Summary
MANDER is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €2.6m and a net result of €1.2m. Equity is growing by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 58% of 5558 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-08-2026, 10 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
10 d late
2024
34 d early
2023
5 d late
2022
22 d late
2021
23 d late
2020
31 d late
2019
7 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 7 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#5 company by total assets in Halen, Finance and insurance sector#5 company by equity in Halen, Finance and insurance sector#5 oldest company in Halen, Finance and insurance sector
Equity
€2.6m▲ 79.8%
2024 · €1.5m
Net result
€1.2m▲ 951%
2024 · €110,554
Total assets
€4.4m▲ 18.2%
2024 · €3.7m
Solvency
59.8%▲ 20.5pp
2024 · 39.3%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€104,190▼ 28.0%€124,446▲ 19.4%€126,392▲ 1.6%€225,151▲ 78.1%€144,598▼ 35.8%
Net result€48,093▼ 19.6%€414,399▲ 762%€47,073▼ 88.6%€110,554▲ 135%€1.2m▲ 951%
Equity€884,606▲ 5.7%€1.3m▲ 46.8%€1.3m▲ 3.6%€1.5m▲ 8.2%€2.6m▲ 79.8%
Total assets€4.0m▼ 1.9%€3.7m▼ 6.1%€3.7m▼ 1.2%€3.7m▲ 1.0%€4.4m▲ 18.2%
Debt€3.1m▼ 3.9%€2.4m▼ 21.4%€2.3m▼ 3.7%€2.2m▼ 3.2%€1.8m▼ 21.8%
Working capital-€1.6m▲ 5.5%-€1.2m▲ 27.3%-€1.1m▲ 5.9%-€1.0m▲ 10.0%€168,675
Solvency22.4%▲ 1.6pp35.0%▲ 12.6pp36.7%▲ 1.7pp39.3%▲ 2.6pp59.8%▲ 20.5pp
Staff (FTE)3.8▼ 5.0%4▲ 5.3%4=3.8▼ 5.0%3.9▲ 2.6%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 36% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.4m
Fixed assets
€3.0m ▼ 4.0%
Current assets
€1.4m ▲ 141%
Equity and liabilities €4.4m
Equity
€2.6m ▲ 79.8%
Debt
€1.8m ▼ 21.8%
Debt's share of the balance-sheet total falls from 60.7% to 40.2%. Equity is higher and debt is lower.
Key figures and ratios
ROE
44.4%▲
2024 · 7.6%
ROA
26.6%▲
2024 · 3.0%
Debt ≤ 1 year
€1.2m▼
2024 · €1.6m
Debt > 1 year
€562,643▼
2024 · €668,694
Income taxes
€25,460▼
2024 · €48,788
Staff costs
€179,431▲
2024 · €167,685
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €191,937 | €171,005 | €176,691 | €167,685 | €179,431 | ▲ 7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €146,854 | €146,312 | €143,194 | €135,108 | €133,484 | ▼ 1.2% |
| Other operating charges640/8 | €26,645 | €27,084 | €30,405 | €30,957 | €34,852 | ▲ 12.6% |
| Gross operating margin9900 | €469,627 | €468,848 | €476,682 | €558,901 | €492,366 | ▼ 11.9% |
| Operating profit (loss)9901 | €104,190 | €124,446 | €126,392 | €225,151 | €144,598 | ▼ 35.8% |
| Financial income75/76B | - | €350,000 | €969 | €2,216 | €1.1m | ▲ 49,688% |
| Recurring financial income75 | - | €350,000 | €969 | €2,216 | €1.1m | ▲ 49,688% |
| Financial charges65/66B | €36,132 | €33,321 | €59,118 | €68,024 | €60,070 | ▼ 11.7% |
| Recurring financial charges65 | €36,132 | €33,321 | €59,118 | €68,024 | €60,070 | ▼ 11.7% |
| Profit (loss) for the period before taxes9903 | €68,058 | €441,126 | €68,244 | €159,342 | €1.2m | ▲ 645% |
| Income taxes67/77 | €19,965 | €26,727 | €21,170 | €48,788 | €25,460 | ▼ 47.8% |
| Profit (loss) for the period9904 | €48,093 | €414,399 | €47,073 | €110,554 | €1.2m | ▲ 951% |
| Profit (loss) for the period to be appropriated9905 | €48,093 | €414,399 | €47,073 | €110,554 | €1.2m | ▲ 951% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.0m | €3.7m | €3.7m | €3.7m | €4.4m | ▲ 18.2% |
| Fixed assets21/28 | €3.5m | €3.4m | €3.3m | €3.1m | €3.0m | ▼ 4.0% |
| Tangible fixed assets22/27 | €1.8m | €1.6m | €1.5m | €1.4m | €1.3m | ▼ 8.9% |
| Land and buildings22 | €1.8m | €1.6m | €1.5m | €1.4m | €1.3m | ▼ 9.0% |
| Plant, machinery and equipment23 | - | - | - | - | €3,674 | - |
| Furniture and vehicles24 | €465 | €10,956 | €8,022 | €5,088 | €2,154 | ▼ 57.7% |
| Leasing and similar rights25 | €4,384 | - | - | - | - | - |
| Financial fixed assets28 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Current assets29/58 | €445,628 | €329,503 | €417,822 | €566,475 | €1.4m | ▲ 141% |
| Amounts receivable within one year40/41 | €4,828 | €4,904 | €4,603 | €66,632 | €10,831 | ▼ 83.7% |
| Trade receivables40 | - | €4,512 | - | €61,994 | - | - |
| Other amounts receivable41 | €4,828 | €392 | €4,603 | €4,638 | €10,831 | ▲ 134% |
| Current investments50/53 | - | - | - | - | €754,053 | - |
| Cash at bank and in hand54/58 | €427,780 | €311,171 | €396,913 | €483,484 | €570,853 | ▲ 18.1% |
| Deferred charges and accrued income490/1 | €13,019 | €13,428 | €16,306 | €16,359 | €27,662 | ▲ 69.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.0m | €3.7m | €3.7m | €3.7m | €4.4m | ▲ 18.2% |
| Equity10/15 | €884,606 | €1.3m | €1.3m | €1.5m | €2.6m | ▲ 79.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €822,606 | €1.2m | €1.3m | €1.4m | €2.6m | ▲ 83.3% |
| Non-distributable reserves130/1 | €76,869 | €76,869 | €76,869 | €76,869 | €76,869 | = |
| Legal reserve130 | €76,869 | €76,869 | €76,869 | €76,869 | €76,869 | = |
| Distributable reserves133 | €745,737 | €1.2m | €1.2m | €1.3m | €2.5m | ▲ 88.2% |
| Amounts payable17/49 | €3.1m | €2.4m | €2.3m | €2.2m | €1.8m | ▼ 21.8% |
| Amounts payable after more than one year17 | €970,973 | €871,405 | €771,606 | €668,694 | €562,643 | ▼ 15.9% |
| Financial debts170/4 | €970,973 | €871,405 | €771,606 | €668,694 | €562,643 | ▼ 15.9% |
| Amounts payable within one year42/48 | €2.1m | €1.5m | €1.5m | €1.6m | €1.2m | ▼ 24.3% |
| Current portion of amounts payable after more than one year42 | €108,496 | €106,259 | €106,551 | €111,363 | €114,465 | ▲ 2.8% |
| Financial debts43 | - | - | €19,950 | €28,070 | €24,780 | ▼ 11.7% |
| Other loans439 | - | - | €19,950 | €28,070 | €24,780 | ▼ 11.7% |
| Trade debts44 | €1,902 | €6,821 | €617 | €774 | €481 | ▼ 37.9% |
| Suppliers440/4 | €1,902 | €6,821 | €617 | €774 | €481 | ▼ 37.9% |
| Taxes, remuneration and social security45 | €27,800 | €41,877 | €45,660 | €72,083 | €48,863 | ▼ 32.2% |
| Taxes450/3 | €6,905 | €10,866 | €12,357 | €37,857 | €15,721 | ▼ 58.5% |
| Remuneration and social security454/9 | €20,895 | €31,010 | €33,304 | €34,226 | €33,142 | ▼ 3.2% |
| Other amounts payable47/48 | €2.0m | €1.4m | €1.4m | €1.4m | €1.0m | ▼ 26.4% |
| Accrued charges and deferred income492/3 | €8,028 | €16,057 | €8,088 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €48,093 | €414,399 | €47,073 | €110,554 | €1.2m | ▲ 951% |
| + Depreciation and write-downs630 | €146,854 | €146,312 | €143,194 | €135,108 | €133,484 | ▼ 1.2% |
| Operating cash flow (approximation) | €194,948 | €560,711 | €190,267 | €245,663 | €1.3m | ▲ 427% |
| Investment in fixed assets (approximation) | - | -€20,986 | -€12,003 | -€21,917 | -€8,969 | ▲ 59.1% |
| Change in cash | - | -€116,609 | €85,741 | €86,571 | €87,369 | ▲ 0.9% |
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
10-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 10 days late
2025
31-12
Financial
Highest result since 2018net €1.2m ▲951%
Net result €1.2m, the highest in the series.
31-12
Financial
Liquidity triplescurrent ratio 1.14
Current ratio from 0.36 to 1.14; short-term debt falls from €1.6m to €1.2m.
31-12
Financial
Equity above €2mEq €2.6m ▲79.8%
8 profitable years in a row build equity to €2.6m.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 5 days late
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
2022
31-12
Financial
Equity above €1mEq €1.3m ▲46.8%
5 profitable years in a row build equity to €1.3m.
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 23 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €12,826 ▼46.1%
Net result drops to €12,826, the lowest in the series; recovery starts the following year.
Show earlier events
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Halen · 1 establishment unit since 2004
Ground area
1,560 m²
Building footprint
923 m²
Volume, LiDAR
7,749 m³
Parcel 71020B0822/00X000, Flanders · tallest building 13.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Mander
since 20042.136.252.477
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71020B0822/00X000 | Flanders | 1,560 m² | 1 · 923 m² | 13.4 m · 3 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 24,729 companies in sector 64210 we hold annual accounts for 19,771. 10,108 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded11-03-2004
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
Scores and ratios are computed by Checked and are not a credit decision.