MANUTREX: what changed
Two financial 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.
MANUTREX
Largest movements
- Cash -€32,195
down €32,195 (-36.8%), from €87,378 to €55,183
mainly Contributions, distributions and other (-€31,456) and Other debts (-€12,729)
- Receivables within one year +€10,718
up €10,718 (+65.8%), from €16,285 to €27,003
- Other debts -€12,729
down €12,729 (-21.9%), from €58,088 to €45,359
- Trade debts -€5,019
down €5,019 (-84.7%), from €5,924 to €905
- Tax, wage and social debts -€4,007
down €4,007 (-20.1%), from €19,980 to €15,973
- Gross operating margin +€10,857
up €10,857 (+32.2%), from €33,745 to €44,602
- Taxes +€3,721
up €3,721 (+41.7%), from €8,928 to €12,649
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.
Derived cash bridge
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 | €104,641 | €82,886 | -€21,755 | -20.8% |
| Fixed assets | 21/28 | €361 | - | -€361 | |
| Tangible fixed assets | 22/27 | €361 | - | -€361 | |
| Furniture and vehicles | 24 | €361 | - | -€361 | |
| Current assets | 29/58 | €104,280 | €82,886 | -€21,394 | -20.5% |
| Amounts receivable within one year | 40/41 | €16,285 | €27,003 | +€10,718 | +65.8% |
| Trade receivables | 40 | €16,285 | €27,003 | +€10,718 | +65.8% |
| Cash at bank and in hand | 54/58 | €87,378 | €55,183 | -€32,195 | -36.8% |
| Deferred charges and accrued income | 490/1 | €617 | €700 | +€83 | +13.5% |
| Total equity and liabilities | 10/49 | €104,641 | €82,886 | -€21,755 | -20.8% |
| Equity | 10/15 | €20,649 | €20,649 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,049 | €2,049 | = | 0.0% |
| Distributable reserves | 133 | €2,049 | €2,049 | = | 0.0% |
| Amounts payable | 17/49 | €83,992 | €62,237 | -€21,755 | -25.9% |
| Amounts payable within one year | 42/48 | €83,992 | €62,237 | -€21,755 | -25.9% |
| Trade debts | 44 | €5,924 | €905 | -€5,019 | -84.7% |
| Suppliers | 440/4 | €5,924 | €905 | -€5,019 | -84.7% |
| Taxes, remuneration and social security | 45 | €19,980 | €15,973 | -€4,007 | -20.1% |
| Taxes | 450/3 | €19,980 | €15,973 | -€4,007 | -20.1% |
| Other amounts payable | 47/48 | €58,088 | €45,359 | -€12,729 | -21.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €461 | €361 | -€100 | -21.7% |
| Other operating charges | 640/8 | €64 | €66 | +€2 | +3.0% |
| Gross operating margin | 9900 | €33,745 | €44,602 | +€10,857 | +32.2% |
| Operating profit (loss) | 9901 | €33,220 | €44,176 | +€10,956 | +33.0% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €98 | €70 | -€27 | -28.0% |
| Recurring financial charges | 65 | €98 | €70 | -€27 | -28.0% |
| Profit (loss) for the period before taxes | 9903 | €33,124 | €44,105 | +€10,981 | +33.2% |
| Income taxes | 67/77 | €8,928 | €12,649 | +€3,721 | +41.7% |
| Profit (loss) for the period | 9904 | €24,196 | €31,456 | +€7,260 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,196 | €31,456 | +€7,260 | +30.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.