MANOLAVA: 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.
MANOLAVA
Largest movements
- Cash -€637,167
down €637,167 (-58.7%), from €1.1m to €447,873
mainly Trade debts (-€358,181) and Investment in fixed assets (net) (-€244,446)
- Receivables within one year +€199,153
up €199,153 (+64.4%), from €309,377 to €508,529
of which Trade receivables: +€114,807
- Stocks and contracts +€113,181
up €113,181 (+14.4%), from €787,131 to €900,312
- Trade debts -€358,181
down €358,181 (-19.4%), from €1.8m to €1.5m
- Accrued charges and deferred income -€142,220
down €142,220 (-99.3%), from €143,227 to €1,007
- Debts after one year +€121,033
up €121,033 (+52.3%), from €231,437 to €352,470
of which Financial debts: +€121,033
- Profit (loss) carried forward +€110,148
up €110,148, from -€110,148 to €0
- Current portion of long-term debt -€74,250
down €74,250 (-23.1%), from €320,965 to €246,714
- Staff costs -€102,212
down €102,212 (-7.0%), from €1.5m to €1.4m
- Gross operating margin -€49,933
down €49,933 (-2.5%), from €2.0m to €2.0m
- Other operating charges +€41,117
up €41,117 (+99.7%), from €41,240 to €82,357
- Depreciation -€33,775
down €33,775 (-11.5%), from €293,245 to €259,470
- Taxes +€21,747
up €21,747 (+97.6%), from €22,279 to €44,026
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.
Cash bridge derived
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 | €2,975,895 | €2,622,597 | -€353,298 | -11.9% |
| Fixed assets | 21/28 | €776,738 | €761,714 | -€15,024 | -1.9% |
| Tangible fixed assets | 22/27 | €725,305 | €704,424 | -€20,880 | -2.9% |
| Land and buildings | 22 | €256,953 | €253,401 | -€3,552 | -1.4% |
| Plant, machinery and equipment | 23 | €394,502 | €336,778 | -€57,724 | -14.6% |
| Furniture and vehicles | 24 | €70,026 | €111,282 | +€41,256 | +58.9% |
| Leasing and similar rights | 25 | €3,823 | €2,963 | -€860 | -22.5% |
| Financial fixed assets | 28 | €51,434 | €57,290 | +€5,857 | +11.4% |
| Current assets | 29/58 | €2,199,157 | €1,860,882 | -€338,275 | -15.4% |
| Stocks and contracts in progress | 3 | €787,131 | €900,312 | +€113,181 | +14.4% |
| Stocks | 30/36 | €787,131 | €900,312 | +€113,181 | +14.4% |
| Amounts receivable within one year | 40/41 | €309,377 | €508,529 | +€199,153 | +64.4% |
| Trade receivables | 40 | €137,333 | €252,141 | +€114,807 | +83.6% |
| Other amounts receivable | 41 | €172,043 | €256,389 | +€84,345 | +49.0% |
| Cash at bank and in hand | 54/58 | €1,085,040 | €447,873 | -€637,167 | -58.7% |
| Deferred charges and accrued income | 490/1 | €17,610 | €4,168 | -€13,442 | -76.3% |
| Total equity and liabilities | 10/49 | €2,975,895 | €2,622,597 | -€353,298 | -11.9% |
| Equity | 10/15 | €125,427 | €245,634 | +€120,207 | +95.8% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €85,575 | €95,634 | +€10,059 | +11.8% |
| Non-distributable reserves | 130/1 | €1,375 | €6,087 | +€4,713 | +342.9% |
| Legal reserve | 130 | €1,375 | €6,087 | +€4,713 | +342.9% |
| Tax-exempt reserves | 132 | €84,200 | €0 | -€84,200 | -100.0% |
| Distributable reserves | 133 | - | €89,546 | +€89,546 | |
| Profit (loss) carried forward | 14 | -€110,148 | €0 | +€110,148 | |
| Amounts payable | 17/49 | €2,850,468 | €2,376,963 | -€473,505 | -16.6% |
| Amounts payable after more than one year | 17 | €231,437 | €352,470 | +€121,033 | +52.3% |
| Financial debts | 170/4 | €227,637 | €348,670 | +€121,033 | +53.2% |
| Other amounts payable | 178/9 | €3,800 | €3,800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,475,805 | €2,023,486 | -€452,319 | -18.3% |
| Current portion of amounts payable after more than one year | 42 | €320,965 | €246,714 | -€74,250 | -23.1% |
| Financial debts | 43 | €99,263 | €131,000 | +€31,737 | +32.0% |
| Credit institutions | 430/8 | €99,263 | €131,000 | +€31,737 | +32.0% |
| Trade debts | 44 | €1,848,301 | €1,490,120 | -€358,181 | -19.4% |
| Suppliers | 440/4 | €1,848,301 | €1,490,120 | -€358,181 | -19.4% |
| Taxes, remuneration and social security | 45 | €207,276 | €155,652 | -€51,623 | -24.9% |
| Remuneration and social security | 454/9 | €207,276 | €155,652 | -€51,623 | -24.9% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €143,227 | €1,007 | -€142,220 | -99.3% |
| Non-recurring operating income | 76A | €1,852 | €3,042 | +€1,190 | +64.3% |
| Remuneration, social security and pensions | 62 | €1,466,430 | €1,364,218 | -€102,212 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €293,245 | €259,470 | -€33,775 | -11.5% |
| Other operating charges | 640/8 | €41,240 | €82,357 | +€41,117 | +99.7% |
| Non-recurring operating charges | 66A | €6,722 | €63 | -€6,658 | -99.1% |
| Gross operating margin | 9900 | €2,024,119 | €1,974,187 | -€49,933 | -2.5% |
| Operating profit (loss) | 9901 | €216,483 | €268,078 | +€51,595 | +23.8% |
| Financial income | 75/76B | €5,988 | €26,162 | +€20,174 | +336.9% |
| Recurring financial income | 75 | €5,988 | €26,162 | +€20,174 | +336.9% |
| Financial charges | 65/66B | €137,626 | €130,008 | -€7,618 | -5.5% |
| Recurring financial charges | 65 | €111,608 | €106,523 | -€5,085 | -4.6% |
| Non-recurring financial charges | 66B | €26,017 | €23,485 | -€2,533 | -9.7% |
| Profit (loss) for the period before taxes | 9903 | €84,845 | €164,233 | +€79,387 | +93.6% |
| Income taxes | 67/77 | €22,279 | €44,026 | +€21,747 | +97.6% |
| Profit (loss) for the period | 9904 | €62,567 | €120,207 | +€57,640 | +92.1% |
| Transfer from tax-exempt reserves | 789 | €8,420 | €84,200 | +€75,780 | +900.0% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €70,987 | €204,407 | +€133,420 | +188.0% |
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 12 October 2026 via checked.be.