MANZI CONSTRUCTION: 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.
MANZI CONSTRUCTION
Largest movements
- Tangible fixed assets +€239,476
up €239,476 (+213%), from €112,435 to €351,910
of which Assets under construction and advance payments: +€169,126
- Stocks and contracts +€20,089
up €20,089 (+320%), from €6,285 to €26,373
- Receivables within one year +€6,715
up €6,715 (+29.3%), from €22,922 to €29,638
of which Other amounts receivable: +€16,715
- Debts after one year +€216,844
up €216,844 (+424%), from €51,185 to €268,029
- Profit (loss) carried forward +€27,699
up €27,699 (+16.8%), from -€165,320 to -€137,622
- Trade debts +€25,043
up €25,043 (+73.5%), from €34,060 to €59,103
- Advances received +€23,263
new in 2025: €23,263
- Other debts -€19,832
no longer reported in 2025 (was €19,832)
- Gross operating margin +€72,847
up €72,847 (+40.8%), from €178,528 to €251,375
- Staff costs +€68,561
up €68,561 (+83.4%), from €82,210 to €150,771
- Financial charges +€8,014
up €8,014 (+53.8%), from €14,884 to €22,898
of which Financial charges: +€7,317
- Depreciation +€3,760
up €3,760 (+8.5%), from €44,394 to €48,154
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 | €163,398 | €429,240 | +€265,842 | +163% |
| Fixed assets | 21/28 | €112,435 | €351,910 | +€239,476 | +213% |
| Tangible fixed assets | 22/27 | €112,435 | €351,910 | +€239,476 | +213% |
| Plant, machinery and equipment | 23 | €25,439 | €14,882 | -€10,558 | -41.5% |
| Furniture and vehicles | 24 | €5,907 | €119,249 | +€113,343 | +1,919% |
| Leasing and similar rights | 25 | €81,089 | €48,653 | -€32,436 | -40.0% |
| Assets under construction and advance payments | 27 | - | €169,126 | +€169,126 | |
| Current assets | 29/58 | €50,964 | €77,330 | +€26,366 | +51.7% |
| Stocks and contracts in progress | 3 | €6,285 | €26,373 | +€20,089 | +320% |
| Stocks | 30/36 | €6,285 | €26,373 | +€20,089 | +320% |
| Amounts receivable within one year | 40/41 | €22,922 | €29,638 | +€6,715 | +29.3% |
| Trade receivables | 40 | €10,000 | - | -€10,000 | |
| Other amounts receivable | 41 | €12,922 | €29,638 | +€16,715 | +129% |
| Cash at bank and in hand | 54/58 | €21,484 | €19,033 | -€2,450 | -11.4% |
| Deferred charges and accrued income | 490/1 | €273 | €2,285 | +€2,012 | +737% |
| Total equity and liabilities | 10/49 | €163,398 | €429,240 | +€265,842 | +163% |
| Equity | 10/15 | €3,749 | €31,448 | +€27,699 | +739% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €144,270 | €144,270 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,775 | €8,775 | = | 0.0% |
| Distributable reserves | 133 | €135,495 | €135,495 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€165,320 | -€137,622 | +€27,699 | +16.8% |
| Amounts payable | 17/49 | €159,649 | €397,792 | +€238,143 | +149% |
| Amounts payable after more than one year | 17 | €51,185 | €268,029 | +€216,844 | +424% |
| Financial debts | 170/4 | €51,185 | €268,029 | +€216,844 | +424% |
| Amounts payable within one year | 42/48 | €108,464 | €129,763 | +€21,299 | +19.6% |
| Current portion of amounts payable after more than one year | 42 | €53,170 | €47,323 | -€5,846 | -11.0% |
| Trade debts | 44 | €34,060 | €59,103 | +€25,043 | +73.5% |
| Suppliers | 440/4 | €34,060 | €59,103 | +€25,043 | +73.5% |
| Advances received on contracts in progress | 46 | - | €23,263 | +€23,263 | |
| Taxes, remuneration and social security | 45 | €1,403 | €74 | -€1,329 | -94.7% |
| Taxes | 450/3 | - | €74 | +€74 | |
| Remuneration and social security | 454/9 | €1,403 | - | -€1,403 | |
| Other amounts payable | 47/48 | €19,832 | - | -€19,832 | |
| Non-recurring operating income | 76A | €230 | €449 | +€218 | +94.9% |
| Remuneration, social security and pensions | 62 | €82,210 | €150,771 | +€68,561 | +83.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,394 | €48,154 | +€3,760 | +8.5% |
| Other operating charges | 640/8 | €1,035 | €403 | -€632 | -61.0% |
| Non-recurring operating charges | 66A | €3,531 | €1,450 | -€2,081 | -58.9% |
| Gross operating margin | 9900 | €178,528 | €251,375 | +€72,847 | +40.8% |
| Operating profit (loss) | 9901 | €47,357 | €50,597 | +€3,240 | +6.8% |
| Financial income | 75/76B | €625 | €0 | -€625 | -100.0% |
| Recurring financial income | 75 | €625 | €0 | -€625 | -100.0% |
| Financial charges | 65/66B | €14,884 | €22,898 | +€8,014 | +53.8% |
| Recurring financial charges | 65 | €14,768 | €22,085 | +€7,317 | +49.5% |
| Non-recurring financial charges | 66B | €116 | €813 | +€697 | +601% |
| Profit (loss) for the period before taxes | 9903 | €33,098 | €27,699 | -€5,399 | -16.3% |
| Profit (loss) for the period | 9904 | €33,098 | €27,699 | -€5,399 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,098 | €27,699 | -€5,399 | -16.3% |
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 13 October 2026 via checked.be.