MANUFERO: 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.
MANUFERO
Largest movements
- Stocks and contracts +€27,765
up €27,765 (+6.7%), from €416,581 to €444,345
- Receivables within one year +€7,584
up €7,584 (+192%), from €3,959 to €11,543
of which Other amounts receivable: +€6,974
- Short-term financial debts +€23,512
up €23,512 (+43.9%), from €53,569 to €77,081
- Tax, wage and social debts +€12,374
up €12,374 (+45.7%), from €27,052 to €39,427
of which Remuneration and social security: +€8,673
- Profit (loss) carried forward -€8,495
down €8,495 (-12.6%), from -€67,442 to -€75,938
- Trade debts +€8,040
up €8,040 (+116%), from €6,914 to €14,953
- Gross operating margin -€56,017
down €56,017 (-84.4%), from €66,358 to €10,341
- Staff costs -€30,575
down €30,575 (-73.3%), from €41,699 to €11,124
- Depreciation -€9,076
no longer reported in 2025 (was €9,076)
- Financial charges -€2,441
down €2,441 (-29.5%), from €8,279 to €5,838
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €450,203 | €484,634 | +€34,431 | +7.6% |
| Fixed assets | 21/28 | €13,068 | €13,068 | = | 0.0% |
| Tangible fixed assets | 22/27 | €1,030 | €1,030 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1,030 | €1,030 | = | 0.0% |
| Financial fixed assets | 28 | €12,037 | €12,037 | = | 0.0% |
| Current assets | 29/58 | €437,136 | €471,567 | +€34,431 | +7.9% |
| Stocks and contracts in progress | 3 | €416,581 | €444,345 | +€27,765 | +6.7% |
| Stocks | 30/36 | €416,581 | €444,345 | +€27,765 | +6.7% |
| Amounts receivable within one year | 40/41 | €3,959 | €11,543 | +€7,584 | +192% |
| Trade receivables | 40 | €3,700 | €4,310 | +€610 | +16.5% |
| Other amounts receivable | 41 | €259 | €7,232 | +€6,974 | +2,698% |
| Deferred charges and accrued income | 490/1 | €16,596 | €15,679 | -€918 | -5.5% |
| Total equity and liabilities | 10/49 | €450,203 | €484,634 | +€34,431 | +7.6% |
| Equity | 10/15 | €142,473 | €133,978 | -€8,495 | -6.0% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €9,916 | €9,916 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,916 | €9,916 | = | 0.0% |
| Legal reserve | 130 | €9,916 | €9,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,442 | -€75,938 | -€8,495 | -12.6% |
| Amounts payable | 17/49 | €307,730 | €350,656 | +€42,926 | +13.9% |
| Amounts payable after more than one year | 17 | €193,849 | €193,849 | = | 0.0% |
| Other amounts payable | 178/9 | €193,849 | €193,849 | = | 0.0% |
| Amounts payable within one year | 42/48 | €113,882 | €156,807 | +€42,926 | +37.7% |
| Financial debts | 43 | €53,569 | €77,081 | +€23,512 | +43.9% |
| Credit institutions | 430/8 | €53,569 | €77,081 | +€23,512 | +43.9% |
| Trade debts | 44 | €6,914 | €14,953 | +€8,040 | +116% |
| Suppliers | 440/4 | €6,914 | €14,953 | +€8,040 | +116% |
| Taxes, remuneration and social security | 45 | €27,052 | €39,427 | +€12,374 | +45.7% |
| Taxes | 450/3 | €14,711 | €18,412 | +€3,701 | +25.2% |
| Remuneration and social security | 454/9 | €12,341 | €21,015 | +€8,673 | +70.3% |
| Other amounts payable | 47/48 | €26,347 | €25,347 | -€1,000 | -3.8% |
| Remuneration, social security and pensions | 62 | €41,699 | €11,124 | -€30,575 | -73.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,076 | - | -€9,076 | |
| Other operating charges | 640/8 | €1,437 | €1,874 | +€438 | +30.5% |
| Gross operating margin | 9900 | €66,358 | €10,341 | -€56,017 | -84.4% |
| Operating profit (loss) | 9901 | €14,146 | -€2,657 | -€16,803 | |
| Financial charges | 65/66B | €8,279 | €5,838 | -€2,441 | -29.5% |
| Recurring financial charges | 65 | €8,279 | €5,838 | -€2,441 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €5,866 | -€8,495 | -€14,361 | |
| Profit (loss) for the period | 9904 | €5,866 | -€8,495 | -€14,361 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,866 | -€8,495 | -€14,361 |
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 13 October 2026 via checked.be.