MANUELECT: 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.
MANUELECT
Largest movements
- Cash -€41,949
down €41,949 (-88.5%), from €47,378 to €5,429
mainly Current investments (-€40,243) and Advances received (-€15,000)
- Current investments +€40,243
up €40,243 (+259.9%), from €15,486 to €55,729
- Receivables within one year +€14,781
up €14,781 (+32.7%), from €45,134 to €59,915
of which Other amounts receivable: +€10,445
- Tangible fixed assets -€12,488
down €12,488 (-28.2%), from €44,345 to €31,857
- Reserves +€25,000
up €25,000 (+47.3%), from €52,860 to €77,860
of which Distributable reserves: +€25,000
- Advances received -€15,000
no longer reported in 2025 (was €15,000)
- Debts after one year -€9,589
down €9,589 (-38.2%), from €25,092 to €15,503
- Other debts -€7,950
down €7,950 (-73.6%), from €10,800 to €2,850
- Profit (loss) carried forward +€5,872
up €5,872 (+156.0%), from €3,765 to €9,637
- Turnover +€294,861
new in 2025: €294,861
- Staff costs +€18,562
up €18,562 (+52.7%), from €35,224 to €53,786
- Gross operating margin +€7,525
up €7,525 (+7.5%), from €100,936 to €108,461
- Taxes -€6,870
down €6,870 (-41.1%), from €16,732 to €9,862
- Depreciation +€5,018
up €5,018 (+67.2%), from €7,470 to €12,488
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 | €157,446 | €155,412 | -€2,034 | -1.3% |
| Fixed assets | 21/28 | €44,675 | €32,187 | -€12,488 | -28.0% |
| Tangible fixed assets | 22/27 | €44,345 | €31,857 | -€12,488 | -28.2% |
| Furniture and vehicles | 24 | €44,345 | €31,857 | -€12,488 | -28.2% |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €112,771 | €123,225 | +€10,454 | +9.3% |
| Stocks and contracts in progress | 3 | €3,206 | €2,082 | -€1,124 | -35.1% |
| Stocks | 30/36 | €1,706 | €1,552 | -€154 | -9.0% |
| Contracts in progress | 37 | €1,500 | €530 | -€970 | -64.7% |
| Amounts receivable within one year | 40/41 | €45,134 | €59,915 | +€14,781 | +32.7% |
| Trade receivables | 40 | €31,467 | €35,803 | +€4,336 | +13.8% |
| Other amounts receivable | 41 | €13,667 | €24,112 | +€10,445 | +76.4% |
| Current investments | 50/53 | €15,486 | €55,729 | +€40,243 | +259.9% |
| Cash at bank and in hand | 54/58 | €47,378 | €5,429 | -€41,949 | -88.5% |
| Deferred charges and accrued income | 490/1 | €1,567 | €70 | -€1,497 | -95.5% |
| Total equity and liabilities | 10/49 | €157,446 | €155,412 | -€2,034 | -1.3% |
| Equity | 10/15 | €69,025 | €99,897 | +€30,872 | +44.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €52,860 | €77,860 | +€25,000 | +47.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Other | 1319 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €51,000 | €76,000 | +€25,000 | +49.0% |
| Profit (loss) carried forward | 14 | €3,765 | €9,637 | +€5,872 | +156.0% |
| Amounts payable | 17/49 | €88,421 | €55,515 | -€32,906 | -37.2% |
| Amounts payable after more than one year | 17 | €25,092 | €15,503 | -€9,589 | -38.2% |
| Financial debts | 170/4 | €25,092 | €15,503 | -€9,589 | -38.2% |
| Amounts payable within one year | 42/48 | €63,329 | €40,012 | -€23,317 | -36.8% |
| Current portion of amounts payable after more than one year | 42 | €19,776 | €15,639 | -€4,137 | -20.9% |
| Trade debts | 44 | €10,755 | €12,348 | +€1,593 | +14.8% |
| Suppliers | 440/4 | €10,755 | €12,348 | +€1,593 | +14.8% |
| Advances received on contracts in progress | 46 | €15,000 | - | -€15,000 | |
| Taxes, remuneration and social security | 45 | €6,998 | €9,175 | +€2,177 | +31.1% |
| Taxes | 450/3 | €3,200 | €150 | -€3,050 | -95.3% |
| Remuneration and social security | 454/9 | €3,798 | €9,025 | +€5,227 | +137.6% |
| Other amounts payable | 47/48 | €10,800 | €2,850 | -€7,950 | -73.6% |
| Turnover | 70 | - | €294,861 | +€294,861 | |
| Remuneration, social security and pensions | 62 | €35,224 | €53,786 | +€18,562 | +52.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,470 | €12,488 | +€5,018 | +67.2% |
| Gross operating margin | 9900 | €100,936 | €108,461 | +€7,525 | +7.5% |
| Operating profit (loss) | 9901 | €58,242 | €42,187 | -€16,055 | -27.6% |
| Financial income | 75/76B | €1,343 | €2,838 | +€1,495 | +111.3% |
| Recurring financial income | 75 | €1,343 | €2,838 | +€1,495 | +111.3% |
| Financial charges | 65/66B | €605 | €1,291 | +€686 | +113.4% |
| Recurring financial charges | 65 | €605 | €1,291 | +€686 | +113.4% |
| Profit (loss) for the period before taxes | 9903 | €58,980 | €43,734 | -€15,246 | -25.8% |
| Income taxes | 67/77 | €16,732 | €9,862 | -€6,870 | -41.1% |
| Profit (loss) for the period | 9904 | €42,248 | €33,872 | -€8,376 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €42,248 | €33,872 | -€8,376 | -19.8% |
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 7 October 2026 via checked.be.