MANOVIA: 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.
MANOVIA
Largest movements
- Receivables within one year +€20,223
up €20,223 (+442%), from €4,573 to €24,796
of which Other amounts receivable: +€22,643
- Cash +€16,581
up €16,581 (+59.9%), from €27,697 to €44,278
mainly Net result for the year (+€38,132) and Other debts (+€29,905)
- Tangible fixed assets -€4,102
down €4,102 (-3.8%), from €107,905 to €103,802
of which Land and buildings: -€3,305
- Reserves +€40,221
up €40,221 (+20.6%), from €195,095 to €235,316
of which Distributable reserves: +€40,221
- Profit (loss) carried forward -€32,089
no longer reported in 2025 (was €32,089)
- Other debts +€29,905
up €29,905 (+31,317%), from €95 to €30,000
- Tax, wage and social debts -€5,801
down €5,801 (-93.9%), from €6,175 to €374
- Gross operating margin +€6,414
up €6,414 (+14.5%), from €44,344 to €50,758
- Taxes +€1,207
up €1,207 (+37.8%), from €3,195 to €4,402
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 | €297,518 | €329,609 | +€32,092 | +10.8% |
| Fixed assets | 21/28 | €264,637 | €260,535 | -€4,102 | -1.6% |
| Tangible fixed assets | 22/27 | €107,905 | €103,802 | -€4,102 | -3.8% |
| Land and buildings | 22 | €104,852 | €101,547 | -€3,305 | -3.2% |
| Plant, machinery and equipment | 23 | €3,053 | €2,255 | -€798 | -26.1% |
| Financial fixed assets | 28 | €156,733 | €156,733 | = | 0.0% |
| Current assets | 29/58 | €32,880 | €69,075 | +€36,194 | +110% |
| Amounts receivable within one year | 40/41 | €4,573 | €24,796 | +€20,223 | +442% |
| Trade receivables | 40 | €2,420 | - | -€2,420 | |
| Other amounts receivable | 41 | €2,153 | €24,796 | +€22,643 | +1,052% |
| Cash at bank and in hand | 54/58 | €27,697 | €44,278 | +€16,581 | +59.9% |
| Deferred charges and accrued income | 490/1 | €610 | - | -€610 | |
| Total equity and liabilities | 10/49 | €297,518 | €329,609 | +€32,092 | +10.8% |
| Equity | 10/15 | €289,184 | €297,316 | +€8,132 | +2.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €195,095 | €235,316 | +€40,221 | +20.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €188,895 | €229,116 | +€40,221 | +21.3% |
| Profit (loss) carried forward | 14 | €32,089 | - | -€32,089 | |
| Amounts payable | 17/49 | €8,334 | €32,294 | +€23,960 | +287% |
| Amounts payable within one year | 42/48 | €8,334 | €32,294 | +€23,960 | +287% |
| Trade debts | 44 | €2,063 | €1,919 | -€144 | -7.0% |
| Suppliers | 440/4 | €2,063 | €1,919 | -€144 | -7.0% |
| Taxes, remuneration and social security | 45 | €6,175 | €374 | -€5,801 | -93.9% |
| Taxes | 450/3 | €6,175 | €374 | -€5,801 | -93.9% |
| Other amounts payable | 47/48 | €95 | €30,000 | +€29,905 | +31,317% |
| Non-recurring operating income | 76A | €273 | - | -€273 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,023 | €4,102 | +€79 | +2.0% |
| Other operating charges | 640/8 | €4,576 | €4,099 | -€477 | -10.4% |
| Non-recurring operating charges | 66A | €23,282 | - | -€23,282 | |
| Gross operating margin | 9900 | €44,344 | €50,758 | +€6,414 | +14.5% |
| Operating profit (loss) | 9901 | €12,463 | €42,557 | +€30,094 | +241% |
| Financial income | 75/76B | €143 | €7 | -€136 | -94.8% |
| Recurring financial income | 75 | €143 | €7 | -€136 | -94.8% |
| Financial charges | 65/66B | €29 | €30 | +€2 | +5.3% |
| Recurring financial charges | 65 | €29 | €30 | +€2 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €12,578 | €42,534 | +€29,956 | +238% |
| Income taxes | 67/77 | €3,195 | €4,402 | +€1,207 | +37.8% |
| Profit (loss) for the period | 9904 | €9,383 | €38,132 | +€28,749 | +306% |
| Profit (loss) for the period to be appropriated | 9905 | €9,383 | €38,132 | +€28,749 | +306% |
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 24 October 2026 via checked.be.