Manzo: 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.
Manzo
Largest movements
- Receivables within one year +€42,815
up €42,815 (+5531.3%), from €774 to €43,589
of which Trade receivables: +€40,205
- Cash -€7,303
down €7,303 (-20.8%), from €35,187 to €27,884
mainly Receivables within one year (-€42,815) and Investment in fixed assets (net) (-€5,749)
- Tangible fixed assets -€5,704
down €5,704 (-28.2%), from €20,223 to €14,519
of which Plant, machinery and equipment: -€3,213
- Financial fixed assets +€2,500
up €2,500 (+37.9%), from €6,600 to €9,100
- Trade debts +€31,223
up €31,223 (+595.3%), from €5,245 to €36,468
- Tax, wage and social debts +€1,152
up €1,152 (+10.1%), from €11,405 to €12,557
of which Remuneration and social security: +€822
- Staff costs +€9,645
up €9,645 (+31.5%), from €30,641 to €40,286
- Gross operating margin +€5,130
up €5,130 (+11.0%), from €46,769 to €51,899
- Depreciation +€1,897
up €1,897 (+26.9%), from €7,056 to €8,953
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 | €63,821 | €96,129 | +€32,307 | +50.6% |
| Fixed assets | 21/28 | €26,823 | €23,619 | -€3,204 | -11.9% |
| Tangible fixed assets | 22/27 | €20,223 | €14,519 | -€5,704 | -28.2% |
| Land and buildings | 22 | €9,660 | €6,568 | -€3,092 | -32.0% |
| Plant, machinery and equipment | 23 | €10,377 | €7,164 | -€3,213 | -31.0% |
| Furniture and vehicles | 24 | €186 | €787 | +€601 | +323.8% |
| Financial fixed assets | 28 | €6,600 | €9,100 | +€2,500 | +37.9% |
| Current assets | 29/58 | €36,999 | €72,510 | +€35,511 | +96.0% |
| Stocks and contracts in progress | 3 | €1,037 | €1,037 | = | 0.0% |
| Stocks | 30/36 | €1,037 | €1,037 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €774 | €43,589 | +€42,815 | +5531.3% |
| Trade receivables | 40 | €774 | €40,979 | +€40,205 | +5194.2% |
| Other amounts receivable | 41 | - | €2,609 | +€2,609 | |
| Cash at bank and in hand | 54/58 | €35,187 | €27,884 | -€7,303 | -20.8% |
| Total equity and liabilities | 10/49 | €63,821 | €96,129 | +€32,307 | +50.6% |
| Equity | 10/15 | -€22,603 | -€22,184 | +€418 | +1.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,603 | -€25,184 | +€418 | +1.6% |
| Amounts payable | 17/49 | €86,424 | €118,313 | +€31,889 | +36.9% |
| Amounts payable within one year | 42/48 | €86,424 | €118,313 | +€31,889 | +36.9% |
| Trade debts | 44 | €5,245 | €36,468 | +€31,223 | +595.3% |
| Suppliers | 440/4 | €5,245 | €36,468 | +€31,223 | +595.3% |
| Taxes, remuneration and social security | 45 | €11,405 | €12,557 | +€1,152 | +10.1% |
| Taxes | 450/3 | €7,304 | €7,634 | +€330 | +4.5% |
| Remuneration and social security | 454/9 | €4,101 | €4,923 | +€822 | +20.1% |
| Other amounts payable | 47/48 | €69,774 | €69,289 | -€486 | -0.7% |
| Non-recurring operating income | 76A | - | €448 | +€448 | |
| Remuneration, social security and pensions | 62 | €30,641 | €40,286 | +€9,645 | +31.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,056 | €8,953 | +€1,897 | +26.9% |
| Other operating charges | 640/8 | €1,065 | €1,494 | +€429 | +40.3% |
| Non-recurring operating charges | 66A | - | €353 | +€353 | |
| Gross operating margin | 9900 | €46,769 | €51,899 | +€5,130 | +11.0% |
| Operating profit (loss) | 9901 | €8,007 | €812 | -€7,194 | -89.9% |
| Financial income | 75/76B | €414 | €5 | -€409 | -98.9% |
| Recurring financial income | 75 | €414 | €5 | -€409 | -98.9% |
| Non-recurring financial income | 76B | €414 | €0 | -€414 | -100.0% |
| Financial charges | 65/66B | €167 | €399 | +€232 | +138.4% |
| Recurring financial charges | 65 | €167 | €399 | +€232 | +138.4% |
| Profit (loss) for the period before taxes | 9903 | €8,253 | €418 | -€7,835 | -94.9% |
| Profit (loss) for the period | 9904 | €8,253 | €418 | -€7,835 | -94.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,253 | €418 | -€7,835 | -94.9% |
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 4 October 2026 via checked.be.