Manuchar: 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.
What changed
Manuchar
NACE 46.851, Wholesale of industrial chemicals
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€9.5m
2024 · -€1.0m-€8.5m
Equity
€182.7m
2024 · €192.2m-€9.5m
Cash
€10.6m
2024 · €1.2m+€9.4m
Balance sheet total
€479.3m
2024 · €454.6m+€24.6m
Largest movements
Assets
- Current investments +€29.5m
up €29.5m (+1515.4%), from €1.9m to €31.4m
- Receivables within one year -€19.7m
down €19.7m (-7.4%), from €266.1m to €246.3m
of which Trade receivables: -€24.8m
- Cash +€9.4m
up €9.4m (+754.3%), from €1.2m to €10.6m
mainly Current portion of long-term debt (+€32.9m) and Short-term financial debts (+€26.4m)
Equity and liabilities
- Current portion of long-term debt +€32.9m
up €32.9m (+54.6%), from €60.3m to €93.3m
- Short-term financial debts +€26.4m
up €26.4m (+42.1%), from €62.7m to €89.1m
- Trade debts -€24.6m
down €24.6m (-19.9%), from €123.9m to €99.3m
- Profit (loss) carried forward -€9.5m
down €9.5m (-5.0%), from €191.1m to €181.6m
- Other debts -€6.7m
down €6.7m (-74.3%), from €9.0m to €2.3m
Income statement
- Turnover +€48.7m
up €48.7m (+9.3%), from €521.7m to €570.5m
- Goods and materials +€45.6m
up €45.6m (+9.3%), from €490.0m to €535.7m
of which Purchases: +€48.3m
- Financial charges +€12.3m
up €12.3m (+67.1%), from €18.3m to €30.5m
of which Financial charges: +€11.3m
- Financial income +€10.8m
up €10.8m (+51.5%), from €21.0m to €31.7m
of which Financial income: +€13.7m
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.
Result 2024
-€1.0m
Turnover
+€48.7m
Other operating income
-€2.3m
Goods and materials
-€45.6m
Services and other goods
-€5.4m
Staff costs
-€4.6m
Depreciation
-€3.4m
Write-downs
+€1.7m
Other operating charges
+€16,795
Other operating items
+€4.0m
Financial income
+€10.8m
Financial charges
-€12.3m
Taxes
-€127,630
Result 2025
-€9.5m
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.
From operations
-€12.8m
Investment
-€37.2m
Financing
+€59.4m
Cash 2024
€1.2m
From operations (derived)
-€12.8m
Net result for the year
-€9.5m
Depreciation
+€6.5m
Receivables after one year
-€1.5m
Receivables within one year
+€19.7m
Deferred charges and accrued income
-€2.7m
Trade debts
-€24.6m
Tax, wage and social debts
+€542,778
Other debts
-€6.7m
Accrued charges and deferred income
+€5.6m
Investment (derived)
-€37.2m
Investment in fixed assets (net)
-€7.7m
Current investments
-€29.5m
Financing
+€59.4m
Current portion of long-term debt
+€32.9m
Short-term financial debts
+€26.4m
Cash 2025
€10.6m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €454,636,106 | €479,277,524 | +€24.6m | +5.4% |
| Fixed assets | 21/28 | €181,256,123 | €182,527,505 | +€1.3m | +0.7% |
| Intangible fixed assets | 21 | €20,594,675 | €21,327,593 | +€732,918 | +3.6% |
| Tangible fixed assets | 22/27 | €1,514,579 | €1,422,125 | -€92,454 | -6.1% |
| Land and buildings | 22 | €590,488 | €774,606 | +€184,118 | +31.2% |
| Furniture and vehicles | 24 | €924,092 | €647,519 | -€276,572 | -29.9% |
| Financial fixed assets | 28 | €159,146,869 | €159,777,787 | +€630,918 | +0.4% |
| Affiliated companies | 280/1 | €158,715,995 | €159,645,215 | +€929,220 | +0.6% |
| Participating interests | 280 | €97,303,973 | €108,777,462 | +€11.5m | +11.8% |
| Amounts receivable | 281 | €61,412,022 | €50,867,753 | -€10.5m | -17.2% |
| Companies linked by participating interests | 282/3 | €307,849 | €5,753 | -€302,096 | -98.1% |
| Participating interests | 282 | €307,849 | €5,753 | -€302,096 | -98.1% |
| Other financial fixed assets | 284/8 | €123,024 | €126,819 | +€3,795 | +3.1% |
| Amounts receivable and cash guarantees | 285/8 | €123,024 | €126,819 | +€3,795 | +3.1% |
| Current assets | 29/58 | €273,379,983 | €296,750,019 | +€23.4m | +8.5% |
| Amounts receivable after more than one year | 29 | €2,054,671 | €3,521,700 | +€1.5m | +71.4% |
| Other amounts receivable | 291 | €2,054,671 | €3,521,700 | +€1.5m | +71.4% |
| Stocks and contracts in progress | 3 | €56,663 | €56,663 | = | 0.0% |
| Stocks | 30/36 | €56,663 | €56,663 | = | 0.0% |
| Goods purchased for resale | 34 | €56,663 | €56,663 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €266,069,256 | €246,349,681 | -€19.7m | -7.4% |
| Trade receivables | 40 | €246,503,214 | €221,667,425 | -€24.8m | -10.1% |
| Other amounts receivable | 41 | €19,566,041 | €24,682,256 | +€5.1m | +26.1% |
| Current investments | 50/53 | €1,946,385 | €31,441,805 | +€29.5m | +1515.4% |
| Other investments | 51/53 | €1,946,385 | €31,441,805 | +€29.5m | +1515.4% |
| Cash at bank and in hand | 54/58 | €1,245,164 | €10,637,337 | +€9.4m | +754.3% |
| Deferred charges and accrued income | 490/1 | €2,007,843 | €4,742,832 | +€2.7m | +136.2% |
| Total equity and liabilities | 10/49 | €454,636,106 | €479,277,524 | +€24.6m | +5.4% |
| Equity | 10/15 | €192,221,747 | €182,672,686 | -€9.5m | -5.0% |
| Contributions | 10/11 | €1,004,022 | €1,004,022 | = | 0.0% |
| Capital | 10 | €1,004,022 | €1,004,022 | = | 0.0% |
| Issued capital | 100 | €1,004,022 | €1,004,022 | = | 0.0% |
| Reserves | 13 | €96,329 | €96,329 | = | 0.0% |
| Non-distributable reserves | 130/1 | €87,959 | €87,959 | = | 0.0% |
| Legal reserve | 130 | €87,317 | €87,317 | = | 0.0% |
| Other | 1319 | €642 | €642 | = | 0.0% |
| Distributable reserves | 133 | €8,371 | €8,371 | = | 0.0% |
| Profit (loss) carried forward | 14 | €191,121,396 | €181,572,335 | -€9.5m | -5.0% |
| Amounts payable | 17/49 | €262,414,358 | €296,604,838 | +€34.2m | +13.0% |
| Amounts payable within one year | 42/48 | €257,965,732 | €286,551,652 | +€28.6m | +11.1% |
| Current portion of amounts payable after more than one year | 42 | €60,312,740 | €93,251,028 | +€32.9m | +54.6% |
| Financial debts | 43 | €62,705,377 | €89,133,806 | +€26.4m | +42.1% |
| Credit institutions | 430/8 | €62,705,377 | €89,133,806 | +€26.4m | +42.1% |
| Trade debts | 44 | €123,899,444 | €99,296,939 | -€24.6m | -19.9% |
| Suppliers | 440/4 | €123,899,444 | €99,296,939 | -€24.6m | -19.9% |
| Taxes, remuneration and social security | 45 | €2,001,000 | €2,543,778 | +€542,778 | +27.1% |
| Taxes | 450/3 | €18,818 | €106,439 | +€87,621 | +465.6% |
| Remuneration and social security | 454/9 | €1,982,182 | €2,437,339 | +€455,157 | +23.0% |
| Other amounts payable | 47/48 | €9,047,171 | €2,326,100 | -€6.7m | -74.3% |
| Accrued charges and deferred income | 492/3 | €4,448,626 | €10,053,186 | +€5.6m | +126.0% |
| Operating income | 70/76A | €543,254,970 | €592,334,096 | +€49.1m | +9.0% |
| Turnover | 70 | €521,743,735 | €570,488,830 | +€48.7m | +9.3% |
| Own construction capitalised | 72 | - | €2,480,632 | +€2.5m | |
| Other operating income | 74 | €21,340,268 | €19,059,204 | -€2.3m | -10.7% |
| Non-recurring operating income | 76A | €170,968 | €305,429 | +€134,461 | +78.6% |
| Operating charges | 60/66A | €547,012,920 | €603,012,215 | +€56.0m | +10.2% |
| Goods for resale, raw materials and consumables | 60 | €490,004,476 | €535,651,217 | +€45.6m | +9.3% |
| Purchases | 600/8 | €487,329,990 | €535,651,217 | +€48.3m | +9.9% |
| Change in stocks: decrease (increase) | 609 | €2,674,486 | - | -€2.7m | |
| Services and other goods | 61 | €24,982,292 | €30,340,370 | +€5.4m | +21.4% |
| Remuneration, social security and pensions | 62 | €20,049,097 | €24,682,126 | +€4.6m | +23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,019,772 | €6,454,493 | +€3.4m | +113.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,376,308 | -€283,783 | -€1.7m | |
| Other operating charges | 640/8 | €263,806 | €247,011 | -€16,795 | -6.4% |
| Non-recurring operating charges | 66A | €7,317,170 | €5,920,781 | -€1.4m | -19.1% |
| Operating profit (loss) | 9901 | -€3,757,950 | -€10,678,119 | -€6.9m | -184.1% |
| Financial income | 75/76B | €20,960,972 | €31,746,997 | +€10.8m | +51.5% |
| Recurring financial income | 75 | €15,773,649 | €29,451,224 | +€13.7m | +86.7% |
| Income from financial fixed assets | 750 | €3,390,612 | €14,768,537 | +€11.4m | +335.6% |
| Income from current assets | 751 | €8,838,871 | €8,372,252 | -€466,618 | -5.3% |
| Other financial income | 752/9 | €3,544,166 | €6,310,435 | +€2.8m | +78.1% |
| Non-recurring financial income | 76B | €5,187,323 | €2,295,773 | -€2.9m | -55.7% |
| Financial charges | 65/66B | €18,282,349 | €30,549,586 | +€12.3m | +67.1% |
| Recurring financial charges | 65 | €18,282,349 | €29,602,852 | +€11.3m | +61.9% |
| Debt charges | 650 | €12,117,104 | €18,790,451 | +€6.7m | +55.1% |
| Other financial charges | 652/9 | €6,165,245 | €10,812,401 | +€4.6m | +75.4% |
| Non-recurring financial charges | 66B | - | €946,734 | +€946,734 | |
| Profit (loss) for the period before taxes | 9903 | -€1,079,327 | -€9,480,709 | -€8.4m | -778.4% |
| Income taxes | 67/77 | -€59,277 | €68,353 | +€127,630 | |
| Taxes | 670/3 | €37,424 | €68,353 | +€30,929 | +82.6% |
| Tax adjustments and reversals of tax provisions | 77 | €96,701 | - | -€96,701 | |
| Profit (loss) for the period | 9904 | -€1,020,050 | -€9,549,061 | -€8.5m | -836.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,020,050 | -€9,549,061 | -€8.5m | -836.1% |
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.