MANUELEC: 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.
MANUELEC
Largest movements
- Receivables within one year -€45,090
down €45,090 (-28.6%), from €157,615 to €112,525
of which Trade receivables: -€52,204
- Cash +€17,121
up €17,121 (+53.6%), from €31,972 to €49,093
mainly Receivables within one year (+€45,090) and Depreciation (+€21,938)
- Tangible fixed assets -€15,272
down €15,272 (-20.2%), from €75,571 to €60,299
of which Leasing and similar rights: -€15,327
- Intangible fixed assets +€3,007
new in 2025: €3,007
- Tax, wage and social debts -€20,630
down €20,630 (-30.1%), from €68,588 to €47,958
of which Taxes: -€18,194
- Debts after one year -€9,877
down €9,877 (-25.3%), from €38,988 to €29,110
- Other debts -€8,000
down €8,000 (-44.4%), from €18,000 to €10,000
- Current portion of long-term debt -€6,323
down €6,323 (-38.7%), from €16,337 to €10,014
- Trade debts +€5,681
up €5,681 (+9.8%), from €57,851 to €63,532
- Gross operating margin -€16,658
down €16,658 (-9.0%), from €185,867 to €169,209
- Depreciation +€8,399
up €8,399 (+62.0%), from €13,539 to €21,938
- Other operating charges -€5,706
down €5,706 (-59.5%), from €9,586 to €3,880
- Financial charges -€5,307
down €5,307 (-53.8%), from €9,865 to €4,557
- Taxes -€4,529
down €4,529 (-36.7%), from €12,329 to €7,800
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 | €265,635 | €225,418 | -€40,217 | -15.1% |
| Fixed assets | 21/28 | €75,736 | €63,471 | -€12,265 | -16.2% |
| Intangible fixed assets | 21 | - | €3,007 | +€3,007 | |
| Tangible fixed assets | 22/27 | €75,571 | €60,299 | -€15,272 | -20.2% |
| Plant, machinery and equipment | 23 | €73 | - | -€73 | |
| Furniture and vehicles | 24 | €10,802 | €9,333 | -€1,469 | -13.6% |
| Leasing and similar rights | 25 | €61,558 | €46,231 | -€15,327 | -24.9% |
| Other tangible fixed assets | 26 | €3,138 | €4,736 | +€1,597 | +50.9% |
| Financial fixed assets | 28 | €165 | €165 | = | 0.0% |
| Current assets | 29/58 | €189,899 | €161,946 | -€27,953 | -14.7% |
| Amounts receivable within one year | 40/41 | €157,615 | €112,525 | -€45,090 | -28.6% |
| Trade receivables | 40 | €110,855 | €58,651 | -€52,204 | -47.1% |
| Other amounts receivable | 41 | €46,760 | €53,874 | +€7,114 | +15.2% |
| Cash at bank and in hand | 54/58 | €31,972 | €49,093 | +€17,121 | +53.6% |
| Deferred charges and accrued income | 490/1 | €312 | €328 | +€16 | +5.2% |
| Total equity and liabilities | 10/49 | €265,635 | €225,418 | -€40,217 | -15.1% |
| Equity | 10/15 | €65,526 | €64,803 | -€723 | -1.1% |
| Contributions | 10/11 | €10,700 | €10,700 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €52,966 | €52,243 | -€723 | -1.4% |
| Amounts payable | 17/49 | €200,109 | €160,614 | -€39,494 | -19.7% |
| Amounts payable after more than one year | 17 | €38,988 | €29,110 | -€9,877 | -25.3% |
| Financial debts | 170/4 | €38,988 | €29,110 | -€9,877 | -25.3% |
| Amounts payable within one year | 42/48 | €160,776 | €131,504 | -€29,272 | -18.2% |
| Current portion of amounts payable after more than one year | 42 | €16,337 | €10,014 | -€6,323 | -38.7% |
| Trade debts | 44 | €57,851 | €63,532 | +€5,681 | +9.8% |
| Suppliers | 440/4 | €57,851 | €63,532 | +€5,681 | +9.8% |
| Taxes, remuneration and social security | 45 | €68,588 | €47,958 | -€20,630 | -30.1% |
| Taxes | 450/3 | €27,952 | €9,758 | -€18,194 | -65.1% |
| Remuneration and social security | 454/9 | €40,636 | €38,200 | -€2,436 | -6.0% |
| Other amounts payable | 47/48 | €18,000 | €10,000 | -€8,000 | -44.4% |
| Accrued charges and deferred income | 492/3 | €345 | - | -€345 | |
| Non-recurring operating income | 76A | €3,646 | - | -€3,646 | |
| Remuneration, social security and pensions | 62 | €122,986 | €122,301 | -€685 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,539 | €21,938 | +€8,399 | +62.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€324 | -€324 | |
| Other operating charges | 640/8 | €9,586 | €3,880 | -€5,706 | -59.5% |
| Non-recurring operating charges | 66A | €1,408 | €2,368 | +€960 | +68.2% |
| Gross operating margin | 9900 | €185,867 | €169,209 | -€16,658 | -9.0% |
| Operating profit (loss) | 9901 | €38,349 | €19,047 | -€19,302 | -50.3% |
| Financial income | 75/76B | €2,156 | €2,589 | +€433 | +20.1% |
| Recurring financial income | 75 | €2,156 | €2,589 | +€433 | +20.1% |
| Financial charges | 65/66B | €9,865 | €4,557 | -€5,307 | -53.8% |
| Recurring financial charges | 65 | €9,865 | €4,557 | -€5,307 | -53.8% |
| Profit (loss) for the period before taxes | 9903 | €30,640 | €17,078 | -€13,562 | -44.3% |
| Income taxes | 67/77 | €12,329 | €7,800 | -€4,529 | -36.7% |
| Profit (loss) for the period | 9904 | €18,310 | €9,277 | -€9,033 | -49.3% |
| Profit (loss) for the period to be appropriated | 9905 | €18,310 | €9,277 | -€9,033 | -49.3% |
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 12 October 2026 via checked.be.