Management MA
Open bankruptcyA bankruptcy procedure is open for Management MA according to publications in the Belgian State Gazette; curator: BARBARA HEYSSE.
Summary
The 2025 annual accounts show negative equity (€-209k) and a net result of €12k.
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 9234 sector peers (2025).
NBB · sector comparisonPosition among 9234 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-09-2026, 33 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
33 d late
2024
398 d late
2023
763 d late
2022
on the day
2021
31 d late
2020
248 d late
2019
613 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€-209k▲ 5.2%
2024 · €-221k
2018: €-303k
2019: €-307k▼ -1.4% vs 2018
2020: €-307k● -0.0% vs 2019lowest in 8 years
2021: €-275k▲ +10.3% vs 2020
2022: €-280k▼ -1.9% vs 2021
2023: €-274k▲ +2.2% vs 2022
2024: €-221k▲ +19.6% vs 2023
2025: €-209k▲ +5.2% vs 2024highest in 8 years
2018 → 2025
Total assets
€51k▼ 5.1%
2024 · €54k
2018: €46klowest in 8 years
2019: €46k● 0.0% vs 2018lowest in 8 years
2020: €46k▲ +0.6% vs 2019
2021: €46k▼ -0.6% vs 2020lowest in 8 years
2022: €58k▲ +27.1% vs 2021highest in 8 years
2023: €55k▼ -4.7% vs 2022
2024: €54k▼ -1.7% vs 2023
2025: €51k▼ -5.1% vs 2024
2018 → 2025
Net result
€12k▼ 78.6%
2024 · €54k
2018: €52k
2019: €-4k▼ -108% vs 2018
2020: €-125▲ +97.1% vs 2019
2021: €32k▲ +25563% vs 2020
2022: €-18k▼ -155% vs 2021lowest in 8 years
2023: €6k▲ +135% vs 2022
2024: €54k▲ +783% vs 2023highest in 8 years
2025: €12k▼ -78.6% vs 2024
2018 → 2025
Working capital
€-211k▲ 5.7%
2024 · €-224k
2018: €-303k
2019: €-307k▼ -1.4% vs 2018
2020: €-307k● -0.0% vs 2019lowest in 8 years
2021: €-275k▲ +10.3% vs 2020
2022: €-280k▼ -1.9% vs 2021
2023: €-279k▲ +0.5% vs 2022
2024: €-224k▲ +19.7% vs 2023
2025: €-211k▲ +5.7% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-275k-€-280k▼ 1.9%€-274k▲ 2.2%€-221k▲ 19.6%€-209k▲ 5.2%
2021: €-275k
2022: €-280k▼ -1.9% vs 2021lowest in 5 years
2023: €-274k▲ +2.2% vs 2022
2024: €-221k▲ +19.6% vs 2023
2025: €-209k▲ +5.2% vs 2024highest in 5 years
Operating result€32k-€16k▼ 50.4%€6k▼ 60.6%€54k▲ 771%€12k▼ 78.3%
2021: €32k
2022: €16k▼ -50.4% vs 2021
2023: €6k▼ -60.6% vs 2022lowest in 5 years
2024: €54k▲ +771% vs 2023highest in 5 years
2025: €12k▼ -78.3% vs 2024
Net result€32k-€-18k€6k€54k▲ 783%€12k▼ 78.6%
2021: €32k
2022: €-18k▼ -155% vs 2021lowest in 5 years
2023: €6k▲ +135% vs 2022
2024: €54k▲ +783% vs 2023highest in 5 years
2025: €12k▼ -78.6% vs 2024
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 falls in 2025; 2025 is 78% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51k
Fixed assets
€2k ▼ 33.3%
Current assets
€49k ▼ 3.1%
Key figures and ratios
EBITDA
€13k▼
2024 · €55k
Cash flow
€13k▼
2024 · €55k
Solvency
-406.4%▲
2024 · -407.0%
Current ratio
0.19▲
2024 · 0.18
Debt to equity
-1.25=
2024 · -1.25
ROA
22.4%▼
2024 · 99.4%
Interest coverage
91.43▼
2024 · 394.00
Debt
€260k▼
2024 · €275k
Debt ≤ 1 year
€260k▼
2024 · €275k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 35 lines
Balance sheet
Code20242025
Assets
Total assets20/58€54k€51k▼
Fixed assets21/28€4k€2k▼
Tangible fixed assets22/27€4k€2k▼
Furniture and vehicles24€4k€2k▼
Current assets29/58€51k€49k▼
Amounts receivable within one year40/41€49k€49k=
Other amounts receivable41€49k€49k=
Cash at bank and in hand54/58€2k-
Equity and liabilities
Total equity and liabilities10/49€54k€51k▼
Equity10/15€-221k€-209k▲
Contributions10/11€19k€19k=
Outside capital11€19k€19k=
Other1109/19€19k€19k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€-241k€-229k▲
Amounts payable17/49€275k€260k▼
Amounts payable within one year42/48€275k€260k▼
Financial debts43-€24
Credit institutions430/8-€24
Taxes, remuneration and social security45€10k€3k▼
Taxes450/3€10k€3k▼
Other amounts payable47/48€264k€257k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€1k€1k=
Other operating charges640/8€4k€300▼
Gross operating margin9900€59k€13k▼
Operating profit (loss)9901€54k€12k▼
Financial charges65/66B€140€141▲
Recurring financial charges65€140€141▲
Profit (loss) for the period before taxes9903€54k€12k▼
Profit (loss) for the period9904€54k€12k▼
Profit (loss) for the period to be appropriated9905€54k€12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-241k€-229k▲
Profit (loss) brought forward from the previous period14P€-295k€-241k▲
The notes to these accounts (3 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €1k | €1k | €1k | = |
| Other operating charges640/8 | €150 | €5k | €700 | €4k | €300 | ▼ 92.3% |
| Gross operating margin9900 | €32k | €21k | €8k | €59k | €13k | ▼ 77.7% |
| Operating profit (loss)9901 | €32k | €16k | €6k | €54k | €12k | ▼ 78.3% |
| Financial charges65/66B | - | €89 | €100 | €140 | €141 | ▲ 0.6% |
| Recurring financial charges65 | - | €89 | €100 | €140 | €141 | ▲ 0.6% |
| Profit (loss) for the period before taxes9903 | €32k | €16k | €6k | €54k | €12k | ▼ 78.6% |
| Income taxes67/77 | - | €33k | - | - | - | - |
| Profit (loss) for the period9904 | €32k | €-18k | €6k | €54k | €12k | ▼ 78.6% |
| Profit (loss) for the period to be appropriated9905 | €32k | €-18k | €6k | €54k | €12k | ▼ 78.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €46k | €58k | €55k | €54k | €51k | ▼ 5.1% |
| Fixed assets21/28 | - | - | €5k | €4k | €2k | ▼ 33.3% |
| Tangible fixed assets22/27 | - | - | €5k | €4k | €2k | ▼ 33.3% |
| Furniture and vehicles24 | - | - | €5k | €4k | €2k | ▼ 33.3% |
| Current assets29/58 | €46k | €58k | €50k | €51k | €49k | ▼ 3.1% |
| Amounts receivable within one year40/41 | €46k | €56k | €49k | €49k | €49k | = |
| Trade receivables40 | - | €11k | €4k | - | - | - |
| Other amounts receivable41 | €46k | €46k | €46k | €49k | €49k | = |
| Cash at bank and in hand54/58 | - | €2k | €919 | €2k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €46k | €58k | €55k | €54k | €51k | ▼ 5.1% |
| Equity10/15 | €-275k | €-280k | €-274k | €-221k | €-209k | ▲ 5.2% |
| Contributions10/11 | €6k | €19k | €19k | €19k | €19k | = |
| Outside capital11 | €6k | €19k | €19k | €19k | €19k | = |
| Other1109/19 | €6k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €-283k | €-301k | €-295k | €-241k | €-229k | ▲ 4.8% |
| Amounts payable17/49 | €321k | €338k | €329k | €275k | €260k | ▼ 5.2% |
| Amounts payable within one year42/48 | €321k | €338k | €329k | €275k | €260k | ▼ 5.2% |
| Financial debts43 | - | - | - | - | €24 | - |
| Credit institutions430/8 | - | - | - | - | €24 | - |
| Trade debts44 | - | €1k | - | - | - | - |
| Suppliers440/4 | - | €1k | - | - | - | - |
| Taxes, remuneration and social security45 | €2k | €5k | - | €10k | €3k | ▼ 70.7% |
| Taxes450/3 | €2k | €5k | - | €10k | €3k | ▼ 70.7% |
| Other amounts payable47/48 | €318k | €332k | €329k | €264k | €257k | ▼ 2.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32k | €-18k | €6k | €54k | €12k | ▼ 78.6% |
| + Depreciation and write-downs630 | - | - | €1k | €1k | €1k | = |
| Operating cash flow (approximation) | €32k | €-18k | €7k | €55k | €13k | ▼ 76.9% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | - |
| Change in cash | - | - | €-704 | €649 | - | - |
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
02-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 33 days late
02-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 398 days late
02-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 763 days late
19-02
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 12-02-2026
2024
31-12
Financial
Highest result since 2018net €54k ▲783%
Operating result €54k, net result €54k, both a record.
2023
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €-18k
Net result drops to €-18k, the lowest in the series.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
05-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 248 days late
05-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 613 days late
05-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 979 days late
Show earlier events
2021
31-12
Financial
Back to profitnet €32k
Net result €32k after 2 loss-making years.
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Brecht · 1 establishment unit since 2007
Ground area
6,886 m²
Building footprint
2,143 m²
Volume, LiDAR
802 m³
2 parcels, Flanders · tallest building 10.2 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MANAGEMENT MA
since 20072.168.368.781
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11333D0783/00M002 | Flanders | 6,368 m² | 1 · 2,054 m² | 0.6 m |
| 11003A0353/00M003 | Flanders | 519 m² | 1 · 89 m² | 10.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | BARBARA HEYSSE ESMOREITLAAN 5,
2050 ANTWERPEN 5 |
12-02-2026 → present |
Recognitions · licences · registrations
Care and welfare
1 service · 0 liveCVK Woonzorgcentrum Kruibeke
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Of 1,292 companies in sector 68122 we hold annual accounts for 901. 583 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 (pre-2019)
Founded14-12-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68122Development of non-residential building projects
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.