Manolian: what changed
Two fiscal 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.
Manolian
Largest movements
- Tangible fixed assets +€359,922
up €359,922 (+14886.5%), from €2,418 to €362,340
of which Land and buildings: +€321,084
- Cash -€33,627
down €33,627 (-35.4%), from €95,106 to €61,479
mainly Investment in fixed assets (net) (-€416,702) and Other debts (-€9,194)
- Debts after one year +€330,000
new in 2025: €330,000
- Trade debts +€10,473
up €10,473 (+260.6%), from €4,019 to €14,492
- Other debts -€9,194
down €9,194 (-16.6%), from €55,398 to €46,204
- Reserves -€7,874
down €7,874 (-21.7%), from €36,225 to €28,351
- Depreciation +€57,950
up €57,950 (+22366.0%), from €259 to €58,209
- Taxes -€10,069
down €10,069 (-97.0%), from €10,384 to €315
- Gross operating margin +€4,466
up €4,466 (+9.3%), from €47,941 to €52,406
- Other operating charges +€564
up €564 (+54.7%), from €1,030 to €1,594
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 | €114,261 | €439,101 | +€324,840 | +284.3% |
| Fixed assets | 21/28 | €3,848 | €362,340 | +€358,492 | +9316.9% |
| Tangible fixed assets | 22/27 | €2,418 | €362,340 | +€359,922 | +14886.5% |
| Land and buildings | 22 | - | €321,084 | +€321,084 | |
| Furniture and vehicles | 24 | €2,418 | €41,257 | +€38,839 | +1606.4% |
| Financial fixed assets | 28 | €1,430 | €0 | -€1,430 | -100.0% |
| Current assets | 29/58 | €110,413 | €76,761 | -€33,652 | -30.5% |
| Amounts receivable within one year | 40/41 | €15,307 | €13,364 | -€1,944 | -12.7% |
| Trade receivables | 40 | €15,212 | €13,269 | -€1,944 | -12.8% |
| Other amounts receivable | 41 | €95 | €95 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €95,106 | €61,479 | -€33,627 | -35.4% |
| Deferred charges and accrued income | 490/1 | - | €1,918 | +€1,918 | |
| Total equity and liabilities | 10/49 | €114,261 | €439,101 | +€324,840 | +284.3% |
| Equity | 10/15 | €38,725 | €30,851 | -€7,874 | -20.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €36,225 | €28,351 | -€7,874 | -21.7% |
| Distributable reserves | 133 | €36,225 | €28,351 | -€7,874 | -21.7% |
| Amounts payable | 17/49 | €75,536 | €408,250 | +€332,714 | +440.5% |
| Amounts payable after more than one year | 17 | - | €330,000 | +€330,000 | |
| Other amounts payable | 178/9 | - | €330,000 | +€330,000 | |
| Amounts payable within one year | 42/48 | €75,536 | €78,250 | +€2,714 | +3.6% |
| Trade debts | 44 | €4,019 | €14,492 | +€10,473 | +260.6% |
| Suppliers | 440/4 | €4,019 | €14,492 | +€10,473 | +260.6% |
| Taxes, remuneration and social security | 45 | €16,118 | €17,554 | +€1,436 | +8.9% |
| Taxes | 450/3 | €16,118 | €17,554 | +€1,436 | +8.9% |
| Other amounts payable | 47/48 | €55,398 | €46,204 | -€9,194 | -16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €259 | €58,209 | +€57,950 | +22366.0% |
| Other operating charges | 640/8 | €1,030 | €1,594 | +€564 | +54.7% |
| Gross operating margin | 9900 | €47,941 | €52,406 | +€4,466 | +9.3% |
| Operating profit (loss) | 9901 | €46,651 | -€7,397 | -€54,048 | |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €42 | €162 | +€120 | +286.1% |
| Recurring financial charges | 65 | €42 | €162 | +€120 | +286.1% |
| Profit (loss) for the period before taxes | 9903 | €46,609 | -€7,559 | -€54,169 | |
| Income taxes | 67/77 | €10,384 | €315 | -€10,069 | -97.0% |
| Profit (loss) for the period | 9904 | €36,225 | -€7,874 | -€44,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €36,225 | -€7,874 | -€44,099 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.