Manutimo: 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.
Manutimo
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+40.8%), from €2.5m to €3.5m
of which Land and buildings: +€1.0m
- Receivables after one year +€109,700
up €109,700 (+46.8%), from €234,349 to €344,049
- Receivables within one year -€47,379
down €47,379 (-52.0%), from €91,151 to €43,771
of which Trade receivables: -€43,823
- Revaluation surpluses +€1.0m
up €1.0m (+43.9%), from €2.4m to €3.4m
- Debts after one year -€61,352
down €61,352 (-30.3%), from €202,688 to €141,336
- Profit (loss) carried forward +€47,485
up €47,485 (+74.4%), from €63,826 to €111,311
- Gross operating margin -€42,633
down €42,633 (-24.1%), from €176,950 to €134,317
- Depreciation -€38,692
down €38,692 (-52.9%), from €73,153 to €34,461
- Write-downs +€6,947
new in 2025: €6,947
- Financial income +€3,595
up €3,595 (+136.5%), from €2,633 to €6,228
- Taxes -€1,997
down €1,997 (-11.2%), from €17,799 to €15,802
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 | €2,892,144 | €3,945,922 | +€1.1m | +36.4% |
| Fixed assets | 21/28 | €2,487,151 | €3,502,332 | +€1.0m | +40.8% |
| Tangible fixed assets | 22/27 | €2,487,151 | €3,502,332 | +€1.0m | +40.8% |
| Land and buildings | 22 | €2,390,936 | €3,427,657 | +€1.0m | +43.4% |
| Other tangible fixed assets | 26 | €96,215 | €74,675 | -€21,540 | -22.4% |
| Current assets | 29/58 | €404,993 | €443,590 | +€38,597 | +9.5% |
| Amounts receivable after more than one year | 29 | €234,349 | €344,049 | +€109,700 | +46.8% |
| Other amounts receivable | 291 | €234,349 | €344,049 | +€109,700 | +46.8% |
| Amounts receivable within one year | 40/41 | €91,151 | €43,771 | -€47,379 | -52.0% |
| Trade receivables | 40 | €66,006 | €22,183 | -€43,823 | -66.4% |
| Other amounts receivable | 41 | €25,144 | €21,588 | -€3,556 | -14.1% |
| Cash at bank and in hand | 54/58 | €76,408 | €53,134 | -€23,274 | -30.5% |
| Deferred charges and accrued income | 490/1 | €3,086 | €2,636 | -€450 | -14.6% |
| Total equity and liabilities | 10/49 | €2,892,144 | €3,945,922 | +€1.1m | +36.4% |
| Equity | 10/15 | €2,514,684 | €3,607,169 | +€1.1m | +43.4% |
| 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% |
| Revaluation surpluses | 12 | €2,382,658 | €3,427,658 | +€1.0m | +43.9% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,826 | €111,311 | +€47,485 | +74.4% |
| Amounts payable | 17/49 | €377,460 | €338,753 | -€38,708 | -10.3% |
| Amounts payable after more than one year | 17 | €202,688 | €141,336 | -€61,352 | -30.3% |
| Financial debts | 170/4 | €202,688 | €141,336 | -€61,352 | -30.3% |
| Amounts payable within one year | 42/48 | €174,773 | €164,161 | -€10,612 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €65,469 | €61,352 | -€4,117 | -6.3% |
| Financial debts | 43 | - | €5,000 | +€5,000 | |
| Credit institutions | 430/8 | - | €5,000 | +€5,000 | |
| Trade debts | 44 | €43,195 | €22,581 | -€20,614 | -47.7% |
| Suppliers | 440/4 | €43,195 | €22,581 | -€20,614 | -47.7% |
| Taxes, remuneration and social security | 45 | €5,353 | €16,186 | +€10,832 | +202.3% |
| Taxes | 450/3 | €5,353 | €16,186 | +€10,832 | +202.3% |
| Other amounts payable | 47/48 | €60,755 | €59,043 | -€1,712 | -2.8% |
| Accrued charges and deferred income | 492/3 | - | €33,256 | +€33,256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,153 | €34,461 | -€38,692 | -52.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €6,947 | +€6,947 | |
| Other operating charges | 640/8 | €30,259 | €30,973 | +€714 | +2.4% |
| Gross operating margin | 9900 | €176,950 | €134,317 | -€42,633 | -24.1% |
| Operating profit (loss) | 9901 | €73,539 | €61,937 | -€11,602 | -15.8% |
| Financial income | 75/76B | €2,633 | €6,228 | +€3,595 | +136.5% |
| Recurring financial income | 75 | €2,633 | €6,228 | +€3,595 | +136.5% |
| Financial charges | 65/66B | €5,764 | €4,877 | -€886 | -15.4% |
| Recurring financial charges | 65 | €5,764 | €4,877 | -€886 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €70,408 | €63,287 | -€7,121 | -10.1% |
| Income taxes | 67/77 | €17,799 | €15,802 | -€1,997 | -11.2% |
| Profit (loss) for the period | 9904 | €52,609 | €47,485 | -€5,124 | -9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €52,609 | €47,485 | -€5,124 | -9.7% |
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 7 October 2026 via checked.be.