MaNor: what changed
MaNor
Largest movements
- Stocks and contracts -€496,317
no longer reported in 2025 (was €496,317)
- Cash +€400,389
up €400,389 (+4,066%), from €9,848 to €410,237
mainly Stocks and contracts (+€496,317) and Net result for the year (+€198,763)
- Receivables within one year -€30,254
down €30,254 (-100.0%), from €30,268 to €14
of which Other amounts receivable: -€29,922
- Deferred charges and accrued income +€13,695
up €13,695 (+1,660%), from €825 to €14,520
- Current portion of long-term debt -€430,000
no longer reported in 2025 (was €430,000)
- Profit (loss) carried forward +€198,763
up €198,763, from -€52,735 to €146,027
- Other debts +€76,496
up €76,496 (+4,021%), from €1,902 to €78,398
- Tax, wage and social debts +€42,386
new in 2025: €42,386
- Gross operating margin +€283,050
up €283,050, from -€18,450 to €264,600
- Taxes +€42,078
new in 2025: €42,078
- Financial charges -€7,973
down €7,973 (-33.6%), from €23,731 to €15,758
- Other operating charges +€5,386
up €5,386 (+205%), from €2,621 to €8,007
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €537,258 | €424,771 | -€112,487 | -20.9% |
| Current assets | 29/58 | €537,258 | €424,771 | -€112,487 | -20.9% |
| Stocks and contracts in progress | 3 | €496,317 | - | -€496,317 | |
| Stocks | 30/36 | €496,317 | - | -€496,317 | |
| Amounts receivable within one year | 40/41 | €30,268 | €14 | -€30,254 | -100.0% |
| Trade receivables | 40 | €346 | €14 | -€332 | -96.0% |
| Other amounts receivable | 41 | €29,922 | - | -€29,922 | |
| Cash at bank and in hand | 54/58 | €9,848 | €410,237 | +€400,389 | +4,066% |
| Deferred charges and accrued income | 490/1 | €825 | €14,520 | +€13,695 | +1,660% |
| Total equity and liabilities | 10/49 | €537,258 | €424,771 | -€112,487 | -20.9% |
| Equity | 10/15 | -€47,735 | €151,027 | +€198,763 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,735 | €146,027 | +€198,763 | |
| Amounts payable | 17/49 | €584,993 | €273,744 | -€311,249 | -53.2% |
| Amounts payable after more than one year | 17 | €150,000 | €150,000 | = | 0.0% |
| Financial debts | 170/4 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €434,993 | €123,744 | -€311,249 | -71.6% |
| Current portion of amounts payable after more than one year | 42 | €430,000 | - | -€430,000 | |
| Trade debts | 44 | €3,091 | €2,960 | -€131 | -4.3% |
| Suppliers | 440/4 | €3,091 | €2,960 | -€131 | -4.3% |
| Taxes, remuneration and social security | 45 | - | €42,386 | +€42,386 | |
| Taxes | 450/3 | - | €42,386 | +€42,386 | |
| Other amounts payable | 47/48 | €1,902 | €78,398 | +€76,496 | +4,021% |
| Non-recurring operating income | 76A | €44 | €17,225 | +€17,181 | +39,109% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €880 | - | -€880 | |
| Other operating charges | 640/8 | €2,621 | €8,007 | +€5,386 | +205% |
| Non-recurring operating charges | 66A | €7,053 | - | -€7,053 | |
| Gross operating margin | 9900 | -€18,450 | €264,600 | +€283,050 | |
| Operating profit (loss) | 9901 | -€29,004 | €256,593 | +€285,597 | |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €23,731 | €15,758 | -€7,973 | -33.6% |
| Recurring financial charges | 65 | €23,731 | €15,758 | -€7,973 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | -€52,735 | €240,841 | +€293,576 | |
| Income taxes | 67/77 | - | €42,078 | +€42,078 | |
| Profit (loss) for the period | 9904 | -€52,735 | €198,763 | +€251,498 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,735 | €198,763 | +€251,498 |
Next steps
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 3 November 2026 via checked.be.