MANZANA: what changed
MANZANA
Largest movements
- Deferred charges and accrued income +€19,245
up €19,245 (+1,306%), from €1,473 to €20,718
- Cash -€10,087
down €10,087 (-52.8%), from €19,113 to €9,026
mainly Deferred charges and accrued income (-€19,245) and Receivables within one year (-€5,179)
- Receivables within one year +€5,179
up €5,179 (+28.5%), from €18,150 to €23,329
of which Trade receivables: +€3,630
- Tangible fixed assets -€2,939
down €2,939 (-5.2%), from €56,191 to €53,253
of which Plant, machinery and equipment: -€1,620
- Profit (loss) carried forward +€9,495
up €9,495 (+6.6%), from -€144,812 to -€135,318
- Tax, wage and social debts +€1,211
up €1,211 (+185%), from €653 to €1,864
of which Taxes: +€1,211
- Gross operating margin +€7,017
up €7,017 (+77.7%), from €9,031 to €16,048
- Depreciation +€240
up €240 (+8.9%), from €2,699 to €2,939
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,927 | €106,326 | +€11,398 | +12.0% |
| Fixed assets | 21/28 | €56,191 | €53,253 | -€2,939 | -5.2% |
| Tangible fixed assets | 22/27 | €56,191 | €53,253 | -€2,939 | -5.2% |
| Land and buildings | 22 | €52,296 | €50,978 | -€1,318 | -2.5% |
| Plant, machinery and equipment | 23 | €3,895 | €2,275 | -€1,620 | -41.6% |
| Current assets | 29/58 | €38,736 | €53,073 | +€14,337 | +37.0% |
| Amounts receivable within one year | 40/41 | €18,150 | €23,329 | +€5,179 | +28.5% |
| Trade receivables | 40 | €18,150 | €21,780 | +€3,630 | +20.0% |
| Other amounts receivable | 41 | - | €1,549 | +€1,549 | |
| Cash at bank and in hand | 54/58 | €19,113 | €9,026 | -€10,087 | -52.8% |
| Deferred charges and accrued income | 490/1 | €1,473 | €20,718 | +€19,245 | +1,306% |
| Total equity and liabilities | 10/49 | €94,927 | €106,326 | +€11,398 | +12.0% |
| Equity | 10/15 | €1,253 | €10,748 | +€9,495 | +758% |
| Contributions | 10/11 | €122,000 | €122,000 | = | 0.0% |
| Reserves | 13 | €24,065 | €24,065 | = | 0.0% |
| Tax-exempt reserves | 132 | €289 | €289 | = | 0.0% |
| Distributable reserves | 133 | €23,776 | €23,776 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€144,812 | -€135,318 | +€9,495 | +6.6% |
| Amounts payable | 17/49 | €93,674 | €95,578 | +€1,903 | +2.0% |
| Amounts payable after more than one year | 17 | €77,697 | €77,697 | = | 0.0% |
| Other amounts payable | 178/9 | €77,697 | €77,697 | = | 0.0% |
| Amounts payable within one year | 42/48 | €15,977 | €17,881 | +€1,903 | +11.9% |
| Trade debts | 44 | €1,450 | €2,142 | +€692 | +47.7% |
| Suppliers | 440/4 | €1,450 | €2,142 | +€692 | +47.7% |
| Taxes, remuneration and social security | 45 | €653 | €1,864 | +€1,211 | +185% |
| Taxes | 450/3 | €653 | €1,864 | +€1,211 | +185% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €13,874 | €13,874 | = | 0.0% |
| Non-recurring operating income | 76A | - | €569 | +€569 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,699 | €2,939 | +€240 | +8.9% |
| Other operating charges | 640/8 | €3,568 | €3,489 | -€79 | -2.2% |
| Non-recurring operating charges | 66A | - | €95 | +€95 | |
| Gross operating margin | 9900 | €9,031 | €16,048 | +€7,017 | +77.7% |
| Operating profit (loss) | 9901 | €2,764 | €9,525 | +€6,761 | +245% |
| Financial charges | 65/66B | €30 | €31 | +€1 | +2.4% |
| Recurring financial charges | 65 | €30 | €31 | +€1 | +2.4% |
| Profit (loss) for the period before taxes | 9903 | €2,734 | €9,495 | +€6,761 | +247% |
| Profit (loss) for the period | 9904 | €2,734 | €9,495 | +€6,761 | +247% |
| Profit (loss) for the period to be appropriated | 9905 | €2,734 | €9,495 | +€6,761 | +247% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.