VS Manco: 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.
VS Manco
Largest movements
- Receivables within one year -€147,532
down €147,532 (-74.3%), from €198,668 to €51,136
of which Trade receivables: -€167,370
- Cash -€29,721
down €29,721 (-55.0%), from €54,007 to €24,287
mainly Other debts (-€168,157) and Tax, wage and social debts (-€85,461)
- Tangible fixed assets +€28,183
new in 2025: €28,183
- Other debts -€168,157
down €168,157 (-67.4%), from €249,468 to €81,311
- Tax, wage and social debts -€85,461
down €85,461 (-61.6%), from €138,695 to €53,234
- Profit (loss) carried forward +€81,206
up €81,206 (+22.3%), from €364,013 to €445,219
- Debts after one year +€23,150
new in 2025: €23,150
- Gross operating margin +€62,601
up €62,601 (+111.7%), from €56,056 to €118,657
- Taxes +€18,055
up €18,055 (+153.4%), from €11,768 to €29,823
- Financial charges -€8,896
down €8,896 (-53.5%), from €16,619 to €7,723
- Financial income -€2,157
down €2,157 (-56.8%), from €3,799 to €1,642
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 | €771,576 | €622,760 | -€148,815 | -19.3% |
| Fixed assets | 21/28 | €518,400 | €546,583 | +€28,183 | +5.4% |
| Tangible fixed assets | 22/27 | - | €28,183 | +€28,183 | |
| Leasing and similar rights | 25 | - | €28,183 | +€28,183 | |
| Financial fixed assets | 28 | €518,400 | €518,400 | = | 0.0% |
| Current assets | 29/58 | €253,176 | €76,178 | -€176,998 | -69.9% |
| Amounts receivable within one year | 40/41 | €198,668 | €51,136 | -€147,532 | -74.3% |
| Trade receivables | 40 | €177,870 | €10,500 | -€167,370 | -94.1% |
| Other amounts receivable | 41 | €20,798 | €40,636 | +€19,838 | +95.4% |
| Cash at bank and in hand | 54/58 | €54,007 | €24,287 | -€29,721 | -55.0% |
| Deferred charges and accrued income | 490/1 | €500 | €755 | +€255 | +50.9% |
| Total equity and liabilities | 10/49 | €771,576 | €622,760 | -€148,815 | -19.3% |
| Equity | 10/15 | €382,613 | €463,819 | +€81,206 | +21.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €364,013 | €445,219 | +€81,206 | +22.3% |
| Amounts payable | 17/49 | €388,963 | €158,942 | -€230,021 | -59.1% |
| Amounts payable after more than one year | 17 | - | €23,150 | +€23,150 | |
| Financial debts | 170/4 | - | €23,150 | +€23,150 | |
| Amounts payable within one year | 42/48 | €388,963 | €135,792 | -€253,171 | -65.1% |
| Trade debts | 44 | €800 | €1,247 | +€447 | +55.8% |
| Suppliers | 440/4 | €800 | €1,247 | +€447 | +55.8% |
| Taxes, remuneration and social security | 45 | €138,695 | €53,234 | -€85,461 | -61.6% |
| Taxes | 450/3 | €138,695 | €53,234 | -€85,461 | -61.6% |
| Other amounts payable | 47/48 | €249,468 | €81,311 | -€168,157 | -67.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €364 | +€364 | |
| Other operating charges | 640/8 | €387 | €1,184 | +€797 | +205.8% |
| Non-recurring operating charges | 66A | €2,610 | - | -€2,610 | |
| Gross operating margin | 9900 | €56,056 | €118,657 | +€62,601 | +111.7% |
| Operating profit (loss) | 9901 | €53,059 | €117,109 | +€64,050 | +120.7% |
| Financial income | 75/76B | €3,799 | €1,642 | -€2,157 | -56.8% |
| Recurring financial income | 75 | €3,799 | €1,642 | -€2,157 | -56.8% |
| Financial charges | 65/66B | €16,619 | €7,723 | -€8,896 | -53.5% |
| Recurring financial charges | 65 | €16,619 | €7,723 | -€8,896 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €40,239 | €111,028 | +€70,789 | +175.9% |
| Income taxes | 67/77 | €11,768 | €29,823 | +€18,055 | +153.4% |
| Profit (loss) for the period | 9904 | €28,471 | €81,206 | +€52,734 | +185.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,471 | €81,206 | +€52,734 | +185.2% |
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.