MANALEX
ActiveSummary
MANALEX has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €154,602 and a net result of €136,002. Equity is growing by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 54% of 14258 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency59▼-8
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 1.5 against 1.8 in 2024; short-term debt: 53.7% and cash: 9.3% of total assets), but 65.6% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
34.4%
Return on assets
30.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-05-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 d early
2024
134 d early
2023
97 d early
2022
97 d early
2021
31 d early
2020
23 d early
2019
66 d early
← 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 75 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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. Usually files around 26 April (4 of the last 5 filed years within 38 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€154,602▼ 19.6%
2024 · €192,391
Total assets
€449,449▼ 1.6%
2024 · €456,652
Net result
€136,002▼ 21.7%
2024 · €173,791
Working capital
€121,221▼ 21.4%
2024 · €154,212
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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€171,471▼ 5.4%€170,309▼ 0.7%€197,609▲ 16.0%€224,935▲ 13.8%€179,895▼ 20.0%
Net result€141,789above the sector's middle half▼ 0.9%€149,067above the sector's middle half▲ 5.1%€145,841above the sector's middle half▼ 2.2%€173,791above the sector's middle half▲ 19.2%€136,002above the sector's middle half▼ 21.7%
Equity€116,653within the sector's middle half▲ 0.5%€124,543within the sector's middle half▲ 6.8%€129,207within the sector's middle half▲ 3.7%€192,391within the sector's middle half▲ 48.9%€154,602within the sector's middle half▼ 19.6%
Total assets€324,318within the sector's middle half▲ 2.0%€334,144within the sector's middle half▲ 3.0%€345,484within the sector's middle half▲ 3.4%€456,652within the sector's middle half▲ 32.2%€449,449within the sector's middle half▼ 1.6%
Debt€207,666▲ 2.8%€209,601▲ 0.9%€216,276▲ 3.2%€264,261▲ 22.2%€294,847▲ 11.6%
Working capital€116,653above the sector's middle half▲ 0.5%€119,868above the sector's middle half▲ 2.8%€104,057within the sector's middle half▼ 13.2%€154,212above the sector's middle half▲ 48.2%€121,221above the sector's middle half▼ 21.4%
Solvency36.0%within the sector's middle half▼ 0.5pp37.3%within the sector's middle half▲ 1.3pp37.4%within the sector's middle half▲ 0.1pp42.1%within the sector's middle half▲ 4.7pp34.4%within the sector's middle half▼ 7.7pp
Current ratio1.56within the sector's middle half▼ 0.011.57within the sector's middle half▲ 0.011.48within the sector's middle half▼ 0.091.80within the sector's middle half▲ 0.321.50within the sector's middle half▼ 0.30
Return on assets (ROA)43.7%above the sector's middle half▼ 1.3pp44.6%above the sector's middle half▲ 0.9pp42.2%above the sector's middle half▼ 2.4pp38.1%above the sector's middle half▼ 4.2pp30.3%above the sector's middle half▼ 7.8pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate 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 falls in 2025; 2025 is 20% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €449,449
Fixed assets
€87,058 ▼ 20.7%
Current assets
€362,391 ▲ 4.5%
Equity and liabilities €449,449
Equity
€154,602 ▼ 19.6%
Debt
€294,847 ▲ 11.6%
Debt's share of the balance-sheet total rises from 57.9% to 65.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€202,643▼
2024 · €233,310
Cash flow
€158,750▼
2024 · €182,166
Debt to equity
1.91▲
2024 · 1.37
ROE
88.0%▼
2024 · 90.3%
Interest coverage
55.19▼
2024 · 190.63
Debt ≤ 1 year
€241,170▲
2024 · €192,635
Debt > 1 year
€53,677▼
2024 · €71,626
Income taxes
€40,221▼
2024 · €49,920
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 34,696 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | €21,972 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €325 | €2,303 | €8,375 | €22,748 | ▲ 172% |
| Other operating charges640/8 | €664 | €730 | €1,176 | €1,288 | €845 | ▼ 34.4% |
| Gross operating margin9900 | €172,135 | €171,364 | €201,088 | €234,597 | €203,488 | ▼ 13.3% |
| Operating profit (loss)9901 | €171,471 | €170,309 | €197,609 | €224,935 | €179,895 | ▼ 20.0% |
| Financial income75/76B | €21,232 | €23,416 | €1,149 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €21,232 | €23,416 | €1,149 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €30 | €63 | €75 | €1,224 | €3,672 | ▲ 200% |
| Recurring financial charges65 | €30 | €63 | €75 | €1,224 | €3,672 | ▲ 200% |
| Profit (loss) for the period before taxes9903 | €192,673 | €193,662 | €198,683 | €223,711 | €176,223 | ▼ 21.2% |
| Income taxes67/77 | €50,885 | €44,595 | €52,842 | €49,920 | €40,221 | ▼ 19.4% |
| Profit (loss) for the period9904 | €141,789 | €149,067 | €145,841 | €173,791 | €136,002 | ▼ 21.7% |
| Transfer from tax-exempt reserves789 | €29,450 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €171,239 | €149,067 | €145,841 | €173,791 | €136,002 | ▼ 21.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €324,318 | €334,144 | €345,484 | €456,652 | €449,449 | ▼ 1.6% |
| Fixed assets21/28 | - | €4,675 | €25,151 | €109,805 | €87,058 | ▼ 20.7% |
| Tangible fixed assets22/27 | - | €4,675 | €25,151 | €109,805 | €87,058 | ▼ 20.7% |
| Land and buildings22 | - | - | €4,938 | €3,887 | €2,835 | ▼ 27.1% |
| Furniture and vehicles24 | - | - | €9,702 | €96,559 | €76,012 | ▼ 21.3% |
| Other tangible fixed assets26 | - | €4,675 | €10,510 | €9,360 | €8,210 | ▼ 12.3% |
| Current assets29/58 | €324,318 | €329,469 | €320,333 | €346,847 | €362,391 | ▲ 4.5% |
| Amounts receivable within one year40/41 | €277,119 | €283,350 | €280,065 | €317,424 | €319,126 | ▲ 0.5% |
| Trade receivables40 | €27,119 | €31,395 | €30,065 | €63,437 | €64,347 | ▲ 1.4% |
| Other amounts receivable41 | €250,000 | €251,955 | €250,000 | €253,987 | €254,779 | ▲ 0.3% |
| Cash at bank and in hand54/58 | €37,018 | €40,095 | €37,956 | €25,820 | €41,596 | ▲ 61.1% |
| Deferred charges and accrued income490/1 | €10,181 | €6,024 | €2,312 | €3,603 | €1,669 | ▼ 53.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €324,318 | €334,144 | €345,484 | €456,652 | €449,449 | ▼ 1.6% |
| Equity10/15 | €116,653 | €124,543 | €129,207 | €192,391 | €154,602 | ▼ 19.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €98,053 | €105,943 | €110,607 | €173,791 | €136,002 | ▼ 21.7% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €96,193 | €104,083 | €110,607 | €173,791 | €136,002 | ▼ 21.7% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €207,666 | €209,601 | €216,276 | €264,261 | €294,847 | ▲ 11.6% |
| Amounts payable after more than one year17 | - | - | - | €71,626 | €53,677 | ▼ 25.1% |
| Financial debts170/4 | - | - | - | €71,626 | €53,677 | ▼ 25.1% |
| Amounts payable within one year42/48 | €207,666 | €209,601 | €216,276 | €192,635 | €241,170 | ▲ 25.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,169 | €17,949 | ▲ 4.5% |
| Trade debts44 | €1,293 | €1,325 | €357 | €1,350 | €17,184 | ▲ 1,173% |
| Suppliers440/4 | €1,293 | €1,325 | €357 | €1,350 | €17,184 | ▲ 1,173% |
| Taxes, remuneration and social security45 | €9,632 | €6,617 | €9,105 | €37 | €4,319 | ▲ 11,421% |
| Taxes450/3 | €9,632 | €6,617 | €9,105 | €37 | €4,319 | ▲ 11,421% |
| Other amounts payable47/48 | €196,741 | €201,659 | €206,815 | €174,078 | €201,717 | ▲ 15.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €141,789 | €149,067 | €145,841 | €173,791 | €136,002 | ▼ 21.7% |
| + Depreciation and write-downs630 | - | €325 | €2,303 | €8,375 | €22,748 | ▲ 172% |
| Operating cash flow (approximation) | €141,789 | €149,392 | €148,144 | €182,166 | €158,750 | ▼ 12.9% |
| Investment in fixed assets (approximation) | - | - | -€22,779 | -€93,030 | €0 | ▲ 100% |
| Change in cash | - | €3,077 | -€2,140 | -€12,136 | €15,776 | ▲ 230% |
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
12-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €173,791 ▲19.2%
Operating result €224,935, net result €173,791, both a record.
31-12
Financial
Equity above €150,000Eq €192,391 ▲48.9%
7 profitable years in a row build equity to €192,391.
25-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Geel · 1 establishment unit since 2015
Ground area
1,843 m²
Building footprint
169 m²
Volume, LiDAR
884 m³
Parcel 13372A0955/00L025, Flanders · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MANALEX
since 20152.245.283.843
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13372A0955/00L025 | Flanders | 1,843 m² | 1 · 169 m² | 6.3 m · 2 fl. |
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 9,696 companies in sector 68121 we hold annual accounts for 7,393. 5,341 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
Founded26-08-2015
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0635850737
Also
9925:BE0635850737
Registered
01-04-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.