MANATHAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 PDF all 35 filings
Turnover
≈ €150,000
Estimated: probably between €88,000 and €260,000
EBIT margin
Not included in this filing
Net result
€23,112▼ 9.0%
2024 · €25,394
Working capital
€162,382▲ 2.2%
2024 · €158,809
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€33,883
▼ 8.9%
2025
20182025
Net result
€23,112
▼ 9.0%
2025
20182025
Equity
€190,012
▲ 1.7%
2025
20182025
Total assets
€318,301
▲ 6.2%
2025
20182025
Debt
€128,289
▲ 13.8%
2025
20182025
Working capital
€162,382
▲ 2.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,608-€29,251▲ 9.9%€29,799▲ 1.9%€24,024▼ 19.4%€28,037▲ 16.7%€27,679▼ 1.3%€37,205▲ 34.4%€33,883▼ 8.9%
Net result€16,180-€19,667▲ 21.6%€20,331▲ 3.4%€16,363▼ 19.5%€18,957▲ 15.9%€18,802▼ 0.8%€25,394▲ 35.1%€23,112▼ 9.0%
Equity€318,986-€338,653▲ 6.2%€358,984▲ 6.0%€375,347▲ 4.6%€249,404▼ 33.6%€268,206▲ 7.5%€186,900▼ 30.3%€190,012▲ 1.7%
Total assets€322,222-€341,686▲ 6.0%€360,934▲ 5.6%€377,281▲ 4.5%€250,689▼ 33.6%€269,569▲ 7.5%€299,643▲ 11.2%€318,301▲ 6.2%
Debt€3,236-€3,033▼ 6.3%€1,950▼ 35.7%€1,934▼ 0.8%€1,285▼ 33.6%€1,363▲ 6.1%€112,743▲ 83×€128,289▲ 13.8%
Working capital€262,627-€288,300▲ 9.8%€313,888▲ 8.9%€335,432▲ 6.9%€214,670▼ 36.0%€238,653▲ 11.2%€158,809▼ 33.5%€162,382▲ 2.2%
The operating result for 2025 is 9% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €318,301
Fixed assets
€27,630 ▼ 1.6%
Current assets
€290,671 ▲ 7.0%
Equity and liabilities €318,301
Equity
€190,012 ▲ 1.7%
Debt
€128,289 ▲ 13.8%
Debt's share of the balance-sheet total rises from 37.6% to 40.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,344▼
2024 · €38,666
Cash flow
€23,572▼
2024 · €26,856
Current ratio
2.27▼
2024 · 2.41
Debt to equity
0.68▲
2024 · 0.60
ROE
12.2%▼
2024 · 13.6%
ROA
7.3%▼
2024 · 8.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€128,289▲
2024 · €112,743
Income taxes
€10,771▼
2024 · €11,810
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,645 | €6,006 | €5,257 | €5,181 | €5,181 | €5,181 | €1,462 | €460 | ▼ 68.5% |
| Other operating charges640/8 | - | - | - | €348 | €1,977 | €2,171 | €2,246 | €1,917 | ▼ 14.6% |
| Gross operating margin9900 | €36,146 | €35,605 | €35,404 | €29,553 | €35,195 | €35,031 | €40,912 | €36,261 | ▼ 11.4% |
| Operating profit (loss)9901 | €26,608 | €29,251 | €29,799 | €24,024 | €28,037 | €27,679 | €37,205 | €33,883 | ▼ 8.9% |
| Financial charges65/66B | - | - | - | €177 | €295 | €39 | €0 | €0 | = |
| Recurring financial charges65 | - | €51 | - | €177 | €295 | €39 | €0 | €0 | = |
| Profit (loss) for the period before taxes9903 | €26,608 | €29,200 | €29,799 | €23,847 | €27,742 | €27,640 | €37,204 | €33,883 | ▼ 8.9% |
| Income taxes67/77 | €10,428 | €9,533 | €9,468 | €7,484 | €8,785 | €8,838 | €11,810 | €10,771 | ▼ 8.8% |
| Profit (loss) for the period9904 | €16,180 | €19,667 | €20,331 | €16,363 | €18,957 | €18,802 | €25,394 | €23,112 | ▼ 9.0% |
| Profit (loss) for the period to be appropriated9905 | €16,180 | €19,667 | €20,331 | €16,363 | €18,957 | €18,802 | €25,394 | €23,112 | ▼ 9.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €322,222 | €341,686 | €360,934 | €377,281 | €250,689 | €269,569 | €299,643 | €318,301 | ▲ 6.2% |
| Fixed assets21/28 | €56,359 | €50,353 | €45,096 | €39,915 | €34,734 | €29,553 | €28,091 | €27,630 | ▼ 1.6% |
| Tangible fixed assets22/27 | €56,359 | €50,353 | €45,096 | €39,915 | €34,734 | €29,553 | €28,091 | €27,630 | ▼ 1.6% |
| Land and buildings22 | - | - | - | €39,915 | €34,734 | €29,553 | €28,091 | €27,630 | ▼ 1.6% |
| Current assets29/58 | €265,863 | €291,333 | €315,838 | €337,366 | €215,955 | €240,016 | €271,552 | €290,671 | ▲ 7.0% |
| Amounts receivable within one year40/41 | €3,670 | €9,026 | €7,170 | €7,300 | €7,430 | €7,043 | - | €530 | - |
| Other amounts receivable41 | - | - | - | €7,300 | €7,430 | €7,043 | - | €530 | - |
| Cash at bank and in hand54/58 | €262,193 | €282,307 | €308,668 | €330,066 | €205,743 | €231,867 | €270,404 | €288,833 | ▲ 6.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,782 | €1,106 | €1,149 | €1,308 | ▲ 13.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €322,222 | €341,686 | €360,934 | €377,281 | €250,689 | €269,569 | €299,643 | €318,301 | ▲ 6.2% |
| Equity10/15 | €318,986 | €338,653 | €358,984 | €375,347 | €249,404 | €268,206 | €186,900 | €190,012 | ▲ 1.7% |
| Contributions10/11 | €206,900 | €206,900 | - | €206,900 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | - | - | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | - | - | €62,000 | €62,000 | €62,000 | = |
| Contributions outside capital11 | - | - | - | - | €62,000 | - | - | - | - |
| Other1109/19 | - | - | - | - | €62,000 | - | - | - | - |
| Reserves13 | €107,890 | €127,390 | €147,390 | €163,690 | €182,190 | €200,990 | €119,290 | €122,290 | ▲ 2.5% |
| Non-distributable reserves130/1 | - | - | - | €20,690 | €20,690 | €20,690 | €20,690 | €20,690 | = |
| Legal reserve130 | - | - | - | - | - | - | - | €20,690 | - |
| Reserves not available under the articles1311 | - | - | - | €20,690 | €20,690 | €20,690 | €20,690 | - | - |
| Distributable reserves133 | - | - | - | €143,000 | €161,500 | €180,300 | €98,600 | €101,600 | ▲ 3.0% |
| Profit (loss) carried forward14 | €4,196 | €4,363 | €4,694 | €4,757 | €5,214 | €5,216 | €5,610 | €5,722 | ▲ 2.0% |
| Amounts payable17/49 | €3,236 | €3,033 | €1,950 | €1,934 | €1,285 | €1,363 | €112,743 | €128,289 | ▲ 13.8% |
| Amounts payable within one year42/48 | €3,236 | €3,033 | €1,950 | €1,934 | €1,285 | €1,363 | €112,743 | €128,289 | ▲ 13.8% |
| Taxes, remuneration and social security45 | - | - | - | €1,934 | €1,285 | €1,280 | €5,590 | €6,601 | ▲ 18.1% |
| Taxes450/3 | - | - | - | €1,934 | €1,285 | €1,280 | €5,590 | €6,601 | ▲ 18.1% |
| Other amounts payable47/48 | - | - | - | - | - | €83 | €107,153 | €121,688 | ▲ 13.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,180 | €19,667 | €20,331 | €16,363 | €18,957 | €18,802 | €25,394 | €23,112 | ▼ 9.0% |
| + Depreciation and write-downs630 | €7,645 | €6,006 | €5,257 | €5,181 | €5,181 | €5,181 | €1,462 | €460 | ▼ 68.5% |
| Operating cash flow (approximation) | €23,825 | €25,673 | €25,588 | €21,544 | €24,138 | €23,983 | €26,856 | €23,572 | ▼ 12.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €1 | €0 | ▼ 100% |
| Change in cash | - | €20,114 | €26,361 | €21,398 | -€124,323 | €26,124 | €38,537 | €18,429 | ▼ 52.2% |
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 MANATHAN 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 MANATHAN 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 MANATHAN. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00166922 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00129436 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00226596 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00224517 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20355742 | |
| 31-12-2020 | micro format | 06-08-2021 | 2021-46800222 | |
| 31-12-2019 | full format | 18-08-2020 | 2020-42200024 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17100289 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17500199 | |
| 31-12-2016 | full format | 29-06-2017 | 2017-24100538 |