MANUKI: 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.
MANUKI
Largest movements
- Receivables within one year -€36,875
down €36,875 (-27.7%), from €133,089 to €96,213
of which Other amounts receivable: -€32,209
- Receivables after one year +€18,000
new in 2025: €18,000
- Cash -€12,712
down €12,712 (-45.9%), from €27,712 to €15,000
mainly Net result for the year (-€127,413) and Other debts (-€27,583)
- Current investments -€9,140
down €9,140 (-94.4%), from €9,680 to €540
- Profit (loss) carried forward -€127,413
down €127,413 (-214.4%), from -€59,433 to -€186,846
- Trade debts +€76,636
up €76,636 (+1491.8%), from €5,137 to €81,773
- Debts after one year +€47,474
up €47,474 (+208.6%), from €22,762 to €70,236
- Other debts -€27,583
down €27,583 (-92.2%), from €29,901 to €2,318
- Accrued charges and deferred income -€10,692
no longer reported in 2025 (was €10,692)
- Write-downs +€77,742
new in 2025: €77,742
- Gross operating margin +€56,639
up €56,639 (+60.5%), from -€93,630 to -€36,991
- Depreciation +€3,178
up €3,178 (+53.8%), from €5,902 to €9,081
- Financial charges +€2,793
up €2,793 (+224.1%), from €1,246 to €4,039
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 | €246,073 | €206,466 | -€39,607 | -16.1% |
| Fixed assets | 21/28 | €50,516 | €52,390 | +€1,874 | +3.7% |
| Intangible fixed assets | 21 | €1,423 | €799 | -€624 | -43.8% |
| Tangible fixed assets | 22/27 | €36,592 | €37,591 | +€998 | +2.7% |
| Plant, machinery and equipment | 23 | €1,114 | €751 | -€363 | -32.6% |
| Furniture and vehicles | 24 | €1,385 | €6,643 | +€5,258 | +379.6% |
| Other tangible fixed assets | 26 | €34,094 | €30,197 | -€3,897 | -11.4% |
| Financial fixed assets | 28 | €12,500 | €14,000 | +€1,500 | +12.0% |
| Current assets | 29/58 | €195,557 | €154,076 | -€41,482 | -21.2% |
| Amounts receivable after more than one year | 29 | - | €18,000 | +€18,000 | |
| Other amounts receivable | 291 | - | €18,000 | +€18,000 | |
| Stocks and contracts in progress | 3 | €23,659 | €23,535 | -€124 | -0.5% |
| Stocks | 30/36 | €23,659 | €23,535 | -€124 | -0.5% |
| Amounts receivable within one year | 40/41 | €133,089 | €96,213 | -€36,875 | -27.7% |
| Trade receivables | 40 | €100,666 | €96,000 | -€4,666 | -4.6% |
| Other amounts receivable | 41 | €32,423 | €214 | -€32,209 | -99.3% |
| Current investments | 50/53 | €9,680 | €540 | -€9,140 | -94.4% |
| Cash at bank and in hand | 54/58 | €27,712 | €15,000 | -€12,712 | -45.9% |
| Deferred charges and accrued income | 490/1 | €1,418 | €787 | -€631 | -44.5% |
| Total equity and liabilities | 10/49 | €246,073 | €206,466 | -€39,607 | -16.1% |
| Equity | 10/15 | €168,574 | €41,161 | -€127,413 | -75.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €209,407 | €209,407 | = | 0.0% |
| Distributable reserves | 133 | €209,407 | €209,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,433 | -€186,846 | -€127,413 | -214.4% |
| Amounts payable | 17/49 | €77,499 | €165,304 | +€87,806 | +113.3% |
| Amounts payable after more than one year | 17 | €22,762 | €70,236 | +€47,474 | +208.6% |
| Other amounts payable | 178/9 | €22,762 | €70,236 | +€47,474 | +208.6% |
| Amounts payable within one year | 42/48 | €44,044 | €95,068 | +€51,024 | +115.8% |
| Trade debts | 44 | €5,137 | €81,773 | +€76,636 | +1491.8% |
| Suppliers | 440/4 | €5,137 | €81,773 | +€76,636 | +1491.8% |
| Taxes, remuneration and social security | 45 | €9,007 | €10,977 | +€1,971 | +21.9% |
| Taxes | 450/3 | €8,298 | €9,523 | +€1,225 | +14.8% |
| Remuneration and social security | 454/9 | €709 | €1,454 | +€745 | +105.2% |
| Other amounts payable | 47/48 | €29,901 | €2,318 | -€27,583 | -92.2% |
| Accrued charges and deferred income | 492/3 | €10,692 | - | -€10,692 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,902 | €9,081 | +€3,178 | +53.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €77,742 | +€77,742 | |
| Other operating charges | 640/8 | €656 | €791 | +€135 | +20.6% |
| Non-recurring operating charges | 66A | €497 | €10 | -€488 | -98.0% |
| Gross operating margin | 9900 | -€93,630 | -€36,991 | +€56,639 | +60.5% |
| Operating profit (loss) | 9901 | -€100,686 | -€124,614 | -€23,928 | -23.8% |
| Financial income | 75/76B | €878 | €1,377 | +€499 | +56.8% |
| Recurring financial income | 75 | €878 | €1,377 | +€499 | +56.8% |
| Financial charges | 65/66B | €1,246 | €4,039 | +€2,793 | +224.1% |
| Recurring financial charges | 65 | €1,246 | €4,039 | +€2,793 | +224.1% |
| Profit (loss) for the period before taxes | 9903 | -€101,054 | -€127,276 | -€26,222 | -25.9% |
| Income taxes | 67/77 | €141 | €137 | -€4 | -2.6% |
| Profit (loss) for the period | 9904 | -€101,194 | -€127,413 | -€26,219 | -25.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€101,194 | -€127,413 | -€26,219 | -25.9% |
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 30 September 2026 via checked.be.