MANILAQUA: 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.
MANILAQUA
Largest movements
- Tangible fixed assets -€4,427
down €4,427 (-52.2%), from €8,484 to €4,057
- Intangible fixed assets -€3,430
down €3,430 (-24.8%), from €13,843 to €10,413
- Cash +€1,180
up €1,180 (+118%), from €999 to €2,179
mainly Depreciation (+€8,107) and Net result for the year (+€6,950)
- Deferred charges and accrued income -€342
down €342 (-76.5%), from €447 to €105
- Formation expenses -€250
down €250 (-48.9%), from €511 to €261
- Debts after one year -€13,646
down €13,646 (-37.1%), from €36,817 to €23,171
of which Other amounts payable: -€30,111
- Profit (loss) carried forward +€6,950
up €6,950 (+39.1%), from -€17,781 to -€10,831
- Accrued charges and deferred income +€843
up €843 (+111%), from €760 to €1,603
- Short-term financial debts -€633
no longer reported in 2025 (was €633)
- Tax, wage and social debts -€631
down €631 (-81.7%), from €772 to €141
- Gross operating margin +€26,499
up €26,499, from -€9,016 to €17,483
- Financial charges +€968
up €968 (+91.1%), from €1,062 to €2,030
- Other operating charges -€378
down €378 (-56.2%), from €673 to €295
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 | €24,944 | €17,434 | -€7,510 | -30.1% |
| Formation expenses | 20 | €511 | €261 | -€250 | -48.9% |
| Fixed assets | 21/28 | €22,327 | €14,470 | -€7,857 | -35.2% |
| Intangible fixed assets | 21 | €13,843 | €10,413 | -€3,430 | -24.8% |
| Tangible fixed assets | 22/27 | €8,484 | €4,057 | -€4,427 | -52.2% |
| Furniture and vehicles | 24 | €8,484 | €4,057 | -€4,427 | -52.2% |
| Current assets | 29/58 | €2,106 | €2,703 | +€597 | +28.3% |
| Amounts receivable within one year | 40/41 | €660 | €419 | -€241 | -36.5% |
| Trade receivables | 40 | €660 | €419 | -€241 | -36.5% |
| Cash at bank and in hand | 54/58 | €999 | €2,179 | +€1,180 | +118% |
| Deferred charges and accrued income | 490/1 | €447 | €105 | -€342 | -76.5% |
| Total equity and liabilities | 10/49 | €24,944 | €17,434 | -€7,510 | -30.1% |
| Equity | 10/15 | -€14,781 | -€7,831 | +€6,950 | +47.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,781 | -€10,831 | +€6,950 | +39.1% |
| Amounts payable | 17/49 | €39,725 | €25,265 | -€14,460 | -36.4% |
| Amounts payable after more than one year | 17 | €36,817 | €23,171 | -€13,646 | -37.1% |
| Financial debts | 170/4 | €6,706 | €23,171 | +€16,465 | +246% |
| Other amounts payable | 178/9 | €30,111 | - | -€30,111 | |
| Amounts payable within one year | 42/48 | €2,148 | €491 | -€1,657 | -77.1% |
| Financial debts | 43 | €633 | - | -€633 | |
| Credit institutions | 430/8 | €633 | - | -€633 | |
| Trade debts | 44 | €523 | €350 | -€173 | -33.1% |
| Suppliers | 440/4 | €523 | €350 | -€173 | -33.1% |
| Taxes, remuneration and social security | 45 | €772 | €141 | -€631 | -81.7% |
| Taxes | 450/3 | €772 | €141 | -€631 | -81.7% |
| Other amounts payable | 47/48 | €220 | - | -€220 | |
| Accrued charges and deferred income | 492/3 | €760 | €1,603 | +€843 | +111% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,968 | €8,107 | +€139 | +1.7% |
| Other operating charges | 640/8 | €673 | €295 | -€378 | -56.2% |
| Non-recurring operating charges | 66A | €68 | - | -€68 | |
| Gross operating margin | 9900 | -€9,016 | €17,483 | +€26,499 | |
| Operating profit (loss) | 9901 | -€17,725 | €9,081 | +€26,806 | |
| Financial charges | 65/66B | €1,062 | €2,030 | +€968 | +91.1% |
| Recurring financial charges | 65 | €1,062 | €2,030 | +€968 | +91.1% |
| Profit (loss) for the period before taxes | 9903 | -€18,787 | €7,051 | +€25,838 | |
| Income taxes | 67/77 | €140 | €101 | -€39 | -27.9% |
| Profit (loss) for the period | 9904 | -€18,927 | €6,950 | +€25,877 | |
| Profit (loss) for the period to be appropriated | 9905 | -€18,927 | €6,950 | +€25,877 |
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 24 October 2026 via checked.be.