MANULEV-CONSULT: 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.
MANULEV-CONSULT
Largest movements
- Current investments -€750,000
no longer reported in 2025 (was €750,000)
- Cash +€645,192
up €645,192 (+477%), from €135,328 to €780,520
mainly Current investments (+€750,000) and Net result for the year (+€151,883)
- Tangible fixed assets +€9,608
up €9,608 (+254%), from €3,782 to €13,390
- Reserves -€84,850
down €84,850 (-10.1%), from €839,416 to €754,566
- Staff costs -€26,962
no longer reported in 2025 (was €26,962)
- Gross operating margin -€25,567
down €25,567 (-10.1%), from €252,799 to €227,232
- Financial income -€9,528
down €9,528 (-48.8%), from €19,510 to €9,982
- Taxes -€3,363
down €3,363 (-4.4%), from €77,172 to €73,810
- Depreciation -€2,854
down €2,854 (-37.0%), from €7,709 to €4,855
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 | €939,076 | €845,522 | -€93,555 | -10.0% |
| Fixed assets | 21/28 | €4,749 | €13,579 | +€8,830 | +186% |
| Intangible fixed assets | 21 | €967 | €190 | -€778 | -80.4% |
| Tangible fixed assets | 22/27 | €3,782 | €13,390 | +€9,608 | +254% |
| Furniture and vehicles | 24 | €3,782 | €13,390 | +€9,608 | +254% |
| Current assets | 29/58 | €934,327 | €831,942 | -€102,385 | -11.0% |
| Amounts receivable within one year | 40/41 | €45,123 | €49,785 | +€4,661 | +10.3% |
| Trade receivables | 40 | €38,018 | €39,060 | +€1,042 | +2.7% |
| Other amounts receivable | 41 | €7,105 | €10,725 | +€3,619 | +50.9% |
| Current investments | 50/53 | €750,000 | - | -€750,000 | |
| Cash at bank and in hand | 54/58 | €135,328 | €780,520 | +€645,192 | +477% |
| Deferred charges and accrued income | 490/1 | €3,876 | €1,638 | -€2,238 | -57.7% |
| Total equity and liabilities | 10/49 | €939,076 | €845,522 | -€93,555 | -10.0% |
| Equity | 10/15 | €858,016 | €773,166 | -€84,850 | -9.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €839,416 | €754,566 | -€84,850 | -10.1% |
| Distributable reserves | 133 | €839,416 | €754,566 | -€84,850 | -10.1% |
| Amounts payable | 17/49 | €81,060 | €72,356 | -€8,705 | -10.7% |
| Amounts payable within one year | 42/48 | €81,060 | €72,356 | -€8,705 | -10.7% |
| Trade debts | 44 | €1,189 | €746 | -€442 | -37.2% |
| Suppliers | 440/4 | €1,189 | €746 | -€442 | -37.2% |
| Taxes, remuneration and social security | 45 | €79,872 | €71,609 | -€8,262 | -10.3% |
| Taxes | 450/3 | €78,012 | €71,609 | -€6,403 | -8.2% |
| Remuneration and social security | 454/9 | €1,860 | - | -€1,860 | |
| Remuneration, social security and pensions | 62 | €26,962 | - | -€26,962 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,709 | €4,855 | -€2,854 | -37.0% |
| Other operating charges | 640/8 | €8,560 | €6,232 | -€2,328 | -27.2% |
| Gross operating margin | 9900 | €252,799 | €227,232 | -€25,567 | -10.1% |
| Operating profit (loss) | 9901 | €209,568 | €216,145 | +€6,577 | +3.1% |
| Financial income | 75/76B | €19,510 | €9,982 | -€9,528 | -48.8% |
| Recurring financial income | 75 | €19,510 | €9,982 | -€9,528 | -48.8% |
| Financial charges | 65/66B | €244 | €434 | +€190 | +78.1% |
| Recurring financial charges | 65 | €244 | €434 | +€190 | +78.1% |
| Profit (loss) for the period before taxes | 9903 | €228,835 | €225,693 | -€3,142 | -1.4% |
| Income taxes | 67/77 | €77,172 | €73,810 | -€3,363 | -4.4% |
| Profit (loss) for the period | 9904 | €151,663 | €151,883 | +€221 | +0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €151,663 | €151,883 | +€221 | +0.1% |
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 17 October 2026 via checked.be.