MANVA: 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.
MANVA
Largest movements
- Tangible fixed assets -€14,696
down €14,696 (-21.5%), from €68,379 to €53,683
of which Leasing and similar rights: -€9,519
- Cash -€5,366
down €5,366 (-44.6%), from €12,021 to €6,655
mainly Other debts (-€19,364) and Current portion of long-term debt (-€8,916)
- Receivables within one year +€2,902
up €2,902 (+27.4%), from €10,608 to €13,510
of which Trade receivables: +€2,740
- Deferred charges and accrued income +€1,564
new in 2025: €1,564
- Reserves +€20,044
up €20,044 (+53.2%), from €37,654 to €57,697
- Other debts -€19,364
no longer reported in 2025 (was €19,364)
- Current portion of long-term debt -€8,916
down €8,916 (-64.6%), from €13,804 to €4,888
- Debts after one year -€7,491
no longer reported in 2025 (was €7,491)
- Gross operating margin +€17,144
up €17,144 (+58.6%), from €29,280 to €46,425
- Taxes +€4,286
up €4,286 (+110%), from €3,902 to €8,188
- Depreciation +€3,917
up €3,917 (+31.9%), from €12,262 to €16,179
- Financial charges -€505
down €505 (-45.7%), from €1,105 to €601
- Other operating charges +€496
up €496 (+51.8%), from €958 to €1,454
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 | €91,007 | €75,411 | -€15,597 | -17.1% |
| Fixed assets | 21/28 | €68,379 | €53,683 | -€14,696 | -21.5% |
| Tangible fixed assets | 22/27 | €68,379 | €53,683 | -€14,696 | -21.5% |
| Land and buildings | 22 | €33,741 | €30,366 | -€3,375 | -10.0% |
| Plant, machinery and equipment | 23 | €3,205 | €3,249 | +€44 | +1.4% |
| Furniture and vehicles | 24 | €5,253 | €3,930 | -€1,323 | -25.2% |
| Leasing and similar rights | 25 | €21,124 | €11,605 | -€9,519 | -45.1% |
| Other tangible fixed assets | 26 | €5,056 | €4,533 | -€523 | -10.3% |
| Current assets | 29/58 | €22,629 | €21,728 | -€900 | -4.0% |
| Amounts receivable within one year | 40/41 | €10,608 | €13,510 | +€2,902 | +27.4% |
| Trade receivables | 40 | €10,608 | €13,348 | +€2,740 | +25.8% |
| Other amounts receivable | 41 | - | €162 | +€162 | |
| Cash at bank and in hand | 54/58 | €12,021 | €6,655 | -€5,366 | -44.6% |
| Deferred charges and accrued income | 490/1 | - | €1,564 | +€1,564 | |
| Total equity and liabilities | 10/49 | €91,007 | €75,411 | -€15,597 | -17.1% |
| Equity | 10/15 | €38,404 | €58,447 | +€20,044 | +52.2% |
| Contributions | 10/11 | €750 | €750 | = | 0.0% |
| Reserves | 13 | €37,654 | €57,697 | +€20,044 | +53.2% |
| Distributable reserves | 133 | €37,654 | €57,697 | +€20,044 | +53.2% |
| Amounts payable | 17/49 | €52,604 | €16,963 | -€35,640 | -67.8% |
| Amounts payable after more than one year | 17 | €7,491 | - | -€7,491 | |
| Financial debts | 170/4 | €7,491 | - | -€7,491 | |
| Amounts payable within one year | 42/48 | €45,113 | €16,963 | -€28,149 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €13,804 | €4,888 | -€8,916 | -64.6% |
| Trade debts | 44 | €2,961 | €2,356 | -€605 | -20.4% |
| Suppliers | 440/4 | €2,961 | €2,356 | -€605 | -20.4% |
| Taxes, remuneration and social security | 45 | €8,983 | €9,719 | +€736 | +8.2% |
| Taxes | 450/3 | €8,983 | €9,719 | +€736 | +8.2% |
| Other amounts payable | 47/48 | €19,364 | - | -€19,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,262 | €16,179 | +€3,917 | +31.9% |
| Other operating charges | 640/8 | €958 | €1,454 | +€496 | +51.8% |
| Gross operating margin | 9900 | €29,280 | €46,425 | +€17,144 | +58.6% |
| Operating profit (loss) | 9901 | €16,060 | €28,792 | +€12,732 | +79.3% |
| Financial income | 75/76B | €91 | €40 | -€52 | -56.5% |
| Recurring financial income | 75 | €91 | €40 | -€52 | -56.5% |
| Financial charges | 65/66B | €1,105 | €601 | -€505 | -45.7% |
| Recurring financial charges | 65 | €1,105 | €601 | -€505 | -45.7% |
| Profit (loss) for the period before taxes | 9903 | €15,046 | €28,231 | +€13,185 | +87.6% |
| Income taxes | 67/77 | €3,902 | €8,188 | +€4,286 | +110% |
| Profit (loss) for the period | 9904 | €11,144 | €20,044 | +€8,899 | +79.9% |
| Profit (loss) for the period to be appropriated | 9905 | €11,144 | €20,044 | +€8,899 | +79.9% |
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 14 October 2026 via checked.be.