MANDHOO
ActiveSummary
MANDHOO has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12,868 and a net result of €15,014. Equity is shrinking by ~37.6% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 23% of 7097 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability94▲+9
Solvency42▲+42
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity short (current ratio 0.11 against 0.93 in 2024; short-term debt: 78.7% and cash: 2.8% of total assets), and 82.8% 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.2%
Return on assets
20%
Age of the figures
18 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 7097 sector peers (2025).
NBB · sector comparisonPosition among 7097 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 12-09-2025, 49 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
49 d early
2024
65 d early
2023
47 d early
2022
40 d early
2021
73 d early
2020
39 d early
2019
34 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 50 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 12 September (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Equity
€12,868
2024 · -€2,146
Total assets
€74,914▲ 758%
2024 · €8,729
Net result
€15,014▲ 343%
2024 · €3,389
Working capital
-€52,337▼ 7,972%
2024 · -€648
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, 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
Line20212022202320242025
Operating result-€5,592-€4,274▲ 23.6%-€6,543▼ 53.1%€5,249€19,696▲ 275%
Net result-€6,201below the sector's middle half-€5,306below the sector's middle half▲ 14.4%-€8,068below the sector's middle half▼ 52.1%€3,389within the sector's middle half€15,014within the sector's middle half▲ 343%
Equity€7,839below the sector's middle half▼ 44.2%€2,534below the sector's middle half▼ 67.7%-€5,535below the sector's middle half-€2,146below the sector's middle half▲ 61.2%€12,868below the sector's middle half
Total assets€21,514below the sector's middle half▼ 24.8%€16,334below the sector's middle half▼ 24.1%€8,809below the sector's middle half▼ 46.1%€8,729below the sector's middle half▼ 0.9%€74,914within the sector's middle half▲ 758%
Debt€13,675▼ 6.1%€13,800▲ 0.9%€14,344▲ 3.9%€10,875▼ 24.2%€62,045▲ 471%
Working capital€7,298within the sector's middle half▲ 6.5%€3,099within the sector's middle half▼ 57.5%-€4,572below the sector's middle half-€648below the sector's middle half▲ 85.8%-€52,337below the sector's middle half▼ 7,972%
Solvency36.4%within the sector's middle half▼ 12.7pp15.5%below the sector's middle half▼ 20.9pp-62.8%below the sector's middle half▼ 78.3pp-24.6%below the sector's middle half▲ 38.2pp17.2%below the sector's middle half▲ 41.8pp
Current ratio1.58within the sector's middle half▲ 0.061.24within the sector's middle half▼ 0.340.65below the sector's middle half▼ 0.590.93below the sector's middle half▲ 0.280.11below the sector's middle half▼ 0.82
Return on assets (ROA)-28.8%below the sector's middle half▼ 33.8pp-32.5%below the sector's middle half▼ 3.7pp-91.6%below the sector's middle half▼ 59.1pp38.8%above the sector's middle half▲ 130.4pp20.0%within the sector's middle half▼ 18.8pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 275% above 2024 and is the highest result in the available series.
Balance-sheet composition
Assets €74,914
Fixed assets
€68,296
Current assets
€6,618
Equity and liabilities €74,914
Equity
€12,868
Debt
€62,045
Debt finances 82.8% of the balance-sheet total.
Key figures and ratios
EBITDA
€30,627▲
2024 · €5,429
Cash flow
€25,945▲
2024 · €3,570
Debt to equity
4.82▲
2024 · -5.07
ROE
116.7%
Interest coverage
12.03▲
2024 · 4.17
Debt ≤ 1 year
€58,955▲
2024 · €9,377
Income taxes
€2,136▲
2024 · €639
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,053 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
2.3%
stopped otherwise
96%
still going
A further 0.4% 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 497,662 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% | 1.7% |
| 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 75% 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 5,053 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €11,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,151 | €1,074 | €386 | €181 | €10,931 | ▲ 5,954% |
| Other operating charges640/8 | - | €1,187 | €1,319 | €1,583 | €823 | ▼ 48.0% |
| Gross operating margin9900 | €3,847 | -€2,013 | -€4,838 | €7,012 | €31,450 | ▲ 349% |
| Operating profit (loss)9901 | -€5,592 | -€4,274 | -€6,543 | €5,249 | €19,696 | ▲ 275% |
| Financial income75/76B | - | €403 | €285 | €81 | €0 | ▼ 99.6% |
| Recurring financial income75 | €422 | €403 | €285 | €81 | €0 | ▼ 99.6% |
| Financial charges65/66B | - | €863 | €1,199 | €1,301 | €2,546 | ▲ 95.7% |
| Recurring financial charges65 | €466 | €863 | €1,199 | €1,301 | €2,546 | ▲ 95.7% |
| Profit (loss) for the period before taxes9903 | -€5,636 | -€4,733 | -€7,456 | €4,028 | €17,150 | ▲ 326% |
| Income taxes67/77 | €564 | €573 | €612 | €639 | €2,136 | ▲ 234% |
| Profit (loss) for the period9904 | -€6,201 | -€5,306 | -€8,068 | €3,389 | €15,014 | ▲ 343% |
| Profit (loss) for the period to be appropriated9905 | -€6,201 | -€5,306 | -€8,068 | €3,389 | €15,014 | ▲ 343% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €21,514 | €16,334 | €8,809 | €8,729 | €74,914 | ▲ 758% |
| Fixed assets21/28 | €1,641 | €567 | €181 | €0 | €68,296 | - |
| Tangible fixed assets22/27 | €1,641 | €567 | €181 | €0 | €68,296 | - |
| Plant, machinery and equipment23 | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | €567 | €181 | €0 | €68,296 | - |
| Current assets29/58 | €19,873 | €15,767 | €8,629 | €8,729 | €6,618 | ▼ 24.2% |
| Amounts receivable within one year40/41 | €13,114 | €12,066 | €5,729 | €7,127 | €3,654 | ▼ 48.7% |
| Trade receivables40 | - | €4,672 | €5,482 | €5,161 | €3,654 | ▼ 29.2% |
| Other amounts receivable41 | - | €7,394 | €246 | €1,966 | €0 | ▼ 100% |
| Current investments50/53 | €0 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €0 | - | €227 | €162 | €2,062 | ▲ 1,172% |
| Deferred charges and accrued income490/1 | - | €3,701 | €2,673 | €1,439 | €901 | ▼ 37.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €21,514 | €16,334 | €8,809 | €8,729 | €74,914 | ▲ 758% |
| Equity10/15 | €7,839 | €2,534 | -€5,535 | -€2,146 | €12,868 | ▲ 700% |
| Contributions10/11 | - | €12,700 | €12,700 | €12,700 | €12,700 | = |
| Reserves13 | €30,112 | €30,112 | €30,112 | €30,112 | €1,860 | ▼ 93.8% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | €28,252 | €28,252 | €28,252 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€34,973 | -€40,278 | -€48,347 | -€44,958 | -€1,692 | ▲ 96.2% |
| Amounts payable17/49 | €13,675 | €13,800 | €14,344 | €10,875 | €62,045 | ▲ 471% |
| Amounts payable after more than one year17 | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €12,575 | €12,668 | €13,201 | €9,377 | €58,955 | ▲ 529% |
| Current portion of amounts payable after more than one year42 | - | €0 | - | - | - | - |
| Financial debts43 | - | €4,132 | €4,417 | €2,166 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €4,132 | €4,417 | €2,166 | €0 | ▼ 100% |
| Trade debts44 | €5,093 | €2,900 | €1,561 | €792 | €574 | ▼ 27.5% |
| Suppliers440/4 | - | €2,900 | €1,561 | €792 | €574 | ▼ 27.5% |
| Taxes, remuneration and social security45 | - | €5,636 | €7,222 | €6,419 | €4,225 | ▼ 34.2% |
| Taxes450/3 | - | €5,636 | €5,822 | €4,919 | €4,225 | ▼ 14.1% |
| Remuneration and social security454/9 | - | - | €1,400 | €1,500 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €54,156 | - |
| Accrued charges and deferred income492/3 | - | €1,132 | €1,143 | €1,497 | €3,091 | ▲ 106% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,201 | -€5,306 | -€8,068 | €3,389 | €15,014 | ▲ 343% |
| + Depreciation and write-downs630 | €8,151 | €1,074 | €386 | €181 | €10,931 | ▲ 5,954% |
| Operating cash flow (approximation) | €1,951 | -€4,232 | -€7,682 | €3,570 | €25,945 | ▲ 627% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€79,227 | - |
| Change in cash | - | - | - | -€65 | €1,900 | ▲ 3,045% |
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
2025
12-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Highest result since 2019net €15,014 ▲343%
Operating result €19,696, net result €15,014, both a record.
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Back to profitnet €3,389
Net result €3,389 after 3 loss-making years.
2023
14-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Weakest financial yearnet -€8,068
Net result drops to -€8,068, the lowest in the series; recovery starts the following year.
2022
21-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
22-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
27-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
12-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
03-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Location & real-estate footprint
Registered office, Aartselaar · 1 establishment unit since 2008
Ground area
294 m²
Building footprint
102 m²
Volume, LiDAR
623 m³
Parcel 11001B0300/00Z000, Flanders · tallest building 9.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Mandhoo
since 20082.169.592.466
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11001B0300/00Z000 | Flanders | 294 m² | 1 · 101 m² | 9.4 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 13,417 companies in sector 73300 we hold annual accounts for 6,906. 4,078 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 (pre-2019)
Founded07-03-2008
Fiscal year end31-03
Activities, NACEBEL 2025
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0896446185
Also
9925:BE0896446185
Registered
07-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.