MANUALEX: 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.
MANUALEX
Largest movements
- Receivables within one year +€7,055
up €7,055 (+30.8%), from €22,914 to €29,969
of which Other amounts receivable: +€11,962
- Cash -€4,413
no longer reported in 2025 (was €4,413)
mainly Receivables within one year (-€7,055) and Debts after one year (-€6,933)
- Tangible fixed assets -€3,418
down €3,418 (-10.1%), from €33,982 to €30,564
of which Furniture and vehicles: -€5,000
- Financial fixed assets +€1,500
up €1,500 (+555.6%), from €270 to €1,770
- Debts after one year -€6,933
down €6,933 (-53.5%), from €12,948 to €6,015
- Short-term financial debts +€4,147
new in 2025: €4,147
- Tax, wage and social debts +€2,715
up €2,715 (+65.2%), from €4,162 to €6,877
of which Taxes: +€3,625
- Profit (loss) carried forward +€1,002
up €1,002 (+5.9%), from €17,102 to €18,104
- Gross operating margin -€69,874
down €69,874 (-71.2%), from €98,102 to €28,228
- Staff costs +€7,515
up €7,515 (+126.7%), from €5,929 to €13,444
- Taxes -€7,243
down €7,243 (-70.6%), from €10,253 to €3,010
- Other operating charges -€5,449
down €5,449 (-92.3%), from €5,901 to €452
- Depreciation +€3,241
up €3,241 (+58.4%), from €5,552 to €8,793
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 | €61,858 | €62,651 | +€793 | +1.3% |
| Fixed assets | 21/28 | €34,252 | €32,334 | -€1,918 | -5.6% |
| Tangible fixed assets | 22/27 | €33,982 | €30,564 | -€3,418 | -10.1% |
| Plant, machinery and equipment | 23 | €9,925 | €11,507 | +€1,582 | +15.9% |
| Furniture and vehicles | 24 | €24,057 | €19,057 | -€5,000 | -20.8% |
| Financial fixed assets | 28 | €270 | €1,770 | +€1,500 | +555.6% |
| Current assets | 29/58 | €27,606 | €30,317 | +€2,711 | +9.8% |
| Amounts receivable within one year | 40/41 | €22,914 | €29,969 | +€7,055 | +30.8% |
| Trade receivables | 40 | €11,015 | €6,108 | -€4,907 | -44.5% |
| Other amounts receivable | 41 | €11,899 | €23,861 | +€11,962 | +100.5% |
| Cash at bank and in hand | 54/58 | €4,413 | - | -€4,413 | |
| Deferred charges and accrued income | 490/1 | €279 | €348 | +€69 | +24.7% |
| Total equity and liabilities | 10/49 | €61,858 | €62,651 | +€793 | +1.3% |
| Equity | 10/15 | €37,562 | €38,564 | +€1,002 | +2.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,102 | €18,104 | +€1,002 | +5.9% |
| Amounts payable | 17/49 | €24,296 | €24,087 | -€209 | -0.9% |
| Amounts payable after more than one year | 17 | €12,948 | €6,015 | -€6,933 | -53.5% |
| Financial debts | 170/4 | €12,948 | €6,015 | -€6,933 | -53.5% |
| Amounts payable within one year | 42/48 | €11,348 | €18,072 | +€6,724 | +59.3% |
| Current portion of amounts payable after more than one year | 42 | €6,635 | €6,933 | +€298 | +4.5% |
| Financial debts | 43 | - | €4,147 | +€4,147 | |
| Credit institutions | 430/8 | - | €4,147 | +€4,147 | |
| Trade debts | 44 | €551 | €115 | -€436 | -79.1% |
| Suppliers | 440/4 | €551 | €115 | -€436 | -79.1% |
| Taxes, remuneration and social security | 45 | €4,162 | €6,877 | +€2,715 | +65.2% |
| Taxes | 450/3 | €3,252 | €6,877 | +€3,625 | +111.5% |
| Remuneration and social security | 454/9 | €910 | - | -€910 | |
| Remuneration, social security and pensions | 62 | €5,929 | €13,444 | +€7,515 | +126.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,552 | €8,793 | +€3,241 | +58.4% |
| Other operating charges | 640/8 | €5,901 | €452 | -€5,449 | -92.3% |
| Gross operating margin | 9900 | €98,102 | €28,228 | -€69,874 | -71.2% |
| Operating profit (loss) | 9901 | €80,720 | €5,539 | -€75,181 | -93.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €3,174 | €1,527 | -€1,647 | -51.9% |
| Recurring financial charges | 65 | €3,174 | €1,527 | -€1,647 | -51.9% |
| Profit (loss) for the period before taxes | 9903 | €77,547 | €4,012 | -€73,535 | -94.8% |
| Income taxes | 67/77 | €10,253 | €3,010 | -€7,243 | -70.6% |
| Profit (loss) for the period | 9904 | €67,294 | €1,002 | -€66,292 | -98.5% |
| Profit (loss) for the period to be appropriated | 9905 | €67,294 | €1,002 | -€66,292 | -98.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.