MANINA'S: 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.
MANINA'S
Largest movements
- Cash +€88,457
up €88,457 (+544%), from €16,272 to €104,729
mainly Debts after one year (+€160,657) and Current portion of long-term debt (+€20,836)
- Tangible fixed assets +€37,064
up €37,064 (+21.0%), from €176,803 to €213,867
of which Land and buildings: +€33,605
- Debts after one year +€160,657
new in 2025: €160,657
- Profit (loss) carried forward -€42,659
down €42,659 (-238%), from -€17,914 to -€60,572
- Other debts -€23,637
down €23,637 (-23.8%), from €99,342 to €75,705
- Current portion of long-term debt +€20,836
new in 2025: €20,836
- Trade debts +€5,455
up €5,455 (+55.1%), from €9,903 to €15,358
- Depreciation +€8,966
up €8,966 (+217%), from €4,125 to €13,091
- Financial charges +€7,812
up €7,812 (+188%), from €4,157 to €11,969
- Other operating charges +€2,375
up €2,375 (+383%), from €620 to €2,995
- Gross operating margin -€1,286
down €1,286 (-9.7%), from -€13,317 to -€14,603
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 | €195,855 | €321,493 | +€125,639 | +64.1% |
| Fixed assets | 21/28 | €176,803 | €213,867 | +€37,064 | +21.0% |
| Tangible fixed assets | 22/27 | €176,803 | €213,867 | +€37,064 | +21.0% |
| Land and buildings | 22 | €173,407 | €207,012 | +€33,605 | +19.4% |
| Plant, machinery and equipment | 23 | €3,396 | €4,743 | +€1,347 | +39.7% |
| Furniture and vehicles | 24 | - | €2,111 | +€2,111 | |
| Current assets | 29/58 | €19,052 | €107,627 | +€88,575 | +465% |
| Amounts receivable within one year | 40/41 | €2,502 | €1,757 | -€745 | -29.8% |
| Other amounts receivable | 41 | €2,502 | €1,757 | -€745 | -29.8% |
| Cash at bank and in hand | 54/58 | €16,272 | €104,729 | +€88,457 | +544% |
| Deferred charges and accrued income | 490/1 | €277 | €1,141 | +€863 | +311% |
| Total equity and liabilities | 10/49 | €195,855 | €321,493 | +€125,639 | +64.1% |
| Equity | 10/15 | €82,574 | €39,915 | -€42,659 | -51.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €487 | €487 | = | 0.0% |
| Non-distributable reserves | 130/1 | €487 | €487 | = | 0.0% |
| Legal reserve | 130 | €487 | €487 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,914 | -€60,572 | -€42,659 | -238% |
| Amounts payable | 17/49 | €113,281 | €281,578 | +€168,298 | +149% |
| Amounts payable after more than one year | 17 | - | €160,657 | +€160,657 | |
| Financial debts | 170/4 | - | €160,657 | +€160,657 | |
| Amounts payable within one year | 42/48 | €110,456 | €113,759 | +€3,303 | +3.0% |
| Current portion of amounts payable after more than one year | 42 | - | €20,836 | +€20,836 | |
| Trade debts | 44 | €9,903 | €15,358 | +€5,455 | +55.1% |
| Suppliers | 440/4 | €9,903 | €15,358 | +€5,455 | +55.1% |
| Taxes, remuneration and social security | 45 | €1,211 | €1,859 | +€648 | +53.6% |
| Taxes | 450/3 | €1,211 | €1,859 | +€648 | +53.6% |
| Other amounts payable | 47/48 | €99,342 | €75,705 | -€23,637 | -23.8% |
| Accrued charges and deferred income | 492/3 | €2,825 | €7,163 | +€4,338 | +154% |
| Remuneration, social security and pensions | 62 | €82 | - | -€82 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,125 | €13,091 | +€8,966 | +217% |
| Other operating charges | 640/8 | €620 | €2,995 | +€2,375 | +383% |
| Gross operating margin | 9900 | -€13,317 | -€14,603 | -€1,286 | -9.7% |
| Operating profit (loss) | 9901 | -€18,144 | -€30,690 | -€12,546 | -69.1% |
| Financial charges | 65/66B | €4,157 | €11,969 | +€7,812 | +188% |
| Recurring financial charges | 65 | €4,157 | €11,969 | +€7,812 | +188% |
| Profit (loss) for the period before taxes | 9903 | -€22,301 | -€42,659 | -€20,358 | -91.3% |
| Profit (loss) for the period | 9904 | -€22,301 | -€42,659 | -€20,358 | -91.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,301 | -€42,659 | -€20,358 | -91.3% |
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 19 October 2026 via checked.be.