MANUCO: 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.
MANUCO
Largest movements
- Receivables within one year +€27,820
up €27,820 (+8.2%), from €341,250 to €369,070
of which Trade receivables: +€18,719
- Cash -€25,018
down €25,018 (-54.5%), from €45,938 to €20,920
mainly Receivables within one year (-€27,820) and Tax, wage and social debts (-€3,030)
- Reserves +€6,140
up €6,140 (+2.4%), from €255,914 to €262,054
of which Distributable reserves: +€6,140
- Gross operating margin -€7,157
down €7,157, from €4,933 to -€2,223
- Financial income +€2,485
up €2,485 (+27.0%), from €9,219 to €11,704
- Taxes -€809
down €809 (-26.9%), from €3,005 to €2,196
- Other operating charges -€532
down €532 (-47.3%), from €1,124 to €592
- Financial charges -€275
down €275 (-33.2%), from €828 to €553
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 | €387,188 | €389,990 | +€2,802 | +0.7% |
| Current assets | 29/58 | €387,188 | €389,990 | +€2,802 | +0.7% |
| Amounts receivable within one year | 40/41 | €341,250 | €369,070 | +€27,820 | +8.2% |
| Trade receivables | 40 | €135,534 | €154,252 | +€18,719 | +13.8% |
| Other amounts receivable | 41 | €205,717 | €214,818 | +€9,101 | +4.4% |
| Cash at bank and in hand | 54/58 | €45,938 | €20,920 | -€25,018 | -54.5% |
| Total equity and liabilities | 10/49 | €387,188 | €389,990 | +€2,802 | +0.7% |
| Equity | 10/15 | €274,514 | €280,654 | +€6,140 | +2.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €255,914 | €262,054 | +€6,140 | +2.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €254,054 | €260,194 | +€6,140 | +2.4% |
| Amounts payable | 17/49 | €112,674 | €109,337 | -€3,338 | -3.0% |
| Amounts payable within one year | 42/48 | €112,674 | €109,337 | -€3,338 | -3.0% |
| Trade debts | 44 | €104,449 | €104,142 | -€308 | -0.3% |
| Suppliers | 440/4 | €104,449 | €104,142 | -€308 | -0.3% |
| Taxes, remuneration and social security | 45 | €8,225 | €5,195 | -€3,030 | -36.8% |
| Taxes | 450/3 | €8,225 | €5,195 | -€3,030 | -36.8% |
| Other operating charges | 640/8 | €1,124 | €592 | -€532 | -47.3% |
| Gross operating margin | 9900 | €4,933 | -€2,223 | -€7,157 | |
| Operating profit (loss) | 9901 | €3,810 | -€2,815 | -€6,625 | |
| Financial income | 75/76B | €9,219 | €11,704 | +€2,485 | +27.0% |
| Recurring financial income | 75 | €9,219 | €11,704 | +€2,485 | +27.0% |
| Financial charges | 65/66B | €828 | €553 | -€275 | -33.2% |
| Recurring financial charges | 65 | €828 | €553 | -€275 | -33.2% |
| Profit (loss) for the period before taxes | 9903 | €12,201 | €8,336 | -€3,865 | -31.7% |
| Income taxes | 67/77 | €3,005 | €2,196 | -€809 | -26.9% |
| Profit (loss) for the period | 9904 | €9,197 | €6,140 | -€3,057 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €9,197 | €6,140 | -€3,057 | -33.2% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.