MANUBELL: 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.
MANUBELL
Largest movements
- Receivables within one year +€347,361
up €347,361 (+2729.9%), from €12,724 to €360,085
of which Trade receivables: +€347,602
- Cash -€208,286
down €208,286 (-88.6%), from €234,983 to €26,697
mainly Receivables within one year (-€347,361) and Trade debts (-€194,561)
- Stocks and contracts -€166,492
down €166,492 (-92.3%), from €180,442 to €13,950
- Tangible fixed assets -€57,528
down €57,528 (-19.7%), from €292,099 to €234,571
of which Furniture and vehicles: -€42,019
- Deferred charges and accrued income -€27,476
down €27,476 (-88.6%), from €31,029 to €3,552
- Trade debts -€194,561
down €194,561 (-97.1%), from €200,307 to €5,746
- Reserves +€80,000
up €80,000 (+4000.0%), from €2,000 to €82,000
of which Distributable reserves: +€82,000
- Tax, wage and social debts +€34,913
up €34,913 (+213.3%), from €16,366 to €51,279
of which Taxes: +€34,941
- Debts after one year -€19,182
down €19,182 (-9.1%), from €210,147 to €190,965
- Other debts -€17,000
no longer reported in 2025 (was €17,000)
- Gross operating margin +€61,910
up €61,910 (+42.5%), from €145,569 to €207,479
- Taxes +€21,063
up €21,063 (+92.7%), from €22,733 to €43,797
- Other operating charges +€7,778
up €7,778 (+72.4%), from €10,744 to €18,522
- Depreciation +€3,733
up €3,733 (+9.6%), from €38,850 to €42,582
- Financial charges +€2,822
up €2,822 (+24.5%), from €11,499 to €14,322
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 | €751,277 | €638,855 | -€112,422 | -15.0% |
| Fixed assets | 21/28 | €292,099 | €234,571 | -€57,528 | -19.7% |
| Tangible fixed assets | 22/27 | €292,099 | €234,571 | -€57,528 | -19.7% |
| Land and buildings | 22 | €194,987 | €179,483 | -€15,504 | -8.0% |
| Plant, machinery and equipment | 23 | €2,208 | €942 | -€1,267 | -57.4% |
| Furniture and vehicles | 24 | €94,465 | €52,446 | -€42,019 | -44.5% |
| Other tangible fixed assets | 26 | €438 | €1,700 | +€1,262 | +288.0% |
| Current assets | 29/58 | €459,177 | €404,284 | -€54,894 | -12.0% |
| Stocks and contracts in progress | 3 | €180,442 | €13,950 | -€166,492 | -92.3% |
| Stocks | 30/36 | €180,442 | €13,950 | -€166,492 | -92.3% |
| Amounts receivable within one year | 40/41 | €12,724 | €360,085 | +€347,361 | +2729.9% |
| Trade receivables | 40 | €12,483 | €360,085 | +€347,602 | +2784.5% |
| Other amounts receivable | 41 | €241 | - | -€241 | |
| Cash at bank and in hand | 54/58 | €234,983 | €26,697 | -€208,286 | -88.6% |
| Deferred charges and accrued income | 490/1 | €31,029 | €3,552 | -€27,476 | -88.6% |
| Total equity and liabilities | 10/49 | €751,277 | €638,855 | -€112,422 | -15.0% |
| Equity | 10/15 | €160,799 | €249,091 | +€88,291 | +54.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €82,000 | +€80,000 | +4000.0% |
| Non-distributable reserves | 130/1 | €2,000 | - | -€2,000 | |
| Reserves not available under the articles | 1311 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | - | €82,000 | +€82,000 | |
| Profit (loss) carried forward | 14 | €138,799 | €147,091 | +€8,291 | +6.0% |
| Amounts payable | 17/49 | €590,477 | €389,764 | -€200,713 | -34.0% |
| Amounts payable after more than one year | 17 | €210,147 | €190,965 | -€19,182 | -9.1% |
| Financial debts | 170/4 | €210,147 | €190,965 | -€19,182 | -9.1% |
| Amounts payable within one year | 42/48 | €380,330 | €198,799 | -€181,532 | -47.7% |
| Current portion of amounts payable after more than one year | 42 | €19,083 | €19,182 | +€98 | +0.5% |
| Financial debts | 43 | €127,574 | €122,592 | -€4,982 | -3.9% |
| Credit institutions | 430/8 | €120,000 | €122,592 | +€2,592 | +2.2% |
| Other loans | 439 | €7,574 | - | -€7,574 | |
| Trade debts | 44 | €200,307 | €5,746 | -€194,561 | -97.1% |
| Suppliers | 440/4 | €200,307 | €5,746 | -€194,561 | -97.1% |
| Taxes, remuneration and social security | 45 | €16,366 | €51,279 | +€34,913 | +213.3% |
| Taxes | 450/3 | €16,338 | €51,279 | +€34,941 | +213.9% |
| Remuneration and social security | 454/9 | €28 | - | -€28 | |
| Other amounts payable | 47/48 | €17,000 | - | -€17,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,850 | €42,582 | +€3,733 | +9.6% |
| Other operating charges | 640/8 | €10,744 | €18,522 | +€7,778 | +72.4% |
| Gross operating margin | 9900 | €145,569 | €207,479 | +€61,910 | +42.5% |
| Operating profit (loss) | 9901 | €95,975 | €146,375 | +€50,399 | +52.5% |
| Financial income | 75/76B | €294 | €35 | -€259 | -88.2% |
| Recurring financial income | 75 | €294 | €35 | -€259 | -88.2% |
| Financial charges | 65/66B | €11,499 | €14,322 | +€2,822 | +24.5% |
| Recurring financial charges | 65 | €11,499 | €14,322 | +€2,822 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €84,770 | €132,088 | +€47,319 | +55.8% |
| Income taxes | 67/77 | €22,733 | €43,797 | +€21,063 | +92.7% |
| Profit (loss) for the period | 9904 | €62,036 | €88,291 | +€26,255 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,036 | €88,291 | +€26,255 | +42.3% |
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.