Manzel: 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.
Manzel
Largest movements
- Current investments +€1.2m
up €1.2m (+28.7%), from €4.2m to €5.4m
- Cash -€544,380
down €544,380 (-85.3%), from €638,133 to €93,752
mainly Current investments (-€1.2m) and Investment in fixed assets (net) (-€512,504)
- Financial fixed assets +€512,504
up €512,504 (+986.9%), from €51,932 to €564,436
- Reserves +€1.0m
up €1.0m (+26.8%), from €3.8m to €4.8m
- Tax, wage and social debts +€101,147
up €101,147 (+63.8%), from €158,503 to €259,650
of which Taxes: +€101,147
- Financial income +€260,056
up €260,056 (+28.3%), from €920,063 to €1.2m
- Taxes -€40,332
down €40,332 (-12.3%), from €328,236 to €287,905
- Gross operating margin -€15,703
down €15,703 (-2.6%), from €605,623 to €589,920
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 | €5,352,039 | €6,482,982 | +€1.1m | +21.1% |
| Fixed assets | 21/28 | €152,804 | €641,985 | +€489,181 | +320.1% |
| Tangible fixed assets | 22/27 | €100,872 | €77,549 | -€23,323 | -23.1% |
| Land and buildings | 22 | €32,041 | €28,036 | -€4,005 | -12.5% |
| Plant, machinery and equipment | 23 | €1,951 | €526 | -€1,425 | -73.1% |
| Furniture and vehicles | 24 | €66,880 | €48,987 | -€17,892 | -26.8% |
| Financial fixed assets | 28 | €51,932 | €564,436 | +€512,504 | +986.9% |
| Current assets | 29/58 | €5,199,234 | €5,840,997 | +€641,763 | +12.3% |
| Amounts receivable within one year | 40/41 | €369,476 | €353,410 | -€16,065 | -4.3% |
| Trade receivables | 40 | €52,606 | €52,607 | +€1 | 0.0% |
| Other amounts receivable | 41 | €316,869 | €300,803 | -€16,066 | -5.1% |
| Current investments | 50/53 | €4,191,425 | €5,393,834 | +€1.2m | +28.7% |
| Cash at bank and in hand | 54/58 | €638,133 | €93,752 | -€544,380 | -85.3% |
| Deferred charges and accrued income | 490/1 | €201 | €0 | -€201 | -100.0% |
| Total equity and liabilities | 10/49 | €5,352,039 | €6,482,982 | +€1.1m | +21.1% |
| Equity | 10/15 | €4,510,726 | €5,533,456 | +€1.0m | +22.7% |
| Contributions | 10/11 | €687,690 | €687,690 | = | 0.0% |
| Reserves | 13 | €3,823,036 | €4,845,766 | +€1.0m | +26.8% |
| Distributable reserves | 133 | €3,823,036 | €4,845,766 | +€1.0m | +26.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €841,313 | €949,526 | +€108,213 | +12.9% |
| Amounts payable within one year | 42/48 | €841,313 | €949,526 | +€108,213 | +12.9% |
| Trade debts | 44 | €1,277 | €1,657 | +€380 | +29.8% |
| Suppliers | 440/4 | €1,277 | €1,657 | +€380 | +29.8% |
| Taxes, remuneration and social security | 45 | €158,503 | €259,650 | +€101,147 | +63.8% |
| Taxes | 450/3 | €157,753 | €258,900 | +€101,147 | +64.1% |
| Remuneration and social security | 454/9 | €750 | €750 | = | 0.0% |
| Other amounts payable | 47/48 | €681,533 | €688,219 | +€6,686 | +1.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,797 | €23,323 | +€526 | +2.3% |
| Other operating charges | 640/8 | €2,853 | €1,625 | -€1,228 | -43.0% |
| Gross operating margin | 9900 | €605,623 | €589,920 | -€15,703 | -2.6% |
| Operating profit (loss) | 9901 | €579,973 | €564,972 | -€15,001 | -2.6% |
| Financial income | 75/76B | €920,063 | €1,180,119 | +€260,056 | +28.3% |
| Recurring financial income | 75 | €920,063 | €1,180,119 | +€260,056 | +28.3% |
| Financial charges | 65/66B | €4,368 | €5,724 | +€1,356 | +31.0% |
| Recurring financial charges | 65 | €4,368 | €5,724 | +€1,356 | +31.0% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €1,495,669 | €1,739,368 | +€243,699 | +16.3% |
| Income taxes | 67/77 | €328,236 | €287,905 | -€40,332 | -12.3% |
| Profit (loss) for the period | 9904 | €1,167,432 | €1,451,463 | +€284,031 | +24.3% |
| Profit (loss) for the period to be appropriated | 9905 | €1,167,432 | €1,451,463 | +€284,031 | +24.3% |
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 4 October 2026 via checked.be.