EL MANZAH: 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.
EL MANZAH
Largest movements
- Cash -€36,657
down €36,657 (-76.1%), from €48,168 to €11,511
mainly Investment in fixed assets (net) (-€27,860) and Trade debts (-€12,733)
- Formation expenses +€21,360
new in 2025: €21,360
- Receivables within one year -€4,359
down €4,359 (-76.9%), from €5,670 to €1,311
of which Other amounts receivable: -€4,063
- Deferred charges and accrued income +€2,573
new in 2025: €2,573
- Tangible fixed assets +€792
up €792 (+7.2%), from €11,022 to €11,814
of which Furniture and vehicles: +€4,687
- Trade debts -€12,733
down €12,733 (-50.9%), from €24,995 to €12,262
- Tax, wage and social debts -€4,036
down €4,036 (-52.1%), from €7,750 to €3,714
of which Taxes: -€3,522
- Profit (loss) carried forward +€1,068
up €1,068 (+10.2%), from -€10,521 to -€9,453
- Gross operating margin -€29,381
down €29,381 (-41.1%), from €71,534 to €42,153
- Staff costs +€6,719
up €6,719 (+26.1%), from €25,773 to €32,493
- Other operating charges +€3,516
up €3,516 (+204%), from €1,726 to €5,243
- Depreciation -€853
down €853 (-13.0%), from €6,561 to €5,708
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 | €72,673 | €56,972 | -€15,701 | -21.6% |
| Formation expenses | 20 | - | €21,360 | +€21,360 | |
| Fixed assets | 21/28 | €11,072 | €11,864 | +€792 | +7.2% |
| Tangible fixed assets | 22/27 | €11,022 | €11,814 | +€792 | +7.2% |
| Plant, machinery and equipment | 23 | €8,671 | €5,578 | -€3,093 | -35.7% |
| Furniture and vehicles | 24 | €899 | €5,586 | +€4,687 | +521% |
| Other tangible fixed assets | 26 | €1,451 | €650 | -€801 | -55.2% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €61,602 | €23,748 | -€37,853 | -61.4% |
| Stocks and contracts in progress | 3 | €7,764 | €8,354 | +€590 | +7.6% |
| Stocks | 30/36 | €7,764 | €8,354 | +€590 | +7.6% |
| Amounts receivable within one year | 40/41 | €5,670 | €1,311 | -€4,359 | -76.9% |
| Trade receivables | 40 | €297 | - | -€297 | |
| Other amounts receivable | 41 | €5,374 | €1,311 | -€4,063 | -75.6% |
| Cash at bank and in hand | 54/58 | €48,168 | €11,511 | -€36,657 | -76.1% |
| Deferred charges and accrued income | 490/1 | - | €2,573 | +€2,573 | |
| Total equity and liabilities | 10/49 | €72,673 | €56,972 | -€15,701 | -21.6% |
| Equity | 10/15 | €39,929 | €40,997 | +€1,068 | +2.7% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €43,950 | €43,950 | = | 0.0% |
| Distributable reserves | 133 | €43,950 | €43,950 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,521 | -€9,453 | +€1,068 | +10.2% |
| Amounts payable | 17/49 | €32,745 | €15,976 | -€16,769 | -51.2% |
| Amounts payable within one year | 42/48 | €32,745 | €15,976 | -€16,769 | -51.2% |
| Trade debts | 44 | €24,995 | €12,262 | -€12,733 | -50.9% |
| Suppliers | 440/4 | €24,995 | €12,262 | -€12,733 | -50.9% |
| Taxes, remuneration and social security | 45 | €7,750 | €3,714 | -€4,036 | -52.1% |
| Taxes | 450/3 | €5,187 | €1,666 | -€3,522 | -67.9% |
| Remuneration and social security | 454/9 | €2,563 | €2,048 | -€515 | -20.1% |
| Non-recurring operating income | 76A | €17,980 | - | -€17,980 | |
| Remuneration, social security and pensions | 62 | €25,773 | €32,493 | +€6,719 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,561 | €5,708 | -€853 | -13.0% |
| Other operating charges | 640/8 | €1,726 | €5,243 | +€3,516 | +204% |
| Operating charges capitalised as restructuring costs | 649 | - | -€21,360 | -€21,360 | |
| Non-recurring operating charges | 66A | - | €17,621 | +€17,621 | |
| Gross operating margin | 9900 | €71,534 | €42,153 | -€29,381 | -41.1% |
| Operating profit (loss) | 9901 | €37,473 | €2,449 | -€35,024 | -93.5% |
| Financial income | 75/76B | - | €31 | +€31 | |
| Recurring financial income | 75 | - | €31 | +€31 | |
| Financial charges | 65/66B | €1,061 | €1,321 | +€260 | +24.5% |
| Recurring financial charges | 65 | €1,061 | €1,321 | +€260 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €36,412 | €1,159 | -€35,253 | -96.8% |
| Income taxes | 67/77 | - | €91 | +€91 | |
| Profit (loss) for the period | 9904 | €36,412 | €1,068 | -€35,344 | -97.1% |
| Profit (loss) for the period to be appropriated | 9905 | €36,412 | €1,068 | -€35,344 | -97.1% |
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 28 October 2026 via checked.be.