MANAGEMENT TECHNOLOGIES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-06-2026 PDF all 29 filings
Turnover
≈ €100,000
Estimated: probably between €60,000 and €140,000
Total assets
€154,125▼ 7.7%
2024 · €167,017
Net result
€27,167▲ 51.1%
2024 · €17,979
Working capital
€112,324▲ 20.2%
2024 · €93,486
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,494
▲ 60.5%
2025
20182025
Net result
€27,167
▲ 51.1%
2025
middle half of the sector
20182025
Equity
€119,913
▲ 11.9%
2025
middle half of the sector
20182025
Total assets
€154,125
▼ 7.7%
2025
middle half of the sector
20182025
Debt
€34,212
▼ 42.9%
2025
20182025
Working capital
€112,324
▲ 20.2%
2025
middle half of the sector
20182025
Solvency
77.8%
▲ 13.7pp
2025
middle half of the sector
20182025
Current ratio
4.28
▲ 1.72
2025
middle half of the sector
20182025
Return on assets (ROA)
17.6%
▲ 6.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,166-€22,465▲ 1.4%€66,142▲ 194%€55,876▼ 15.5%€10,871▼ 80.5%-€76,662€17,755€28,494▲ 60.5%
Net result€13,936-€14,393▲ 3.3%€48,591within the sector's middle half▲ 238%€34,898within the sector's middle half▼ 28.2%€8,612within the sector's middle half▼ 75.3%-€71,386below the sector's middle half€17,979within the sector's middle half€27,167within the sector's middle half▲ 51.1%
Equity€177,685-€164,908▼ 7.2%€213,500within the sector's middle half▲ 29.5%€222,864within the sector's middle half▲ 4.4%€187,662within the sector's middle half▼ 15.8%€116,277within the sector's middle half▼ 38.0%€107,138within the sector's middle half▼ 7.9%€119,913within the sector's middle half▲ 11.9%
Total assets€214,145-€225,120▲ 5.1%€262,791within the sector's middle half▲ 16.7%€294,107within the sector's middle half▲ 11.9%€273,544within the sector's middle half▼ 7.0%€162,357within the sector's middle half▼ 40.6%€167,017within the sector's middle half▲ 2.9%€154,125within the sector's middle half▼ 7.7%
Debt€36,460-€60,212▲ 65.1%€49,291▼ 18.1%€71,244▲ 44.5%€85,882▲ 20.5%€46,080▼ 46.3%€59,878▲ 29.9%€34,212▼ 42.9%
Working capital€159,997-€139,298▼ 12.9%€194,404above the sector's middle half▲ 39.6%€193,919above the sector's middle half▼ 0.2%€170,054above the sector's middle half▼ 12.3%€97,407within the sector's middle half▼ 42.7%€93,486within the sector's middle half▼ 4.0%€112,324within the sector's middle half▲ 20.2%
Solvency83.0%-73.3%▼ 9.7pp81.2%above the sector's middle half▲ 8.0pp75.8%within the sector's middle half▼ 5.5pp68.6%within the sector's middle half▼ 7.2pp71.6%within the sector's middle half▲ 3.0pp64.1%within the sector's middle half▼ 7.5pp77.8%within the sector's middle half▲ 13.7pp
Current ratio5.51-3.35▼ 2.164.95above the sector's middle half▲ 1.603.72within the sector's middle half▼ 1.223.09within the sector's middle half▼ 0.633.11within the sector's middle half▲ 0.032.56within the sector's middle half▼ 0.554.28within the sector's middle half▲ 1.72
Return on assets (ROA)6.5%-6.4%▼ 0.1pp18.5%within the sector's middle half▲ 12.1pp11.9%within the sector's middle half▼ 6.6pp3.1%within the sector's middle half▼ 8.7pp-44.0%below the sector's middle half▼ 47.1pp10.8%within the sector's middle half▲ 54.7pp17.6%within the sector's middle half▲ 6.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 60% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €154,125
Fixed assets
€7,589 ▼ 44.4%
Current assets
€146,536 ▼ 4.5%
Equity and liabilities €154,125
Equity
€119,913 ▲ 11.9%
Debt
€34,212 ▼ 42.9%
Debt's share of the balance-sheet total falls from 35.9% to 22.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€34,558▲
2024 · €24,980
Cash flow
€33,231▲
2024 · €25,204
Debt to equity
0.29▼
2024 · 0.56
ROE
22.7%▲
2024 · 16.8%
Interest coverage
31.94▲
2024 · 22.58
Debt ≤ 1 year
€34,212▼
2024 · €59,878
Income taxes
€1,667▲
2024 · €306
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €16,705 | - | €4,367 | €2,008 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,884 | €6,905 | €7,537 | €7,225 | €6,064 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €3,000 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,052 | €7,361 | €7,361 | €6,884 | €6,905 | €7,537 | €7,225 | €6,064 | ▼ 16.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €14,450 | €68,938 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,304 | €1,037 | €1,034 | €1,053 | €699 | ▼ 33.7% |
| Gross operating margin9900 | €29,124 | €30,856 | €74,549 | €64,065 | €33,264 | €846 | €26,033 | €35,256 | ▲ 35.4% |
| Operating profit (loss)9901 | €22,166 | €22,465 | €66,142 | €55,876 | €10,871 | -€76,662 | €17,755 | €28,494 | ▲ 60.5% |
| Financial income75/76B | - | - | - | €2,151 | €2,538 | €6,962 | €1,637 | €1,423 | ▼ 13.1% |
| Recurring financial income75 | €846 | €1,458 | €2,806 | €2,151 | €2,538 | €6,962 | €1,637 | €1,423 | ▼ 13.1% |
| Financial charges65/66B | - | - | - | €3,330 | €1,027 | €1,290 | €1,106 | €1,082 | ▼ 2.2% |
| Recurring financial charges65 | €809 | €1,240 | €90 | €3,330 | €1,027 | €1,290 | €1,106 | €1,082 | ▼ 2.2% |
| Profit (loss) for the period before taxes9903 | €22,203 | €22,683 | €68,858 | €54,698 | €12,382 | -€70,991 | €18,285 | €28,835 | ▲ 57.7% |
| Income taxes67/77 | €8,267 | €8,290 | €20,266 | €19,799 | €3,770 | €395 | €306 | €1,667 | ▲ 445% |
| Profit (loss) for the period9904 | €13,936 | €14,393 | €48,591 | €34,898 | €8,612 | -€71,386 | €17,979 | €27,167 | ▲ 51.1% |
| Profit (loss) for the period to be appropriated9905 | €13,936 | €14,393 | €48,591 | €34,898 | €8,612 | -€71,386 | €17,979 | €27,167 | ▲ 51.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €214,145 | €225,120 | €262,791 | €294,107 | €273,544 | €162,357 | €167,017 | €154,125 | ▼ 7.7% |
| Fixed assets21/28 | €18,646 | €26,485 | €19,124 | €28,945 | €22,040 | €18,869 | €13,653 | €7,589 | ▼ 44.4% |
| Tangible fixed assets22/27 | €18,613 | €26,452 | €19,091 | €28,912 | €22,007 | €18,836 | €13,620 | €7,556 | ▼ 44.5% |
| Plant, machinery and equipment23 | - | - | - | €7,154 | €4,876 | €2,597 | €615 | €113 | ▼ 81.6% |
| Furniture and vehicles24 | - | - | - | €13,674 | €10,202 | €10,466 | €8,386 | €3,979 | ▼ 52.6% |
| Other tangible fixed assets26 | - | - | - | €8,083 | €6,928 | €5,774 | €4,619 | €3,464 | ▼ 25.0% |
| Financial fixed assets28 | €33 | €33 | €33 | €33 | €33 | €33 | €33 | €33 | = |
| Current assets29/58 | €195,499 | €198,635 | €243,667 | €265,163 | €251,505 | €143,487 | €153,364 | €146,536 | ▼ 4.5% |
| Amounts receivable after more than one year29 | - | - | - | €48,557 | €49,916 | €49,916 | €49,916 | €39,916 | ▼ 20.0% |
| Other amounts receivable291 | - | - | - | €48,557 | €49,916 | €49,916 | €49,916 | €39,916 | ▼ 20.0% |
| Amounts receivable within one year40/41 | €63,172 | €87,350 | €54,618 | €71,661 | €60,699 | €49,562 | €34,089 | €13,253 | ▼ 61.1% |
| Trade receivables40 | - | - | - | €50,549 | €35,343 | €49,562 | €25,679 | €12,150 | ▼ 52.7% |
| Other amounts receivable41 | - | - | - | €21,112 | €25,356 | - | €8,410 | €1,103 | ▼ 86.9% |
| Current investments50/53 | €85,159 | €95,239 | €112,339 | €117,389 | €122,389 | €37,507 | €52,667 | - | - |
| Cash at bank and in hand54/58 | €47,169 | €16,045 | €26,324 | €26,805 | €18,097 | €5,598 | €15,926 | €92,583 | ▲ 481% |
| Deferred charges and accrued income490/1 | - | - | - | €750 | €403 | €904 | €766 | €783 | ▲ 2.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €214,145 | €225,120 | €262,791 | €294,107 | €273,544 | €162,357 | €167,017 | €154,125 | ▼ 7.7% |
| Equity10/15 | €177,685 | €164,908 | €213,500 | €222,864 | €187,662 | €116,277 | €107,138 | €119,913 | ▲ 11.9% |
| Contributions10/11 | €6,205 | €6,205 | - | €6,205 | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €171,480 | €158,703 | €207,294 | €216,658 | €181,457 | €149,174 | €122,056 | €113,708 | ▼ 6.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €13,701 | €13,701 | €13,701 | €13,701 | €13,701 | = |
| Distributable reserves133 | - | - | - | €201,097 | €165,896 | €133,612 | €108,354 | €100,006 | ▼ 7.7% |
| Profit (loss) carried forward14 | - | - | - | - | - | -€39,102 | -€21,123 | €0 | - |
| Amounts payable17/49 | €36,460 | €60,212 | €49,291 | €71,244 | €85,882 | €46,080 | €59,878 | €34,212 | ▼ 42.9% |
| Amounts payable within one year42/48 | €35,502 | €59,337 | €49,263 | €71,244 | €81,451 | €46,080 | €59,878 | €34,212 | ▼ 42.9% |
| Trade debts44 | €30,967 | €27,403 | €29,175 | €35,444 | €33,381 | €19,330 | €17,274 | €3,068 | ▼ 82.2% |
| Suppliers440/4 | - | - | - | €35,444 | €33,381 | €19,330 | €17,274 | €3,068 | ▼ 82.2% |
| Taxes, remuneration and social security45 | - | - | - | €10,265 | €4,257 | €18,582 | €15,487 | €13,318 | ▼ 14.0% |
| Taxes450/3 | - | - | - | €10,265 | €4,257 | €13,062 | €12,169 | €9,966 | ▼ 18.1% |
| Remuneration and social security454/9 | - | - | - | - | - | €5,521 | €3,318 | €3,352 | ▲ 1.0% |
| Other amounts payable47/48 | - | - | - | €25,534 | €43,813 | €8,168 | €27,118 | €17,826 | ▼ 34.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,431 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,936 | €14,393 | €48,591 | €34,898 | €8,612 | -€71,386 | €17,979 | €27,167 | ▲ 51.1% |
| + Depreciation and write-downs630 | €6,052 | €7,361 | €7,361 | €6,884 | €6,905 | €7,537 | €7,225 | €6,064 | ▼ 16.1% |
| Operating cash flow (approximation) | €19,988 | €21,754 | €55,952 | €41,783 | €15,517 | -€63,849 | €25,204 | €33,231 | ▲ 31.8% |
| Investment in fixed assets (approximation) | - | -€15,200 | €0 | -€16,705 | €0 | -€4,367 | -€2,008 | €0 | - |
| Change in cash | - | -€31,123 | €10,279 | €481 | -€8,708 | -€12,499 | €10,328 | €76,658 | ▲ 642% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 31,368 companies had the same profile as MANAGEMENT TECHNOLOGIES has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANAGEMENT TECHNOLOGIES itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 31,368 companies, not a prediction for MANAGEMENT TECHNOLOGIES. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-06-2026 | 2026-00150353 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00282305 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00147075 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00270792 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20098908 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-33400327 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-33900188 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-19900108 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-25600153 | |
| 31-12-2016 | micro format | 26-06-2017 | 2017-20500227 |