 | +€10.6m | |
| Amounts payable within one year | 42/48 | €115,615 | €2,285,688 | +€2.2m | +1877.0% |
| Current portion of amounts payable after more than one year | 42 | €29,245 | €1,221,552 | +€1.2m | +4076.9% |
| Trade debts | 44 | €41,027 | €18,311 | -€22,716 | -55.4% |
| Suppliers | 440/4 | €41,027 | €18,311 | -€22,716 | -55.4% |
| Taxes, remuneration and social security | 45 | €2,654 | €2,626 | -€27 | -1.0% |
| Taxes | 450/3 | €1,314 | €1,286 | -€27 | -2.1% |
| Remuneration and social security | 454/9 | €1,340 | €1,340 | = | 0.0% |
| Other amounts payable | 47/48 | €42,690 | €1,043,199 | +€1.0m | +2343.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,761 | €2,339 | -€422 | -15.3% |
| Other operating charges | 640/8 | €26,022 | €7,290 | -€18,732 | -72.0% |
| Gross operating margin | 9900 | €68,151 | €15,064 | -€53,087 | -77.9% |
| Operating profit (loss) | 9901 | €39,367 | €5,435 | -€33,933 | -86.2% |
| Financial income | 75/76B | €622,936 | €2,796,641 | +€2.2m | +348.9% |
| Recurring financial income | 75 | €622,936 | €2,796,641 | +€2.2m | +348.9% |
| Financial charges | 65/66B | €22,857 | €151,667 | +€128,811 | +563.6% |
| Recurring financial charges | 65 | €22,857 | €151,667 | +€128,811 | +563.6% |
| Profit (loss) for the period before taxes | 9903 | €639,447 | €2,650,408 | +€2.0m | +314.5% |
| Income taxes | 67/77 | €19,214 | €5,380 | -€13,833 | -72.0% |
| Profit (loss) for the period | 9904 | €620,233 | €2,645,028 | +€2.0m | +326.5% |
| Profit (loss) for the period to be appropriated | 9905 | €620,233 | €2,645,028 | +€2.0m | +326.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.