Manfra: 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.
Manfra
Largest movements
- Receivables within one year +€28,173
up €28,173 (+35.0%), from €80,453 to €108,626
of which Other amounts receivable: +€47,069
- Tangible fixed assets -€2,092
down €2,092 (-25.5%), from €8,207 to €6,115
- Cash -€1,745
down €1,745 (-67.4%), from €2,591 to €846
mainly Receivables within one year (-€28,173) and Current portion of long-term debt (-€18,817)
- Debts after one year +€18,817
up €18,817 (+271%), from €6,951 to €25,768
- Current portion of long-term debt -€18,817
down €18,817 (-100%), from €18,817 to €0
- Trade debts +€17,130
up €17,130 (+652%), from €2,627 to €19,757
- Reserves +€6,617
up €6,617 (+314%), from €2,105 to €8,722
of which Distributable reserves: +€6,617
- Gross operating margin -€29,536
down €29,536 (-71.4%), from €41,357 to €11,821
- Financial charges -€2,470
down €2,470 (-68.3%), from €3,618 to €1,148
- Taxes -€1,435
down €1,435 (-35.1%), from €4,084 to €2,649
- Financial income +€1,069
up €1,069 (+108%), from €987 to €2,055
- Other operating charges +€440
up €440 (+72.1%), from €610 to €1,050
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 | €91,251 | €115,587 | +€24,336 | +26.7% |
| Fixed assets | 21/28 | €8,207 | €6,115 | -€2,092 | -25.5% |
| Tangible fixed assets | 22/27 | €8,207 | €6,115 | -€2,092 | -25.5% |
| Furniture and vehicles | 24 | €8,207 | €6,115 | -€2,092 | -25.5% |
| Current assets | 29/58 | €83,044 | €109,472 | +€26,428 | +31.8% |
| Amounts receivable within one year | 40/41 | €80,453 | €108,626 | +€28,173 | +35.0% |
| Trade receivables | 40 | €45,486 | €26,590 | -€18,895 | -41.5% |
| Other amounts receivable | 41 | €34,967 | €82,036 | +€47,069 | +135% |
| Cash at bank and in hand | 54/58 | €2,591 | €846 | -€1,745 | -67.4% |
| Total equity and liabilities | 10/49 | €91,251 | €115,587 | +€24,336 | +26.7% |
| Equity | 10/15 | €55,305 | €61,922 | +€6,617 | +12.0% |
| Contributions | 10/11 | €53,200 | €53,200 | = | 0.0% |
| Reserves | 13 | €2,105 | €8,722 | +€6,617 | +314% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €2,005 | €8,622 | +€6,617 | +330% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €35,946 | €53,665 | +€17,719 | +49.3% |
| Amounts payable after more than one year | 17 | €6,951 | €25,768 | +€18,817 | +271% |
| Financial debts | 170/4 | €6,951 | €25,768 | +€18,817 | +271% |
| Amounts payable within one year | 42/48 | €28,995 | €27,897 | -€1,098 | -3.8% |
| Current portion of amounts payable after more than one year | 42 | €18,817 | €0 | -€18,817 | -100% |
| Trade debts | 44 | €2,627 | €19,757 | +€17,130 | +652% |
| Suppliers | 440/4 | €2,627 | €19,757 | +€17,130 | +652% |
| Taxes, remuneration and social security | 45 | €7,551 | €8,140 | +€589 | +7.8% |
| Taxes | 450/3 | €6,423 | €7,012 | +€589 | +9.2% |
| Remuneration and social security | 454/9 | €1,128 | €1,128 | +€0 | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €20,700 | - | -€20,700 | |
| Remuneration, social security and pensions | 62 | -€13 | €320 | +€333 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,092 | €2,092 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €610 | €1,050 | +€440 | +72.1% |
| Non-recurring operating charges | 66A | €7,853 | - | -€7,853 | |
| Gross operating margin | 9900 | €41,357 | €11,821 | -€29,536 | -71.4% |
| Operating profit (loss) | 9901 | €30,815 | €8,359 | -€22,456 | -72.9% |
| Financial income | 75/76B | €987 | €2,055 | +€1,069 | +108% |
| Recurring financial income | 75 | €987 | €2,055 | +€1,069 | +108% |
| Financial charges | 65/66B | €3,618 | €1,148 | -€2,470 | -68.3% |
| Recurring financial charges | 65 | €3,618 | €1,148 | -€2,470 | -68.3% |
| Profit (loss) for the period before taxes | 9903 | €28,184 | €9,266 | -€18,918 | -67.1% |
| Income taxes | 67/77 | €4,084 | €2,649 | -€1,435 | -35.1% |
| Profit (loss) for the period | 9904 | €24,100 | €6,617 | -€17,483 | -72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €24,100 | €6,617 | -€17,483 | -72.5% |
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 22 October 2026 via checked.be.