Ma-No: 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.
Ma-No
Largest movements
- Receivables within one year +€61,347
up €61,347 (+64.6%), from €95,020 to €156,367
of which Other amounts receivable: +€61,347
- Cash +€10,208
up €10,208 (+45.2%), from €22,590 to €32,798
mainly Net result for the year (+€116,196) and Short-term financial debts (+€2,497)
- Reserves +€116,196
up €116,196 (+53.9%), from €215,605 to €331,801
- Debts after one year -€43,787
down €43,787 (-9.2%), from €476,658 to €432,871
- Gross operating margin +€39,876
up €39,876 (+34.0%), from €117,380 to €157,255
- Taxes +€2,502
up €2,502 (+6.9%), from €36,500 to €39,002
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 | €778,142 | €849,902 | +€71,760 | +9.2% |
| Fixed assets | 21/28 | €658,266 | €658,266 | = | 0.0% |
| Financial fixed assets | 28 | €658,266 | €658,266 | = | 0.0% |
| Current assets | 29/58 | €119,876 | €191,636 | +€71,760 | +59.9% |
| Amounts receivable within one year | 40/41 | €95,020 | €156,367 | +€61,347 | +64.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €95,020 | €156,367 | +€61,347 | +64.6% |
| Cash at bank and in hand | 54/58 | €22,590 | €32,798 | +€10,208 | +45.2% |
| Deferred charges and accrued income | 490/1 | €2,266 | €2,471 | +€205 | +9.0% |
| Total equity and liabilities | 10/49 | €778,142 | €849,902 | +€71,760 | +9.2% |
| Equity | 10/15 | €220,605 | €336,801 | +€116,196 | +52.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €215,605 | €331,801 | +€116,196 | +53.9% |
| Distributable reserves | 133 | €215,605 | €331,801 | +€116,196 | +53.9% |
| Amounts payable | 17/49 | €557,537 | €513,100 | -€44,437 | -8.0% |
| Amounts payable after more than one year | 17 | €476,658 | €432,871 | -€43,787 | -9.2% |
| Financial debts | 170/4 | €476,658 | €432,871 | -€43,787 | -9.2% |
| Amounts payable within one year | 42/48 | €80,879 | €80,230 | -€649 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €43,070 | €43,787 | +€717 | +1.7% |
| Financial debts | 43 | €7,617 | €10,114 | +€2,497 | +32.8% |
| Credit institutions | 430/8 | €7,617 | €10,114 | +€2,497 | +32.8% |
| Trade debts | 44 | €1,228 | €3,301 | +€2,073 | +168.9% |
| Suppliers | 440/4 | €1,228 | €3,301 | +€2,073 | +168.9% |
| Taxes, remuneration and social security | 45 | €27,862 | €23,028 | -€4,834 | -17.4% |
| Taxes | 450/3 | €24,909 | €20,074 | -€4,834 | -19.4% |
| Remuneration and social security | 454/9 | €2,953 | €2,953 | = | 0.0% |
| Other amounts payable | 47/48 | €1,102 | €0 | -€1,102 | -100.0% |
| Other operating charges | 640/8 | €884 | €585 | -€299 | -33.8% |
| Gross operating margin | 9900 | €117,380 | €157,255 | +€39,876 | +34.0% |
| Operating profit (loss) | 9901 | €116,496 | €156,670 | +€40,174 | +34.5% |
| Financial income | 75/76B | €1,347 | €1,554 | +€207 | +15.4% |
| Recurring financial income | 75 | €1,347 | €1,554 | +€207 | +15.4% |
| Financial charges | 65/66B | €3,638 | €3,026 | -€612 | -16.8% |
| Recurring financial charges | 65 | €3,638 | €3,026 | -€612 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €114,205 | €155,198 | +€40,993 | +35.9% |
| Income taxes | 67/77 | €36,500 | €39,002 | +€2,502 | +6.9% |
| Profit (loss) for the period | 9904 | €77,704 | €116,196 | +€38,492 | +49.5% |
| Profit (loss) for the period to be appropriated | 9905 | €77,704 | €116,196 | +€38,492 | +49.5% |
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 2 October 2026 via checked.be.