Manserra: 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.
Manserra
Largest movements
- Current investments +€28,371
new in 2025: €28,371
- Cash +€11,235
up €11,235 (+23.3%), from €48,285 to €59,520
mainly Net result for the year (+€40,657) and Depreciation (+€2,864)
- Tangible fixed assets -€2,864
down €2,864 (-25.8%), from €11,088 to €8,224
- Reserves +€40,657
up €40,657 (+82.5%), from €49,308 to €89,965
- Tax, wage and social debts -€3,568
down €3,568 (-17.7%), from €20,212 to €16,644
- Gross operating margin -€6,928
down €6,928 (-9.6%), from €71,838 to €64,910
- Financial charges +€1,809
up €1,809 (+64.3%), from €2,814 to €4,623
- Depreciation -€1,292
down €1,292 (-31.1%), from €4,156 to €2,864
- Taxes +€1,177
up €1,177 (+8.0%), from €14,734 to €15,912
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 | €79,681 | €115,767 | +€36,086 | +45.3% |
| Fixed assets | 21/28 | €11,088 | €8,224 | -€2,864 | -25.8% |
| Tangible fixed assets | 22/27 | €11,088 | €8,224 | -€2,864 | -25.8% |
| Furniture and vehicles | 24 | €11,088 | €8,224 | -€2,864 | -25.8% |
| Current assets | 29/58 | €68,593 | €107,543 | +€38,950 | +56.8% |
| Amounts receivable within one year | 40/41 | €20,308 | €19,572 | -€736 | -3.6% |
| Trade receivables | 40 | €20,095 | €19,232 | -€863 | -4.3% |
| Other amounts receivable | 41 | €214 | €340 | +€127 | +59.3% |
| Current investments | 50/53 | - | €28,371 | +€28,371 | |
| Cash at bank and in hand | 54/58 | €48,285 | €59,520 | +€11,235 | +23.3% |
| Deferred charges and accrued income | 490/1 | - | €80 | +€80 | |
| Total equity and liabilities | 10/49 | €79,681 | €115,767 | +€36,086 | +45.3% |
| Equity | 10/15 | €54,308 | €94,965 | +€40,657 | +74.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €49,308 | €89,965 | +€40,657 | +82.5% |
| Distributable reserves | 133 | €49,308 | €89,965 | +€40,657 | +82.5% |
| Amounts payable | 17/49 | €25,373 | €20,802 | -€4,571 | -18.0% |
| Amounts payable within one year | 42/48 | €25,373 | €20,802 | -€4,571 | -18.0% |
| Trade debts | 44 | €4,610 | €4,158 | -€452 | -9.8% |
| Suppliers | 440/4 | €4,610 | €4,158 | -€452 | -9.8% |
| Taxes, remuneration and social security | 45 | €20,212 | €16,644 | -€3,568 | -17.7% |
| Taxes | 450/3 | €20,212 | €16,644 | -€3,568 | -17.7% |
| Other amounts payable | 47/48 | €551 | - | -€551 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,156 | €2,864 | -€1,292 | -31.1% |
| Other operating charges | 640/8 | €826 | €865 | +€39 | +4.7% |
| Gross operating margin | 9900 | €71,838 | €64,910 | -€6,928 | -9.6% |
| Operating profit (loss) | 9901 | €66,856 | €61,181 | -€5,675 | -8.5% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €2,814 | €4,623 | +€1,809 | +64.3% |
| Recurring financial charges | 65 | €2,814 | €4,623 | +€1,809 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €64,042 | €56,568 | -€7,474 | -11.7% |
| Income taxes | 67/77 | €14,734 | €15,912 | +€1,177 | +8.0% |
| Profit (loss) for the period | 9904 | €49,308 | €40,657 | -€8,651 | -17.5% |
| Profit (loss) for the period to be appropriated | 9905 | €49,308 | €40,657 | -€8,651 | -17.5% |
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 30 September 2026 via checked.be.