MANAWA: 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.
MANAWA
Largest movements
- Cash +€66,082
up €66,082 (+132%), from €49,880 to €115,962
mainly Net result for the year (+€97,124) and Other debts (+€5,619)
- Receivables within one year +€9,995
up €9,995 (+49.9%), from €20,029 to €30,025
of which Trade receivables: +€5,158
- Reserves +€97,124
up €97,124 (+26.3%), from €369,860 to €466,984
of which Distributable reserves: +€97,124
- Debts after one year -€26,464
down €26,464 (-8.6%), from €307,856 to €281,392
- Gross operating margin -€14,018
down €14,018 (-10.7%), from €131,088 to €117,070
- Taxes -€3,287
down €3,287 (-19.4%), from €16,931 to €13,644
- Financial income +€3,238
up €3,238 (+15,476%), from €21 to €3,259
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 | €762,584 | €833,655 | +€71,072 | +9.3% |
| Fixed assets | 21/28 | €692,519 | €687,668 | -€4,851 | -0.7% |
| Tangible fixed assets | 22/27 | €692,519 | €687,668 | -€4,851 | -0.7% |
| Land and buildings | 22 | €689,883 | €686,401 | -€3,482 | -0.5% |
| Plant, machinery and equipment | 23 | - | €96 | +€96 | |
| Furniture and vehicles | 24 | €2,636 | €1,171 | -€1,465 | -55.6% |
| Current assets | 29/58 | €70,065 | €145,987 | +€75,922 | +108% |
| Amounts receivable within one year | 40/41 | €20,029 | €30,025 | +€9,995 | +49.9% |
| Trade receivables | 40 | €15,333 | €20,491 | +€5,158 | +33.6% |
| Other amounts receivable | 41 | €4,697 | €9,534 | +€4,837 | +103% |
| Cash at bank and in hand | 54/58 | €49,880 | €115,962 | +€66,082 | +132% |
| Deferred charges and accrued income | 490/1 | €155 | - | -€155 | |
| Total equity and liabilities | 10/49 | €762,584 | €833,655 | +€71,072 | +9.3% |
| Equity | 10/15 | €388,551 | €485,675 | +€97,124 | +25.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €369,860 | €466,984 | +€97,124 | +26.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €368,000 | €465,124 | +€97,124 | +26.4% |
| Profit (loss) carried forward | 14 | €91 | €91 | = | 0.0% |
| Amounts payable | 17/49 | €374,033 | €347,980 | -€26,053 | -7.0% |
| Amounts payable after more than one year | 17 | €307,856 | €281,392 | -€26,464 | -8.6% |
| Financial debts | 170/4 | €307,856 | €281,392 | -€26,464 | -8.6% |
| Amounts payable within one year | 42/48 | €62,919 | €66,588 | +€3,670 | +5.8% |
| Current portion of amounts payable after more than one year | 42 | €26,131 | €26,464 | +€333 | +1.3% |
| Financial debts | 43 | €406 | €914 | +€508 | +125% |
| Credit institutions | 430/8 | €406 | €914 | +€508 | +125% |
| Trade debts | 44 | €2,907 | - | -€2,907 | |
| Suppliers | 440/4 | €2,907 | - | -€2,907 | |
| Taxes, remuneration and social security | 45 | €13,813 | €13,930 | +€117 | +0.8% |
| Taxes | 450/3 | €13,813 | €13,930 | +€117 | +0.8% |
| Other amounts payable | 47/48 | €19,661 | €25,280 | +€5,619 | +28.6% |
| Accrued charges and deferred income | 492/3 | €3,258 | - | -€3,258 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,246 | €4,957 | -€289 | -5.5% |
| Other operating charges | 640/8 | €1,588 | €311 | -€1,277 | -80.4% |
| Gross operating margin | 9900 | €131,088 | €117,070 | -€14,018 | -10.7% |
| Operating profit (loss) | 9901 | €124,254 | €111,802 | -€12,452 | -10.0% |
| Financial income | 75/76B | €21 | €3,259 | +€3,238 | +15,476% |
| Recurring financial income | 75 | €21 | €3,259 | +€3,238 | +15,476% |
| Financial charges | 65/66B | €4,584 | €4,292 | -€292 | -6.4% |
| Recurring financial charges | 65 | €4,584 | €4,292 | -€292 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €119,691 | €110,769 | -€8,922 | -7.5% |
| Income taxes | 67/77 | €16,931 | €13,644 | -€3,287 | -19.4% |
| Profit (loss) for the period | 9904 | €102,760 | €97,124 | -€5,636 | -5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €102,760 | €97,124 | -€5,636 | -5.5% |
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 26 October 2026 via checked.be.