MANORA: 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.
MANORA
Largest movements
- Cash -€45,490
down €45,490 (-62.3%), from €72,987 to €27,497
mainly Investment in fixed assets (net) (-€41,311) and Contributions, distributions and other (-€40,000)
- Tangible fixed assets +€27,810
up €27,810 (+62.2%), from €44,700 to €72,511
of which Land and buildings: +€27,683
- Receivables within one year -€14,490
down €14,490 (-38.1%), from €38,067 to €23,576
of which Trade receivables: -€15,490
- Reserves -€33,482
down €33,482 (-24.1%), from €138,916 to €105,433
- Depreciation -€3,483
down €3,483 (-20.5%), from €16,984 to €13,501
- Other operating charges +€2,240
up €2,240 (+78.4%), from €2,858 to €5,098
- Gross operating margin +€1,912
up €1,912 (+6.9%), from €27,908 to €29,821
- Taxes +€1,000
up €1,000 (+28.9%), from €3,461 to €4,461
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 | €157,445 | €125,508 | -€31,937 | -20.3% |
| Fixed assets | 21/28 | €44,700 | €72,511 | +€27,810 | +62.2% |
| Tangible fixed assets | 22/27 | €44,700 | €72,511 | +€27,810 | +62.2% |
| Land and buildings | 22 | €20,720 | €48,403 | +€27,683 | +134% |
| Plant, machinery and equipment | 23 | €4,320 | €3,084 | -€1,235 | -28.6% |
| Furniture and vehicles | 24 | €12,541 | €7,514 | -€5,027 | -40.1% |
| Other tangible fixed assets | 26 | €7,120 | €13,510 | +€6,390 | +89.7% |
| Current assets | 29/58 | €112,745 | €52,998 | -€59,747 | -53.0% |
| Amounts receivable within one year | 40/41 | €38,067 | €23,576 | -€14,490 | -38.1% |
| Trade receivables | 40 | €38,067 | €22,576 | -€15,490 | -40.7% |
| Other amounts receivable | 41 | €0 | €1,000 | +€1,000 | |
| Cash at bank and in hand | 54/58 | €72,987 | €27,497 | -€45,490 | -62.3% |
| Deferred charges and accrued income | 490/1 | €1,691 | €1,924 | +€233 | +13.8% |
| Total equity and liabilities | 10/49 | €157,445 | €125,508 | -€31,937 | -20.3% |
| Equity | 10/15 | €145,116 | €111,633 | -€33,482 | -23.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €138,916 | €105,433 | -€33,482 | -24.1% |
| Distributable reserves | 133 | €138,916 | €105,433 | -€33,482 | -24.1% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €12,330 | €13,875 | +€1,545 | +12.5% |
| Amounts payable within one year | 42/48 | €12,330 | €13,875 | +€1,545 | +12.5% |
| Financial debts | 43 | €338 | €610 | +€273 | +80.7% |
| Credit institutions | 430/8 | €338 | €610 | +€273 | +80.7% |
| Trade debts | 44 | €921 | €383 | -€538 | -58.4% |
| Suppliers | 440/4 | €921 | €383 | -€538 | -58.4% |
| Taxes, remuneration and social security | 45 | €7,096 | €7,599 | +€503 | +7.1% |
| Taxes | 450/3 | €7,096 | €7,599 | +€503 | +7.1% |
| Other amounts payable | 47/48 | €3,975 | €5,283 | +€1,308 | +32.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,984 | €13,501 | -€3,483 | -20.5% |
| Other operating charges | 640/8 | €2,858 | €5,098 | +€2,240 | +78.4% |
| Gross operating margin | 9900 | €27,908 | €29,821 | +€1,912 | +6.9% |
| Operating profit (loss) | 9901 | €8,067 | €11,222 | +€3,155 | +39.1% |
| Financial income | 75/76B | €0 | €59 | +€59 | |
| Recurring financial income | 75 | €0 | €59 | +€59 | |
| Financial charges | 65/66B | €335 | €302 | -€33 | -9.9% |
| Recurring financial charges | 65 | €335 | €302 | -€33 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €7,732 | €10,979 | +€3,247 | +42.0% |
| Income taxes | 67/77 | €3,461 | €4,461 | +€1,000 | +28.9% |
| Profit (loss) for the period | 9904 | €4,270 | €6,518 | +€2,247 | +52.6% |
| Profit (loss) for the period to be appropriated | 9905 | €4,270 | €6,518 | +€2,247 | +52.6% |
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 13 October 2026 via checked.be.