MANORO: 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.
MANORO
Largest movements
- Stocks and contracts -€802,204
down €802,204 (-29.3%), from €2.7m to €1.9m
- Cash +€555,731
up €555,731 (+2869.7%), from €19,365 to €575,096
mainly Stocks and contracts (+€802,204) and Other debts (+€145,422)
- Receivables within one year -€37,654
down €37,654 (-39.2%), from €96,170 to €58,517
of which Other amounts receivable: -€37,654
- Debts after one year -€351,848
down €351,848 (-21.8%), from €1.6m to €1.3m
of which Financial debts: -€351,848
- Current portion of long-term debt -€148,631
down €148,631 (-57.4%), from €258,909 to €110,278
- Other debts +€145,422
up €145,422 (+14.0%), from €1.0m to €1.2m
- Tax, wage and social debts +€124,150
new in 2025: €124,150
- Profit (loss) carried forward -€43,480
down €43,480 (-46.1%), from -€94,244 to -€137,724
- Gross operating margin +€55,119
up €55,119, from -€38,604 to €16,514
- Financial charges +€41,805
up €41,805 (+260.0%), from €16,080 to €57,885
- Other operating charges -€1,424
down €1,424 (-53.6%), from €2,657 to €1,234
- Depreciation +€537
up €537 (+157.2%), from €342 to €879
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 | €2,856,331 | €2,582,074 | -€274,257 | -9.6% |
| Fixed assets | 21/28 | €1,367 | €11,238 | +€9,870 | +721.9% |
| Tangible fixed assets | 22/27 | €1,367 | €11,238 | +€9,870 | +721.9% |
| Furniture and vehicles | 24 | €1,367 | €11,238 | +€9,870 | +721.9% |
| Current assets | 29/58 | €2,854,964 | €2,570,837 | -€284,127 | -10.0% |
| Stocks and contracts in progress | 3 | €2,739,428 | €1,937,224 | -€802,204 | -29.3% |
| Stocks | 30/36 | €2,739,428 | €1,937,224 | -€802,204 | -29.3% |
| Amounts receivable within one year | 40/41 | €96,170 | €58,517 | -€37,654 | -39.2% |
| Trade receivables | 40 | €58,480 | €58,480 | = | 0.0% |
| Other amounts receivable | 41 | €37,690 | €37 | -€37,654 | -99.9% |
| Cash at bank and in hand | 54/58 | €19,365 | €575,096 | +€555,731 | +2869.7% |
| Total equity and liabilities | 10/49 | €2,856,331 | €2,582,074 | -€274,257 | -9.6% |
| Equity | 10/15 | -€91,244 | -€134,724 | -€43,480 | -47.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€94,244 | -€137,724 | -€43,480 | -46.1% |
| Amounts payable | 17/49 | €2,947,575 | €2,716,798 | -€230,777 | -7.8% |
| Amounts payable after more than one year | 17 | €1,611,465 | €1,259,617 | -€351,848 | -21.8% |
| Financial debts | 170/4 | €1,511,465 | €1,159,617 | -€351,848 | -23.3% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,336,110 | €1,457,182 | +€121,071 | +9.1% |
| Current portion of amounts payable after more than one year | 42 | €258,909 | €110,278 | -€148,631 | -57.4% |
| Trade debts | 44 | €37,212 | €37,342 | +€130 | +0.4% |
| Suppliers | 440/4 | €37,212 | €37,342 | +€130 | +0.4% |
| Taxes, remuneration and social security | 45 | - | €124,150 | +€124,150 | |
| Taxes | 450/3 | - | €124,150 | +€124,150 | |
| Other amounts payable | 47/48 | €1,039,989 | €1,185,412 | +€145,422 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €342 | €879 | +€537 | +157.2% |
| Other operating charges | 640/8 | €2,657 | €1,234 | -€1,424 | -53.6% |
| Gross operating margin | 9900 | -€38,604 | €16,514 | +€55,119 | |
| Operating profit (loss) | 9901 | -€41,603 | €14,402 | +€56,005 | |
| Financial income | 75/76B | €4 | €3 | -€1 | -21.2% |
| Recurring financial income | 75 | €4 | €3 | -€1 | -21.2% |
| Financial charges | 65/66B | €16,080 | €57,885 | +€41,805 | +260.0% |
| Recurring financial charges | 65 | €16,080 | €57,885 | +€41,805 | +260.0% |
| Profit (loss) for the period before taxes | 9903 | -€57,679 | -€43,480 | +€14,199 | +24.6% |
| Income taxes | 67/77 | €21 | - | -€21 | |
| Profit (loss) for the period | 9904 | -€57,700 | -€43,480 | +€14,220 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,700 | -€43,480 | +€14,220 | +24.6% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.