ManAd
ActiveSummary
The annual accounts of ManAd for fiscal year 2025 show a net loss of 59% of total assets. The 2025 annual accounts show equity of €60,418 and a net result of -€40,439. Equity is shrinking by ~26.1% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 86% of 1912 sector peers (fiscal year 2025). The company has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
59
/ 100
Fair
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 7.39 against 18.58 in 2024; short-term debt: 11.4% and cash: 19.1% of total assets), and 11.4% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 63
Relative position
BE, all sectors
reference
Computing infrastructure, data processing, hosting and other information service activities (NACE 63)
about 52% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
88.6%
Return on assets
-59.3%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€40,439
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
26 d late
2024
22 d late
2023
29 d late
2022
31 d late
2021
31 d late
2020
30 d late
2019
41 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 30 days after the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
In the rankings
#7 oldest company in Leopoldsburg, Telecoms and IT sector
Equity
€60,418▼ 40.1%
2024 · €100,857
Total assets
€68,224▼ 35.5%
2024 · €105,778
Net result
-€40,439▼ 4.6%
2024 · -€38,652
Working capital
€49,872▼ 42.4%
2024 · €86,527
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€43,391-€42,088▲ 3.0%-€41,373▲ 1.7%-€43,199▼ 4.4%-€39,065▲ 9.6%
Net result-€36,077below the sector's middle half-€53,145below the sector's middle half▼ 47.3%-€38,440below the sector's middle half▲ 27.7%-€38,652below the sector's middle half▼ 0.6%-€40,439below the sector's middle half▼ 4.6%
Equity€368,471above the sector's middle half▼ 32.1%€239,808above the sector's middle half▼ 34.9%€139,509within the sector's middle half▼ 41.8%€100,857within the sector's middle half▼ 27.7%€60,418within the sector's middle half▼ 40.1%
Total assets€512,212above the sector's middle half▼ 19.6%€319,769above the sector's middle half▼ 37.6%€208,042within the sector's middle half▼ 34.9%€105,778within the sector's middle half▼ 49.2%€68,224within the sector's middle half▼ 35.5%
Debt€143,741▲ 52.6%€79,960▼ 44.4%€68,533▼ 14.3%€4,922▼ 92.8%€7,807▲ 58.6%
Working capital€335,271▼ 34.7%€215,512▼ 35.7%€118,010▼ 45.2%€86,527▼ 26.7%€49,872▼ 42.4%
Solvency71.9%within the sector's middle half▼ 13.3pp75.0%within the sector's middle half▲ 3.1pp67.1%within the sector's middle half▼ 7.9pp95.3%above the sector's middle half▲ 28.3pp88.6%above the sector's middle half▼ 6.8pp
above
within
below
the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €39,065 in 2025 against €43,199 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €68,224
Fixed assets
€10,546 ▼ 26.4%
Current assets
€57,679 ▼ 36.9%
Equity and liabilities €68,224
Equity
€60,418 ▼ 40.1%
Debt
€7,807 ▲ 58.6%
Debt's share of the balance-sheet total rises from 4.7% to 11.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€35,281▲
2024 · -€36,029
Cash flow
-€36,655▼
2024 · -€31,483
Current ratio
7.39▼
2024 · 18.58
Debt to equity
0.13▲
2024 · 0.05
ROE
-66.9%▼
2024 · -38.3%
ROA
-59.3%▼
2024 · -36.5%
Interest coverage
-37.63▲
2024 · -52.33
Debt ≤ 1 year
€7,807▲
2024 · €4,922
Income taxes
€670▲
2024 · €347
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.9%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,815 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,605 | €8,903 | €7,445 | €7,169 | €3,784 | ▼ 47.2% |
| Other operating charges640/8 | €1,583 | €1,645 | €1,794 | €1,815 | €1,931 | ▲ 6.4% |
| Gross operating margin9900 | -€31,203 | -€31,540 | -€32,133 | -€34,215 | -€33,350 | ▲ 2.5% |
| Operating profit (loss)9901 | -€43,391 | -€42,088 | -€41,373 | -€43,199 | -€39,065 | ▲ 9.6% |
| Financial income75/76B | €6,740 | - | €589 | €5,582 | €233 | ▼ 95.8% |
| Recurring financial income75 | €6,740 | - | €589 | €5,582 | €233 | ▼ 95.8% |
| Financial charges65/66B | -€1,240 | €10,517 | -€3,060 | €689 | €938 | ▲ 36.2% |
| Recurring financial charges65 | -€1,240 | €10,517 | -€3,060 | €689 | €938 | ▲ 36.2% |
| Profit (loss) for the period before taxes9903 | -€35,411 | -€52,605 | -€37,724 | -€38,305 | -€39,769 | ▼ 3.8% |
| Income taxes67/77 | €666 | €540 | €715 | €347 | €670 | ▲ 93.0% |
| Profit (loss) for the period9904 | -€36,077 | -€53,145 | -€38,440 | -€38,652 | -€40,439 | ▼ 4.6% |
| Profit (loss) for the period to be appropriated9905 | -€36,077 | -€53,145 | -€38,440 | -€38,652 | -€40,439 | ▼ 4.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €512,212 | €319,769 | €208,042 | €105,778 | €68,224 | ▼ 35.5% |
| Formation expenses20 | €0 | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €33,200 | €24,297 | €21,499 | €14,330 | €10,546 | ▼ 26.4% |
| Tangible fixed assets22/27 | €33,200 | €24,297 | €21,499 | €14,330 | €10,546 | ▼ 26.4% |
| Furniture and vehicles24 | €6,003 | €3,249 | €1,763 | €969 | €284 | ▼ 70.7% |
| Other tangible fixed assets26 | €27,198 | €21,048 | €19,736 | €13,361 | €10,262 | ▼ 23.2% |
| Current assets29/58 | €479,012 | €295,472 | €186,543 | €91,449 | €57,679 | ▼ 36.9% |
| Amounts receivable within one year40/41 | €2,242 | €3,675 | €6,114 | €7,990 | €9,450 | ▲ 18.3% |
| Other amounts receivable41 | €2,242 | €3,675 | €6,114 | €7,990 | €9,450 | ▲ 18.3% |
| Current investments50/53 | €200,724 | €85,016 | €41,930 | €14,072 | €34,405 | ▲ 144% |
| Cash at bank and in hand54/58 | €275,405 | €206,116 | €137,796 | €68,629 | €13,007 | ▼ 81.0% |
| Deferred charges and accrued income490/1 | €641 | €665 | €703 | €758 | €818 | ▲ 7.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €512,212 | €319,769 | €208,042 | €105,778 | €68,224 | ▼ 35.5% |
| Equity10/15 | €368,471 | €239,808 | €139,509 | €100,857 | €60,418 | ▼ 40.1% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €392,148 | €316,630 | €254,770 | €254,770 | €254,770 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €390,288 | €314,770 | €254,770 | €254,770 | €254,770 | = |
| Profit (loss) carried forward14 | -€36,077 | -€89,222 | -€127,661 | -€166,314 | -€206,753 | ▼ 24.3% |
| Amounts payable17/49 | €143,741 | €79,960 | €68,533 | €4,922 | €7,807 | ▲ 58.6% |
| Amounts payable within one year42/48 | €143,741 | €79,960 | €68,533 | €4,922 | €7,807 | ▲ 58.6% |
| Trade debts44 | €494 | €304 | €2,454 | €859 | €3,047 | ▲ 255% |
| Suppliers440/4 | €494 | €304 | €2,454 | €859 | €3,047 | ▲ 255% |
| Taxes, remuneration and social security45 | €666 | €1,206 | €540 | €349 | €600 | ▲ 71.7% |
| Taxes450/3 | €666 | €1,206 | €540 | €349 | €600 | ▲ 71.7% |
| Other amounts payable47/48 | €142,581 | €78,451 | €65,539 | €3,713 | €4,160 | ▲ 12.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€36,077 | -€53,145 | -€38,440 | -€38,652 | -€40,439 | ▼ 4.6% |
| + Depreciation and write-downs630 | €10,605 | €8,903 | €7,445 | €7,169 | €3,784 | ▼ 47.2% |
| Operating cash flow (approximation) | -€25,472 | -€44,241 | -€30,994 | -€31,483 | -€36,655 | ▼ 16.4% |
| Investment in fixed assets (approximation) | - | €0 | -€4,647 | €0 | €0 | - |
| Change in cash | - | -€69,289 | -€68,320 | -€69,167 | -€55,622 | ▲ 19.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
31-12
Financial
Liquidity times 7current ratio 18.58
Current ratio from 2.72 to 18.58; short-term debt falls from €68,533 to €4,922.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€53,145
Net result drops to -€53,145, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
10-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 41 days late
2019
31-12
Financial
Highest result since 2018net €130,260 ▲15.6%
Operating result €195,244, net result €130,260, both a record.
31-12
Financial
Equity above €500,000Eq €550,591 ▲12.8%
2 profitable years in a row build equity to €550,591.
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leopoldsburg · 1 establishment unit since 2013
Ground area
1,320 m²
Building footprint
124 m²
Parcel 71034A0997/00A000, Flanders. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
ManAd
since 20132.216.591.045
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71034A0997/00A000 | Flanders | 1,320 m² | 1 · 124 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,149 companies in sector 63920 we hold annual accounts for 1,524. 1,234 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded23-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
63920Other information service activities
82990Other business support services
Contact
E-mail
brecht.smits@telenet.beLeopoldsburg
Phone
0479/90.61.80Leopoldsburg
E-invoicing
Reachable via Peppol
Peppol ID
0208:0502704775
Registered
13-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.