MANATEE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00532015.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 17 filings
Turnover
€480,000▼ 3.0%
2024 · €495,000
EBIT margin
73.2%▼ 4.2pp
2024 · 77.4%
Net result
€184,190▼ 7.8%
2024 · €199,716
Working capital
-€1.6m▼ 2.9%
2024 · -€1.6m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€480,000
▼ 3.0%
2025
20182025
Operating result
€351,362
▼ 8.3%
2025
20182025
Net result
€184,190
▼ 7.8%
2025
highest quarter of the sector
20182025
EBIT margin
73.2%
▼ 4.2pp
2025
20182025
Equity
€4.2m
▲ 4.6%
2025
highest quarter of the sector
20182025
Total assets
€8.6m
▼ 0.3%
2025
highest quarter of the sector
20182025
Debt
€4.3m
▼ 4.6%
2025
20182025
Working capital
-€1.6m
▼ 2.9%
2025
lowest quarter of the sector
20182025
Solvency
49.3%
▲ 2.3pp
2025
middle half of the sector
20182025
Current ratio
0.39
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▼ 0.2pp
2025
middle half of the sector
20182025
Staff (FTE)
0.3
▼ 40.0%
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
Turnover€0.3m-€0.4m▲ 20.6%€0.3m▼ 16.4%€0.3m▼ 16.3%€0.4m▲ 62.9%€0.6m▲ 36.4%€0.5m▼ 17.5%€0.5m▼ 3.0%
Operating result€0.2m-€0.2m▲ 34.1%€0.2m▼ 18.3%€0.1m▼ 38.5%€0.3m▲ 119%€0.5m▲ 77.2%€0.4m▼ 18.7%€0.4m▼ 8.3%
Net result€0.07m-€0.05m▼ 20.1%€0.04mwithin the sector's middle half▼ 20.8%€375below the sector's middle half▼ 99.1%€0.1mwithin the sector's middle half▲ 399×€0.2mwithin the sector's middle half▲ 64.2%€0.2mwithin the sector's middle half▼ 18.8%€0.2mabove the sector's middle half▼ 7.8%
EBIT margin56.4%-62.7%▲ 6.3pp61.3%▼ 1.4pp45.0%▼ 16.3pp60.4%▲ 15.4pp78.5%▲ 18.1pp77.4%▼ 1.1pp73.2%▼ 4.2pp
Equity€0.3m-€0.4m▲ 15.9%€0.4mwithin the sector's middle half▲ 10.8%€3.4mabove the sector's middle half▲ 689%€3.6mabove the sector's middle half▲ 4.4%€3.8mabove the sector's middle half▲ 6.9%€4.0mabove the sector's middle half▲ 5.2%€4.2mabove the sector's middle half▲ 4.6%
Total assets€4.9m-€4.9m▼ 0.4%€5.0mwithin the sector's middle half▲ 2.2%€4.9mwithin the sector's middle half▼ 2.1%€8.6mabove the sector's middle half▲ 74.8%€8.6mabove the sector's middle half▼ 0.2%€8.6mabove the sector's middle half▲ 0.1%€8.6mabove the sector's middle half▼ 0.3%
Debt€4.6m-€4.5m▼ 1.6%€4.6m▲ 1.4%€1.5m▼ 67.8%€5.0m▲ 239%€4.7m▼ 5.2%€4.6m▼ 4.0%€4.3m▼ 4.6%
Working capital€0.6m-€0.5m▼ 18.3%€0.4mwithin the sector's middle half▼ 24.7%€0.3mwithin the sector's middle half▼ 22.6%-€1.3mbelow the sector's middle half-€1.4mbelow the sector's middle half▼ 11.7%-€1.6mbelow the sector's middle half▼ 11.2%-€1.6mbelow the sector's middle half▼ 2.9%
Solvency6.9%-8.0%▲ 1.1pp8.7%below the sector's middle half▲ 0.7pp69.9%within the sector's middle half▲ 61.3pp41.8%within the sector's middle half▼ 28.2pp44.7%within the sector's middle half▲ 2.9pp47.0%within the sector's middle half▲ 2.3pp49.3%within the sector's middle half▲ 2.3pp
Current ratio2.23-1.83▼ 0.401.45within the sector's middle half▼ 0.381.35within the sector's middle half▼ 0.100.46below the sector's middle half▼ 0.900.43below the sector's middle half▼ 0.030.40below the sector's middle half▼ 0.020.39below the sector's middle half▼ 0.01
Return on assets (ROA)1.4%-1.1%▼ 0.3pp0.8%within the sector's middle half▼ 0.2pp0.0%below the sector's middle half▼ 0.8pp1.7%within the sector's middle half▲ 1.7pp2.9%within the sector's middle half▲ 1.1pp2.3%within the sector's middle half▼ 0.5pp2.2%within the sector's middle half▼ 0.2pp
Staff (FTE)0.2-0.5below the sector's middle half0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.3within the sector's middle half▼ 40.0%
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 8% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Large changes and their cause
- 2022 Total assets +75% on 2021. Capital increase of €3,000,000 (Official Gazette 06-01-2022).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.6m
Fixed assets
€7.5m =
Current assets
€1.1m ▼ 2.3%
Equity and liabilities €8.6m
Equity
€4.2m ▲ 4.6%
Debt
€4.3m ▼ 4.6%
Debt's share of the balance-sheet total falls from 53.0% to 50.7%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
1.03▼
2024 · 1.13
ROE
4.4%▼
2024 · 5.0%
Debt ≤ 1 year
€2.7m▲
2024 · €2.7m
Debt > 1 year
€1.7m▼
2024 · €1.9m
Income taxes
€68,083▼
2024 · €79,043
Customer credit
35 days▲
2024 · 18 days
Supplier credit
429 days▼
2024 · 504 days
Staff costs
€20,779▼
2024 · €31,927
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 | €10,892 | - | - | - | - |
| Financial fixed assets | €0 | €3.8m | - | - | - |
| Depreciation and write-downs of the year | €10,052 | €2,178 | €2,178 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €320,173 | €386,203 | €322,800 | €270,121 | €439,929 | €600,000 | €495,000 | €480,000 | ▼ 3.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €103,688 | €136,364 | €94,089 | €92,712 | €107,732 | ▲ 16.2% |
| Remuneration, social security and pensions62 | - | - | - | €25,467 | €25,828 | €29,926 | €31,927 | €20,779 | ▼ 34.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,892 | €10,183 | €10,482 | €10,052 | €2,178 | €2,178 | - | - | - |
| Other operating charges640/8 | - | - | - | €9,383 | €9,720 | €10,417 | €8,700 | €127 | ▼ 98.5% |
| Gross operating margin9900 | €225,004 | €281,468 | €237,567 | €166,433 | €303,565 | €513,598 | €423,614 | €372,268 | ▼ 12.1% |
| Operating profit (loss)9901 | €180,517 | €242,158 | €197,764 | €121,531 | €265,839 | €471,077 | €382,987 | €351,362 | ▼ 8.3% |
| Financial income75/76B | - | - | - | €7,163 | €344 | - | - | - | - |
| Recurring financial income75 | €2,280 | €2,365 | €4,172 | €7,163 | €344 | - | - | - | - |
| Financial charges65/66B | - | - | - | €124,935 | €58,518 | €132,808 | €104,228 | €99,089 | ▼ 4.9% |
| Recurring financial charges65 | €82,523 | €148,616 | €152,616 | €124,935 | €58,518 | €132,808 | €104,228 | €99,089 | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €100,274 | €95,907 | €49,320 | €3,759 | €207,665 | €338,269 | €278,759 | €252,273 | ▼ 9.5% |
| Income taxes67/77 | €33,013 | €42,148 | €6,761 | €3,384 | €57,858 | €92,309 | €79,043 | €68,083 | ▼ 13.9% |
| Profit (loss) for the period9904 | €67,261 | €53,759 | €42,559 | €375 | €149,807 | €245,960 | €199,716 | €184,190 | ▼ 7.8% |
| Profit (loss) for the period to be appropriated9905 | €67,261 | €53,759 | €42,559 | €375 | €149,807 | €245,960 | €199,716 | €184,190 | ▼ 7.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.9m | €4.9m | €5.0m | €4.9m | €8.6m | €8.6m | €8.6m | €8.6m | ▼ 0.3% |
| Fixed assets21/28 | €3.8m | €3.8m | €3.8m | €3.8m | €7.5m | €7.5m | €7.5m | €7.5m | = |
| Intangible fixed assets21 | - | - | - | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.02m | €0.01m | €0.009m | €0.006m | - | - | - |
| Land and buildings22 | - | - | - | €0 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.009m | €0.006m | - | - | - |
| Leasing and similar rights25 | - | - | - | €0 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0 | - | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | €3.8m | €3.8m | €3.8m | €3.8m | €7.5m | €7.5m | €7.5m | €7.5m | = |
| Current assets29/58 | €1.1m | €1.1m | €1.2m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 2.3% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.2m | €0.1m | €0.002m | €0.002m | €0.03m | €0.05m | ▲ 83.1% |
| Trade receivables40 | - | - | - | €0.02m | €0.002m | €0.002m | €0.02m | €0.05m | ▲ 91.7% |
| Other amounts receivable41 | - | - | - | €0.1m | - | - | €0.003m | €0.003m | = |
| Cash at bank and in hand54/58 | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.0m | €1.0m | ▼ 4.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.9m | €4.9m | €5.0m | €4.9m | €8.6m | €8.6m | €8.6m | €8.6m | ▼ 0.3% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €3.4m | €3.6m | €3.8m | €4.0m | €4.2m | ▲ 4.6% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m | = |
| Capital10 | - | - | - | €3.0m | €3.0m | €3.0m | €3.0m | - | - |
| Issued capital100 | - | - | - | €3.0m | €3.0m | €3.0m | €3.0m | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | - | - | - | - | - | - |
| Profit (loss) carried forward14 | €0.3m | €0.4m | €0.4m | €0.4m | €0.6m | €0.8m | €1.0m | €1.2m | ▲ 18.2% |
| Amounts payable17/49 | €4.6m | €4.5m | €4.6m | €1.5m | €5.0m | €4.7m | €4.6m | €4.3m | ▼ 4.6% |
| Amounts payable after more than one year17 | €4.1m | €3.9m | €3.7m | €0.6m | €2.6m | €2.3m | €1.9m | €1.7m | ▼ 12.2% |
| Financial debts170/4 | - | - | - | €0.6m | - | - | - | €1.5m | - |
| Other amounts payable178/9 | - | - | - | - | €2.6m | €2.3m | €1.9m | €0.2m | ▼ 92.0% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €0.9m | €0.8m | €2.3m | €2.5m | €2.7m | €2.7m | ▲ 0.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.4m | €0.4m | €0.4m | €0.2m | ▼ 41.1% |
| Financial debts43 | - | - | - | - | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 9.5% |
| Credit institutions430/8 | - | - | - | - | €0.8m | €0.8m | €0.9m | €0.8m | ▼ 9.5% |
| Trade debts44 | €0.007m | €0.01m | €0.01m | €0.01m | €0.003m | €0.004m | €0.1m | €0.1m | ▼ 1.0% |
| Suppliers440/4 | - | - | - | €0.01m | €0.003m | €0.004m | €0.1m | €0.1m | ▼ 1.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.09m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.09m | €0.2m | €0.09m | €0.2m | ▲ 90.6% |
| Taxes450/3 | - | - | - | €0.03m | €0.09m | €0.2m | €0.09m | €0.1m | ▲ 58.1% |
| Remuneration and social security454/9 | - | - | - | €0.004m | €0.004m | €0.004m | - | €0.03m | - |
| Other amounts payable47/48 | - | - | - | €0.6m | €1.1m | €1.1m | €1.1m | €1.2m | ▲ 9.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.007m | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.05m | €0.04m | €375 | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 7.8% |
| + Depreciation and write-downs630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.002m | €0.002m | - | - | - |
| Operating cash flow (approximation) | €0.08m | €0.06m | €0.05m | €0.01m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.8% |
| Investment in fixed assets (approximation) | - | -€1 | €0 | -€0.001m | -€3.8m | €1 | €0.006m | €0 | ▼ 100% |
| Change in cash | - | -€0.01m | -€397 | -€0.004m | €0.05m | -€0.01m | -€0.006m | -€0.05m | ▼ 680% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-09-2026 | 2026-00532015 | |
| 31-12-2024 | full format | 25-09-2025 | 2025-00502842 | |
| 31-12-2023 | full format | 13-08-2024 | 2024-00344215 | |
| 31-12-2022 | full format | 05-09-2023 | 2023-00442415 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20347230 | |
| 31-12-2020 | full format | 29-08-2021 | 2021-64000144 | |
| 31-12-2019 | full format | 25-09-2020 | 2020-56800279 | |
| 31-12-2018 | full format | 20-06-2019 | 2019-20700262 | |
| 31-12-2017 | full format | 22-06-2018 | 2018-22500395 | |
| 31-12-2016 | full format | 26-06-2017 | 2017-22200255 |