MANUEL: 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.
MANUEL
Largest movements
- Current investments +€1.1m
up €1.1m (+18.8%), from €6.0m to €7.2m
- Cash -€535,495
down €535,495 (-34.6%), from €1.5m to €1.0m
mainly Current investments (-€1.1m) and Stocks and contracts (-€242,909)
- Receivables within one year -€362,627
down €362,627 (-50.6%), from €717,215 to €354,588
- Stocks and contracts +€242,909
up €242,909 (+15.7%), from €1.6m to €1.8m
- Deferred charges and accrued income -€166,467
down €166,467 (-49.3%), from €337,456 to €170,989
- Debts after one year +€169,500
up €169,500 (+1.1%), from €15.1m to €15.3m
of which Financial debts: +€169,500
- Gross operating margin -€102,808
down €102,808 (-34.1%), from €301,235 to €198,427
- Financial income -€12,524
down €12,524 (-7.4%), from €169,370 to €156,846
- Depreciation -€8,693
down €8,693 (-8.3%), from €104,814 to €96,122
- Financial charges +€6,687
up €6,687 (+3.7%), from €182,138 to €188,825
- Other operating charges +€5,362
up €5,362 (+37.9%), from €14,134 to €19,496
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 | €14,884,498 | €15,100,017 | +€215,519 | +1.4% |
| Fixed assets | 21/28 | €4,693,653 | €4,597,532 | -€96,122 | -2.0% |
| Tangible fixed assets | 22/27 | €4,191,152 | €4,095,031 | -€96,122 | -2.3% |
| Land and buildings | 22 | €4,187,641 | €4,092,170 | -€95,472 | -2.3% |
| Plant, machinery and equipment | 23 | €3,511 | €2,861 | -€650 | -18.5% |
| Financial fixed assets | 28 | €502,501 | €502,501 | = | 0.0% |
| Current assets | 29/58 | €10,190,845 | €10,502,485 | +€311,641 | +3.1% |
| Stocks and contracts in progress | 3 | €1,551,731 | €1,794,640 | +€242,909 | +15.7% |
| Stocks | 30/36 | €1,551,731 | €1,794,640 | +€242,909 | +15.7% |
| Amounts receivable within one year | 40/41 | €717,215 | €354,588 | -€362,627 | -50.6% |
| Other amounts receivable | 41 | €717,215 | €354,588 | -€362,627 | -50.6% |
| Current investments | 50/53 | €6,038,296 | €7,171,616 | +€1.1m | +18.8% |
| Cash at bank and in hand | 54/58 | €1,546,147 | €1,010,652 | -€535,495 | -34.6% |
| Deferred charges and accrued income | 490/1 | €337,456 | €170,989 | -€166,467 | -49.3% |
| Total equity and liabilities | 10/49 | €14,884,498 | €15,100,017 | +€215,519 | +1.4% |
| Equity | 10/15 | -€254,144 | -€202,663 | +€51,481 | +20.3% |
| Contributions | 10/11 | €399,220 | €399,220 | = | 0.0% |
| Reserves | 13 | €71,480 | €69,532 | -€1,949 | -2.7% |
| Tax-exempt reserves | 132 | €26,900 | €24,951 | -€1,949 | -7.2% |
| Distributable reserves | 133 | €44,580 | €44,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€724,844 | -€671,414 | +€53,430 | +7.4% |
| Provisions and deferred taxes | 16 | €9,678 | €9,028 | -€650 | -6.7% |
| Deferred taxes | 168 | €9,678 | €9,028 | -€650 | -6.7% |
| Amounts payable | 17/49 | €15,128,964 | €15,293,652 | +€164,688 | +1.1% |
| Amounts payable after more than one year | 17 | €15,118,419 | €15,287,919 | +€169,500 | +1.1% |
| Financial debts | 170/4 | €11,756,790 | €11,926,290 | +€169,500 | +1.4% |
| Other amounts payable | 178/9 | €3,361,628 | €3,361,628 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,662 | €4,844 | +€1,181 | +32.3% |
| Trade debts | 44 | €3,662 | €4,844 | +€1,181 | +32.3% |
| Suppliers | 440/4 | €3,662 | €4,844 | +€1,181 | +32.3% |
| Accrued charges and deferred income | 492/3 | €6,883 | €890 | -€5,993 | -87.1% |
| Non-recurring operating income | 76A | €151,252 | €0 | -€151,252 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €104,814 | €96,122 | -€8,693 | -8.3% |
| Other operating charges | 640/8 | €14,134 | €19,496 | +€5,362 | +37.9% |
| Non-recurring operating charges | 66A | €583,861 | €0 | -€583,861 | -100.0% |
| Gross operating margin | 9900 | €301,235 | €198,427 | -€102,808 | -34.1% |
| Operating profit (loss) | 9901 | -€401,574 | €82,809 | +€484,383 | |
| Financial income | 75/76B | €169,370 | €156,846 | -€12,524 | -7.4% |
| Recurring financial income | 75 | €169,370 | €156,846 | -€12,524 | -7.4% |
| Financial charges | 65/66B | €182,138 | €188,825 | +€6,687 | +3.7% |
| Recurring financial charges | 65 | €182,138 | €188,825 | +€6,687 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | -€414,342 | €50,831 | +€465,173 | |
| Transfer from deferred taxes | 780 | €650 | €650 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€413,692 | €51,481 | +€465,173 | |
| Transfer from tax-exempt reserves | 789 | €1,949 | €1,949 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€411,743 | €53,430 | +€465,173 |
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 3 October 2026 via checked.be.