MANCUSO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 25 filings
Turnover
€0
Total assets
€55,282▼ 6.7%
2024 · €59,259
Net result
-€902
2024 · €8,749
Working capital
€55,098▼ 1.6%
2024 · €56,001
In the rankings
#8 oldest company in Amay, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€0
2025
20182025
Operating result
-€749
2025
20182025
Net result
-€902
2025
lowest quarter of the sector
20182025
Equity
€55,098
▼ 1.6%
2025
middle half of the sector
20182025
Total assets
€55,282
▼ 6.7%
2025
lowest quarter of the sector
20182025
Debt
€184
▼ 94.4%
2025
20182025
Working capital
€55,098
▼ 1.6%
2025
middle half of the sector
20182025
Solvency
99.7%
▲ 5.2pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
-1.6%
▼ 16.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0
Operating result€15,243-€10,204▼ 33.1%€8,612▼ 15.6%€227▼ 97.4%-€19,287€15,381€11,817▼ 23.2%-€749
Net result€12,117-€7,424▼ 38.7%€6,171within the sector's middle half▼ 16.9%€1,226within the sector's middle half▼ 80.1%-€19,478below the sector's middle half€15,208within the sector's middle half€8,749within the sector's middle half▼ 42.5%-€902below the sector's middle half
Equity€96,700-€104,124▲ 7.7%€110,296within the sector's middle half▲ 5.9%€111,522within the sector's middle half▲ 1.1%€92,044within the sector's middle half▼ 17.5%€47,252within the sector's middle half▼ 48.7%€56,001within the sector's middle half▲ 18.5%€55,098within the sector's middle half▼ 1.6%
Total assets€111,232-€116,624▲ 4.8%€118,358within the sector's middle half▲ 1.5%€120,348within the sector's middle half▲ 1.7%€98,367within the sector's middle half▼ 18.3%€49,114below the sector's middle half▼ 50.1%€59,259below the sector's middle half▲ 20.7%€55,282below the sector's middle half▼ 6.7%
Debt€14,532-€12,500▼ 14.0%€8,062▼ 35.5%€8,826▲ 9.5%€6,323▼ 28.4%€1,862▼ 70.6%€3,259▲ 75.0%€184▼ 94.4%
Working capital€89,666-€98,485▲ 9.8%€106,016above the sector's middle half▲ 7.6%€108,564above the sector's middle half▲ 2.4%€92,044above the sector's middle half▼ 15.2%€47,252within the sector's middle half▼ 48.7%€56,001within the sector's middle half▲ 18.5%€55,098within the sector's middle half▼ 1.6%
Solvency86.9%-89.3%▲ 2.3pp93.2%above the sector's middle half▲ 3.9pp92.7%above the sector's middle half▼ 0.5pp93.6%above the sector's middle half▲ 0.9pp96.2%above the sector's middle half▲ 2.6pp94.5%above the sector's middle half▼ 1.7pp99.7%above the sector's middle half▲ 5.2pp
Current ratio14.93-15.50▲ 0.5723.19above the sector's middle half▲ 7.6914.57above the sector's middle half▼ 8.6215.56above the sector's middle half▲ 0.9926.38above the sector's middle half▲ 10.8218.19above the sector's middle half▼ 8.19
Return on assets (ROA)10.9%-6.4%▼ 4.5pp5.2%within the sector's middle half▼ 1.2pp1.0%within the sector's middle half▼ 4.2pp-19.8%below the sector's middle half▼ 20.8pp31.0%above the sector's middle half▲ 50.8pp14.8%within the sector's middle half▼ 16.2pp-1.6%below the sector's middle half▼ 16.4pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €749, after a profit of €11,817 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €55,282
Equity
€55,098 ▼ 1.6%
Debt
€184 ▼ 94.4%
Debt's share of the balance-sheet total falls from 5.5% to 0.3%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.06
ROE
-1.6%▼
2024 · 15.6%
Debt ≤ 1 year
€184▼
2024 · €3,259
A ratio outside any meaningful range has been withheld (balance sheet total €55,282, equity €55,098).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €1,000 | €1,600 | €1,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | - | €0 | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €0 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,782 | €3,782 | €3,782 | €3,782 | €3,782 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €546 | €583 | €565 | €536 | €548 | ▲ 2.3% |
| Gross operating margin9900 | €19,580 | €16,552 | €14,045 | €4,555 | -€14,921 | €15,945 | €12,353 | -€200 | - |
| Operating profit (loss)9901 | €15,243 | €10,204 | €8,612 | €227 | -€19,287 | €15,381 | €11,817 | -€749 | - |
| Financial income75/76B | - | - | - | €487 | €391 | €221 | €76 | €0 | ▼ 99.4% |
| Recurring financial income75 | €354 | €533 | €412 | €487 | €391 | €221 | €76 | €0 | ▼ 99.4% |
| Financial charges65/66B | - | - | - | €804 | €582 | €394 | €200 | €154 | ▼ 23.1% |
| Recurring financial charges65 | €741 | €813 | €708 | €804 | €582 | €394 | €200 | €154 | ▼ 23.1% |
| Profit (loss) for the period before taxes9903 | €14,856 | €9,924 | €8,315 | -€89 | -€19,478 | €15,208 | €11,693 | -€902 | - |
| Income taxes67/77 | €2,739 | €2,500 | €2,144 | -€1,315 | - | - | €2,944 | - | - |
| Profit (loss) for the period9904 | €12,117 | €7,424 | €6,171 | €1,226 | -€19,478 | €15,208 | €8,749 | -€902 | - |
| Profit (loss) for the period to be appropriated9905 | €12,117 | €7,424 | €6,171 | €1,226 | -€19,478 | €15,208 | €8,749 | -€902 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €111,232 | €116,624 | €118,358 | €120,348 | €98,367 | €49,114 | €59,259 | €55,282 | ▼ 6.7% |
| Fixed assets21/28 | €15,129 | €11,347 | €7,565 | €3,782 | - | - | - | €0 | - |
| Tangible fixed assets22/27 | €15,129 | €11,347 | €7,565 | €3,782 | - | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0 | - |
| Furniture and vehicles24 | - | - | - | €3,782 | - | - | - | €0 | - |
| Current assets29/58 | €96,102 | €105,277 | €110,793 | €116,565 | €98,367 | €49,114 | €59,259 | €55,282 | ▼ 6.7% |
| Stocks and contracts in progress3 | €135 | €139 | €1,243 | €142 | €134 | €123 | - | - | - |
| Stocks30/36 | - | - | - | €142 | €134 | €123 | - | - | - |
| Amounts receivable within one year40/41 | €10,382 | €10,469 | €11,213 | €21,251 | €18,512 | €13,018 | €9,144 | €51,631 | ▲ 465% |
| Trade receivables40 | - | - | - | €17,496 | €14,948 | €9,341 | €8,307 | €6,046 | ▼ 27.2% |
| Other amounts receivable41 | - | - | - | €3,755 | €3,565 | €3,677 | €837 | €45,585 | ▲ 54× |
| Cash at bank and in hand54/58 | €85,585 | €94,669 | €98,337 | €94,773 | €79,321 | €35,972 | €49,715 | €3,652 | ▼ 92.7% |
| Deferred charges and accrued income490/1 | - | - | - | €400 | €400 | - | €400 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €111,232 | €116,624 | €118,358 | €120,348 | €98,367 | €49,114 | €59,259 | €55,282 | ▼ 6.7% |
| Equity10/15 | €96,700 | €104,124 | €110,296 | €111,522 | €92,044 | €47,252 | €56,001 | €55,098 | ▼ 1.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €10,860 | €10,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | - | - | €9,000 | €9,000 | = |
| Profit (loss) carried forward14 | €88,640 | €96,064 | €102,236 | €103,462 | €83,984 | €39,192 | €38,941 | €38,038 | ▼ 2.3% |
| Amounts payable17/49 | €14,532 | €12,500 | €8,062 | €8,826 | €6,323 | €1,862 | €3,259 | €184 | ▼ 94.4% |
| Amounts payable after more than one year17 | €8,095 | €5,707 | €3,285 | €824 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €824 | - | - | - | - | - |
| Amounts payable within one year42/48 | €6,436 | €6,792 | €4,777 | €8,001 | €6,323 | €1,862 | €3,259 | €184 | ▼ 94.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,460 | €827 | - | - | - | - |
| Trade debts44 | €1,587 | €2,483 | €1,323 | €4,355 | €3,710 | €676 | €128 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €4,355 | €3,710 | €676 | €128 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €1,000 | €1,600 | €1,000 | €2,944 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €1,000 | €1,600 | €1,000 | €2,944 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €186 | €186 | €186 | €186 | €184 | ▼ 1.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,117 | €7,424 | €6,171 | €1,226 | -€19,478 | €15,208 | €8,749 | -€902 | - |
| + Depreciation and write-downs630 | €3,782 | €3,782 | €3,782 | €3,782 | €3,782 | - | - | - | - |
| Operating cash flow (approximation) | €15,900 | €11,207 | €9,954 | €5,009 | -€15,696 | €15,208 | €8,749 | -€902 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | - | - |
| Change in cash | - | €9,084 | €3,668 | -€3,565 | -€15,452 | -€43,348 | €13,743 | -€46,064 | - |
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, 12,322 companies had the same profile as MANCUSO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANCUSO itself: 0.3% 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 12,322 companies, not a prediction for MANCUSO. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00379366 | |
| 31-12-2024 | micro format | 11-08-2025 | 2025-00372162 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00331151 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00225253 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20139545 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-30300037 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28700231 | |
| 31-12-2018 | micro format | 08-07-2019 | 2019-31700388 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-30600542 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-29300526 |