MANILO PROJECTS: 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 PROJECTS
Largest movements
- Tangible fixed assets -€125,743
down €125,743 (-63.3%), from €198,696 to €72,954
of which Leasing and similar rights: -€131,693
- Cash -€26,392
down €26,392 (-93.5%), from €28,223 to €1,831
mainly Debts after one year (-€128,692) and Receivables within one year (-€19,047)
- Receivables within one year +€19,047
up €19,047 (+56.0%), from €34,021 to €53,068
of which Other amounts receivable: +€16,591
- Stocks and contracts -€6,518
no longer reported in 2025 (was €6,518)
- Deferred charges and accrued income -€6,103
down €6,103 (-80.4%), from €7,590 to €1,488
- Debts after one year -€128,692
down €128,692 (-85.0%), from €151,457 to €22,765
- Trade debts -€18,741
down €18,741 (-58.1%), from €32,231 to €13,489
- Current portion of long-term debt -€14,047
down €14,047 (-56.0%), from €25,065 to €11,018
- Reserves +€11,738
up €11,738 (+20.6%), from €57,072 to €68,810
- Tax, wage and social debts +€4,033
up €4,033 (+556.3%), from €725 to €4,758
- Gross operating margin +€41,107
up €41,107 (+149.3%), from €27,535 to €68,642
- Write-downs +€16,466
new in 2025: €16,466
- Financial charges +€6,048
up €6,048 (+179.5%), from €3,369 to €9,417
- Taxes +€3,830
up €3,830 (+1884.9%), from €203 to €4,033
- Depreciation -€1,276
down €1,276 (-6.2%), from €20,575 to €19,298
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 | €275,049 | €129,340 | -€145,708 | -53.0% |
| Fixed assets | 21/28 | €198,696 | €72,954 | -€125,743 | -63.3% |
| Tangible fixed assets | 22/27 | €198,696 | €72,954 | -€125,743 | -63.3% |
| Land and buildings | 22 | €51,734 | €44,241 | -€7,493 | -14.5% |
| Plant, machinery and equipment | 23 | €11,668 | €7,114 | -€4,554 | -39.0% |
| Furniture and vehicles | 24 | €2,793 | €21,434 | +€18,641 | +667.4% |
| Leasing and similar rights | 25 | €131,693 | - | -€131,693 | |
| Other tangible fixed assets | 26 | €809 | €164 | -€644 | -79.7% |
| Current assets | 29/58 | €76,353 | €56,387 | -€19,966 | -26.1% |
| Stocks and contracts in progress | 3 | €6,518 | - | -€6,518 | |
| Stocks | 30/36 | €6,518 | - | -€6,518 | |
| Amounts receivable within one year | 40/41 | €34,021 | €53,068 | +€19,047 | +56.0% |
| Trade receivables | 40 | €22,630 | €25,086 | +€2,456 | +10.9% |
| Other amounts receivable | 41 | €11,391 | €27,982 | +€16,591 | +145.7% |
| Cash at bank and in hand | 54/58 | €28,223 | €1,831 | -€26,392 | -93.5% |
| Deferred charges and accrued income | 490/1 | €7,590 | €1,488 | -€6,103 | -80.4% |
| Total equity and liabilities | 10/49 | €275,049 | €129,340 | -€145,708 | -53.0% |
| Equity | 10/15 | €65,572 | €77,310 | +€11,738 | +17.9% |
| Contributions | 10/11 | €8,500 | €8,500 | = | 0.0% |
| Reserves | 13 | €57,072 | €68,810 | +€11,738 | +20.6% |
| Distributable reserves | 133 | €57,072 | €68,810 | +€11,738 | +20.6% |
| Amounts payable | 17/49 | €209,477 | €52,031 | -€157,447 | -75.2% |
| Amounts payable after more than one year | 17 | €151,457 | €22,765 | -€128,692 | -85.0% |
| Financial debts | 170/4 | €151,457 | €22,765 | -€128,692 | -85.0% |
| Amounts payable within one year | 42/48 | €58,020 | €29,265 | -€28,755 | -49.6% |
| Current portion of amounts payable after more than one year | 42 | €25,065 | €11,018 | -€14,047 | -56.0% |
| Trade debts | 44 | €32,231 | €13,489 | -€18,741 | -58.1% |
| Suppliers | 440/4 | €32,231 | €13,489 | -€18,741 | -58.1% |
| Taxes, remuneration and social security | 45 | €725 | €4,758 | +€4,033 | +556.3% |
| Taxes | 450/3 | €725 | €4,758 | +€4,033 | +556.3% |
| Non-recurring operating income | 76A | - | €29,159 | +€29,159 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,575 | €19,298 | -€1,276 | -6.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,466 | +€16,466 | |
| Other operating charges | 640/8 | €2,366 | €2,534 | +€169 | +7.1% |
| Non-recurring operating charges | 66A | - | €6,649 | +€6,649 | |
| Gross operating margin | 9900 | €27,535 | €68,642 | +€41,107 | +149.3% |
| Operating profit (loss) | 9901 | €4,595 | €23,695 | +€19,100 | +415.7% |
| Financial income | 75/76B | €508 | €1,494 | +€985 | +193.8% |
| Recurring financial income | 75 | €508 | €1,494 | +€985 | +193.8% |
| Financial charges | 65/66B | €3,369 | €9,417 | +€6,048 | +179.5% |
| Recurring financial charges | 65 | €3,369 | €9,417 | +€6,048 | +179.5% |
| Profit (loss) for the period before taxes | 9903 | €1,734 | €15,771 | +€14,037 | +809.4% |
| Income taxes | 67/77 | €203 | €4,033 | +€3,830 | +1884.9% |
| Profit (loss) for the period | 9904 | €1,531 | €11,738 | +€10,207 | +666.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,531 | €11,738 | +€10,207 | +666.7% |
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 8 October 2026 via checked.be.