MANAZUR: 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.
MANAZUR
Largest movements
- Receivables within one year +€10,343
up €10,343 (+25.3%), from €40,942 to €51,285
of which Other amounts receivable: +€10,147
- Tangible fixed assets -€8,736
down €8,736 (-4.3%), from €204,786 to €196,050
of which Land and buildings: -€6,713
- Cash +€7,240
up €7,240 (+92.7%), from €7,807 to €15,047
mainly Net result for the year (+€9,100) and Depreciation (+€8,736)
- Reserves +€9,100
up €9,100 (+3.8%), from €236,874 to €245,974
of which Distributable reserves: +€9,100
- Trade debts -€6,313
down €6,313 (-82.5%), from €7,650 to €1,337
- Depreciation +€5,933
up €5,933 (+211.7%), from €2,803 to €8,736
- Gross operating margin -€4,472
down €4,472 (-16.0%), from €28,015 to €23,543
- Taxes -€2,915
down €2,915 (-39.3%), from €7,411 to €4,496
- Financial income -€934
down €934 (-40.2%), from €2,322 to €1,388
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 | €324,478 | €332,255 | +€7,777 | +2.4% |
| Fixed assets | 21/28 | €271,453 | €262,717 | -€8,736 | -3.2% |
| Tangible fixed assets | 22/27 | €204,786 | €196,050 | -€8,736 | -4.3% |
| Land and buildings | 22 | €200,976 | €194,263 | -€6,713 | -3.3% |
| Furniture and vehicles | 24 | €1,469 | €587 | -€882 | -60.0% |
| Other tangible fixed assets | 26 | €2,341 | €1,200 | -€1,141 | -48.7% |
| Financial fixed assets | 28 | €66,667 | €66,667 | = | 0.0% |
| Current assets | 29/58 | €53,025 | €69,538 | +€16,513 | +31.1% |
| Amounts receivable within one year | 40/41 | €40,942 | €51,285 | +€10,343 | +25.3% |
| Trade receivables | 40 | €12,462 | €12,658 | +€196 | +1.6% |
| Other amounts receivable | 41 | €28,480 | €38,627 | +€10,147 | +35.6% |
| Cash at bank and in hand | 54/58 | €7,807 | €15,047 | +€7,240 | +92.7% |
| Deferred charges and accrued income | 490/1 | €4,276 | €3,206 | -€1,070 | -25.0% |
| Total equity and liabilities | 10/49 | €324,478 | €332,255 | +€7,777 | +2.4% |
| Equity | 10/15 | €243,075 | €252,175 | +€9,100 | +3.7% |
| Contributions | 10/11 | €6,201 | €6,201 | = | 0.0% |
| Reserves | 13 | €236,874 | €245,974 | +€9,100 | +3.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €216,264 | €225,364 | +€9,100 | +4.2% |
| Provisions and deferred taxes | 16 | €63,605 | €63,605 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €63,605 | €63,605 | = | 0.0% |
| Other liabilities and charges | 164/5 | €63,605 | €63,605 | = | 0.0% |
| Amounts payable | 17/49 | €17,798 | €16,475 | -€1,323 | -7.4% |
| Amounts payable within one year | 42/48 | €17,798 | €16,475 | -€1,323 | -7.4% |
| Financial debts | 43 | - | €2,355 | +€2,355 | |
| Credit institutions | 430/8 | - | €2,355 | +€2,355 | |
| Trade debts | 44 | €7,650 | €1,337 | -€6,313 | -82.5% |
| Suppliers | 440/4 | €7,650 | €1,337 | -€6,313 | -82.5% |
| Taxes, remuneration and social security | 45 | €10,148 | €12,783 | +€2,635 | +26.0% |
| Taxes | 450/3 | €7,873 | €9,098 | +€1,225 | +15.6% |
| Remuneration and social security | 454/9 | €2,275 | €3,685 | +€1,410 | +62.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,803 | €8,736 | +€5,933 | +211.7% |
| Other operating charges | 640/8 | €1,375 | €1,499 | +€124 | +9.0% |
| Gross operating margin | 9900 | €28,015 | €23,543 | -€4,472 | -16.0% |
| Operating profit (loss) | 9901 | €23,837 | €13,308 | -€10,529 | -44.2% |
| Financial income | 75/76B | €2,322 | €1,388 | -€934 | -40.2% |
| Recurring financial income | 75 | €2,322 | €1,388 | -€934 | -40.2% |
| Financial charges | 65/66B | €1,026 | €1,100 | +€74 | +7.2% |
| Recurring financial charges | 65 | €1,026 | €1,100 | +€74 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €25,133 | €13,596 | -€11,537 | -45.9% |
| Income taxes | 67/77 | €7,411 | €4,496 | -€2,915 | -39.3% |
| Profit (loss) for the period | 9904 | €17,722 | €9,100 | -€8,622 | -48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €17,722 | €9,100 | -€8,622 | -48.7% |
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 6 October 2026 via checked.be.