MANOA: 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.
MANOA
Largest movements
- Stocks and contracts +€51,983
up €51,983 (+106%), from €49,000 to €100,983
- Tangible fixed assets -€49,893
down €49,893 (-4.9%), from €1.0m to €972,550
- Receivables within one year -€33,019
down €33,019 (-72.6%), from €45,505 to €12,486
of which Trade receivables: -€37,039
- Intangible fixed assets -€21,000
down €21,000 (-12.1%), from €173,855 to €152,855
- Cash +€17,717
up €17,717 (+91.1%), from €19,446 to €37,163
mainly Depreciation (+€142,500) and Receivables within one year (+€33,019)
- Debts after one year -€82,010
down €82,010 (-8.9%), from €916,507 to €834,497
- Current portion of long-term debt +€16,990
up €16,990 (+15.5%), from €109,770 to €126,760
- Other debts +€16,008
up €16,008 (+137%), from €11,672 to €27,680
- Reserves +€14,461
up €14,461 (+8.8%), from €164,781 to €179,242
of which Distributable reserves: +€14,461
- Gross operating margin +€126,042
up €126,042 (+18.1%), from €695,807 to €821,849
- Staff costs +€111,446
up €111,446 (+22.8%), from €487,942 to €599,388
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 | €1,328,086 | €1,301,035 | -€27,051 | -2.0% |
| Fixed assets | 21/28 | €1,198,393 | €1,127,500 | -€70,893 | -5.9% |
| Intangible fixed assets | 21 | €173,855 | €152,855 | -€21,000 | -12.1% |
| Tangible fixed assets | 22/27 | €1,022,444 | €972,550 | -€49,893 | -4.9% |
| Land and buildings | 22 | €726,380 | €702,600 | -€23,780 | -3.3% |
| Plant, machinery and equipment | 23 | €268,528 | €251,950 | -€16,578 | -6.2% |
| Furniture and vehicles | 24 | €14,476 | €11,815 | -€2,660 | -18.4% |
| Other tangible fixed assets | 26 | €13,061 | €6,186 | -€6,875 | -52.6% |
| Financial fixed assets | 28 | €2,095 | €2,095 | = | 0.0% |
| Current assets | 29/58 | €129,692 | €173,535 | +€43,843 | +33.8% |
| Stocks and contracts in progress | 3 | €49,000 | €100,983 | +€51,983 | +106% |
| Stocks | 30/36 | €49,000 | €100,983 | +€51,983 | +106% |
| Amounts receivable within one year | 40/41 | €45,505 | €12,486 | -€33,019 | -72.6% |
| Trade receivables | 40 | €37,048 | €9 | -€37,039 | -100.0% |
| Other amounts receivable | 41 | €8,457 | €12,477 | +€4,020 | +47.5% |
| Cash at bank and in hand | 54/58 | €19,446 | €37,163 | +€17,717 | +91.1% |
| Deferred charges and accrued income | 490/1 | €15,741 | €22,903 | +€7,162 | +45.5% |
| Total equity and liabilities | 10/49 | €1,328,086 | €1,301,035 | -€27,051 | -2.0% |
| Equity | 10/15 | €183,381 | €197,842 | +€14,461 | +7.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €164,781 | €179,242 | +€14,461 | +8.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €164,781 | €179,242 | +€14,461 | +8.8% |
| Amounts payable | 17/49 | €1,144,705 | €1,103,193 | -€41,512 | -3.6% |
| Amounts payable after more than one year | 17 | €916,507 | €834,497 | -€82,010 | -8.9% |
| Financial debts | 170/4 | €916,507 | €834,497 | -€82,010 | -8.9% |
| Amounts payable within one year | 42/48 | €228,197 | €268,310 | +€40,113 | +17.6% |
| Current portion of amounts payable after more than one year | 42 | €109,770 | €126,760 | +€16,990 | +15.5% |
| Financial debts | 43 | €12 | €0 | -€12 | -100% |
| Credit institutions | 430/8 | €12 | €0 | -€12 | -100% |
| Trade debts | 44 | €87,239 | €93,059 | +€5,820 | +6.7% |
| Suppliers | 440/4 | €87,239 | €93,059 | +€5,820 | +6.7% |
| Taxes, remuneration and social security | 45 | €19,505 | €20,812 | +€1,307 | +6.7% |
| Taxes | 450/3 | €7,139 | €2,918 | -€4,221 | -59.1% |
| Remuneration and social security | 454/9 | €12,365 | €17,894 | +€5,528 | +44.7% |
| Other amounts payable | 47/48 | €11,672 | €27,680 | +€16,008 | +137% |
| Accrued charges and deferred income | 492/3 | €0 | €386 | +€386 | |
| Remuneration, social security and pensions | 62 | €487,942 | €599,388 | +€111,446 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,946 | €142,500 | -€4,446 | -3.0% |
| Other operating charges | 640/8 | €6,442 | €6,914 | +€472 | +7.3% |
| Non-recurring operating charges | 66A | €0 | €151 | +€151 | |
| Gross operating margin | 9900 | €695,807 | €821,849 | +€126,042 | +18.1% |
| Operating profit (loss) | 9901 | €54,477 | €72,896 | +€18,419 | +33.8% |
| Financial income | 75/76B | €249 | €1,338 | +€1,088 | +436% |
| Recurring financial income | 75 | €249 | €1,338 | +€1,088 | +436% |
| Financial charges | 65/66B | €48,045 | €55,119 | +€7,074 | +14.7% |
| Recurring financial charges | 65 | €48,045 | €55,119 | +€7,074 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | €6,682 | €19,115 | +€12,433 | +186% |
| Income taxes | 67/77 | €2,240 | €4,654 | +€2,414 | +108% |
| Profit (loss) for the period | 9904 | €4,442 | €14,461 | +€10,019 | +226% |
| Profit (loss) for the period to be appropriated | 9905 | €4,442 | €14,461 | +€10,019 | +226% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.