MANUCHAR GROUP: 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.
What changed
MANUCHAR GROUP
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€46.7m
2024 · -€13.8m-€33.0m
Equity
€387.0m
2024 · €433.7m-€46.7m
Cash
€839,810
2024 · €691,800+€148,010
Balance sheet total
€888.3m
2024 · €818.0m+€70.3m
Largest movements
Assets
- Receivables within one year +€82.4m
up €82.4m (+93.0%), from €88.6m to €171.0m
- Receivables after one year -€32.2m
down €32.2m (-17.5%), from €184.1m to €151.9m
- Deferred charges and accrued income +€10.4m
up €10.4m (+139.5%), from €7.5m to €17.9m
- Current investments +€9.5m
new in 2025: €9.5m
Equity and liabilities
- Debts after one year +€127.4m
up €127.4m (+34.5%), from €369.4m to €496.8m
- Profit (loss) carried forward -€46.7m
down €46.7m (-75.8%), from -€61.7m to -€108.4m
- Other debts -€14.5m
down €14.5m (-99.7%), from €14.5m to €42,206
Income statement
- Financial charges +€33.6m
up €33.6m (+87.3%), from €38.5m to €72.1m
of which Financial charges: +€20.1m
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
-€13.8m
Write-downs
-€569,342
Other operating charges
-€536
Other operating items
-€45,064
Financial income
+€1.3m
Financial charges
-€33.6m
Taxes
-€99,021
Result 2025
-€46.7m
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
-€117.8m
Investment
-€9.5m
Financing
+€127.4m
Cash 2024
€691,800
From operations (derived)
-€117.8m
Net result for the year
-€46.7m
Receivables after one year
+€32.2m
Receivables within one year
-€82.4m
Deferred charges and accrued income
-€10.4m
Trade debts
+€1.8m
Tax, wage and social debts
+€308,888
Other debts
-€14.5m
Accrued charges and deferred income
+€2.0m
Investment (derived)
-€9.5m
Current investments
-€9.5m
Financing
+€127.4m
Debts after one year
+€127.4m
Cash 2025
€839,810
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €817,952,018 | €888,283,013 | +€70.3m | +8.6% |
| Fixed assets | 21/28 | €537,105,008 | €537,105,008 | = | 0.0% |
| Financial fixed assets | 28 | €537,105,008 | €537,105,008 | = | 0.0% |
| Affiliated companies | 280/1 | €537,105,008 | €537,105,008 | = | 0.0% |
| Participating interests | 280 | €537,105,008 | €537,105,008 | = | 0.0% |
| Current assets | 29/58 | €280,847,009 | €351,178,005 | +€70.3m | +25.0% |
| Amounts receivable after more than one year | 29 | €184,068,131 | €151,897,079 | -€32.2m | -17.5% |
| Other amounts receivable | 291 | €184,068,131 | €151,897,079 | -€32.2m | -17.5% |
| Amounts receivable within one year | 40/41 | €88,603,295 | €171,020,867 | +€82.4m | +93.0% |
| Other amounts receivable | 41 | €88,603,295 | €171,020,867 | +€82.4m | +93.0% |
| Current investments | 50/53 | - | €9,500,000 | +€9.5m | |
| Other investments | 51/53 | - | €9,500,000 | +€9.5m | |
| Cash at bank and in hand | 54/58 | €691,800 | €839,810 | +€148,010 | +21.4% |
| Deferred charges and accrued income | 490/1 | €7,483,784 | €17,920,249 | +€10.4m | +139.5% |
| Total equity and liabilities | 10/49 | €817,952,018 | €888,283,013 | +€70.3m | +8.6% |
| Equity | 10/15 | €433,735,618 | €387,012,370 | -€46.7m | -10.8% |
| Contributions | 10/11 | €495,396,460 | €495,396,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€61,660,842 | -€108,384,090 | -€46.7m | -75.8% |
| Amounts payable | 17/49 | €384,216,399 | €501,270,644 | +€117.1m | +30.5% |
| Amounts payable after more than one year | 17 | €369,355,000 | €496,782,500 | +€127.4m | +34.5% |
| Financial debts | 170/4 | €369,355,000 | €496,782,500 | +€127.4m | +34.5% |
| Unsubordinated bonds | 171 | €369,355,000 | €496,782,500 | +€127.4m | +34.5% |
| Amounts payable within one year | 42/48 | €14,731,574 | €2,370,980 | -€12.4m | -83.9% |
| Trade debts | 44 | €16,601 | €1,830,656 | +€1.8m | +10927.3% |
| Suppliers | 440/4 | €16,601 | €1,830,656 | +€1.8m | +10927.3% |
| Taxes, remuneration and social security | 45 | €189,229 | €498,117 | +€308,888 | +163.2% |
| Taxes | 450/3 | €189,229 | €498,117 | +€308,888 | +163.2% |
| Other amounts payable | 47/48 | €14,525,744 | €42,206 | -€14.5m | -99.7% |
| Accrued charges and deferred income | 492/3 | €129,825 | €2,117,164 | +€2.0m | +1530.8% |
| Operating charges | 60/66A | €281,406 | €896,347 | +€614,941 | +218.5% |
| Services and other goods | 61 | €280,258 | €325,321 | +€45,064 | +16.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €569,342 | +€569,342 | |
| Other operating charges | 640/8 | €1,148 | €1,684 | +€536 | +46.7% |
| Operating profit (loss) | 9901 | -€281,406 | -€896,347 | -€614,941 | -218.5% |
| Financial income | 75/76B | €25,174,858 | €26,511,211 | +€1.3m | +5.3% |
| Recurring financial income | 75 | €25,174,858 | €26,511,211 | +€1.3m | +5.3% |
| Income from current assets | 751 | €24,983,837 | €24,413,570 | -€570,267 | -2.3% |
| Other financial income | 752/9 | €191,021 | €2,097,642 | +€1.9m | +998.1% |
| Financial charges | 65/66B | €38,469,395 | €72,053,949 | +€33.6m | +87.3% |
| Recurring financial charges | 65 | €37,513,041 | €57,639,699 | +€20.1m | +53.7% |
| Debt charges | 650 | €35,467,691 | €39,804,426 | +€4.3m | +12.2% |
| Other financial charges | 652/9 | €2,045,350 | €17,835,273 | +€15.8m | +772.0% |
| Non-recurring financial charges | 66B | €956,354 | €14,414,250 | +€13.5m | +1407.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,575,943 | -€46,439,085 | -€32.9m | -242.1% |
| Income taxes | 67/77 | €185,143 | €284,164 | +€99,021 | +53.5% |
| Taxes | 670/3 | €189,229 | €284,164 | +€94,935 | +50.2% |
| Tax adjustments and reversals of tax provisions | 77 | €4,087 | - | -€4,087 | |
| Profit (loss) for the period | 9904 | -€13,761,085 | -€46,723,249 | -€33.0m | -239.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,761,085 | -€46,723,249 | -€33.0m | -239.5% |
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 9 October 2026 via checked.be.