MANOR: 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.
MANOR
Largest movements
- Current investments -€199,635
down €199,635 (-79.5%), from €251,039 to €51,404
- Tangible fixed assets -€36,042
down €36,042 (-1.1%), from €3.2m to €3.2m
of which Land and buildings: -€19,327
- Cash +€35,946
up €35,946 (+119.4%), from €30,106 to €66,052
mainly Current investments (+€199,635) and Depreciation (+€153,705)
- Debts after one year -€108,982
down €108,982 (-6.6%), from €1.7m to €1.5m
- Reserves -€50,477
down €50,477 (-4.5%), from €1.1m to €1.1m
of which Tax-exempt reserves: -€50,477
- Current portion of long-term debt -€40,877
down €40,877 (-26.5%), from €154,068 to €113,191
- Financial income +€27,341
up €27,341 (+94.8%), from €28,826 to €56,166
- Financial charges -€19,062
down €19,062 (-25.8%), from €73,877 to €54,815
- Depreciation -€9,436
down €9,436 (-5.8%), from €163,141 to €153,705
- Gross operating margin -€9,311
down €9,311 (-7.4%), from €125,205 to €115,894
- Other operating charges +€5,429
up €5,429 (+49.6%), from €10,954 to €16,383
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 | €3,541,437 | €3,338,772 | -€202,665 | -5.7% |
| Fixed assets | 21/28 | €3,240,516 | €3,204,474 | -€36,042 | -1.1% |
| Tangible fixed assets | 22/27 | €3,240,516 | €3,204,474 | -€36,042 | -1.1% |
| Land and buildings | 22 | €3,221,405 | €3,202,078 | -€19,327 | -0.6% |
| Plant, machinery and equipment | 23 | €283 | €0 | -€283 | -100.0% |
| Furniture and vehicles | 24 | €18,829 | €2,397 | -€16,432 | -87.3% |
| Current assets | 29/58 | €300,921 | €134,298 | -€166,623 | -55.4% |
| Amounts receivable within one year | 40/41 | €14,964 | €2,269 | -€12,696 | -84.8% |
| Trade receivables | 40 | €10,874 | €74 | -€10,801 | -99.3% |
| Other amounts receivable | 41 | €4,090 | €2,195 | -€1,895 | -46.3% |
| Current investments | 50/53 | €251,039 | €51,404 | -€199,635 | -79.5% |
| Cash at bank and in hand | 54/58 | €30,106 | €66,052 | +€35,946 | +119.4% |
| Deferred charges and accrued income | 490/1 | €4,812 | €14,573 | +€9,762 | +202.9% |
| Total equity and liabilities | 10/49 | €3,541,437 | €3,338,772 | -€202,665 | -5.7% |
| Equity | 10/15 | €1,055,273 | €1,019,256 | -€36,017 | -3.4% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €1,114,925 | €1,064,447 | -€50,477 | -4.5% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €953,488 | €903,011 | -€50,477 | -5.3% |
| Distributable reserves | 133 | €154,000 | €154,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,019 | -€119,559 | +€14,460 | +10.8% |
| Provisions and deferred taxes | 16 | €317,829 | €301,004 | -€16,826 | -5.3% |
| Deferred taxes | 168 | €317,829 | €301,004 | -€16,826 | -5.3% |
| Amounts payable | 17/49 | €2,168,335 | €2,018,513 | -€149,822 | -6.9% |
| Amounts payable after more than one year | 17 | €1,654,484 | €1,545,502 | -€108,982 | -6.6% |
| Financial debts | 170/4 | €1,654,484 | €1,545,502 | -€108,982 | -6.6% |
| Amounts payable within one year | 42/48 | €507,744 | €465,187 | -€42,558 | -8.4% |
| Current portion of amounts payable after more than one year | 42 | €154,068 | €113,191 | -€40,877 | -26.5% |
| Financial debts | 43 | €408 | - | -€408 | |
| Credit institutions | 430/8 | €408 | - | -€408 | |
| Trade debts | 44 | €6,140 | €5,942 | -€199 | -3.2% |
| Suppliers | 440/4 | €6,140 | €5,942 | -€199 | -3.2% |
| Taxes, remuneration and social security | 45 | €9,368 | €4,083 | -€5,286 | -56.4% |
| Taxes | 450/3 | €9,368 | €4,083 | -€5,286 | -56.4% |
| Other amounts payable | 47/48 | €337,759 | €341,971 | +€4,212 | +1.2% |
| Accrued charges and deferred income | 492/3 | €6,106 | €7,824 | +€1,718 | +28.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,141 | €153,705 | -€9,436 | -5.8% |
| Other operating charges | 640/8 | €10,954 | €16,383 | +€5,429 | +49.6% |
| Gross operating margin | 9900 | €125,205 | €115,894 | -€9,311 | -7.4% |
| Operating profit (loss) | 9901 | -€48,889 | -€54,194 | -€5,305 | -10.9% |
| Financial income | 75/76B | €28,826 | €56,166 | +€27,341 | +94.8% |
| Recurring financial income | 75 | €28,826 | €56,166 | +€27,341 | +94.8% |
| Financial charges | 65/66B | €73,877 | €54,815 | -€19,062 | -25.8% |
| Recurring financial charges | 65 | €73,877 | €54,815 | -€19,062 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | -€93,941 | -€52,843 | +€41,098 | +43.7% |
| Transfer from deferred taxes | 780 | €18,695 | €16,826 | -€1,869 | -10.0% |
| Profit (loss) for the period | 9904 | -€75,245 | -€36,017 | +€39,228 | +52.1% |
| Transfer from tax-exempt reserves | 789 | €56,086 | €50,477 | -€5,609 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,160 | €14,460 | +€33,620 |
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 2 October 2026 via checked.be.