MANA: 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.
MANA
Largest movements
- Tangible fixed assets +€840,053
up €840,053 (+271%), from €310,471 to €1.2m
of which Land and buildings: +€839,644
- Cash -€105,833
down €105,833 (-83.0%), from €127,469 to €21,637
mainly Investment in fixed assets (net) (-€863,957) and Receivables within one year (-€102,186)
- Receivables within one year +€102,186
up €102,186 (+800%), from €12,780 to €114,966
of which Trade receivables: +€104,287
- Debts after one year +€648,264
up €648,264 (+332%), from €195,545 to €843,809
- Trade debts +€104,694
up €104,694 (+8,879%), from €1,179 to €105,874
- Current portion of long-term debt +€37,398
up €37,398 (+331%), from €11,284 to €48,682
- Other debts +€33,726
up €33,726 (+61.9%), from €54,525 to €88,251
- Profit (loss) carried forward +€13,938
up €13,938 (+11.0%), from €126,213 to €140,150
- Gross operating margin +€21,534
up €21,534 (+14.0%), from €153,323 to €174,857
- Depreciation +€12,204
up €12,204 (+104%), from €11,699 to €23,904
- Financial charges +€7,083
up €7,083 (+109%), from €6,474 to €13,557
- Taxes +€5,451
up €5,451 (+18.7%), from €29,168 to €34,619
- Other operating charges +€4,199
up €4,199 (+90.5%), from €4,641 to €8,840
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 | €453,268 | €1,291,678 | +€838,410 | +185% |
| Fixed assets | 21/28 | €310,471 | €1,150,524 | +€840,053 | +271% |
| Tangible fixed assets | 22/27 | €310,471 | €1,150,524 | +€840,053 | +271% |
| Land and buildings | 22 | €303,928 | €1,143,572 | +€839,644 | +276% |
| Furniture and vehicles | 24 | €6,543 | €6,952 | +€409 | +6.3% |
| Current assets | 29/58 | €142,797 | €141,155 | -€1,643 | -1.2% |
| Amounts receivable within one year | 40/41 | €12,780 | €114,966 | +€102,186 | +800% |
| Trade receivables | 40 | €10,679 | €114,966 | +€104,287 | +977% |
| Other amounts receivable | 41 | €2,100 | - | -€2,100 | |
| Cash at bank and in hand | 54/58 | €127,469 | €21,637 | -€105,833 | -83.0% |
| Deferred charges and accrued income | 490/1 | €2,548 | €4,552 | +€2,004 | +78.6% |
| Total equity and liabilities | 10/49 | €453,268 | €1,291,678 | +€838,410 | +185% |
| Equity | 10/15 | €153,336 | €167,274 | +€13,938 | +9.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,523 | €8,523 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €6,663 | €6,663 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,213 | €140,150 | +€13,938 | +11.0% |
| Amounts payable | 17/49 | €299,932 | €1,124,405 | +€824,473 | +275% |
| Amounts payable after more than one year | 17 | €195,545 | €843,809 | +€648,264 | +332% |
| Financial debts | 170/4 | €195,545 | €843,809 | +€648,264 | +332% |
| Amounts payable within one year | 42/48 | €104,387 | €280,595 | +€176,208 | +169% |
| Current portion of amounts payable after more than one year | 42 | €11,284 | €48,682 | +€37,398 | +331% |
| Trade debts | 44 | €1,179 | €105,874 | +€104,694 | +8,879% |
| Suppliers | 440/4 | €1,179 | €105,874 | +€104,694 | +8,879% |
| Taxes, remuneration and social security | 45 | €37,399 | €37,789 | +€390 | +1.0% |
| Taxes | 450/3 | €25,803 | €37,789 | +€11,986 | +46.5% |
| Remuneration and social security | 454/9 | €11,596 | - | -€11,596 | |
| Other amounts payable | 47/48 | €54,525 | €88,251 | +€33,726 | +61.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,699 | €23,904 | +€12,204 | +104% |
| Other operating charges | 640/8 | €4,641 | €8,840 | +€4,199 | +90.5% |
| Gross operating margin | 9900 | €153,323 | €174,857 | +€21,534 | +14.0% |
| Operating profit (loss) | 9901 | €136,983 | €142,113 | +€5,130 | +3.7% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €6,474 | €13,557 | +€7,083 | +109% |
| Recurring financial charges | 65 | €6,474 | €13,557 | +€7,083 | +109% |
| Profit (loss) for the period before taxes | 9903 | €130,512 | €128,556 | -€1,955 | -1.5% |
| Income taxes | 67/77 | €29,168 | €34,619 | +€5,451 | +18.7% |
| Profit (loss) for the period | 9904 | €101,344 | €93,938 | -€7,406 | -7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €101,344 | €93,938 | -€7,406 | -7.3% |
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 18 October 2026 via checked.be.