MANO-HOLDING: what changed
What changed
MANO-HOLDING
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€68,924
2024 · -€8,183+€77,107
Equity
€250,741
2024 · €181,817+€68,924
Cash
€55,758
2024 · €27,186+€28,573
Balance sheet total
€2.1m
2024 · €2.1m+€80,788
Largest movements
Assets
- Receivables within one year +€54,429
up €54,429 (+75.1%), from €72,493 to €126,922
of which Trade receivables: +€54,128
- Cash +€28,573
up €28,573 (+105%), from €27,186 to €55,758
mainly Trade debts (+€90,086) and Net result for the year (+€68,924)
Equity and liabilities
- Debts after one year -€103,992
down €103,992 (-6.2%), from €1.7m to €1.6m
of which Financial debts: -€148,992
- Trade debts +€90,086
up €90,086 (+258%), from €34,890 to €124,976
- Reserves +€60,741
new in 2025: €60,741
of which Distributable reserves: +€41,741
- Other debts -€44,853
down €44,853 (-100%), from €44,853 to €0
- Current portion of long-term debt +€32,215
up €32,215 (+27.6%), from €116,777 to €148,992
Income statement
- Gross operating margin +€152,729
up €152,729 (+1,837%), from €8,313 to €161,042
- Financial charges +€52,401
up €52,401 (+339%), from €15,452 to €67,853
- Taxes +€22,087
new in 2025: €22,087
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€8,183
Gross operating margin
+€152,729
Depreciation
-€1,153
Other operating charges
-€12
Financial income
+€32
Financial charges
-€52,401
Taxes
-€22,087
Result 2025
€68,924
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€91,911
Investment
-€324
Financing
-€63,014
Cash 2024
€27,186
From operations (derived)
+€91,911
Net result for the year
+€68,924
Depreciation
+€1,890
Receivables after one year
+€648
Receivables within one year
-€54,429
Trade debts
+€90,086
Tax, wage and social debts
+€26,562
Other debts
-€44,853
Accrued charges and deferred income
+€3,083
Investment (derived)
-€324
Investment in fixed assets (net)
-€324
Financing
-€63,014
Debts after one year
-€103,992
Current portion of long-term debt
+€32,215
Short-term financial debts
+€8,763
Cash 2025
€55,758
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,053,244 | €2,134,031 | +€80,788 | +3.9% |
| Formation expenses | 20 | €8,712 | €6,822 | -€1,890 | -21.7% |
| Fixed assets | 21/28 | €1,944,205 | €1,944,529 | +€324 | 0.0% |
| Financial fixed assets | 28 | €1,944,205 | €1,944,529 | +€324 | 0.0% |
| Current assets | 29/58 | €100,327 | €182,680 | +€82,353 | +82.1% |
| Amounts receivable after more than one year | 29 | €648 | €0 | -€648 | -100% |
| Other amounts receivable | 291 | €648 | €0 | -€648 | -100% |
| Amounts receivable within one year | 40/41 | €72,493 | €126,922 | +€54,429 | +75.1% |
| Trade receivables | 40 | €72,470 | €126,598 | +€54,128 | +74.7% |
| Other amounts receivable | 41 | €23 | €324 | +€301 | +1,292% |
| Cash at bank and in hand | 54/58 | €27,186 | €55,758 | +€28,573 | +105% |
| Total equity and liabilities | 10/49 | €2,053,244 | €2,134,031 | +€80,788 | +3.9% |
| Equity | 10/15 | €181,817 | €250,741 | +€68,924 | +37.9% |
| Contributions | 10/11 | €190,000 | €190,000 | = | 0.0% |
| Capital | 10 | €190,000 | €190,000 | = | 0.0% |
| Issued capital | 100 | €190,000 | €190,000 | = | 0.0% |
| Reserves | 13 | - | €60,741 | +€60,741 | |
| Non-distributable reserves | 130/1 | - | €19,000 | +€19,000 | |
| Legal reserve | 130 | - | €19,000 | +€19,000 | |
| Distributable reserves | 133 | - | €41,741 | +€41,741 | |
| Profit (loss) carried forward | 14 | -€8,183 | €0 | +€8,183 | |
| Amounts payable | 17/49 | €1,871,427 | €1,883,291 | +€11,864 | +0.6% |
| Amounts payable after more than one year | 17 | €1,674,323 | €1,570,332 | -€103,992 | -6.2% |
| Financial debts | 170/4 | €1,495,823 | €1,346,832 | -€148,992 | -10.0% |
| Other amounts payable | 178/9 | €178,500 | €223,500 | +€45,000 | +25.2% |
| Amounts payable within one year | 42/48 | €197,104 | €309,876 | +€112,773 | +57.2% |
| Current portion of amounts payable after more than one year | 42 | €116,777 | €148,992 | +€32,215 | +27.6% |
| Financial debts | 43 | - | €8,763 | +€8,763 | |
| Other loans | 439 | - | €8,763 | +€8,763 | |
| Trade debts | 44 | €34,890 | €124,976 | +€90,086 | +258% |
| Suppliers | 440/4 | €34,890 | €124,976 | +€90,086 | +258% |
| Taxes, remuneration and social security | 45 | €584 | €27,146 | +€26,562 | +4,550% |
| Taxes | 450/3 | €584 | €27,146 | +€26,562 | +4,550% |
| Other amounts payable | 47/48 | €44,853 | €0 | -€44,853 | -100% |
| Accrued charges and deferred income | 492/3 | - | €3,083 | +€3,083 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €736 | €1,890 | +€1,153 | +157% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €8,313 | €161,042 | +€152,729 | +1,837% |
| Operating profit (loss) | 9901 | €7,189 | €158,753 | +€151,563 | +2,108% |
| Financial income | 75/76B | €79 | €111 | +€32 | +41.1% |
| Recurring financial income | 75 | €79 | €111 | +€32 | +41.1% |
| Financial charges | 65/66B | €15,452 | €67,853 | +€52,401 | +339% |
| Recurring financial charges | 65 | €15,452 | €67,853 | +€52,401 | +339% |
| Profit (loss) for the period before taxes | 9903 | -€8,183 | €91,011 | +€99,195 | |
| Income taxes | 67/77 | - | €22,087 | +€22,087 | |
| Profit (loss) for the period | 9904 | -€8,183 | €68,924 | +€77,107 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,183 | €68,924 | +€77,107 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.