MANO: 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.
MANO
Largest movements
- Stocks and contracts +€140,571
up €140,571 (+25.7%), from €547,094 to €687,666
- Cash -€11,705
down €11,705 (-19.6%), from €59,740 to €48,034
mainly Stocks and contracts (-€140,571) and Deferred charges and accrued income (-€1,657)
- Reserves +€82,200
up €82,200 (+15.5%), from €531,609 to €613,809
- Trade debts +€37,210
up €37,210 (+164%), from €22,633 to €59,843
- Tax, wage and social debts +€14,181
up €14,181 (+166%), from €8,542 to €22,723
of which Taxes: +€12,995
- Gross operating margin +€22,692
up €22,692 (+24.3%), from €93,538 to €116,230
- Taxes +€7,282
up €7,282 (+28.7%), from €25,397 to €32,679
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 | €614,160 | €746,048 | +€131,888 | +21.5% |
| Fixed assets | 21/28 | €383 | €173 | -€210 | -54.8% |
| Tangible fixed assets | 22/27 | €383 | €173 | -€210 | -54.8% |
| Plant, machinery and equipment | 23 | €383 | €173 | -€210 | -54.8% |
| Current assets | 29/58 | €613,777 | €745,875 | +€132,098 | +21.5% |
| Stocks and contracts in progress | 3 | €547,094 | €687,666 | +€140,571 | +25.7% |
| Stocks | 30/36 | €547,094 | €687,666 | +€140,571 | +25.7% |
| Amounts receivable within one year | 40/41 | €6,612 | €8,188 | +€1,575 | +23.8% |
| Trade receivables | 40 | €4,067 | €8,188 | +€4,121 | +101% |
| Other amounts receivable | 41 | €2,545 | - | -€2,545 | |
| Cash at bank and in hand | 54/58 | €59,740 | €48,034 | -€11,705 | -19.6% |
| Deferred charges and accrued income | 490/1 | €330 | €1,987 | +€1,657 | +501% |
| Total equity and liabilities | 10/49 | €614,160 | €746,048 | +€131,888 | +21.5% |
| Equity | 10/15 | €550,628 | €632,835 | +€82,207 | +14.9% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €531,609 | €613,809 | +€82,200 | +15.5% |
| Distributable reserves | 133 | €531,609 | €613,809 | +€82,200 | +15.5% |
| Profit (loss) carried forward | 14 | €427 | €433 | +€7 | +1.6% |
| Amounts payable | 17/49 | €63,532 | €113,213 | +€49,681 | +78.2% |
| Amounts payable within one year | 42/48 | €61,882 | €113,213 | +€51,331 | +82.9% |
| Financial debts | 43 | €20,323 | €20,284 | -€39 | -0.2% |
| Credit institutions | 430/8 | €20,323 | €20,284 | -€39 | -0.2% |
| Trade debts | 44 | €22,633 | €59,843 | +€37,210 | +164% |
| Suppliers | 440/4 | €22,633 | €59,843 | +€37,210 | +164% |
| Taxes, remuneration and social security | 45 | €8,542 | €22,723 | +€14,181 | +166% |
| Taxes | 450/3 | €8,542 | €21,538 | +€12,995 | +152% |
| Remuneration and social security | 454/9 | - | €1,186 | +€1,186 | |
| Other amounts payable | 47/48 | €10,384 | €10,363 | -€21 | -0.2% |
| Accrued charges and deferred income | 492/3 | €1,650 | - | -€1,650 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €210 | €210 | = | 0.0% |
| Other operating charges | 640/8 | €782 | €585 | -€196 | -25.1% |
| Gross operating margin | 9900 | €93,538 | €116,230 | +€22,692 | +24.3% |
| Operating profit (loss) | 9901 | €92,546 | €115,434 | +€22,888 | +24.7% |
| Financial income | 75/76B | €14 | €295 | +€281 | +1,953% |
| Recurring financial income | 75 | €14 | €295 | +€281 | +1,953% |
| Financial charges | 65/66B | €1,121 | €844 | -€277 | -24.7% |
| Recurring financial charges | 65 | €1,121 | €844 | -€277 | -24.7% |
| Profit (loss) for the period before taxes | 9903 | €91,440 | €114,886 | +€23,446 | +25.6% |
| Income taxes | 67/77 | €25,397 | €32,679 | +€7,282 | +28.7% |
| Profit (loss) for the period | 9904 | €66,043 | €82,207 | +€16,163 | +24.5% |
| Profit (loss) for the period to be appropriated | 9905 | €66,043 | €82,207 | +€16,163 | +24.5% |
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 27 October 2026 via checked.be.