MANUTECH: 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.
MANUTECH
Largest movements
- Cash -€69,690
down €69,690 (-56.4%), from €123,610 to €53,921
- Tangible fixed assets -€69,625
down €69,625 (-5.5%), from €1.3m to €1.2m
of which Land and buildings: -€64,039
- Trade debts -€383,658
down €383,658 (-44.6%), from €860,575 to €476,917
- Short-term financial debts +€256,400
up €256,400 (+40.3%), from €636,698 to €893,098
of which Other loans: +€181,380
- Debts after one year -€218,003
down €218,003 (-48.6%), from €448,633 to €230,630
- Tax, wage and social debts +€161,721
up €161,721 (+39.5%), from €409,778 to €571,498
of which Remuneration and social security: +€324,844
- Other debts +€129,571
up €129,571 (+512%), from €25,293 to €154,864
- Gross operating margin +€843,314
up €843,314 (+38.5%), from €2.2m to €3.0m
- Staff costs +€830,065
up €830,065 (+44.0%), from €1.9m to €2.7m
- Other operating charges +€62,428
up €62,428 (+109%), from €57,039 to €119,467
- Financial charges +€33,431
up €33,431 (+29.6%), from €112,898 to €146,329
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,220,498 | €3,024,737 | -€195,761 | -6.1% |
| Formation expenses | 20 | €52,020 | €37,608 | -€14,412 | -27.7% |
| Fixed assets | 21/28 | €1,306,594 | €1,213,006 | -€93,588 | -7.2% |
| Tangible fixed assets | 22/27 | €1,273,215 | €1,203,590 | -€69,625 | -5.5% |
| Land and buildings | 22 | €1,158,166 | €1,094,127 | -€64,039 | -5.5% |
| Plant, machinery and equipment | 23 | €33,343 | €22,537 | -€10,806 | -32.4% |
| Furniture and vehicles | 24 | €81,706 | €86,926 | +€5,220 | +6.4% |
| Financial fixed assets | 28 | €33,379 | €9,415 | -€23,963 | -71.8% |
| Current assets | 29/58 | €1,861,884 | €1,774,123 | -€87,761 | -4.7% |
| Stocks and contracts in progress | 3 | €198,000 | €228,000 | +€30,000 | +15.2% |
| Stocks | 30/36 | €45,000 | €80,000 | +€35,000 | +77.8% |
| Contracts in progress | 37 | €153,000 | €148,000 | -€5,000 | -3.3% |
| Amounts receivable within one year | 40/41 | €1,513,195 | €1,491,475 | -€21,720 | -1.4% |
| Trade receivables | 40 | €1,505,146 | €1,404,374 | -€100,772 | -6.7% |
| Other amounts receivable | 41 | €8,049 | €87,101 | +€79,052 | +982% |
| Cash at bank and in hand | 54/58 | €123,610 | €53,921 | -€69,690 | -56.4% |
| Deferred charges and accrued income | 490/1 | €27,079 | €728 | -€26,351 | -97.3% |
| Total equity and liabilities | 10/49 | €3,220,498 | €3,024,737 | -€195,761 | -6.1% |
| Equity | 10/15 | €573,954 | €495,737 | -€78,217 | -13.6% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Contributions outside capital | 11 | €123,947 | €123,947 | = | 0.0% |
| Other | 1109/19 | €123,947 | €123,947 | = | 0.0% |
| Revaluation surpluses | 12 | €430,750 | €430,750 | = | 0.0% |
| Reserves | 13 | €126,727 | €94,937 | -€31,791 | -25.1% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,395 | - | -€12,395 | |
| Other | 1319 | - | €12,395 | +€12,395 | |
| Tax-exempt reserves | 132 | €114,333 | €82,542 | -€31,791 | -27.8% |
| Profit (loss) carried forward | 14 | -€107,470 | -€153,896 | -€46,426 | -43.2% |
| Provisions and deferred taxes | 16 | €75,215 | €27,514 | -€47,701 | -63.4% |
| Deferred taxes | 168 | €75,215 | €27,514 | -€47,701 | -63.4% |
| Amounts payable | 17/49 | €2,571,329 | €2,501,486 | -€69,843 | -2.7% |
| Amounts payable after more than one year | 17 | €448,633 | €230,630 | -€218,003 | -48.6% |
| Financial debts | 170/4 | €448,633 | €230,630 | -€218,003 | -48.6% |
| Amounts payable within one year | 42/48 | €2,119,531 | €2,270,856 | +€151,325 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €187,187 | €174,478 | -€12,709 | -6.8% |
| Financial debts | 43 | €636,698 | €893,098 | +€256,400 | +40.3% |
| Credit institutions | 430/8 | €636,698 | €711,718 | +€75,020 | +11.8% |
| Other loans | 439 | - | €181,380 | +€181,380 | |
| Trade debts | 44 | €860,575 | €476,917 | -€383,658 | -44.6% |
| Suppliers | 440/4 | €860,575 | €476,917 | -€383,658 | -44.6% |
| Taxes, remuneration and social security | 45 | €409,778 | €571,498 | +€161,721 | +39.5% |
| Taxes | 450/3 | €295,818 | €132,695 | -€163,124 | -55.1% |
| Remuneration and social security | 454/9 | €113,959 | €438,803 | +€324,844 | +285% |
| Other amounts payable | 47/48 | €25,293 | €154,864 | +€129,571 | +512% |
| Accrued charges and deferred income | 492/3 | €3,165 | €0 | -€3,165 | -100% |
| Non-recurring operating income | 76A | - | €200,000 | +€200,000 | |
| Remuneration, social security and pensions | 62 | €1,886,373 | €2,716,438 | +€830,065 | +44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,658 | €112,856 | +€21,198 | +23.1% |
| Other operating charges | 640/8 | €57,039 | €119,467 | +€62,428 | +109% |
| Gross operating margin | 9900 | €2,188,581 | €3,031,895 | +€843,314 | +38.5% |
| Operating profit (loss) | 9901 | €153,510 | €83,134 | -€70,377 | -45.8% |
| Financial income | 75/76B | €211 | €2,705 | +€2,494 | +1,181% |
| Recurring financial income | 75 | €211 | €2,705 | +€2,494 | +1,181% |
| Financial charges | 65/66B | €112,898 | €146,329 | +€33,431 | +29.6% |
| Recurring financial charges | 65 | €112,898 | €146,329 | +€33,431 | +29.6% |
| Profit (loss) for the period before taxes | 9903 | €40,823 | -€60,490 | -€101,314 | |
| Transfer from deferred taxes | 780 | - | €47,701 | +€47,701 | |
| Income taxes | 67/77 | €74,343 | €65,427 | -€8,916 | -12.0% |
| Profit (loss) for the period | 9904 | -€33,520 | -€78,217 | -€44,696 | -133% |
| Transfer from tax-exempt reserves | 789 | - | €31,791 | +€31,791 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,520 | -€46,426 | -€12,906 | -38.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.