MANZANA: 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.
What changed
MANZANA
NACE 27.120, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€53,537
2024 · -€29,306-€24,232
Equity
€938,720
2024 · €992,257-€53,537
Cash
€41,074
2024 · €23,752+€17,322
Balance sheet total
€8.6m
2024 · €8.0m+€602,994
Largest movements
Assets
- Tangible fixed assets +€516,065
up €516,065 (+7.2%), from €7.1m to €7.6m
of which Land and buildings: +€530,476
- Receivables within one year +€156,225
up €156,225 (+158%), from €98,653 to €254,878
of which Other amounts receivable: +€86,982
Equity and liabilities
- Other debts +€527,100
up €527,100 (+39.8%), from €1.3m to €1.9m
- Reserves -€487,903
down €487,903 (-27.9%), from €1.7m to €1.3m
of which Distributable reserves: -€407,263
- Profit (loss) carried forward +€434,366
up €434,366 (+56.0%), from -€776,033 to -€341,667
Income statement
- Gross operating margin +€187,873
up €187,873 (+34.4%), from €546,701 to €734,574
- Depreciation +€94,459
up €94,459 (+30.2%), from €312,425 to €406,884
- Financial income -€61,566
down €61,566 (-100.0%), from €61,570 to €4
- Financial charges +€54,566
up €54,566 (+30.3%), from €180,081 to €234,647
- Other operating charges +€10,275
up €10,275 (+94.0%), from €10,935 to €21,210
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.
Result 2024
-€29,306
Gross operating margin
+€187,873
Staff costs
+€8,889
Depreciation
-€94,459
Other operating charges
-€10,275
Financial income
-€61,566
Financial charges
-€54,566
Taxes
-€127
Result 2025
-€53,537
raises the resultlowers the result
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.
From operations
+€772,314
Investment
-€844,151
Financing
+€89,159
Cash 2024
€23,752
From operations (derived)
+€772,314
Net result for the year
-€53,537
Depreciation
+€406,884
Stocks and contracts
+€6,247
Receivables within one year
-€156,225
Smaller working-capital items
+€624
Trade debts
+€35,907
Tax, wage and social debts
+€10,164
Other debts
+€527,100
Accrued charges and deferred income
-€4,849
Investment (derived)
-€844,151
Investment in fixed assets (net)
-€844,151
Financing
+€89,159
Debts after one year
+€70,822
Current portion of long-term debt
+€18,337
Cash 2025
€41,074
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,006,041 | €8,609,035 | +€602,994 | +7.5% |
| Fixed assets | 21/28 | €7,871,641 | €8,308,909 | +€437,268 | +5.6% |
| Intangible fixed assets | 21 | €748,571 | €669,774 | -€78,797 | -10.5% |
| Tangible fixed assets | 22/27 | €7,123,070 | €7,639,135 | +€516,065 | +7.2% |
| Land and buildings | 22 | €6,963,776 | €7,494,252 | +€530,476 | +7.6% |
| Plant, machinery and equipment | 23 | €3,030 | €15,221 | +€12,191 | +402% |
| Furniture and vehicles | 24 | €156,265 | €129,662 | -€26,602 | -17.0% |
| Current assets | 29/58 | €134,400 | €300,127 | +€165,727 | +123% |
| Stocks and contracts in progress | 3 | €10,154 | €3,907 | -€6,247 | -61.5% |
| Stocks | 30/36 | €10,154 | €3,907 | -€6,247 | -61.5% |
| Amounts receivable within one year | 40/41 | €98,653 | €254,878 | +€156,225 | +158% |
| Trade receivables | 40 | €87,453 | €156,696 | +€69,243 | +79.2% |
| Other amounts receivable | 41 | €11,200 | €98,182 | +€86,982 | +777% |
| Cash at bank and in hand | 54/58 | €23,752 | €41,074 | +€17,322 | +72.9% |
| Deferred charges and accrued income | 490/1 | €1,841 | €267 | -€1,574 | -85.5% |
| Total equity and liabilities | 10/49 | €8,006,041 | €8,609,035 | +€602,994 | +7.5% |
| Equity | 10/15 | €992,257 | €938,720 | -€53,537 | -5.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,749,690 | €1,261,787 | -€487,903 | -27.9% |
| Tax-exempt reserves | 132 | €757,787 | €677,147 | -€80,640 | -10.6% |
| Distributable reserves | 133 | €991,903 | €584,640 | -€407,263 | -41.1% |
| Profit (loss) carried forward | 14 | -€776,033 | -€341,667 | +€434,366 | +56.0% |
| Provisions and deferred taxes | 16 | €4,746 | €3,797 | -€949 | -20.0% |
| Deferred taxes | 168 | €4,746 | €3,797 | -€949 | -20.0% |
| Amounts payable | 17/49 | €7,009,038 | €7,666,518 | +€657,481 | +9.4% |
| Amounts payable after more than one year | 17 | €5,112,704 | €5,183,526 | +€70,822 | +1.4% |
| Financial debts | 170/4 | €5,086,362 | €5,153,925 | +€67,563 | +1.3% |
| Other amounts payable | 178/9 | €26,342 | €29,601 | +€3,259 | +12.4% |
| Amounts payable within one year | 42/48 | €1,891,429 | €2,482,937 | +€591,508 | +31.3% |
| Current portion of amounts payable after more than one year | 42 | €520,724 | €539,061 | +€18,337 | +3.5% |
| Trade debts | 44 | €12,317 | €48,224 | +€35,907 | +292% |
| Suppliers | 440/4 | €12,317 | €48,224 | +€35,907 | +292% |
| Taxes, remuneration and social security | 45 | €33,982 | €44,146 | +€10,164 | +29.9% |
| Taxes | 450/3 | €12,476 | €29,560 | +€17,083 | +137% |
| Remuneration and social security | 454/9 | €21,506 | €14,586 | -€6,920 | -32.2% |
| Other amounts payable | 47/48 | €1,324,406 | €1,851,506 | +€527,100 | +39.8% |
| Accrued charges and deferred income | 492/3 | €4,905 | €56 | -€4,849 | -98.9% |
| Remuneration, social security and pensions | 62 | €134,194 | €125,305 | -€8,889 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,425 | €406,884 | +€94,459 | +30.2% |
| Other operating charges | 640/8 | €10,935 | €21,210 | +€10,275 | +94.0% |
| Gross operating margin | 9900 | €546,701 | €734,574 | +€187,873 | +34.4% |
| Operating profit (loss) | 9901 | €89,148 | €181,175 | +€92,027 | +103% |
| Financial income | 75/76B | €61,570 | €4 | -€61,566 | -100.0% |
| Recurring financial income | 75 | €61,570 | €4 | -€61,566 | -100.0% |
| Financial charges | 65/66B | €180,081 | €234,647 | +€54,566 | +30.3% |
| Recurring financial charges | 65 | €180,081 | €234,647 | +€54,566 | +30.3% |
| Profit (loss) for the period before taxes | 9903 | -€29,363 | -€53,468 | -€24,105 | -82.1% |
| Transfer from deferred taxes | 780 | €949 | €949 | = | 0.0% |
| Income taxes | 67/77 | €892 | €1,018 | +€127 | +14.2% |
| Profit (loss) for the period | 9904 | -€29,306 | -€53,537 | -€24,232 | -82.7% |
| Transfer from tax-exempt reserves | 789 | €41,242 | €80,640 | +€39,398 | +95.5% |
| Transfer to tax-exempt reserves | 689 | €787,969 | - | -€787,969 | |
| Profit (loss) for the period to be appropriated | 9905 | -€776,033 | €27,103 | +€803,136 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.