MANHORE: 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.
MANHORE
Largest movements
- Current investments -€55,104
down €55,104 (-21.1%), from €261,331 to €206,228
- Receivables within one year +€36,833
up €36,833 (+91.6%), from €40,222 to €77,055
of which Trade receivables: +€62,754
- Tangible fixed assets +€28,766
up €28,766 (+81.4%), from €35,335 to €64,101
of which Land and buildings: +€31,632
- Cash +€26,958
up €26,958 (+198.8%), from €13,559 to €40,517
mainly Net result for the year (+€65,832) and Current investments (+€55,104)
- Reserves +€64,166
up €64,166 (+23.6%), from €271,394 to €335,560
- Tax, wage and social debts -€10,959
down €10,959 (-47.7%), from €22,977 to €12,018
- Trade debts -€8,914
down €8,914 (-56.6%), from €15,749 to €6,834
- Contributions -€6,008
down €6,008 (-96.8%), from €6,208 to €200
- Financial charges +€26,067
up €26,067 (+9142.6%), from €285 to €26,352
- Financial income +€14,242
up €14,242 (+270.8%), from €5,259 to €19,500
- Gross operating margin +€5,132
up €5,132 (+4.3%), from €118,419 to €123,551
- Depreciation +€3,446
up €3,446 (+40.3%), from €8,543 to €11,990
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 | €350,663 | €388,382 | +€37,720 | +10.8% |
| Fixed assets | 21/28 | €35,335 | €64,101 | +€28,766 | +81.4% |
| Tangible fixed assets | 22/27 | €35,335 | €64,101 | +€28,766 | +81.4% |
| Land and buildings | 22 | €18,239 | €49,871 | +€31,632 | +173.4% |
| Furniture and vehicles | 24 | €17,096 | €14,230 | -€2,866 | -16.8% |
| Current assets | 29/58 | €315,328 | €324,282 | +€8,954 | +2.8% |
| Amounts receivable within one year | 40/41 | €40,222 | €77,055 | +€36,833 | +91.6% |
| Trade receivables | 40 | €8,554 | €71,308 | +€62,754 | +733.6% |
| Other amounts receivable | 41 | €31,668 | €5,746 | -€25,921 | -81.9% |
| Current investments | 50/53 | €261,331 | €206,228 | -€55,104 | -21.1% |
| Cash at bank and in hand | 54/58 | €13,559 | €40,517 | +€26,958 | +198.8% |
| Deferred charges and accrued income | 490/1 | €217 | €482 | +€266 | +122.7% |
| Total equity and liabilities | 10/49 | €350,663 | €388,382 | +€37,720 | +10.8% |
| Equity | 10/15 | €277,602 | €335,760 | +€58,158 | +20.9% |
| Contributions | 10/11 | €6,208 | €200 | -€6,008 | -96.8% |
| Reserves | 13 | €271,394 | €335,560 | +€64,166 | +23.6% |
| Distributable reserves | 133 | €271,394 | €335,560 | +€64,166 | +23.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €73,060 | €52,622 | -€20,438 | -28.0% |
| Amounts payable within one year | 42/48 | €72,676 | €52,235 | -€20,441 | -28.1% |
| Trade debts | 44 | €15,749 | €6,834 | -€8,914 | -56.6% |
| Suppliers | 440/4 | €15,749 | €6,834 | -€8,914 | -56.6% |
| Taxes, remuneration and social security | 45 | €22,977 | €12,018 | -€10,959 | -47.7% |
| Taxes | 450/3 | €22,977 | €12,018 | -€10,959 | -47.7% |
| Other amounts payable | 47/48 | €33,950 | €33,383 | -€568 | -1.7% |
| Accrued charges and deferred income | 492/3 | €384 | €387 | +€3 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,543 | €11,990 | +€3,446 | +40.3% |
| Other operating charges | 640/8 | €730 | €759 | +€29 | +4.0% |
| Gross operating margin | 9900 | €118,419 | €123,551 | +€5,132 | +4.3% |
| Operating profit (loss) | 9901 | €109,145 | €110,802 | +€1,656 | +1.5% |
| Financial income | 75/76B | €5,259 | €19,500 | +€14,242 | +270.8% |
| Recurring financial income | 75 | €5,259 | €19,500 | +€14,242 | +270.8% |
| Financial charges | 65/66B | €285 | €26,352 | +€26,067 | +9142.6% |
| Recurring financial charges | 65 | €285 | €26,352 | +€26,067 | +9142.6% |
| Profit (loss) for the period before taxes | 9903 | €114,119 | €103,950 | -€10,169 | -8.9% |
| Income taxes | 67/77 | €38,156 | €38,118 | -€38 | -0.1% |
| Profit (loss) for the period | 9904 | €75,962 | €65,832 | -€10,131 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €75,962 | €65,832 | -€10,131 | -13.3% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.