MANILO: 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.
MANILO
Largest movements
- Cash +€137,777
up €137,777 (+98.7%), from €139,605 to €277,381
mainly Net result for the year (+€222,732) and Depreciation (+€88,689)
- Tangible fixed assets +€99,172
up €99,172 (+3.6%), from €2.7m to €2.8m
of which Other tangible fixed assets: +€163,742
- Reserves +€211,890
up €211,890 (+83.3%), from €254,477 to €466,367
- Debts after one year -€93,392
down €93,392 (-3.9%), from €2.4m to €2.3m
- Trade debts +€81,265
up €81,265 (+821.9%), from €9,887 to €91,152
- Gross operating margin +€128,453
up €128,453 (+29.7%), from €432,812 to €561,266
- Taxes +€41,899
up €41,899 (+135.9%), from €30,820 to €72,719
- Depreciation +€40,274
up €40,274 (+83.2%), from €48,414 to €88,689
- Financial charges +€26,394
up €26,394 (+30.9%), from €85,521 to €111,914
- Staff costs +€7,675
up €7,675 (+14.2%), from €53,986 to €61,661
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 | €3,073,185 | €3,308,154 | +€234,969 | +7.6% |
| Fixed assets | 21/28 | €2,728,633 | €2,827,805 | +€99,172 | +3.6% |
| Tangible fixed assets | 22/27 | €2,728,633 | €2,827,805 | +€99,172 | +3.6% |
| Land and buildings | 22 | €2,640,312 | €2,577,898 | -€62,414 | -2.4% |
| Plant, machinery and equipment | 23 | €5,980 | €6,126 | +€147 | +2.5% |
| Furniture and vehicles | 24 | €5,834 | €3,532 | -€2,302 | -39.5% |
| Other tangible fixed assets | 26 | €76,508 | €240,250 | +€163,742 | +214.0% |
| Current assets | 29/58 | €344,552 | €480,349 | +€135,797 | +39.4% |
| Stocks and contracts in progress | 3 | €17,068 | €21,047 | +€3,979 | +23.3% |
| Stocks | 30/36 | €17,068 | €21,047 | +€3,979 | +23.3% |
| Amounts receivable within one year | 40/41 | €187,880 | €179,718 | -€8,162 | -4.3% |
| Trade receivables | 40 | €40,164 | €141,895 | +€101,730 | +253.3% |
| Other amounts receivable | 41 | €147,716 | €37,824 | -€109,892 | -74.4% |
| Cash at bank and in hand | 54/58 | €139,605 | €277,381 | +€137,777 | +98.7% |
| Deferred charges and accrued income | 490/1 | - | €2,202 | +€2,202 | |
| Total equity and liabilities | 10/49 | €3,073,185 | €3,308,154 | +€234,969 | +7.6% |
| Equity | 10/15 | €601,567 | €824,299 | +€222,732 | +37.0% |
| Contributions | 10/11 | €135,200 | €135,200 | = | 0.0% |
| Reserves | 13 | €254,477 | €466,367 | +€211,890 | +83.3% |
| Distributable reserves | 133 | €254,477 | €466,367 | +€211,890 | +83.3% |
| Profit (loss) carried forward | 14 | €211,890 | €222,732 | +€10,843 | +5.1% |
| Amounts payable | 17/49 | €2,471,619 | €2,483,855 | +€12,237 | +0.5% |
| Amounts payable after more than one year | 17 | €2,371,238 | €2,277,846 | -€93,392 | -3.9% |
| Financial debts | 170/4 | €2,371,238 | €2,277,846 | -€93,392 | -3.9% |
| Amounts payable within one year | 42/48 | €100,381 | €206,009 | +€105,628 | +105.2% |
| Current portion of amounts payable after more than one year | 42 | €75,670 | €93,392 | +€17,722 | +23.4% |
| Trade debts | 44 | €9,887 | €91,152 | +€81,265 | +821.9% |
| Suppliers | 440/4 | €9,887 | €91,152 | +€81,265 | +821.9% |
| Taxes, remuneration and social security | 45 | €12,124 | €21,465 | +€9,341 | +77.1% |
| Taxes | 450/3 | €3,854 | €10,096 | +€6,243 | +162.0% |
| Remuneration and social security | 454/9 | €8,270 | €11,369 | +€3,099 | +37.5% |
| Other amounts payable | 47/48 | €2,700 | - | -€2,700 | |
| Remuneration, social security and pensions | 62 | €53,986 | €61,661 | +€7,675 | +14.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,414 | €88,689 | +€40,274 | +83.2% |
| Other operating charges | 640/8 | €2,192 | €3,550 | +€1,358 | +61.9% |
| Gross operating margin | 9900 | €432,812 | €561,266 | +€128,453 | +29.7% |
| Operating profit (loss) | 9901 | €328,220 | €407,366 | +€79,146 | +24.1% |
| Financial income | 75/76B | €11 | - | -€11 | |
| Recurring financial income | 75 | €11 | - | -€11 | |
| Financial charges | 65/66B | €85,521 | €111,914 | +€26,394 | +30.9% |
| Recurring financial charges | 65 | €85,521 | €111,914 | +€26,394 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €242,710 | €295,452 | +€52,742 | +21.7% |
| Income taxes | 67/77 | €30,820 | €72,719 | +€41,899 | +135.9% |
| Profit (loss) for the period | 9904 | €211,890 | €222,732 | +€10,843 | +5.1% |
| Profit (loss) for the period to be appropriated | 9905 | €211,890 | €222,732 | +€10,843 | +5.1% |
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 29 September 2026 via checked.be.