Summary
MANDUS 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 €398,600 and a net result of €33,042. Equity is growing by about 16% per year across the filed financial years. Its solvency ranks better than 88% of 9,736 sector peers (NACE 64, financial year 2025). The company has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€398,600▼ 18.0%
2024 · €486,079
Net result
€33,042▼ 76.9%
2024 · €143,271
Total assets
€446,596▼ 21.1%
2024 · €565,857
Solvency
89.3%▲ 3.4pp
2024 · 85.9%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result falls in 2025; 2025 is 52% below 2024 and is the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€44,916
2025
Net result€33,042
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€446,596
2025
Equity€398,600
2025
Debt€47,996
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€275,806
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)7.4%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency89.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio6.75
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,132-€151,642▲ 288%€19,182▼ 87.4%€85,408▲ 345%€91,998▲ 7.7%€83,143▼ 9.6%€92,629▲ 11.4%€44,916▼ 51.5%
Net result€22,114-€98,408▲ 345%€9,836within the sector's middle half▼ 90.0%€59,818within the sector's middle half▲ 508%€64,315within the sector's middle half▲ 7.5%€58,033within the sector's middle half▼ 9.8%€143,271above the sector's middle half▲ 147%€33,042within the sector's middle half▼ 76.9%
Equity€87,085-€185,492▲ 113%€195,328within the sector's middle half▲ 5.3%€267,546within the sector's middle half▲ 37.0%€311,401within the sector's middle half▲ 16.4%€342,808within the sector's middle half▲ 10.1%€486,079above the sector's middle half▲ 41.8%€398,600above the sector's middle half▼ 18.0%
Total assets€259,208-€370,067▲ 42.8%€391,357within the sector's middle half▲ 5.8%€447,467within the sector's middle half▲ 14.3%€457,266within the sector's middle half▲ 2.2%€459,246within the sector's middle half▲ 0.4%€565,857within the sector's middle half▲ 23.2%€446,596within the sector's middle half▼ 21.1%
Debt€172,123-€184,575▲ 7.2%€196,029▲ 6.2%€179,922▼ 8.2%€145,866▼ 18.9%€116,437▼ 20.2%€79,778▼ 31.5%€47,996▼ 39.8%
Working capital€33,770-€115,420▲ 242%€90,876within the sector's middle half▼ 21.3%€151,743above the sector's middle half▲ 67.0%€188,476above the sector's middle half▲ 24.2%€205,302above the sector's middle half▲ 8.9%€343,122above the sector's middle half▲ 67.1%€275,806above the sector's middle half▼ 19.6%
Solvency33.6%-50.1%▲ 16.5pp49.9%within the sector's middle half▼ 0.2pp59.8%within the sector's middle half▲ 9.9pp68.1%within the sector's middle half▲ 8.3pp74.6%within the sector's middle half▲ 6.5pp85.9%above the sector's middle half▲ 11.3pp89.3%above the sector's middle half▲ 3.4pp
Current ratio1.78-2.54▲ 0.762.97within the sector's middle half▲ 0.433.37within the sector's middle half▲ 0.403.93within the sector's middle half▲ 0.563.95within the sector's middle half▲ 0.026.07above the sector's middle half▲ 2.126.75above the sector's middle half▲ 0.68
Return on assets (ROA)8.5%-26.6%▲ 18.1pp2.5%within the sector's middle half▼ 24.1pp13.4%within the sector's middle half▲ 10.9pp14.1%within the sector's middle half▲ 0.7pp12.6%within the sector's middle half▼ 1.4pp25.3%within the sector's middle half▲ 12.7pp7.4%within the sector's middle half▼ 17.9pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €446,596
Fixed assets
€122,795 ▼ 20.8%
Current assets
€323,802 ▼ 21.2%
Equity and liabilities €446,596
Equity
€398,600 ▼ 18.0%
Debt
€47,996 ▼ 39.8%
Debt's share of the balance-sheet total falls from 14.1% to 10.7%. Equity and debt are lower.
Key figures and ratios
ROE
8.3%▼
2024 · 29.5%
Debt ≤ 1 year
€47,996▼
2024 · €67,673
Debt > 1 year
€0▼
2024 · €11,805
Income taxes
€17,187▼
2024 · €66,469
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,195 | €14,329 | €13,883 | €31,833 | €33,148 | €34,252 | €34,162 | €33,176 | ▼ 2.9% |
| Other operating charges640/8 | - | - | - | €759 | €1,290 | €1,102 | €1,578 | €1,660 | ▲ 5.2% |
| Non-recurring operating charges66A | - | - | - | - | €3,200 | €0 | €7,725 | €2,553 | ▼ 67.0% |
| Gross operating margin9900 | €59,169 | €167,157 | €34,304 | €118,000 | €129,636 | €118,497 | €136,094 | €82,304 | ▼ 39.5% |
| Operating profit (loss)9901 | €39,132 | €151,642 | €19,182 | €85,408 | €91,998 | €83,143 | €92,629 | €44,916 | ▼ 51.5% |
| Financial income75/76B | - | - | - | €228 | €1 | €950 | €118,183 | €6,046 | ▼ 94.9% |
| Recurring financial income75 | €68 | €115 | €71 | €228 | €1 | €950 | €118,183 | €6,046 | ▼ 94.9% |
| Financial charges65/66B | - | - | - | €1,906 | €1,471 | €1,461 | €1,072 | €732 | ▼ 31.7% |
| Recurring financial charges65 | €3,877 | €1,723 | €1,581 | €1,906 | €1,471 | €1,461 | €1,072 | €732 | ▼ 31.7% |
| Profit (loss) for the period before taxes9903 | €35,324 | €150,034 | €17,672 | €83,731 | €90,528 | €82,633 | €209,739 | €50,230 | ▼ 76.1% |
| Income taxes67/77 | €13,211 | €51,627 | €7,837 | €23,913 | €26,213 | €24,600 | €66,469 | €17,187 | ▼ 74.1% |
| Profit (loss) for the period9904 | €22,114 | €98,408 | €9,836 | €59,818 | €64,315 | €58,033 | €143,271 | €33,042 | ▼ 76.9% |
| Profit (loss) for the period to be appropriated9905 | €22,114 | €98,408 | €9,836 | €59,818 | €64,315 | €58,033 | €143,271 | €33,042 | ▼ 76.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €259,208 | €370,067 | €391,357 | €447,467 | €457,266 | €459,246 | €565,857 | €446,596 | ▼ 21.1% |
| Fixed assets21/28 | €182,194 | €179,788 | €254,464 | €231,795 | €204,546 | €184,399 | €155,062 | €122,795 | ▼ 20.8% |
| Tangible fixed assets22/27 | €181,934 | €179,528 | €254,204 | €231,535 | €204,336 | €184,189 | €154,852 | €122,585 | ▼ 20.8% |
| Land and buildings22 | - | - | - | €148,113 | €139,896 | €131,680 | €123,464 | €115,248 | ▼ 6.7% |
| Plant, machinery and equipment23 | - | - | - | €12,745 | €12,873 | €18,463 | €12,942 | €6,185 | ▼ 52.2% |
| Furniture and vehicles24 | - | - | - | €70,678 | €51,566 | €34,046 | €18,446 | €1,152 | ▼ 93.8% |
| Financial fixed assets28 | €260 | €260 | €260 | €260 | €210 | €210 | €210 | €210 | = |
| Current assets29/58 | €77,014 | €190,279 | €136,893 | €215,672 | €252,720 | €274,846 | €410,795 | €323,802 | ▼ 21.2% |
| Amounts receivable within one year40/41 | €38,054 | €74,154 | €31,182 | €139,152 | €171,423 | €203,590 | €36,476 | €26,452 | ▼ 27.5% |
| Trade receivables40 | - | - | - | €20,838 | €23,514 | €74,275 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €118,314 | €147,909 | €129,315 | €36,476 | €26,452 | ▼ 27.5% |
| Current investments50/53 | €31,394 | €110,393 | €102,192 | €73,200 | €75,000 | €59,654 | €71,121 | €232,761 | ▲ 227% |
| Cash at bank and in hand54/58 | €7,566 | €5,732 | €3,105 | €1,366 | €4,260 | €9,402 | €302,205 | €63,513 | ▼ 79.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,954 | €2,037 | €2,200 | €993 | €1,076 | ▲ 8.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €259,208 | €370,067 | €391,357 | €447,467 | €457,266 | €459,246 | €565,857 | €446,596 | ▼ 21.1% |
| Equity10/15 | €87,085 | €185,492 | €195,328 | €267,546 | €311,401 | €342,808 | €486,079 | €398,600 | ▼ 18.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,600 | €0 | - | - | - | - |
| Reserves13 | €50,599 | €149,007 | €158,842 | €218,660 | €281,115 | €312,522 | €455,793 | €368,314 | ▼ 19.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €216,800 | €281,115 | €312,522 | €455,793 | €368,314 | ▼ 19.2% |
| Profit (loss) carried forward14 | €30,286 | €30,286 | €30,286 | €30,286 | €30,286 | €30,286 | €30,286 | €30,286 | = |
| Amounts payable17/49 | €172,123 | €184,575 | €196,029 | €179,922 | €145,866 | €116,437 | €79,778 | €47,996 | ▼ 39.8% |
| Amounts payable after more than one year17 | €128,879 | €109,716 | €150,012 | €115,993 | €81,621 | €46,893 | €11,805 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €115,993 | €81,621 | €46,893 | €11,805 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €43,244 | €74,859 | €46,017 | €63,929 | €64,245 | €69,544 | €67,673 | €47,996 | ▼ 29.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,019 | €34,372 | €34,728 | €35,088 | €11,805 | ▼ 66.4% |
| Financial debts43 | - | - | - | €42 | €7,554 | €991 | €265 | €184 | ▼ 30.6% |
| Credit institutions430/8 | - | - | - | €42 | €7,554 | €991 | €265 | €184 | ▼ 30.6% |
| Trade debts44 | €6,057 | €673 | €1,598 | €6,561 | €3,207 | €6,945 | €3,451 | €2,285 | ▼ 33.8% |
| Suppliers440/4 | - | - | - | €6,561 | €3,207 | €6,945 | €3,451 | €2,285 | ▼ 33.8% |
| Taxes, remuneration and social security45 | - | - | - | €23,306 | €19,112 | €26,880 | €28,869 | €20,057 | ▼ 30.5% |
| Taxes450/3 | - | - | - | €23,306 | €19,112 | €26,880 | €28,869 | €20,057 | ▼ 30.5% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €13,665 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €300 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,114 | €98,408 | €9,836 | €59,818 | €64,315 | €58,033 | €143,271 | €33,042 | ▼ 76.9% |
| + Depreciation and write-downs630 | €19,195 | €14,329 | €13,883 | €31,833 | €33,148 | €34,252 | €34,162 | €33,176 | ▼ 2.9% |
| Operating cash flow (approximation) | €41,309 | €112,737 | €23,719 | €91,651 | €97,463 | €92,285 | €177,433 | €66,218 | ▼ 62.7% |
| Investment in fixed assets (approximation) | - | -€11,923 | -€88,559 | -€9,165 | -€5,899 | -€14,106 | -€4,825 | -€908 | ▲ 81.2% |
| Change in cash | - | -€1,834 | -€2,628 | -€1,739 | €2,895 | €5,142 | €292,803 | -€238,692 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00243707 |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00238792 |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00214623 |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00287271 |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20251092 |
| 31-12-2020 | micro format | 01-09-2021 | 2021-64800074 |
| 31-12-2019 | micro format | 19-08-2020 | 2020-42600221 |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41300526 |
| 31-12-2017 | micro format | 12-07-2018 | 2018-31600037 |
| 31-12-2016 | micro format | 05-07-2017 | 2017-26600431 |
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Of the 24,456 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,093. 13,901 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.