MANUTHERM: 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.
MANUTHERM
Largest movements
- Receivables within one year +€6,383
up €6,383 (+25.1%), from €25,459 to €31,842
of which Trade receivables: +€9,937
- Current investments +€5,000
up €5,000 (+9.6%), from €52,001 to €57,001
- Stocks and contracts +€4,712
up €4,712 (+21.2%), from €22,245 to €26,957
- Tangible fixed assets -€2,622
down €2,622 (-19.4%), from €13,487 to €10,865
of which Other tangible fixed assets: -€1,918
- Reserves +€35,000
up €35,000 (+86.4%), from €40,500 to €75,500
of which Distributable reserves: +€35,000
- Advances received -€15,315
no longer reported in 2025 (was €15,315)
- Trade debts -€5,629
down €5,629 (-32.2%), from €17,506 to €11,877
- Gross operating margin +€58,450
up €58,450 (+130%), from €44,877 to €103,327
- Staff costs +€19,058
up €19,058 (+63.6%), from €29,948 to €49,006
- Taxes +€8,750
up €8,750 (+188%), from €4,653 to €13,403
- Financial charges +€1,642
up €1,642 (+409%), from €401 to €2,043
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 | €120,923 | €135,511 | +€14,588 | +12.1% |
| Fixed assets | 21/28 | €13,487 | €10,865 | -€2,622 | -19.4% |
| Tangible fixed assets | 22/27 | €13,487 | €10,865 | -€2,622 | -19.4% |
| Furniture and vehicles | 24 | €1,308 | €604 | -€703 | -53.8% |
| Other tangible fixed assets | 26 | €12,179 | €10,261 | -€1,918 | -15.8% |
| Current assets | 29/58 | €107,436 | €124,646 | +€17,210 | +16.0% |
| Stocks and contracts in progress | 3 | €22,245 | €26,957 | +€4,712 | +21.2% |
| Stocks | 30/36 | €22,245 | €26,957 | +€4,712 | +21.2% |
| Amounts receivable within one year | 40/41 | €25,459 | €31,842 | +€6,383 | +25.1% |
| Trade receivables | 40 | €9,899 | €19,836 | +€9,937 | +100% |
| Other amounts receivable | 41 | €15,560 | €12,006 | -€3,554 | -22.8% |
| Current investments | 50/53 | €52,001 | €57,001 | +€5,000 | +9.6% |
| Cash at bank and in hand | 54/58 | €7,732 | €8,847 | +€1,115 | +14.4% |
| Total equity and liabilities | 10/49 | €120,923 | €135,511 | +€14,588 | +12.1% |
| Equity | 10/15 | €76,366 | €111,719 | +€35,353 | +46.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €40,500 | €75,500 | +€35,000 | +86.4% |
| Tax-exempt reserves | 132 | €15,500 | €15,500 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €60,000 | +€35,000 | +140% |
| Profit (loss) carried forward | 14 | €15,406 | €15,759 | +€353 | +2.3% |
| Amounts payable | 17/49 | €44,557 | €23,792 | -€20,765 | -46.6% |
| Amounts payable within one year | 42/48 | €44,557 | €23,792 | -€20,765 | -46.6% |
| Trade debts | 44 | €17,506 | €11,877 | -€5,629 | -32.2% |
| Suppliers | 440/4 | €17,506 | €11,877 | -€5,629 | -32.2% |
| Advances received on contracts in progress | 46 | €15,315 | - | -€15,315 | |
| Taxes, remuneration and social security | 45 | €11,735 | €11,915 | +€180 | +1.5% |
| Taxes | 450/3 | €3,380 | €9,403 | +€6,023 | +178% |
| Remuneration and social security | 454/9 | €8,355 | €2,512 | -€5,843 | -69.9% |
| Remuneration, social security and pensions | 62 | €29,948 | €49,006 | +€19,058 | +63.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,196 | €2,622 | -€574 | -18.0% |
| Other operating charges | 640/8 | €1,903 | €1,725 | -€179 | -9.4% |
| Gross operating margin | 9900 | €44,877 | €103,327 | +€58,450 | +130% |
| Operating profit (loss) | 9901 | €9,829 | €49,974 | +€40,145 | +408% |
| Financial income | 75/76B | €520 | €824 | +€304 | +58.6% |
| Recurring financial income | 75 | €520 | €824 | +€304 | +58.6% |
| Financial charges | 65/66B | €401 | €2,043 | +€1,642 | +409% |
| Recurring financial charges | 65 | €401 | €2,043 | +€1,642 | +409% |
| Profit (loss) for the period before taxes | 9903 | €9,948 | €48,756 | +€38,808 | +390% |
| Income taxes | 67/77 | €4,653 | €13,403 | +€8,750 | +188% |
| Profit (loss) for the period | 9904 | €5,295 | €35,353 | +€30,058 | +568% |
| Profit (loss) for the period to be appropriated | 9905 | €5,295 | €35,353 | +€30,058 | +568% |
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 20 October 2026 via checked.be.