Mandi
ActiveSummary
The annual accounts of Mandi for fiscal year 2025 show a net loss of 51% of total assets. The 2025 annual accounts show equity of €126,029 and a net result of -€96,942. Equity is growing by ~12% per year across the filed fiscal years. Its solvency ranks better than 71% of 28281 sector peers (fiscal year 2025). The company has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency91▼-9
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity ample (current ratio 2.33 against 4.34 in 2024; short-term debt: 31.2% and cash: 17.9% of total assets), and 33.7% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
66.3%
Return on assets
-51%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€96,942
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
13 d early
2023
34 d early
2022
41 d early
2021
11 d early
2020
39 d early
2019
31 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 26 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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. Usually files around 15 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#8 oldest company in Boussu, Construction sector#10 company by equity in Boussu, Construction sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€96,942▼ 94.3%
2024 · -€49,885
Working capital
€78,764▼ 49.6%
2024 · €156,160
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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€53,529▼ 37.3%€47,810▼ 10.7%€9,145▼ 80.9%-€47,921-€94,768▼ 97.8%
Net result€46,379within the sector's middle half▼ 43.9%€32,584within the sector's middle half▼ 29.7%€4,985within the sector's middle half▼ 84.7%-€49,885below the sector's middle half-€96,942below the sector's middle half▼ 94.3%
Equity€235,287within the sector's middle half▲ 24.6%€267,871within the sector's middle half▲ 13.8%€272,856within the sector's middle half▲ 1.9%€222,971above the sector's middle half▼ 18.3%€126,029within the sector's middle half▼ 43.5%
Total assets€349,187within the sector's middle half▲ 13.5%€408,921within the sector's middle half▲ 17.1%€370,643within the sector's middle half▼ 9.4%€273,286within the sector's middle half▼ 26.3%€190,221within the sector's middle half▼ 30.4%
Debt€113,900▼ 4.0%€141,050▲ 23.8%€97,787▼ 30.7%€50,315▼ 48.5%€64,192▲ 27.6%
Working capital€171,337within the sector's middle half▲ 19.1%€219,031within the sector's middle half▲ 27.8%€217,349within the sector's middle half▼ 0.8%€156,160above the sector's middle half▼ 28.2%€78,764within the sector's middle half▼ 49.6%
Solvency67.4%above the sector's middle half▲ 6.0pp65.5%above the sector's middle half▼ 1.9pp73.6%above the sector's middle half▲ 8.1pp81.6%above the sector's middle half▲ 8.0pp66.3%within the sector's middle half▼ 15.3pp
Current ratio3.23above the sector's middle half▲ 0.752.98above the sector's middle half▼ 0.253.52above the sector's middle half▲ 0.544.34above the sector's middle half▲ 0.822.33within the sector's middle half▼ 2.01
Return on assets (ROA)13.3%above the sector's middle half▼ 13.6pp8.0%within the sector's middle half▼ 5.3pp1.3%within the sector's middle half▼ 6.6pp-18.3%below the sector's middle half▼ 19.6pp-51.0%below the sector's middle half▼ 32.7pp
Staff (FTE)9.8within the sector's middle half▼ 5.8%9.6within the sector's middle half▼ 2.0%9within the sector's middle half▼ 6.3%9.1▲ 1.1%9▼ 1.1%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €94,768 in 2025 against €47,921 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €190,221
Fixed assets
€52,102 ▼ 26.0%
Current assets
€138,119 ▼ 31.9%
Equity and liabilities €190,221
Equity
€126,029 ▼ 43.5%
Debt
€64,192 ▲ 27.6%
Debt's share of the balance-sheet total rises from 18.4% to 33.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€76,472▼
2024 · -€33,011
Cash flow
-€78,646▼
2024 · -€34,975
Quick ratio
2.18▼
2024 · 4.23
Debt to equity
0.51▲
2024 · 0.23
ROE
-76.9%▼
2024 · -22.4%
Interest coverage
-27.84▼
2024 · -15.03
Debt ≤ 1 year
€59,355▲
2024 · €46,728
Income taxes
€265▼
2024 · €275
Staff costs
€229,913▼
2024 · €261,288
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,834 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.7%
went bankrupt
13%
stopped otherwise
84%
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 0.8% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 5,834 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €253,464 | €262,472 | €253,279 | €261,288 | €229,913 | ▼ 12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,974 | €12,769 | €12,358 | €14,910 | €18,296 | ▲ 22.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €56,292 | €1,830 | €7,340 | ▲ 301% |
| Other operating charges640/8 | €3,456 | €3,310 | €3,108 | €2,839 | €3,090 | ▲ 8.8% |
| Non-recurring operating charges66A | - | €8,796 | - | - | - | - |
| Gross operating margin9900 | €325,423 | €335,157 | €334,182 | €232,946 | €163,871 | ▼ 29.7% |
| Operating profit (loss)9901 | €53,529 | €47,810 | €9,145 | -€47,921 | -€94,768 | ▼ 97.8% |
| Financial income75/76B | €2,119 | €1,647 | €955 | €508 | €838 | ▲ 65.0% |
| Recurring financial income75 | €2,119 | €1,647 | €955 | €508 | €838 | ▲ 65.0% |
| Financial charges65/66B | €2,812 | €2,206 | €1,933 | €2,197 | €2,747 | ▲ 25.0% |
| Recurring financial charges65 | €2,812 | €2,206 | €1,933 | €2,197 | €2,747 | ▲ 25.0% |
| Profit (loss) for the period before taxes9903 | €52,836 | €47,251 | €8,167 | -€49,610 | -€96,677 | ▼ 94.9% |
| Income taxes67/77 | €6,457 | €14,667 | €3,182 | €275 | €265 | ▼ 3.6% |
| Profit (loss) for the period9904 | €46,379 | €32,584 | €4,985 | -€49,885 | -€96,942 | ▼ 94.3% |
| Profit (loss) for the period to be appropriated9905 | €46,379 | €32,584 | €4,985 | -€49,885 | -€96,942 | ▼ 94.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €349,187 | €408,921 | €370,643 | €273,286 | €190,221 | ▼ 30.4% |
| Fixed assets21/28 | €101,002 | €79,436 | €67,078 | €70,398 | €52,102 | ▼ 26.0% |
| Tangible fixed assets22/27 | €101,002 | €79,436 | €67,078 | €70,398 | €52,102 | ▼ 26.0% |
| Land and buildings22 | €36,676 | €34,318 | €31,960 | €29,602 | €27,244 | ▼ 8.0% |
| Furniture and vehicles24 | €64,326 | €36,188 | €26,188 | €31,866 | €15,928 | ▼ 50.0% |
| Other tangible fixed assets26 | - | €8,930 | €8,930 | €8,930 | €8,930 | = |
| Current assets29/58 | €248,185 | €329,485 | €303,565 | €202,888 | €138,119 | ▼ 31.9% |
| Stocks and contracts in progress3 | €12,288 | €28,535 | €14,837 | €5,350 | €8,750 | ▲ 63.6% |
| Stocks30/36 | €12,288 | €28,535 | €14,837 | €5,350 | €8,750 | ▲ 63.6% |
| Amounts receivable within one year40/41 | €188,383 | €176,633 | €140,064 | €101,831 | €90,117 | ▼ 11.5% |
| Trade receivables40 | €163,400 | €176,534 | €139,875 | €89,488 | €78,432 | ▼ 12.4% |
| Other amounts receivable41 | €24,983 | €99 | €189 | €12,343 | €11,685 | ▼ 5.3% |
| Cash at bank and in hand54/58 | €43,454 | €120,810 | €144,574 | €90,535 | €34,084 | ▼ 62.4% |
| Deferred charges and accrued income490/1 | €4,060 | €3,507 | €4,090 | €5,172 | €5,168 | ▼ 0.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €349,187 | €408,921 | €370,643 | €273,286 | €190,221 | ▼ 30.4% |
| Equity10/15 | €235,287 | €267,871 | €272,856 | €222,971 | €126,029 | ▼ 43.5% |
| Contributions10/11 | €198,592 | €198,592 | €198,592 | €198,592 | €198,592 | = |
| Reserves13 | €75,093 | €75,093 | €75,093 | €75,093 | €75,093 | = |
| Non-distributable reserves130/1 | €19,859 | €19,859 | €19,859 | €19,859 | €19,859 | = |
| Reserves not available under the articles1311 | €19,859 | €19,859 | €19,859 | €19,859 | €19,859 | = |
| Tax-exempt reserves132 | €9,234 | €9,234 | €9,234 | €9,234 | €9,234 | = |
| Distributable reserves133 | €46,000 | €46,000 | €46,000 | €46,000 | €46,000 | = |
| Profit (loss) carried forward14 | -€38,398 | -€5,814 | -€829 | -€50,714 | -€147,656 | ▼ 191% |
| Amounts payable17/49 | €113,900 | €141,050 | €97,787 | €50,315 | €64,192 | ▲ 27.6% |
| Amounts payable after more than one year17 | €32,945 | €26,548 | €9,023 | - | - | - |
| Financial debts170/4 | €32,945 | €26,548 | €9,023 | - | - | - |
| Amounts payable within one year42/48 | €76,848 | €110,454 | €86,216 | €46,728 | €59,355 | ▲ 27.0% |
| Current portion of amounts payable after more than one year42 | €12,163 | €17,299 | €17,525 | €9,023 | - | - |
| Trade debts44 | €14,159 | €26,966 | €13,669 | €17,406 | €18,529 | ▲ 6.5% |
| Suppliers440/4 | €14,159 | €26,966 | €13,669 | €17,406 | €18,529 | ▲ 6.5% |
| Advances received on contracts in progress46 | €2,420 | - | - | - | €12,488 | - |
| Taxes, remuneration and social security45 | €29,625 | €56,394 | €48,240 | €13,642 | €22,980 | ▲ 68.5% |
| Taxes450/3 | €6,922 | €36,833 | €28,108 | €1,007 | €1,332 | ▲ 32.3% |
| Remuneration and social security454/9 | €22,703 | €19,561 | €20,132 | €12,635 | €21,648 | ▲ 71.3% |
| Other amounts payable47/48 | €18,481 | €9,795 | €6,782 | €6,657 | €5,358 | ▼ 19.5% |
| Accrued charges and deferred income492/3 | €4,107 | €4,048 | €2,548 | €3,587 | €4,837 | ▲ 34.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,379 | €32,584 | €4,985 | -€49,885 | -€96,942 | ▼ 94.3% |
| + Depreciation and write-downs630 | €14,974 | €12,769 | €12,358 | €14,910 | €18,296 | ▲ 22.7% |
| Operating cash flow (approximation) | €61,353 | €45,353 | €17,343 | -€34,975 | -€78,646 | ▼ 125% |
| Investment in fixed assets (approximation) | - | €8,797 | €0 | -€18,230 | €0 | ▲ 100% |
| Change in cash | - | €77,356 | €23,764 | -€54,039 | -€56,451 | ▼ 4.5% |
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
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€96,942
Net result drops to -€96,942, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
20-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €200,000Eq €235,287 ▲24.6%
3 profitable years in a row build equity to €235,287.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €82,723 ▲110%
Operating result €85,405, net result €82,723, both a record.
31-12
Financial
Equity above €150,000Eq €188,908 ▲77.9%
2 profitable years in a row build equity to €188,908.
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Back to profitnet €39,323
Net result €39,323 after one loss-making year.
Show earlier events
31-12
Financial
Equity above €100,000Eq €106,185 ▲58.8%
Equity rises from €66,862 to €106,185.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Boussu · 1 establishment unit since 1992
Ground area
621 m²
Building footprint
170 m²
Volume, LiDAR
833 m³
Parcel 53014A1386/00X003, Wallonia · tallest building 6.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MANDI
since 19922.056.285.875
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53014A1386/00X003 | Wallonia | 621 m² | 1 · 170 m² | 6.3 m · 2 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 8,578 companies in sector 43410 we hold annual accounts for 4,369. 3,801 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
Founded28-01-1992
Fiscal year end31-12
Activities, NACEBEL 2025
43410Roofing work
16230Manufacture of other builders' carpentry and joinery
47521Retail sale of hardware, building materials, paint and glass (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0446539696
Also
9925:BE0446539696
Registered
05-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.