MANAG
ActiveSummary
MANAG has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €550,500 and a net result of -€83,584. Equity is growing by ~13.4% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability16▼-74
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity ample (current ratio 9.81 against 12.54 in 2024; short-term debt: 2.2% and cash: 3.9% of total assets), and 8.4% 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 · 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 · 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
91.6%
Return on assets
-13.9%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 30-10-2025, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
1 d early
2022
4 d early
2021
3 d late
2020
1 d early
2019
24 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 4 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 30 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€550,500▼ 13.2%
2024 · €634,084
Total assets
€600,877▼ 14.1%
2024 · €699,579
Net result
-€83,584
2024 · €120,059
Working capital
€115,297▼ 14.0%
2024 · €134,012
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€333€272,002▲ 81,477%-€42,621€134,442-€79,335
Net result-€5,599▲ 84.8%€270,366-€44,840€120,059-€83,584
Equity€288,499▼ 1.9%€558,865▲ 93.7%€514,025▼ 8.0%€634,084▲ 23.4%€550,500▼ 13.2%
Total assets€749,805▼ 12.0%€705,660▼ 5.9%€594,171▼ 15.8%€699,579▲ 17.7%€600,877▼ 14.1%
Debt€461,307▼ 17.3%€146,796▼ 68.2%€80,147▼ 45.4%€65,495▼ 18.3%€50,378▼ 23.1%
Working capital-€30,778▼ 60.6%€590-€6,562€134,012€115,297▼ 14.0%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €79,335 after €134,442 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €600,877
Fixed assets
€472,490 ▼ 14.7%
Current assets
€128,387 ▼ 11.8%
Equity and liabilities €600,877
Equity
€550,500 ▼ 13.2%
Debt
€50,378 ▼ 23.1%
Debt's share of the balance-sheet total falls from 9.4% to 8.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,356▼
2024 · €222,618
Cash flow
€7,107▼
2024 · €208,236
Current ratio
9.81▼
2024 · 12.54
Debt to equity
0.09▼
2024 · 0.10
ROE
-15.2%▼
2024 · 18.9%
ROA
-13.9%▼
2024 · 17.2%
Interest coverage
1.73▼
2024 · 59.15
Debt ≤ 1 year
€13,090▲
2024 · €11,614
Debt > 1 year
€31,710▼
2024 · €52,931
Income taxes
€415▼
2024 · €10,619
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.7%
stopped otherwise
90%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 928 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 | €96,489 | €88,198 | €106,323 | €88,176 | €90,691 | ▲ 2.9% |
| Other operating charges640/8 | - | €19,258 | €18,410 | €19,861 | €17,288 | ▼ 13.0% |
| Gross operating margin9900 | €112,990 | €379,458 | €82,112 | €242,479 | €28,644 | ▼ 88.2% |
| Operating profit (loss)9901 | €333 | €272,002 | -€42,621 | €134,442 | -€79,335 | ▼ 159% |
| Financial income75/76B | - | €109 | €58 | €0 | €2,720 | - |
| Recurring financial income75 | €7 | €109 | €58 | €0 | €2,720 | - |
| Financial charges65/66B | - | €1,744 | €1,932 | €3,764 | €6,554 | ▲ 74.1% |
| Recurring financial charges65 | €2,083 | €1,744 | €1,932 | €3,764 | €6,554 | ▲ 74.1% |
| Profit (loss) for the period before taxes9903 | -€1,743 | €270,366 | -€44,495 | €130,678 | -€83,169 | ▼ 164% |
| Income taxes67/77 | €3,856 | €0 | €345 | €10,619 | €415 | ▼ 96.1% |
| Profit (loss) for the period9904 | -€5,599 | €270,366 | -€44,840 | €120,059 | -€83,584 | ▼ 170% |
| Profit (loss) for the period to be appropriated9905 | -€5,599 | €270,366 | -€44,840 | €120,059 | -€83,584 | ▼ 170% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €749,805 | €705,660 | €594,171 | €699,579 | €600,877 | ▼ 14.1% |
| Fixed assets21/28 | €739,356 | €685,536 | €583,006 | €553,953 | €472,490 | ▼ 14.7% |
| Tangible fixed assets22/27 | €739,356 | €685,536 | €583,006 | €553,953 | €472,490 | ▼ 14.7% |
| Land and buildings22 | - | €577,646 | €491,837 | €428,882 | €375,948 | ▼ 12.3% |
| Plant, machinery and equipment23 | - | €636 | €3,668 | €2,591 | €1,833 | ▼ 29.3% |
| Furniture and vehicles24 | - | €105,355 | €85,798 | €120,974 | €93,400 | ▼ 22.8% |
| Other tangible fixed assets26 | - | €1,899 | €1,703 | €1,506 | €1,310 | ▼ 13.0% |
| Current assets29/58 | €10,449 | €20,124 | €11,166 | €145,626 | €128,387 | ▼ 11.8% |
| Amounts receivable within one year40/41 | - | - | €155 | €5,381 | €401 | ▼ 92.5% |
| Other amounts receivable41 | - | - | €155 | €5,381 | €401 | ▼ 92.5% |
| Current investments50/53 | - | - | - | - | €100,000 | - |
| Cash at bank and in hand54/58 | €8,386 | €15,299 | €4,016 | €135,720 | €23,538 | ▼ 82.7% |
| Deferred charges and accrued income490/1 | - | €4,825 | €6,995 | €4,525 | €4,448 | ▼ 1.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €749,805 | €705,660 | €594,171 | €699,579 | €600,877 | ▼ 14.1% |
| Equity10/15 | €288,499 | €558,865 | €514,025 | €634,084 | €550,500 | ▼ 13.2% |
| Contributions10/11 | €371,840 | €371,840 | €371,840 | €371,840 | €371,840 | = |
| Capital10 | - | €371,840 | €371,840 | €371,840 | €371,840 | = |
| Issued capital100 | - | €371,840 | €371,840 | €371,840 | €371,840 | = |
| Reserves13 | €37,184 | €187,025 | €142,184 | €262,244 | €178,660 | ▼ 31.9% |
| Non-distributable reserves130/1 | - | €37,184 | €37,184 | €37,184 | €37,184 | = |
| Legal reserve130 | - | €37,184 | €37,184 | €37,184 | €37,184 | = |
| Distributable reserves133 | - | €149,841 | €105,000 | €225,060 | €141,475 | ▼ 37.1% |
| Profit (loss) carried forward14 | -€120,526 | €0 | - | - | - | - |
| Amounts payable17/49 | €461,307 | €146,796 | €80,147 | €65,495 | €50,378 | ▼ 23.1% |
| Amounts payable after more than one year17 | €415,382 | €125,408 | €59,809 | €52,931 | €31,710 | ▼ 40.1% |
| Financial debts170/4 | - | €125,408 | €59,809 | €52,931 | €15,701 | ▼ 70.3% |
| Other amounts payable178/9 | - | - | - | - | €16,009 | - |
| Amounts payable within one year42/48 | €41,227 | €19,534 | €17,728 | €11,614 | €13,090 | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | - | €9,808 | €9,662 | €5,664 | €5,880 | ▲ 3.8% |
| Trade debts44 | - | €2,276 | €615 | €0 | - | - |
| Suppliers440/4 | - | €2,276 | €615 | €0 | - | - |
| Taxes, remuneration and social security45 | - | €0 | - | - | - | - |
| Taxes450/3 | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | €7,450 | €7,450 | €5,950 | €7,210 | ▲ 21.2% |
| Accrued charges and deferred income492/3 | - | €1,854 | €2,610 | €950 | €5,577 | ▲ 487% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,599 | €270,366 | -€44,840 | €120,059 | -€83,584 | ▼ 170% |
| + Depreciation and write-downs630 | €96,489 | €88,198 | €106,323 | €88,176 | €90,691 | ▲ 2.9% |
| Operating cash flow (approximation) | €90,890 | €358,564 | €61,483 | €208,236 | €7,107 | ▼ 96.6% |
| Investment in fixed assets (approximation) | - | -€34,379 | -€3,792 | -€59,124 | -€9,228 | ▲ 84.4% |
| Change in cash | - | €6,913 | -€11,283 | €131,704 | -€112,182 | ▼ 185% |
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
2025
30-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Weakest financial yearnet -€83,584
Net result drops to -€83,584, the lowest in the series.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
31-03
Financial
Back to profitnet €120,059
Net result €120,059 after one loss-making year.
31-03
Financial
Liquidity times 20current ratio 12.54
Current ratio from 0.63 to 12.54; short-term debt falls from €17,728 to €11,614.
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
27-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Back to profitnet €270,366
Net result €270,366 after 3 loss-making years.
31-03
Financial
Liquidity quadruplescurrent ratio 1.03
Current ratio from 0.25 to 1.03; short-term debt falls from €41,227 to €19,534.
31-03
Financial
Equity above €500,000Eq €558,865 ▲93.7%
Equity rises from €288,499 to €558,865.
2021
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 3 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
2019
07-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
13-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 13 days late
2017
22-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2016
16-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 16 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Harelbeke · 1 establishment unit since 1990
Ground area
2,054 m²
Building footprint
317 m²
Parcel 34017A0117/00L000, Flanders. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MANAG NV
since 19902.048.938.720
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34017A0117/00L000 | Flanders | 2,054 m² | 1 · 317 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.
Identification & contact
Identification
Legal formPublic limited company
Founded06-07-1990
Fiscal year end31-03
E-invoicing
Reachable via Peppol
Peppol ID
0208:0441073351
Also
9925:BE0441073351
Registered
12-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.