MANDU
ActiveSummary
MANDU has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14k and a net result of €33k. Equity is growing by ~16.7% per year across the filed fiscal years. Its solvency ranks better than 20% of 17090 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency43▲+43
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity ample (current ratio 9.42 against 97.15 in 2024; short-term debt: 8.7% and cash: 25.1% of total assets), but 81.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.5%
Return on assets
42.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 17090 sector peers (2025).
NBB · sector comparisonPosition among 17090 sector peers
Solvency
better than 20%
← weakest
strongest →
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 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
31 d early
2023
12 d early
2022
11 d late
2021
33 d early
2020
36 d early
2019
10 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€14k
2024 · €-19k
2018: €-53k
2019: €-60k▼ -12.0% vs 2018
2020: €-66k▼ -10.3% vs 2019
2021: €-76k▼ -15.4% vs 2020
2022: €-88k▼ -15.3% vs 2021lowest in 8 years
2023: €-4k▲ +95.2% vs 2022
2024: €-19k▼ -347% vs 2023
2025: €14k▲ +177% vs 2024highest in 8 years
2018 → 2025
Total assets
€78k▲ 81.7%
2024 · €43k
2018: €261
2019: €146▼ -44.1% vs 2018
2020: €26▼ -82.2% vs 2019
2021: €21▼ -19.2% vs 2020lowest in 8 years
2022: €44k▲ +210073% vs 2021
2023: €67k▲ +52.6% vs 2022
2024: €43k▼ -36.4% vs 2023
2025: €78k▲ +81.7% vs 2024highest in 8 years
2018 → 2025
Net result
€33k
2024 · €-15k
2018: €-6k
2019: €-6k▼ -7.7% vs 2018
2020: €-6k▲ +4.1% vs 2019
2021: €-10k▼ -65.2% vs 2020
2022: €-12k▼ -14.2% vs 2021
2023: €84k▲ +819% vs 2022highest in 8 years
2024: €-15k▼ -117% vs 2023lowest in 8 years
2025: €33k▲ +328% vs 2024
2018 → 2025
Working capital
€57k▲ 131%
2024 · €25k
2018: €157
2019: €54▼ -65.6% vs 2018
2020: €-9▼ -117% vs 2019lowest in 8 years
2021: €0▲ +100% vs 2020
2022: €16k
2023: €40k▲ +155% vs 2022
2024: €25k▼ -37.9% vs 2023
2025: €57k▲ +131% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-76k-€-88k▼ 15.3%€-4k▲ 95.2%€-19k▼ 347%€14k
2021: €-76k
2022: €-88k▼ -15.3% vs 2021lowest in 5 years
2023: €-4k▲ +95.2% vs 2022
2024: €-19k▼ -347% vs 2023
2025: €14k▲ +177% vs 2024highest in 5 years
Operating result€-10k-€-11k▼ 13.3%€84k€-14k€36k
2021: €-10k
2022: €-11k▼ -13.3% vs 2021
2023: €84k▲ +832% vs 2022highest in 5 years
2024: €-14k▼ -117% vs 2023lowest in 5 years
2025: €36k▲ +349% vs 2024
Net result€-10k-€-12k▼ 14.2%€84k€-15k€33k
2021: €-10k
2022: €-12k▼ -14.2% vs 2021
2023: €84k▲ +819% vs 2022highest in 5 years
2024: €-15k▼ -117% vs 2023lowest in 5 years
2025: €33k▲ +328% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €36k after a loss of €14k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €78k
Fixed assets
€14k ▼ 21.9%
Current assets
€64k ▲ 156%
Equity and liabilities €78k
Equity
€14k
Debt
€63k
Debt finances 81.5% of the balance-sheet total.
Key figures and ratios
EBITDA
€42k▲
2024 · €-8k
Cash flow
€39k▲
2024 · €-8k
Current ratio
9.42▼
2024 · 97.15
Debt to equity
4.41▲
2024 · -3.28
ROE
230.4%
ROA
42.6%▲
2024 · -34.0%
Interest coverage
477.15▲
2024 · -218.12
Debt ≤ 1 year
€7k▲
2024 · €257
Debt > 1 year
€57k▼
2024 · €61k
Income taxes
€2k▲
2024 · €210
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€43k€78k▲
Fixed assets21/28€18k€14k▼
Intangible fixed assets21-€2k
Tangible fixed assets22/27€17k€11k▼
Furniture and vehicles24€17k€11k▼
Financial fixed assets28€500€500=
Current assets29/58€25k€64k▲
Amounts receivable within one year40/41€11k€15k▲
Trade receivables40-€5k
Other amounts receivable41€11k€10k▼
Cash at bank and in hand54/58€13k€20k▲
Deferred charges and accrued income490/1€1k€29k▲
Equity and liabilities
Total equity and liabilities10/49€43k€78k▲
Equity10/15€-19k€14k▲
Contributions10/11€19k€19k=
Profit (loss) carried forward14€-37k€-4k▲
Amounts payable17/49€62k€63k▲
Amounts payable after more than one year17€61k€57k▼
Financial debts170/4€61k€57k▼
Amounts payable within one year42/48€257€7k▲
Trade debts44€175€4k▲
Suppliers440/4€175€4k▲
Taxes, remuneration and social security45€82€3k▲
Taxes450/3€82€3k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€6k▲
Other operating charges640/8€723€743▲
Gross operating margin9900€-7k€43k▲
Operating profit (loss)9901€-14k€36k▲
Financial income75/76B€5-
Recurring financial income75€5-
Financial charges65/66B€38€88▲
Recurring financial charges65€38€88▲
Profit (loss) for the period before taxes9903€-14k€36k▲
Income taxes67/77€210€2k▲
Profit (loss) for the period9904€-15k€33k▲
Profit (loss) for the period to be appropriated9905€-15k€33k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-37k€-4k▲
Profit (loss) brought forward from the previous period14P€-23k€-37k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1k | €6k | €6k | €6k | ▲ 2.0% |
| Other operating charges640/8 | - | €2k | €705 | €723 | €743 | ▲ 2.8% |
| Gross operating margin9900 | €-10k | €-9k | €91k | €-7k | €43k | ▲ 671% |
| Operating profit (loss)9901 | €-10k | €-11k | €84k | €-14k | €36k | ▲ 349% |
| Financial income75/76B | - | - | - | €5 | - | - |
| Recurring financial income75 | - | - | - | €5 | - | - |
| Financial charges65/66B | €70 | €122 | €46 | €38 | €88 | ▲ 134% |
| Recurring financial charges65 | €70 | €122 | €46 | €38 | €88 | ▲ 134% |
| Profit (loss) for the period before taxes9903 | €-10k | €-12k | €84k | €-14k | €36k | ▲ 348% |
| Income taxes67/77 | - | €46 | €214 | €210 | €2k | ▲ 1,028% |
| Profit (loss) for the period9904 | €-10k | €-12k | €84k | €-15k | €33k | ▲ 328% |
| Profit (loss) for the period to be appropriated9905 | €-10k | €-12k | €84k | €-15k | €33k | ▲ 328% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €21 | €44k | €67k | €43k | €78k | ▲ 81.7% |
| Fixed assets21/28 | - | €28k | €24k | €18k | €14k | ▼ 21.9% |
| Intangible fixed assets21 | - | - | - | - | €2k | - |
| Tangible fixed assets22/27 | - | €28k | €24k | €17k | €11k | ▼ 35.2% |
| Furniture and vehicles24 | - | €28k | €24k | €17k | €11k | ▼ 35.2% |
| Financial fixed assets28 | - | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €21 | €16k | €43k | €25k | €64k | ▲ 156% |
| Amounts receivable within one year40/41 | - | €14k | €5k | €11k | €15k | ▲ 46.2% |
| Trade receivables40 | - | €14k | €590 | - | €5k | - |
| Other amounts receivable41 | - | - | €5k | €11k | €10k | ▼ 5.6% |
| Cash at bank and in hand54/58 | €21 | €2k | €37k | €13k | €20k | ▲ 46.2% |
| Deferred charges and accrued income490/1 | - | - | €492 | €1k | €29k | ▲ 2,686% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €21 | €44k | €67k | €43k | €78k | ▲ 81.7% |
| Equity10/15 | €-76k | €-88k | €-4k | €-19k | €14k | ▲ 177% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €-95k | €-107k | €-23k | €-37k | €-4k | ▲ 88.7% |
| Amounts payable17/49 | €76k | €132k | €72k | €62k | €63k | ▲ 3.0% |
| Amounts payable after more than one year17 | €76k | €132k | €68k | €61k | €57k | ▼ 7.6% |
| Financial debts170/4 | €76k | €132k | €68k | €61k | €57k | ▼ 7.6% |
| Amounts payable within one year42/48 | €21 | €97 | €4k | €257 | €7k | ▲ 2,541% |
| Trade debts44 | - | - | €213 | €175 | €4k | ▲ 2,310% |
| Suppliers440/4 | - | - | €213 | €175 | €4k | ▲ 2,310% |
| Taxes, remuneration and social security45 | €21 | €97 | €3k | €82 | €3k | ▲ 3,035% |
| Taxes450/3 | €21 | €97 | €3k | €82 | €3k | ▲ 3,035% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-10k | €-12k | €84k | €-15k | €33k | ▲ 328% |
| + Depreciation and write-downs630 | - | €1k | €6k | €6k | €6k | ▲ 2.0% |
| Operating cash flow (approximation) | €-10k | €-11k | €90k | €-8k | €39k | ▲ 568% |
| Investment in fixed assets (approximation) | - | - | €-2k | €0 | €-2k | - |
| Change in cash | - | €2k | €35k | €-24k | €6k | ▲ 126% |
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
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €33k
Net result €33k after one loss-making year.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity times 8current ratio 97.15
Current ratio from 12.22 to 97.15; short-term debt falls from €4k to €257.
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €84k
Net result €84k after 5 loss-making years.
11-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 11 days late
2022
31-12
Financial
Liquidity times 161current ratio 161.14
Current ratio from 1.00 to 161.14.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 10 days late
Show earlier events
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
04-07
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 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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, Zulte · 1 establishment unit since 2006
Ground area
5,457 m²
Building footprint
65 m²
Volume, LiDAR
446 m³
Parcel 44050A0426/00P002, Flanders · tallest building 19.1 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Mandu
since 20062.153.293.793
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44050A0426/00P002 | Flanders | 5,457 m² | 1 · 65 m² | 19.1 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 10,061 EUR awarded · 10,061 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 7,500 EUR | 7,500 EUR |
| 2024 | 1 | 965 EUR | 965 EUR |
| 2023 | 1 | 1,365 EUR | 1,365 EUR |
| 2022 | 1 | 231 EUR | 231 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Similar companies · same sector, comparable size
Essential Complexity
BE 0734.848.739
Bertem · Eq €14,390
Studio APS
BE 0797.296.745
Steenokkerzeel · Eq €14,402
UPLIFT & CO
BE 1026.708.871
Rixensart · Eq €14,404
NidoTech
BE 1028.648.079
Menen · Eq €14,407
SkadiCon
BE 0712.539.135
Laarne · Eq €14,418
Of 30,002 companies in sector 62200 we hold annual accounts for 18,390. 11,484 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
Founded20-04-2006
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
62900Other information technology and computer services
62100Computer programming
70200Business and other management consultancy
Contact
Website
www.mandu.be
E-mail
info@mandu.be
E-mail
vincentduthoit@outlook.comZulte
Phone
0497/54.56.77Zulte
Scores and ratios are computed by Checked and are not a credit decision.