MANUVAL: 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.
MANUVAL
Largest movements
- Receivables within one year +€80,370
up €80,370 (+32.0%), from €251,380 to €331,750
of which Trade receivables: +€79,781
- Cash -€68,406
down €68,406 (-24.0%), from €285,410 to €217,003
mainly Receivables within one year (-€80,370) and Investment in fixed assets (net) (-€60,075)
- Stocks and contracts +€43,550
up €43,550 (+21.8%), from €199,814 to €243,364
- Tangible fixed assets -€16,170
down €16,170 (-5.3%), from €302,864 to €286,694
of which Furniture and vehicles: -€44,614
- Trade debts +€46,894
up €46,894 (+17.2%), from €273,359 to €320,253
- Debts after one year -€37,864
down €37,864 (-30.4%), from €124,479 to €86,616
- Short-term financial debts +€31,662
up €31,662 (+56.6%), from €55,902 to €87,564
- Current portion of long-term debt -€25,278
down €25,278 (-33.1%), from €76,390 to €51,112
- Reserves +€16,541
up €16,541 (+4.9%), from €340,476 to €357,016
of which Distributable reserves: +€16,541
- Staff costs -€7,982
down €7,982 (-3.6%), from €224,399 to €216,417
- Financial income -€4,820
down €4,820 (-90.8%), from €5,307 to €487
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 | €1,046,375 | €1,087,567 | +€41,192 | +3.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €304,604 | €288,434 | -€16,170 | -5.3% |
| Tangible fixed assets | 22/27 | €302,864 | €286,694 | -€16,170 | -5.3% |
| Land and buildings | 22 | €0 | €0 | = | |
| Plant, machinery and equipment | 23 | €99,348 | €127,792 | +€28,444 | +28.6% |
| Furniture and vehicles | 24 | €203,516 | €158,902 | -€44,614 | -21.9% |
| Financial fixed assets | 28 | €1,740 | €1,740 | = | 0.0% |
| Current assets | 29/58 | €741,770 | €799,132 | +€57,362 | +7.7% |
| Stocks and contracts in progress | 3 | €199,814 | €243,364 | +€43,550 | +21.8% |
| Stocks | 30/36 | €199,814 | €243,364 | +€43,550 | +21.8% |
| Amounts receivable within one year | 40/41 | €251,380 | €331,750 | +€80,370 | +32.0% |
| Trade receivables | 40 | €250,355 | €330,136 | +€79,781 | +31.9% |
| Other amounts receivable | 41 | €1,025 | €1,614 | +€589 | +57.5% |
| Cash at bank and in hand | 54/58 | €285,410 | €217,003 | -€68,406 | -24.0% |
| Deferred charges and accrued income | 490/1 | €5,167 | €7,015 | +€1,849 | +35.8% |
| Total equity and liabilities | 10/49 | €1,046,375 | €1,087,567 | +€41,192 | +3.9% |
| Equity | 10/15 | €346,681 | €363,222 | +€16,541 | +4.8% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €340,476 | €357,016 | +€16,541 | +4.9% |
| Non-distributable reserves | 130/1 | €2,105 | €2,105 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,105 | €2,105 | = | 0.0% |
| Distributable reserves | 133 | €338,371 | €354,912 | +€16,541 | +4.9% |
| Amounts payable | 17/49 | €699,693 | €724,345 | +€24,652 | +3.5% |
| Amounts payable after more than one year | 17 | €124,479 | €86,616 | -€37,864 | -30.4% |
| Financial debts | 170/4 | €124,479 | €86,616 | -€37,864 | -30.4% |
| Amounts payable within one year | 42/48 | €575,190 | €637,663 | +€62,473 | +10.9% |
| Current portion of amounts payable after more than one year | 42 | €76,390 | €51,112 | -€25,278 | -33.1% |
| Financial debts | 43 | €55,902 | €87,564 | +€31,662 | +56.6% |
| Credit institutions | 430/8 | €55,902 | €87,564 | +€31,662 | +56.6% |
| Trade debts | 44 | €273,359 | €320,253 | +€46,894 | +17.2% |
| Suppliers | 440/4 | €273,359 | €320,253 | +€46,894 | +17.2% |
| Taxes, remuneration and social security | 45 | €54,516 | €58,507 | +€3,991 | +7.3% |
| Taxes | 450/3 | €19,884 | €25,758 | +€5,873 | +29.5% |
| Remuneration and social security | 454/9 | €34,632 | €32,749 | -€1,882 | -5.4% |
| Other amounts payable | 47/48 | €115,023 | €120,227 | +€5,204 | +4.5% |
| Accrued charges and deferred income | 492/3 | €24 | €66 | +€42 | +175.0% |
| Remuneration, social security and pensions | 62 | €224,399 | €216,417 | -€7,982 | -3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,736 | €76,245 | -€491 | -0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,707 | €5,964 | +€3,257 | +120.3% |
| Other operating charges | 640/8 | €11,806 | €11,990 | +€184 | +1.6% |
| Gross operating margin | 9900 | €358,710 | €355,743 | -€2,968 | -0.8% |
| Operating profit (loss) | 9901 | €43,062 | €45,127 | +€2,064 | +4.8% |
| Financial income | 75/76B | €5,307 | €487 | -€4,820 | -90.8% |
| Recurring financial income | 75 | €5,307 | €487 | -€4,820 | -90.8% |
| Financial charges | 65/66B | €22,841 | €21,364 | -€1,476 | -6.5% |
| Recurring financial charges | 65 | €22,841 | €21,364 | -€1,476 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €25,528 | €24,249 | -€1,279 | -5.0% |
| Income taxes | 67/77 | €9,100 | €7,709 | -€1,391 | -15.3% |
| Profit (loss) for the period | 9904 | €16,429 | €16,541 | +€112 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,429 | €16,541 | +€112 | +0.7% |
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 6 October 2026 via checked.be.