MANVEST: 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.
MANVEST
Largest movements
- Receivables within one year +€27,831
up €27,831 (+19.9%), from €139,823 to €167,654
of which Other amounts receivable: +€29,050
- Receivables after one year -€25,037
no longer reported in 2025 (was €25,037)
- Tax, wage and social debts -€31,776
down €31,776 (-98.3%), from €32,340 to €564
- Reserves +€23,802
up €23,802 (+48.6%), from €48,931 to €72,733
of which Tax-exempt reserves: +€23,802
- Provisions +€8,615
up €8,615 (+98.1%), from €8,784 to €17,399
- Write-downs -€70,397
no longer reported in 2025 (was €70,397)
- Taxes -€35,663
down €35,663 (-98.4%), from €36,227 to €564
- Gross operating margin +€17,423
up €17,423 (+32.5%), from €53,537 to €70,960
- Other operating charges -€13,557
down €13,557 (-71.9%), from €18,854 to €5,297
- Financial charges -€1,766
down €1,766 (-16.5%), from €10,703 to €8,937
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 | €524,008 | €523,130 | -€878 | -0.2% |
| Fixed assets | 21/28 | €188,136 | €184,700 | -€3,436 | -1.8% |
| Tangible fixed assets | 22/27 | €188,136 | €184,700 | -€3,436 | -1.8% |
| Land and buildings | 22 | €56,198 | €51,665 | -€4,533 | -8.1% |
| Furniture and vehicles | 24 | - | €1,080 | +€1,080 | |
| Other tangible fixed assets | 26 | €131,938 | €131,955 | +€17 | 0.0% |
| Current assets | 29/58 | €335,872 | €338,430 | +€2,558 | +0.8% |
| Amounts receivable after more than one year | 29 | €25,037 | - | -€25,037 | |
| Other amounts receivable | 291 | €25,037 | - | -€25,037 | |
| Amounts receivable within one year | 40/41 | €139,823 | €167,654 | +€27,831 | +19.9% |
| Trade receivables | 40 | €1,357 | €138 | -€1,219 | -89.8% |
| Other amounts receivable | 41 | €138,466 | €167,516 | +€29,050 | +21.0% |
| Current investments | 50/53 | €17,662 | €17,663 | +€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €153,350 | €153,113 | -€237 | -0.2% |
| Total equity and liabilities | 10/49 | €524,008 | €523,130 | -€878 | -0.2% |
| Equity | 10/15 | €331,816 | €358,534 | +€26,718 | +8.1% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €48,931 | €72,733 | +€23,802 | +48.6% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Tax-exempt reserves | 132 | €42,681 | €66,483 | +€23,802 | +55.8% |
| Profit (loss) carried forward | 14 | €220,912 | €223,828 | +€2,916 | +1.3% |
| Provisions and deferred taxes | 16 | €8,784 | €17,399 | +€8,615 | +98.1% |
| Deferred taxes | 168 | €8,784 | €17,399 | +€8,615 | +98.1% |
| Amounts payable | 17/49 | €183,408 | €147,197 | -€36,211 | -19.7% |
| Amounts payable after more than one year | 17 | €137,005 | €135,505 | -€1,500 | -1.1% |
| Financial debts | 170/4 | €125,000 | €125,000 | = | 0.0% |
| Other amounts payable | 178/9 | €12,005 | €10,505 | -€1,500 | -12.5% |
| Amounts payable within one year | 42/48 | €46,403 | €11,692 | -€34,711 | -74.8% |
| Trade debts | 44 | €1,569 | - | -€1,569 | |
| Suppliers | 440/4 | €1,569 | - | -€1,569 | |
| Taxes, remuneration and social security | 45 | €32,340 | €564 | -€31,776 | -98.3% |
| Taxes | 450/3 | €32,340 | €564 | -€31,776 | -98.3% |
| Other amounts payable | 47/48 | €12,494 | €11,128 | -€1,366 | -10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,271 | €21,297 | -€974 | -4.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €70,397 | - | -€70,397 | |
| Other operating charges | 640/8 | €18,854 | €5,297 | -€13,557 | -71.9% |
| Gross operating margin | 9900 | €53,537 | €70,960 | +€17,423 | +32.5% |
| Operating profit (loss) | 9901 | -€57,985 | €44,366 | +€102,351 | |
| Financial income | 75/76B | €437 | €467 | +€30 | +6.9% |
| Recurring financial income | 75 | €437 | €467 | +€30 | +6.9% |
| Financial charges | 65/66B | €10,703 | €8,937 | -€1,766 | -16.5% |
| Recurring financial charges | 65 | €10,703 | €8,937 | -€1,766 | -16.5% |
| Profit (loss) for the period before taxes | 9903 | -€68,251 | €35,896 | +€104,147 | |
| Transfer from deferred taxes | 780 | - | €6,344 | +€6,344 | |
| Transfer to deferred taxes | 680 | - | €9,690 | +€9,690 | |
| Income taxes | 67/77 | €36,227 | €564 | -€35,663 | -98.4% |
| Profit (loss) for the period | 9904 | -€104,478 | €31,986 | +€136,464 | |
| Transfer from tax-exempt reserves | 789 | €189,432 | - | -€189,432 | |
| Transfer to tax-exempt reserves | 689 | - | €29,070 | +€29,070 | |
| Profit (loss) for the period to be appropriated | 9905 | €84,954 | €2,916 | -€82,038 | -96.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.