MANUCARE: 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.
MANUCARE
Largest movements
- Tangible fixed assets -€27,397
down €27,397 (-4.6%), from €589,615 to €562,218
of which Land and buildings: -€17,246
- Receivables within one year -€24,947
down €24,947 (-35.2%), from €70,939 to €45,992
of which Trade receivables: -€27,377
- Cash +€12,069
up €12,069 (+4.8%), from €250,484 to €262,554
mainly Depreciation (+€40,765) and Receivables within one year (+€24,947)
- Debts after one year -€32,672
down €32,672 (-15.7%), from €208,651 to €175,979
- Other debts -€19,644
down €19,644 (-45.7%), from €42,942 to €23,298
- Reserves +€18,262
up €18,262 (+4.2%), from €431,857 to €450,119
of which Distributable reserves: +€18,262
- Gross operating margin -€97,920
down €97,920 (-44.3%), from €220,902 to €122,982
- Taxes -€29,538
down €29,538 (-75.6%), from €39,065 to €9,528
- Other operating charges +€2,460
up €2,460 (+80.4%), from €3,061 to €5,520
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 | €937,921 | €897,335 | -€40,586 | -4.3% |
| Fixed assets | 21/28 | €589,740 | €562,343 | -€27,397 | -4.6% |
| Tangible fixed assets | 22/27 | €589,615 | €562,218 | -€27,397 | -4.6% |
| Land and buildings | 22 | €560,450 | €543,204 | -€17,246 | -3.1% |
| Plant, machinery and equipment | 23 | €13,730 | €6,085 | -€7,645 | -55.7% |
| Furniture and vehicles | 24 | €11,705 | €9,722 | -€1,982 | -16.9% |
| Other tangible fixed assets | 26 | €3,731 | €3,207 | -€524 | -14.1% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €348,180 | €334,992 | -€13,189 | -3.8% |
| Amounts receivable within one year | 40/41 | €70,939 | €45,992 | -€24,947 | -35.2% |
| Trade receivables | 40 | €65,004 | €37,627 | -€27,377 | -42.1% |
| Other amounts receivable | 41 | €5,935 | €8,365 | +€2,430 | +40.9% |
| Current investments | 50/53 | €20,265 | €20,265 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €250,484 | €262,554 | +€12,069 | +4.8% |
| Deferred charges and accrued income | 490/1 | €6,492 | €6,181 | -€311 | -4.8% |
| Total equity and liabilities | 10/49 | €937,921 | €897,335 | -€40,586 | -4.3% |
| Equity | 10/15 | €629,748 | €647,177 | +€17,429 | +2.8% |
| Contributions | 10/11 | €11,200 | €11,200 | = | 0.0% |
| Reserves | 13 | €431,857 | €450,119 | +€18,262 | +4.2% |
| Non-distributable reserves | 130/1 | €2,360 | €2,360 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,360 | €2,360 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €410,747 | €429,009 | +€18,262 | +4.4% |
| Profit (loss) carried forward | 14 | €186,691 | €185,858 | -€833 | -0.4% |
| Amounts payable | 17/49 | €308,172 | €250,157 | -€58,015 | -18.8% |
| Amounts payable after more than one year | 17 | €208,651 | €175,979 | -€32,672 | -15.7% |
| Financial debts | 170/4 | €208,651 | €175,979 | -€32,672 | -15.7% |
| Amounts payable within one year | 42/48 | €99,522 | €74,178 | -€25,343 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €38,911 | €32,672 | -€6,239 | -16.0% |
| Trade debts | 44 | €7,708 | €7,886 | +€178 | +2.3% |
| Suppliers | 440/4 | €7,708 | €7,886 | +€178 | +2.3% |
| Taxes, remuneration and social security | 45 | €9,960 | €10,322 | +€362 | +3.6% |
| Taxes | 450/3 | €1,008 | €587 | -€421 | -41.8% |
| Remuneration and social security | 454/9 | €8,952 | €9,735 | +€783 | +8.8% |
| Other amounts payable | 47/48 | €42,942 | €23,298 | -€19,644 | -45.7% |
| Non-recurring operating income | 76A | €0 | €1,610 | +€1,610 | |
| Remuneration, social security and pensions | 62 | €42,778 | €44,870 | +€2,093 | +4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,104 | €40,765 | -€340 | -0.8% |
| Other operating charges | 640/8 | €3,061 | €5,520 | +€2,460 | +80.4% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €220,902 | €122,982 | -€97,920 | -44.3% |
| Operating profit (loss) | 9901 | €133,959 | €31,827 | -€102,133 | -76.2% |
| Financial income | 75/76B | €617 | €1,307 | +€690 | +111.9% |
| Recurring financial income | 75 | €617 | €1,307 | +€690 | +111.9% |
| Financial charges | 65/66B | €7,322 | €5,344 | -€1,977 | -27.0% |
| Recurring financial charges | 65 | €7,322 | €5,344 | -€1,977 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | €127,255 | €27,790 | -€99,465 | -78.2% |
| Income taxes | 67/77 | €39,065 | €9,528 | -€29,538 | -75.6% |
| Profit (loss) for the period | 9904 | €88,190 | €18,262 | -€69,927 | -79.3% |
| Profit (loss) for the period to be appropriated | 9905 | €88,190 | €18,262 | -€69,927 | -79.3% |
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 30 September 2026 via checked.be.