MANUELINE: 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.
MANUELINE
Largest movements
- Receivables within one year -€10,382
down €10,382 (-13.1%), from €79,539 to €69,157
of which Other amounts receivable: -€9,803
- Cash +€7,896
up €7,896 (+643%), from €1,228 to €9,123
mainly Receivables within one year (+€10,382) and Net result for the year (+€7,801)
- Tangible fixed assets -€1,426
down €1,426 (-13.9%), from €10,235 to €8,809
of which Furniture and vehicles: -€1,765
- Tax, wage and social debts -€10,015
down €10,015 (-70.4%), from €14,224 to €4,209
- Reserves +€7,900
up €7,900 (+15.4%), from €51,321 to €59,221
- Short-term financial debts -€3,397
no longer reported in 2025 (was €3,397)
- Trade debts +€978
up €978 (+4.3%), from €22,795 to €23,773
- Taxes -€978
down €978 (-23.5%), from €4,160 to €3,182
- Financial charges -€575
down €575 (-29.8%), from €1,931 to €1,356
- Gross operating margin +€519
up €519 (+3.5%), from €14,853 to €15,372
- Other operating charges +€298
up €298 (+31.2%), from €956 to €1,253
- Depreciation -€290
down €290 (-8.4%), from €3,472 to €3,181
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.
Derived cash bridge
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 | €91,888 | €87,289 | -€4,599 | -5.0% |
| Fixed assets | 21/28 | €11,122 | €9,009 | -€2,112 | -19.0% |
| Intangible fixed assets | 21 | €687 | - | -€687 | |
| Tangible fixed assets | 22/27 | €10,235 | €8,809 | -€1,426 | -13.9% |
| Plant, machinery and equipment | 23 | €863 | €1,632 | +€769 | +89.1% |
| Furniture and vehicles | 24 | €5,826 | €4,061 | -€1,765 | -30.3% |
| Other tangible fixed assets | 26 | €3,546 | €3,117 | -€429 | -12.1% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €80,766 | €78,280 | -€2,486 | -3.1% |
| Amounts receivable within one year | 40/41 | €79,539 | €69,157 | -€10,382 | -13.1% |
| Trade receivables | 40 | €42,838 | €42,260 | -€579 | -1.4% |
| Other amounts receivable | 41 | €36,700 | €26,897 | -€9,803 | -26.7% |
| Cash at bank and in hand | 54/58 | €1,228 | €9,123 | +€7,896 | +643% |
| Total equity and liabilities | 10/49 | €91,888 | €87,289 | -€4,599 | -5.0% |
| Equity | 10/15 | €51,473 | €59,274 | +€7,801 | +15.2% |
| Reserves | 13 | €51,321 | €59,221 | +€7,900 | +15.4% |
| Distributable reserves | 133 | €51,321 | €59,221 | +€7,900 | +15.4% |
| Profit (loss) carried forward | 14 | €152 | €53 | -€99 | -65.3% |
| Amounts payable | 17/49 | €40,415 | €28,016 | -€12,399 | -30.7% |
| Amounts payable within one year | 42/48 | €40,415 | €28,016 | -€12,399 | -30.7% |
| Financial debts | 43 | €3,397 | - | -€3,397 | |
| Credit institutions | 430/8 | €3,397 | - | -€3,397 | |
| Trade debts | 44 | €22,795 | €23,773 | +€978 | +4.3% |
| Suppliers | 440/4 | €22,795 | €23,773 | +€978 | +4.3% |
| Taxes, remuneration and social security | 45 | €14,224 | €4,209 | -€10,015 | -70.4% |
| Taxes | 450/3 | €14,224 | €4,209 | -€10,015 | -70.4% |
| Other amounts payable | 47/48 | - | €35 | +€35 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,472 | €3,181 | -€290 | -8.4% |
| Other operating charges | 640/8 | €956 | €1,253 | +€298 | +31.2% |
| Gross operating margin | 9900 | €14,853 | €15,372 | +€519 | +3.5% |
| Operating profit (loss) | 9901 | €10,425 | €10,937 | +€512 | +4.9% |
| Financial income | 75/76B | €1,614 | €1,402 | -€212 | -13.1% |
| Recurring financial income | 75 | €1,614 | €1,402 | -€212 | -13.1% |
| Financial charges | 65/66B | €1,931 | €1,356 | -€575 | -29.8% |
| Recurring financial charges | 65 | €1,931 | €1,356 | -€575 | -29.8% |
| Profit (loss) for the period before taxes | 9903 | €10,108 | €10,983 | +€875 | +8.7% |
| Income taxes | 67/77 | €4,160 | €3,182 | -€978 | -23.5% |
| Profit (loss) for the period | 9904 | €5,947 | €7,801 | +€1,853 | +31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €5,947 | €7,801 | +€1,853 | +31.2% |
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 16 October 2026 via checked.be.