MANINO: 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.
MANINO
Largest movements
- Receivables within one year +€53,018
up €53,018 (+33.0%), from €160,677 to €213,696
of which Other amounts receivable: +€28,750
- Stocks and contracts +€19,313
up €19,313 (+14.6%), from €132,262 to €151,575
- Tangible fixed assets -€14,970
down €14,970 (-14.3%), from €104,994 to €90,024
of which Land and buildings: -€12,469
- Cash -€11,731
down €11,731 (-46.9%), from €24,999 to €13,268
mainly Receivables within one year (-€53,018) and Contributions, distributions and other (-€45,000)
- Other debts +€47,748
new in 2025: €47,748
- Tax, wage and social debts +€33,904
up €33,904 (+95.8%), from €35,401 to €69,306
of which Taxes: +€25,299
- Reserves -€32,600
down €32,600 (-100%), from €32,600 to €0
- Trade debts +€22,524
up €22,524 (+11.4%), from €198,077 to €220,601
- Profit (loss) carried forward -€14,964
down €14,964 (-82.7%), from €18,099 to €3,135
- Staff costs +€45,656
up €45,656 (+34.1%), from €133,942 to €179,598
- Gross operating margin +€35,516
up €35,516 (+19.5%), from €182,380 to €217,896
- Depreciation -€3,667
down €3,667 (-18.0%), from €20,324 to €16,656
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 | €426,650 | €472,309 | +€45,658 | +10.7% |
| Fixed assets | 21/28 | €106,144 | €91,174 | -€14,970 | -14.1% |
| Tangible fixed assets | 22/27 | €104,994 | €90,024 | -€14,970 | -14.3% |
| Land and buildings | 22 | €95,830 | €83,361 | -€12,469 | -13.0% |
| Furniture and vehicles | 24 | €9,164 | €6,663 | -€2,501 | -27.3% |
| Financial fixed assets | 28 | €1,150 | €1,150 | = | 0.0% |
| Current assets | 29/58 | €320,506 | €381,134 | +€60,628 | +18.9% |
| Stocks and contracts in progress | 3 | €132,262 | €151,575 | +€19,313 | +14.6% |
| Stocks | 30/36 | €132,262 | €151,575 | +€19,313 | +14.6% |
| Amounts receivable within one year | 40/41 | €160,677 | €213,696 | +€53,018 | +33.0% |
| Trade receivables | 40 | €159,253 | €183,522 | +€24,269 | +15.2% |
| Other amounts receivable | 41 | €1,424 | €30,174 | +€28,750 | +2,019% |
| Cash at bank and in hand | 54/58 | €24,999 | €13,268 | -€11,731 | -46.9% |
| Deferred charges and accrued income | 490/1 | €2,568 | €2,596 | +€28 | +1.1% |
| Total equity and liabilities | 10/49 | €426,650 | €472,309 | +€45,658 | +10.7% |
| Equity | 10/15 | €90,699 | €43,135 | -€47,564 | -52.4% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €32,600 | €0 | -€32,600 | -100% |
| Distributable reserves | 133 | €32,600 | €0 | -€32,600 | -100% |
| Profit (loss) carried forward | 14 | €18,099 | €3,135 | -€14,964 | -82.7% |
| Amounts payable | 17/49 | €335,951 | €429,174 | +€93,222 | +27.7% |
| Amounts payable after more than one year | 17 | €91,520 | €80,318 | -€11,201 | -12.2% |
| Financial debts | 170/4 | €91,520 | €80,318 | -€11,201 | -12.2% |
| Amounts payable within one year | 42/48 | €244,432 | €348,855 | +€104,423 | +42.7% |
| Current portion of amounts payable after more than one year | 42 | €10,954 | €11,201 | +€247 | +2.3% |
| Trade debts | 44 | €198,077 | €220,601 | +€22,524 | +11.4% |
| Suppliers | 440/4 | €198,077 | €220,601 | +€22,524 | +11.4% |
| Taxes, remuneration and social security | 45 | €35,401 | €69,306 | +€33,904 | +95.8% |
| Taxes | 450/3 | €19,363 | €44,662 | +€25,299 | +131% |
| Remuneration and social security | 454/9 | €16,038 | €24,643 | +€8,605 | +53.7% |
| Other amounts payable | 47/48 | - | €47,748 | +€47,748 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €133,942 | €179,598 | +€45,656 | +34.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,324 | €16,656 | -€3,667 | -18.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,885 | €0 | -€1,885 | -100% |
| Other operating charges | 640/8 | €6,682 | €8,291 | +€1,609 | +24.1% |
| Gross operating margin | 9900 | €182,380 | €217,896 | +€35,516 | +19.5% |
| Operating profit (loss) | 9901 | €19,547 | €13,350 | -€6,197 | -31.7% |
| Financial income | 75/76B | €591 | €478 | -€113 | -19.2% |
| Recurring financial income | 75 | €591 | €478 | -€113 | -19.2% |
| Financial charges | 65/66B | €6,294 | €4,837 | -€1,458 | -23.2% |
| Recurring financial charges | 65 | €6,294 | €4,837 | -€1,458 | -23.2% |
| Profit (loss) for the period before taxes | 9903 | €13,844 | €8,992 | -€4,853 | -35.1% |
| Income taxes | 67/77 | €13,554 | €11,556 | -€1,998 | -14.7% |
| Profit (loss) for the period | 9904 | €290 | -€2,564 | -€2,855 | |
| Profit (loss) for the period to be appropriated | 9905 | €290 | -€2,564 | -€2,855 |
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 20 October 2026 via checked.be.