MANATAN
ActiveSummary
MANATAN has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €21,295 and a net result of €67,383. Equity is shrinking by ~23.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 27% of 236 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2026
Axes · tick = 2025
Profitability90▼-10
Solvency30▼-4
Growth58=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.65 against 0.61 in 2025; short-term debt: 93.8% and cash: 6.4% of total assets), and 94.7% of the assets are financed with debt.
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Signals
Four 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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 2026Solvency, return and age of the figures
Solvency
5.3%
Return on assets
16.9%
Age of the figures
8 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 20-08-2026, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2026
11 d early
2025
48 d early
2024
52 d early
2023
50 d early
2022
47 d early
2021
49 d early
2020
45 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 43 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-01-2027 close31-08-2027 deadline
History
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Financials · fiscal year 2026, abbreviated schema
Equity
€21,295▼ 45.3%
2025 · €38,912
Total assets
€399,143▼ 10.7%
2025 · €447,140
Net result
€67,383▼ 44.7%
2025 · €121,785
Working capital
-€129,430▲ 17.5%
2025 · -€156,810
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Line20222023202420252026
Operating result€136,304€161,607▲ 18.6%€77,154▼ 52.3%€153,743▲ 99.3%€85,180▼ 44.6%
Net result€131,783above the sector's middle half€154,212above the sector's middle half▲ 17.0%€52,642within the sector's middle half▼ 65.9%€121,785above the sector's middle half▲ 131%€67,383▼ 44.7%
Equity€320,273within the sector's middle half▲ 69.9%€24,485below the sector's middle half▼ 92.4%€77,127below the sector's middle half▲ 215%€38,912below the sector's middle half▼ 49.5%€21,295▼ 45.3%
Total assets€617,959within the sector's middle half▼ 3.6%€373,865below the sector's middle half▼ 39.5%€517,211below the sector's middle half▲ 38.3%€447,140within the sector's middle half▼ 13.5%€399,143▼ 10.7%
Debt€297,686▼ 34.2%€349,380▲ 17.4%€440,084▲ 26.0%€408,228▼ 7.2%€377,848▼ 7.4%
Working capital€224,071▲ 265%-€48,359-€59,505▼ 23.0%-€156,810▼ 164%-€129,430▲ 17.5%
Solvency51.8%within the sector's middle half▲ 22.4pp6.5%below the sector's middle half▼ 45.3pp14.9%below the sector's middle half▲ 8.4pp8.7%below the sector's middle half▼ 6.2pp5.3%▼ 3.4pp
Staff (FTE)2.9within the sector's middle half▼ 14.7%2.6within the sector's middle half▼ 10.3%2.6within the sector's middle half=2.5within the sector's middle half▼ 3.8%2.5=
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2026; 2026 is 45% below 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €399,143
Fixed assets
€154,314 ▼ 22.6%
Current assets
€244,829 ▼ 1.2%
Equity and liabilities €399,143
Equity
€21,295 ▼ 45.3%
Debt
€377,848 ▼ 7.4%
Debt's share of the balance-sheet total rises from 91.3% to 94.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€130,176▼
2025 · €182,491
Cash flow
€112,378▼
2025 · €150,533
Current ratio
0.65▲
2025 · 0.61
Quick ratio
0.12▲
2025 · 0.10
Debt to equity
17.74▲
2025 · 10.49
ROE
316.4%▲
2025 · 313.0%
ROA
16.9%▼
2025 · 27.2%
Interest coverage
11.44▼
2025 · 16.59
Debt ≤ 1 year
€374,259▼
2025 · €404,640
Income taxes
€6,821▼
2025 · €21,313
Staff costs
€124,825▼
2025 · €128,097
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 926 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency under 10%
- a profit of 5% of the balance sheet or more
1.6%
went bankrupt
4.5%
stopped otherwise
93%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 497,058 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 926 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 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €115,939 | €115,388 | €123,954 | €128,097 | €124,825 | ▼ 2.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,333 | €27,815 | €22,928 | €28,748 | €44,995 | ▲ 56.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€4,503 | -€1,513 | -€457 | -€267 | -€50 | ▲ 81.3% |
| Other operating charges640/8 | €342 | €480 | €3,588 | €893 | €994 | ▲ 11.4% |
| Gross operating margin9900 | €281,414 | €303,776 | €227,168 | €311,214 | €255,946 | ▼ 17.8% |
| Operating profit (loss)9901 | €136,304 | €161,607 | €77,154 | €153,743 | €85,180 | ▼ 44.6% |
| Financial income75/76B | €1,563 | €1,269 | €927 | €352 | €404 | ▲ 14.7% |
| Recurring financial income75 | €1,563 | €1,269 | €927 | €352 | €404 | ▲ 14.7% |
| Financial charges65/66B | €6,084 | €5,684 | €10,048 | €10,997 | €11,380 | ▲ 3.5% |
| Recurring financial charges65 | €6,084 | €5,684 | €10,048 | €10,997 | €11,380 | ▲ 3.5% |
| Profit (loss) for the period before taxes9903 | €131,783 | €157,193 | €68,034 | €143,098 | €74,204 | ▼ 48.1% |
| Income taxes67/77 | - | €2,980 | €15,392 | €21,313 | €6,821 | ▼ 68.0% |
| Profit (loss) for the period9904 | €131,783 | €154,212 | €52,642 | €121,785 | €67,383 | ▼ 44.7% |
| Profit (loss) for the period to be appropriated9905 | €131,783 | €154,212 | €52,642 | €121,785 | €67,383 | ▼ 44.7% |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €617,959 | €373,865 | €517,211 | €447,140 | €399,143 | ▼ 10.7% |
| Fixed assets21/28 | €99,438 | €76,403 | €140,764 | €199,310 | €154,314 | ▼ 22.6% |
| Tangible fixed assets22/27 | €99,431 | €76,396 | €140,757 | €199,302 | €154,307 | ▼ 22.6% |
| Land and buildings22 | €95,565 | €69,458 | €135,657 | €109,894 | €84,131 | ▼ 23.4% |
| Plant, machinery and equipment23 | €3,866 | €6,937 | €5,100 | €3,263 | €1,489 | ▼ 54.4% |
| Furniture and vehicles24 | - | - | - | €86,145 | €68,686 | ▼ 20.3% |
| Financial fixed assets28 | €7 | €7 | €7 | €7 | €7 | = |
| Current assets29/58 | €518,521 | €297,462 | €376,447 | €247,830 | €244,829 | ▼ 1.2% |
| Stocks and contracts in progress3 | €175,280 | €196,676 | €212,638 | €209,367 | €199,299 | ▼ 4.8% |
| Stocks30/36 | €175,280 | €196,676 | €212,638 | €209,367 | €199,299 | ▼ 4.8% |
| Amounts receivable within one year40/41 | €306,619 | €48,029 | €135,060 | €11,359 | €2,696 | ▼ 76.3% |
| Trade receivables40 | €57,789 | €48,000 | €29,362 | €11,359 | €2,695 | ▼ 76.3% |
| Other amounts receivable41 | €248,830 | €29 | €105,698 | - | €1 | - |
| Cash at bank and in hand54/58 | €14,834 | €8,358 | €918 | €10,941 | €25,628 | ▲ 134% |
| Deferred charges and accrued income490/1 | €21,787 | €44,398 | €27,831 | €16,163 | €17,206 | ▲ 6.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €617,959 | €373,865 | €517,211 | €447,140 | €399,143 | ▼ 10.7% |
| Equity10/15 | €320,273 | €24,485 | €77,127 | €38,912 | €21,295 | ▼ 45.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €301,673 | €5,885 | €58,527 | €20,312 | €2,695 | ▼ 86.7% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €299,813 | €4,025 | €58,527 | €20,312 | €2,695 | ▼ 86.7% |
| Amounts payable17/49 | €297,686 | €349,380 | €440,084 | €408,228 | €377,848 | ▼ 7.4% |
| Amounts payable within one year42/48 | €294,450 | €345,821 | €435,952 | €404,640 | €374,259 | ▼ 7.5% |
| Financial debts43 | €150,014 | €150,000 | €168,815 | €150,000 | €85,000 | ▼ 43.3% |
| Credit institutions430/8 | €150,014 | €150,000 | €168,815 | €150,000 | €85,000 | ▼ 43.3% |
| Trade debts44 | €104,530 | €135,463 | €222,245 | €195,641 | €189,808 | ▼ 3.0% |
| Suppliers440/4 | €104,530 | €135,463 | €222,245 | €195,641 | €189,808 | ▼ 3.0% |
| Taxes, remuneration and social security45 | €39,907 | €43,881 | €44,891 | €46,491 | €57,958 | ▲ 24.7% |
| Taxes450/3 | €22,796 | €21,779 | €24,254 | €21,445 | €29,720 | ▲ 38.6% |
| Remuneration and social security454/9 | €17,111 | €22,102 | €20,637 | €25,046 | €28,237 | ▲ 12.7% |
| Other amounts payable47/48 | - | €16,477 | - | €12,508 | €41,494 | ▲ 232% |
| Accrued charges and deferred income492/3 | €3,236 | €3,559 | €4,133 | €3,588 | €3,589 | = |
| Line | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €131,783 | €154,212 | €52,642 | €121,785 | €67,383 | ▼ 44.7% |
| + Depreciation and write-downs630 | €33,333 | €27,815 | €22,928 | €28,748 | €44,995 | ▲ 56.5% |
| Operating cash flow (approximation) | €165,116 | €182,027 | €75,569 | €150,533 | €112,378 | ▼ 25.3% |
| Investment in fixed assets (approximation) | - | -€4,780 | -€87,289 | -€87,293 | €0 | ▲ 100% |
| Change in cash | - | -€6,476 | -€7,440 | €10,023 | €14,687 | ▲ 46.5% |
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 2027, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2026 · abbreviated schema
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-01
Financial
Highest result since 2019net €154,212 ▲17%
Operating result €161,607, net result €154,212, both a record.
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-01
Financial
Back to profitnet €131,783
Net result €131,783 after one loss-making year.
31-01
Financial
Equity above €200,000Eq €320,273 ▲69.9%
Equity rises from €188,490 to €320,273.
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
31-01
Financial
Weakest financial yearnet -€29,189
Net result drops to -€29,189, the lowest in the series; recovery starts the following year.
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
31-01
Financial
Equity above €200,000Eq €217,678 ▲13%
2 profitable years in a row build equity to €217,678.
Show earlier events
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Aalst · 1 establishment unit since 1994
Ground area
1.4 ha
Building footprint
1.1 ha
Volume, LiDAR
207,417 m³
2 parcels, Flanders · tallest building 29.0 m, ±6 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Canvas
since 19942.066.413.269
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34353H1142/00X000 | Flanders | 1.4 ha | 1 · 1.1 ha | 28.9 m · 6 fl. |
| 41002A0333/00D000 | Flanders | 210 m² | 1 · 144 m² | 14.3 m · 2 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.
Structure & network
Owners and holdings
1 ownerChain of control
- THOLUS
- MANATAN
Highest known parent: THOLUS. The sources do not say who stands above it.
Owners 1
- THOLUSparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 276 companies in sector 47519 we hold annual accounts for 130. 98 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
Founded07-01-1994
Fiscal year end31-01
Activities, NACEBEL 2025
47512Retail sale of household textiles and bedding
47519Retail trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0451996739
Also
9925:BE0451996739
Registered
16-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.