MANUMAIL: 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.
MANUMAIL
Largest movements
- Cash +€123,678
up €123,678 (+16.7%), from €739,048 to €862,726
mainly Depreciation (+€248,538) and Net result for the year (+€154,407)
- Stocks and contracts -€120,000
down €120,000 (-34.8%), from €344,967 to €224,967
- Receivables within one year +€109,649
up €109,649 (+18.3%), from €599,165 to €708,814
of which Trade receivables: +€65,012
- Tangible fixed assets +€97,992
up €97,992 (+4.3%), from €2.3m to €2.4m
- Reserves +€154,407
up €154,407 (+6.6%), from €2.3m to €2.5m
of which Distributable reserves: +€154,407
- Debts after one year -€82,794
down €82,794 (-8.7%), from €957,133 to €874,339
- Tax, wage and social debts +€66,112
up €66,112 (+82.4%), from €80,206 to €146,318
of which Taxes: +€61,035
- Trade debts +€55,471
up €55,471 (+12.7%), from €437,541 to €493,012
- Gross operating margin +€170,183
up €170,183 (+21.5%), from €789,727 to €959,910
- Taxes +€63,733
up €63,733 (+455%), from €14,016 to €77,749
- Depreciation +€59,846
up €59,846 (+31.7%), from €188,693 to €248,538
- Staff costs -€27,781
down €27,781 (-5.7%), from €490,254 to €462,473
- Write-downs -€15,912
no longer reported in 2025 (was €15,912)
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 | €3,994,744 | €4,203,499 | +€208,755 | +5.2% |
| Fixed assets | 21/28 | €2,311,273 | €2,406,706 | +€95,433 | +4.1% |
| Intangible fixed assets | 21 | €10,612 | €8,052 | -€2,560 | -24.1% |
| Tangible fixed assets | 22/27 | €2,300,621 | €2,398,614 | +€97,992 | +4.3% |
| Land and buildings | 22 | €1,749,979 | €1,762,678 | +€12,700 | +0.7% |
| Plant, machinery and equipment | 23 | €399,963 | €434,975 | +€35,013 | +8.8% |
| Furniture and vehicles | 24 | €24,188 | €56,558 | +€32,370 | +134% |
| Other tangible fixed assets | 26 | €126,492 | €144,402 | +€17,910 | +14.2% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €1,683,471 | €1,796,793 | +€113,322 | +6.7% |
| Stocks and contracts in progress | 3 | €344,967 | €224,967 | -€120,000 | -34.8% |
| Stocks | 30/36 | €344,967 | €224,967 | -€120,000 | -34.8% |
| Amounts receivable within one year | 40/41 | €599,165 | €708,814 | +€109,649 | +18.3% |
| Trade receivables | 40 | €375,078 | €440,089 | +€65,012 | +17.3% |
| Other amounts receivable | 41 | €224,088 | €268,725 | +€44,637 | +19.9% |
| Current investments | 50/53 | €251 | €251 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €739,048 | €862,726 | +€123,678 | +16.7% |
| Deferred charges and accrued income | 490/1 | €40 | €35 | -€5 | -11.4% |
| Total equity and liabilities | 10/49 | €3,994,744 | €4,203,499 | +€208,755 | +5.2% |
| Equity | 10/15 | €2,390,411 | €2,544,818 | +€154,407 | +6.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €2,328,411 | €2,482,818 | +€154,407 | +6.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,661,951 | €1,661,951 | = | 0.0% |
| Distributable reserves | 133 | €660,261 | €814,667 | +€154,407 | +23.4% |
| Amounts payable | 17/49 | €1,604,333 | €1,658,681 | +€54,348 | +3.4% |
| Amounts payable after more than one year | 17 | €957,133 | €874,339 | -€82,794 | -8.7% |
| Financial debts | 170/4 | €957,133 | €874,339 | -€82,794 | -8.7% |
| Amounts payable within one year | 42/48 | €647,020 | €783,467 | +€136,447 | +21.1% |
| Current portion of amounts payable after more than one year | 42 | €126,601 | €144,138 | +€17,536 | +13.9% |
| Trade debts | 44 | €437,541 | €493,012 | +€55,471 | +12.7% |
| Suppliers | 440/4 | €437,541 | €493,012 | +€55,471 | +12.7% |
| Taxes, remuneration and social security | 45 | €80,206 | €146,318 | +€66,112 | +82.4% |
| Taxes | 450/3 | €34,685 | €95,721 | +€61,035 | +176% |
| Remuneration and social security | 454/9 | €45,521 | €50,597 | +€5,076 | +11.2% |
| Other amounts payable | 47/48 | €2,671 | - | -€2,671 | |
| Accrued charges and deferred income | 492/3 | €180 | €875 | +€695 | +386% |
| Non-recurring operating income | 76A | - | €118,001 | +€118,001 | |
| Remuneration, social security and pensions | 62 | €490,254 | €462,473 | -€27,781 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,693 | €248,538 | +€59,846 | +31.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €15,912 | - | -€15,912 | |
| Other operating charges | 640/8 | €1,433 | €526 | -€907 | -63.3% |
| Non-recurring operating charges | 66A | €33,600 | - | -€33,600 | |
| Gross operating margin | 9900 | €789,727 | €959,910 | +€170,183 | +21.5% |
| Operating profit (loss) | 9901 | €59,835 | €248,372 | +€188,537 | +315% |
| Financial income | 75/76B | €6,160 | €8,785 | +€2,625 | +42.6% |
| Recurring financial income | 75 | €6,160 | €8,785 | +€2,625 | +42.6% |
| Financial charges | 65/66B | €27,461 | €25,002 | -€2,459 | -9.0% |
| Recurring financial charges | 65 | €27,461 | €25,002 | -€2,459 | -9.0% |
| Profit (loss) for the period before taxes | 9903 | €38,535 | €232,156 | +€193,621 | +502% |
| Income taxes | 67/77 | €14,016 | €77,749 | +€63,733 | +455% |
| Profit (loss) for the period | 9904 | €24,519 | €154,407 | +€129,888 | +530% |
| Profit (loss) for the period to be appropriated | 9905 | €24,519 | €154,407 | +€129,888 | +530% |
Source: filed annual accounts (NBB), financial years ended 31 October 2024 and 31 October 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.