MANOUA: 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.
MANOUA
Largest movements
- Tangible fixed assets -€22,137
down €22,137 (-24.0%), from €92,058 to €69,921
of which Leasing and similar rights: -€18,190
- Cash +€4,760
up €4,760 (+276.9%), from €1,719 to €6,479
mainly Depreciation (+€23,694) and Net result for the year (+€12,374)
- Receivables within one year -€3,570
down €3,570 (-21.9%), from €16,293 to €12,722
of which Trade receivables: -€16,293
- Debts after one year -€11,168
down €11,168 (-24.1%), from €46,407 to €35,238
- Trade debts -€7,560
down €7,560 (-86.5%), from €8,740 to €1,180
- Profit (loss) carried forward -€5,626
down €5,626 (-14.0%), from €40,135 to €34,509
- Tax, wage and social debts +€1,986
up €1,986 (+50.9%), from €3,906 to €5,892
- Accrued charges and deferred income +€1,500
new in 2025: €1,500
- Depreciation +€6,590
up €6,590 (+38.5%), from €17,105 to €23,694
- Gross operating margin +€4,892
up €4,892 (+12.4%), from €39,301 to €44,193
- Taxes -€924
down €924 (-20.9%), from €4,423 to €3,499
- Other operating charges -€804
down €804 (-28.1%), from €2,855 to €2,052
- Financial income +€611
up €611 (+1526325.0%), from €0 to €611
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 | €147,077 | €126,084 | -€20,994 | -14.3% |
| Fixed assets | 21/28 | €127,058 | €104,921 | -€22,137 | -17.4% |
| Tangible fixed assets | 22/27 | €92,058 | €69,921 | -€22,137 | -24.0% |
| Furniture and vehicles | 24 | €10,203 | €6,256 | -€3,947 | -38.7% |
| Leasing and similar rights | 25 | €81,855 | €63,665 | -€18,190 | -22.2% |
| Financial fixed assets | 28 | €35,000 | €35,000 | = | 0.0% |
| Current assets | 29/58 | €20,019 | €21,163 | +€1,144 | +5.7% |
| Amounts receivable within one year | 40/41 | €16,293 | €12,722 | -€3,570 | -21.9% |
| Trade receivables | 40 | €16,293 | - | -€16,293 | |
| Other amounts receivable | 41 | - | €12,722 | +€12,722 | |
| Cash at bank and in hand | 54/58 | €1,719 | €6,479 | +€4,760 | +276.9% |
| Deferred charges and accrued income | 490/1 | €2,008 | €1,961 | -€46 | -2.3% |
| Total equity and liabilities | 10/49 | €147,077 | €126,084 | -€20,994 | -14.3% |
| Equity | 10/15 | €58,735 | €53,109 | -€5,626 | -9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,135 | €34,509 | -€5,626 | -14.0% |
| Amounts payable | 17/49 | €88,342 | €72,974 | -€15,368 | -17.4% |
| Amounts payable after more than one year | 17 | €46,407 | €35,238 | -€11,168 | -24.1% |
| Financial debts | 170/4 | €46,407 | €35,238 | -€11,168 | -24.1% |
| Amounts payable within one year | 42/48 | €41,935 | €36,236 | -€5,699 | -13.6% |
| Current portion of amounts payable after more than one year | 42 | €10,579 | €11,165 | +€586 | +5.5% |
| Trade debts | 44 | €8,740 | €1,180 | -€7,560 | -86.5% |
| Suppliers | 440/4 | €8,740 | €1,180 | -€7,560 | -86.5% |
| Taxes, remuneration and social security | 45 | €3,906 | €5,892 | +€1,986 | +50.9% |
| Taxes | 450/3 | €3,906 | €5,892 | +€1,986 | +50.9% |
| Other amounts payable | 47/48 | €18,711 | €18,000 | -€711 | -3.8% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €13,639 | - | -€13,639 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,105 | €23,694 | +€6,590 | +38.5% |
| Other operating charges | 640/8 | €2,855 | €2,052 | -€804 | -28.1% |
| Gross operating margin | 9900 | €39,301 | €44,193 | +€4,892 | +12.4% |
| Operating profit (loss) | 9901 | €19,341 | €18,447 | -€894 | -4.6% |
| Financial income | 75/76B | €0 | €611 | +€611 | +1526325.0% |
| Recurring financial income | 75 | €0 | €611 | +€611 | +1526325.0% |
| Financial charges | 65/66B | €2,836 | €3,185 | +€349 | +12.3% |
| Recurring financial charges | 65 | €2,836 | €3,185 | +€349 | +12.3% |
| Profit (loss) for the period before taxes | 9903 | €16,505 | €15,873 | -€632 | -3.8% |
| Income taxes | 67/77 | €4,423 | €3,499 | -€924 | -20.9% |
| Profit (loss) for the period | 9904 | €12,083 | €12,374 | +€292 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €12,083 | €12,374 | +€292 | +2.4% |
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 7 October 2026 via checked.be.