MANE 2: what changed
MANE 2
Largest movements
- Receivables within one year +€63,976
up €63,976 (+675%), from €9,483 to €73,459
of which Trade receivables: +€64,173
- Cash -€14,800
down €14,800 (-75.5%), from €19,601 to €4,801
mainly Receivables within one year (-€63,976) and Other debts (-€7,539)
- Tangible fixed assets -€7,066
down €7,066 (-17.0%), from €41,617 to €34,551
of which Furniture and vehicles: -€4,278
- Intangible fixed assets -€2,770
down €2,770 (-26.8%), from €10,330 to €7,560
- Trade debts +€57,576
up €57,576 (+181%), from €31,747 to €89,322
- Other debts -€7,539
down €7,539 (-76.0%), from €9,920 to €2,381
- Current portion of long-term debt -€5,657
down €5,657 (-66.9%), from €8,452 to €2,795
- Profit (loss) carried forward -€4,428
down €4,428 (-27.3%), from €16,198 to €11,770
- Gross operating margin -€5,406
down €5,406 (-28.5%), from €18,973 to €13,567
- Financial charges -€1,619
down €1,619 (-72.9%), from €2,222 to €603
- Other operating charges +€1,372
up €1,372 (+155%), from €887 to €2,259
- Taxes -€196
down €196 (-73.7%), from €266 to €70
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €87,421 | €126,488 | +€39,067 | +44.7% |
| Fixed assets | 21/28 | €54,487 | €44,651 | -€9,836 | -18.1% |
| Intangible fixed assets | 21 | €10,330 | €7,560 | -€2,770 | -26.8% |
| Tangible fixed assets | 22/27 | €41,617 | €34,551 | -€7,066 | -17.0% |
| Plant, machinery and equipment | 23 | €1,317 | - | -€1,317 | |
| Furniture and vehicles | 24 | €38,701 | €34,422 | -€4,278 | -11.1% |
| Other tangible fixed assets | 26 | €1,599 | €129 | -€1,470 | -92.0% |
| Financial fixed assets | 28 | €2,540 | €2,540 | = | 0.0% |
| Current assets | 29/58 | €32,934 | €81,837 | +€48,903 | +148% |
| Stocks and contracts in progress | 3 | €3,323 | €3,050 | -€273 | -8.2% |
| Stocks | 30/36 | €3,323 | €3,050 | -€273 | -8.2% |
| Amounts receivable within one year | 40/41 | €9,483 | €73,459 | +€63,976 | +675% |
| Trade receivables | 40 | €9,286 | €73,459 | +€64,173 | +691% |
| Other amounts receivable | 41 | €197 | - | -€197 | |
| Cash at bank and in hand | 54/58 | €19,601 | €4,801 | -€14,800 | -75.5% |
| Deferred charges and accrued income | 490/1 | €527 | €527 | = | 0.0% |
| Total equity and liabilities | 10/49 | €87,421 | €126,488 | +€39,067 | +44.7% |
| Equity | 10/15 | €22,398 | €17,970 | -€4,428 | -19.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,198 | €11,770 | -€4,428 | -27.3% |
| Amounts payable | 17/49 | €65,023 | €108,518 | +€43,495 | +66.9% |
| Amounts payable after more than one year | 17 | €12,617 | €12,617 | = | 0.0% |
| Trade debts | 175 | €12,617 | €12,617 | = | 0.0% |
| Amounts payable within one year | 42/48 | €52,405 | €95,901 | +€43,495 | +83.0% |
| Current portion of amounts payable after more than one year | 42 | €8,452 | €2,795 | -€5,657 | -66.9% |
| Trade debts | 44 | €31,747 | €89,322 | +€57,576 | +181% |
| Suppliers | 440/4 | €31,747 | €89,322 | +€57,576 | +181% |
| Taxes, remuneration and social security | 45 | €2,286 | €1,402 | -€885 | -38.7% |
| Taxes | 450/3 | €2,286 | €1,402 | -€885 | -38.7% |
| Other amounts payable | 47/48 | €9,920 | €2,381 | -€7,539 | -76.0% |
| Remuneration, social security and pensions | 62 | €182 | - | -€182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,999 | €15,064 | +€65 | +0.4% |
| Other operating charges | 640/8 | €887 | €2,259 | +€1,372 | +155% |
| Gross operating margin | 9900 | €18,973 | €13,567 | -€5,406 | -28.5% |
| Operating profit (loss) | 9901 | €2,906 | -€3,755 | -€6,660 | |
| Financial charges | 65/66B | €2,222 | €603 | -€1,619 | -72.9% |
| Recurring financial charges | 65 | €2,222 | €603 | -€1,619 | -72.9% |
| Profit (loss) for the period before taxes | 9903 | €683 | -€4,358 | -€5,041 | |
| Income taxes | 67/77 | €266 | €70 | -€196 | -73.7% |
| Profit (loss) for the period | 9904 | €417 | -€4,428 | -€4,845 | |
| Profit (loss) for the period to be appropriated | 9905 | €417 | -€4,428 | -€4,845 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.