MANORA LOGISTICS: 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.
What changed
MANORA LOGISTICS
NACE 52.250, Logistics services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€698,225
2024 · €309,401+€388,824
Equity
€1.9m
2024 · €1.2m+€680,225
Cash
€951,243
2024 · €926,337+€24,906
Balance sheet total
€5.9m
2024 · €4.1m+€1.8m
Largest movements
Assets
- Receivables within one year +€1.7m
up €1.7m (+61.4%), from €2.7m to €4.4m
of which Trade receivables: +€972,553
- Tangible fixed assets +€62,770
up €62,770 (+22.8%), from €275,001 to €337,771
of which Furniture and vehicles: +€84,050
Equity and liabilities
- Trade debts +€1.1m
up €1.1m (+75.6%), from €1.4m to €2.5m
- Reserves +€680,225
up €680,225 (+57.0%), from €1.2m to €1.9m
- Other debts -€165,595
down €165,595 (-31.7%), from €523,121 to €357,526
- Tax, wage and social debts +€163,220
up €163,220 (+455%), from €35,874 to €199,095
of which Taxes: +€158,678
- Accrued charges and deferred income +€123,811
up €123,811, from €0 to €123,811
Income statement
- Turnover -€24.6m
no longer reported in 2025 (was €24.6m)
- Purchases and services -€23.5m
no longer reported in 2025 (was €23.5m)
- Gross operating margin +€532,535
up €532,535 (+49.7%), from €1.1m to €1.6m
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.
Result 2024
€309,401
Gross operating margin
+€532,535
Staff costs
-€39,358
Depreciation
-€16,842
Other operating charges
+€1,406
Financial income
+€4,874
Financial charges
+€69,421
Taxes
-€163,212
Result 2025
€698,225
raises the resultlowers the result
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.
From operations
+€288,632
Investment
-€185,273
Financing
-€78,453
Cash 2024
€926,337
From operations (derived)
+€288,632
Net result for the year
+€698,225
Depreciation
+€122,503
Receivables within one year
-€1.7m
Deferred charges and accrued income
-€45,741
Trade debts
+€1.1m
Tax, wage and social debts
+€163,220
Other debts
-€165,595
Accrued charges and deferred income
+€123,811
Investment (derived)
-€185,273
Investment in fixed assets (net)
-€185,273
Financing
-€78,453
Debts after one year
-€45,661
Current portion of long-term debt
-€18,555
Short-term financial debts
+€3,763
Contributions, distributions and other
-€18,000
Cash 2025
€951,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,059,172 | €5,879,643 | +€1.8m | +44.8% |
| Fixed assets | 21/28 | €323,741 | €386,511 | +€62,770 | +19.4% |
| Tangible fixed assets | 22/27 | €275,001 | €337,771 | +€62,770 | +22.8% |
| Land and buildings | 22 | €120,084 | €91,993 | -€28,092 | -23.4% |
| Plant, machinery and equipment | 23 | €11,361 | €18,172 | +€6,811 | +60.0% |
| Furniture and vehicles | 24 | €143,556 | €227,606 | +€84,050 | +58.5% |
| Financial fixed assets | 28 | €48,740 | €48,740 | = | 0.0% |
| Current assets | 29/58 | €3,735,432 | €5,493,132 | +€1.8m | +47.1% |
| Amounts receivable within one year | 40/41 | €2,745,575 | €4,432,628 | +€1.7m | +61.4% |
| Trade receivables | 40 | €2,053,292 | €3,025,845 | +€972,553 | +47.4% |
| Other amounts receivable | 41 | €692,283 | €1,406,783 | +€714,500 | +103% |
| Cash at bank and in hand | 54/58 | €926,337 | €951,243 | +€24,906 | +2.7% |
| Deferred charges and accrued income | 490/1 | €63,520 | €109,261 | +€45,741 | +72.0% |
| Total equity and liabilities | 10/49 | €4,059,172 | €5,879,643 | +€1.8m | +44.8% |
| Equity | 10/15 | €1,214,371 | €1,894,595 | +€680,225 | +56.0% |
| Contributions | 10/11 | €21,500 | €21,500 | = | 0.0% |
| Reserves | 13 | €1,192,871 | €1,873,095 | +€680,225 | +57.0% |
| Distributable reserves | 133 | €1,192,871 | €1,873,095 | +€680,225 | +57.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,844,802 | €3,985,048 | +€1.1m | +40.1% |
| Amounts payable after more than one year | 17 | €794,482 | €748,821 | -€45,661 | -5.7% |
| Financial debts | 170/4 | €144,482 | €98,821 | -€45,661 | -31.6% |
| Other amounts payable | 178/9 | €650,000 | €650,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €2,050,319 | €3,112,416 | +€1.1m | +51.8% |
| Current portion of amounts payable after more than one year | 42 | €64,216 | €45,661 | -€18,555 | -28.9% |
| Financial debts | 43 | €144 | €3,906 | +€3,763 | +2,621% |
| Credit institutions | 430/8 | €144 | €3,906 | +€3,763 | +2,621% |
| Trade debts | 44 | €1,426,965 | €2,506,228 | +€1.1m | +75.6% |
| Suppliers | 440/4 | €1,426,965 | €2,506,228 | +€1.1m | +75.6% |
| Taxes, remuneration and social security | 45 | €35,874 | €199,095 | +€163,220 | +455% |
| Taxes | 450/3 | €0 | €158,678 | +€158,678 | |
| Remuneration and social security | 454/9 | €35,874 | €40,417 | +€4,543 | +12.7% |
| Other amounts payable | 47/48 | €523,121 | €357,526 | -€165,595 | -31.7% |
| Accrued charges and deferred income | 492/3 | €0 | €123,811 | +€123,811 | |
| Turnover | 70 | €24,586,774 | - | -€24.6m | |
| Non-recurring operating income | 76A | €0 | €15,959 | +€15,959 | |
| Goods, raw materials, services and sundry goods | 60/61 | €23,533,978 | - | -€23.5m | |
| Remuneration, social security and pensions | 62 | €317,935 | €357,293 | +€39,358 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €105,661 | €122,503 | +€16,842 | +15.9% |
| Other operating charges | 640/8 | €5,668 | €4,262 | -€1,406 | -24.8% |
| Gross operating margin | 9900 | €1,070,972 | €1,603,507 | +€532,535 | +49.7% |
| Operating profit (loss) | 9901 | €641,708 | €1,119,449 | +€477,741 | +74.4% |
| Financial income | 75/76B | €14,561 | €19,435 | +€4,874 | +33.5% |
| Recurring financial income | 75 | €14,561 | €19,435 | +€4,874 | +33.5% |
| Financial charges | 65/66B | €176,402 | €106,981 | -€69,421 | -39.4% |
| Recurring financial charges | 65 | €116,569 | €106,981 | -€9,588 | -8.2% |
| Non-recurring financial charges | 66B | €59,832 | €0 | -€59,832 | -100% |
| Profit (loss) for the period before taxes | 9903 | €479,867 | €1,031,902 | +€552,035 | +115% |
| Income taxes | 67/77 | €170,466 | €333,678 | +€163,212 | +95.7% |
| Profit (loss) for the period | 9904 | €309,401 | €698,225 | +€388,824 | +126% |
| Profit (loss) for the period to be appropriated | 9905 | €309,401 | €698,225 | +€388,824 | +126% |
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 16 October 2026 via checked.be.