MANEF
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-05-2026 PDF all 48 filings
Turnover
≈ €260,000
Estimated: probably between €160,000 and €490,000
EBIT margin
Not included in this filing
Net result
€26,499▼ 4.4%
2024 · €27,710
Working capital
€178,774▲ 79.0%
2024 · €99,846
In the rankings
#2 oldest company in Hainaut, Fabricated metal products sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€38,010
▲ 43.6%
2025
20182025
Net result
€26,499
▼ 4.4%
2025
middle half of the sector
20182025
Equity
€550,216
▲ 5.1%
2025
middle half of the sector
20182025
Total assets
€716,925
▲ 16.0%
2025
lowest quarter of the sector
20182025
Debt
€166,709
▲ 76.8%
2025
20182025
Working capital
€178,774
▲ 79.0%
2025
middle half of the sector
20182025
Solvency
76.7%
▼ 8.0pp
2025
highest quarter of the sector
20182025
Current ratio
2.34
▲ 0.12
2025
middle half of the sector
20182025
Return on assets (ROA)
3.7%
▼ 0.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€11,426-€15,087€42,046▲ 179%-€20,287€25,485-€6,499€26,474€38,010▲ 43.6%
Net result-€18,956-€11,922€38,369above the sector's middle half▲ 222%-€23,757below the sector's middle half€18,149within the sector's middle half-€8,811below the sector's middle half€27,710within the sector's middle half€26,499within the sector's middle half▼ 4.4%
Equity€460,134-€472,056▲ 2.6%€510,426above the sector's middle half▲ 8.1%€486,669above the sector's middle half▼ 4.7%€504,818above the sector's middle half▲ 3.7%€496,007above the sector's middle half▼ 1.7%€523,717above the sector's middle half▲ 5.6%€550,216within the sector's middle half▲ 5.1%
Total assets€646,308-€611,513▼ 5.4%€667,337above the sector's middle half▲ 9.1%€578,471above the sector's middle half▼ 13.3%€623,483above the sector's middle half▲ 7.8%€548,770above the sector's middle half▼ 12.0%€618,022above the sector's middle half▲ 12.6%€716,925below the sector's middle half▲ 16.0%
Debt€186,173-€139,457▼ 25.1%€156,911▲ 12.5%€91,802▼ 41.5%€118,665▲ 29.3%€52,764▼ 55.5%€94,305▲ 78.7%€166,709▲ 76.8%
Working capital-€42,934--€8,910▲ 79.2%€48,653within the sector's middle half€12,176within the sector's middle half▼ 75.0%€21,379within the sector's middle half▲ 75.6%€54,713within the sector's middle half▲ 156%€99,846within the sector's middle half▲ 82.5%€178,774within the sector's middle half▲ 79.0%
Solvency71.2%-77.2%▲ 6.0pp76.5%above the sector's middle half▼ 0.7pp84.1%above the sector's middle half▲ 7.6pp81.0%above the sector's middle half▼ 3.2pp90.4%above the sector's middle half▲ 9.4pp84.7%above the sector's middle half▼ 5.6pp76.7%above the sector's middle half▼ 8.0pp
Current ratio0.21-0.73▲ 0.522.53within the sector's middle half▲ 1.801.54within the sector's middle half▼ 0.991.53within the sector's middle half▼ 0.013.24above the sector's middle half▲ 1.712.23within the sector's middle half▼ 1.012.34within the sector's middle half▲ 0.12
Return on assets (ROA)-2.9%-1.9%▲ 4.9pp5.7%within the sector's middle half▲ 3.8pp-4.1%below the sector's middle half▼ 9.9pp2.9%within the sector's middle half▲ 7.0pp-1.6%below the sector's middle half▼ 4.5pp4.5%within the sector's middle half▲ 6.1pp3.7%within the sector's middle half▼ 0.8pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 44% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €716,925
Fixed assets
€405,100 ▼ 7.3%
Current assets
€311,826 ▲ 72.1%
Equity and liabilities €716,925
Equity
€550,216 ▲ 5.1%
Debt
€166,709 ▲ 76.8%
Debt's share of the balance-sheet total rises from 15.3% to 23.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€69,743▲
2024 · €59,284
Cash flow
€58,233▼
2024 · €60,521
Debt to equity
0.30▲
2024 · 0.18
ROE
4.8%▼
2024 · 5.3%
Interest coverage
63.76▲
2024 · 46.04
Debt ≤ 1 year
€133,051▲
2024 · €81,342
Debt > 1 year
€1,014▼
2024 · €12,860
Income taxes
€13,277
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,170 | €70,677 | - | - | - |
| Depreciation and write-downs of the year | €44,119 | €47,985 | €43,636 | €32,811 | €31,733 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,380 | €47,487 | €20,361 | €44,119 | €47,985 | €43,636 | €32,811 | €31,733 | ▼ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €2,560 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €23,927 | €24,633 | €27,517 | €24,482 | €33,562 | ▲ 37.1% |
| Gross operating margin9900 | €64,059 | €86,864 | €86,584 | €47,759 | €100,663 | €64,655 | €83,767 | €103,305 | ▲ 23.3% |
| Operating profit (loss)9901 | -€11,426 | €15,087 | €42,046 | -€20,287 | €25,485 | -€6,499 | €26,474 | €38,010 | ▲ 43.6% |
| Financial income75/76B | - | - | - | €101 | €2 | €1 | €2,524 | €2,860 | ▲ 13.3% |
| Recurring financial income75 | €0 | €1 | €6 | €101 | €2 | €1 | €2,524 | €2,860 | ▲ 13.3% |
| Financial charges65/66B | - | - | - | €3,364 | €7,143 | €2,152 | €1,288 | €1,094 | ▼ 15.1% |
| Recurring financial charges65 | €7,301 | €2,955 | €3,341 | €2,834 | €2,491 | €2,152 | €1,288 | €1,094 | ▼ 15.1% |
| Non-recurring financial charges66B | - | - | - | €530 | €4,651 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€18,726 | €12,133 | €38,711 | -€23,550 | €18,344 | -€8,651 | €27,710 | €39,777 | ▲ 43.5% |
| Income taxes67/77 | €230 | €211 | €341 | €207 | €196 | €160 | - | €13,277 | - |
| Profit (loss) for the period9904 | -€18,956 | €11,922 | €38,369 | -€23,757 | €18,149 | -€8,811 | €27,710 | €26,499 | ▼ 4.4% |
| Profit (loss) for the period to be appropriated9905 | -€18,956 | €11,922 | €38,369 | -€23,757 | €18,149 | -€8,811 | €27,710 | €26,499 | ▼ 4.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €646,308 | €611,513 | €667,337 | €578,471 | €623,483 | €548,770 | €618,022 | €716,925 | ▲ 16.0% |
| Fixed assets21/28 | €634,801 | €587,314 | €586,896 | €543,946 | €561,987 | €469,644 | €436,833 | €405,100 | ▼ 7.3% |
| Tangible fixed assets22/27 | €632,877 | €585,390 | €584,972 | €542,023 | €561,987 | €469,644 | €436,833 | €405,100 | ▼ 7.3% |
| Land and buildings22 | - | - | - | €537,207 | €497,833 | €464,918 | €432,658 | €401,474 | ▼ 7.2% |
| Plant, machinery and equipment23 | - | - | - | €2,234 | €5,275 | €4,725 | €4,175 | €3,625 | ▼ 13.2% |
| Furniture and vehicles24 | - | - | - | €2,581 | €58,879 | €0 | - | - | - |
| Financial fixed assets28 | €1,924 | €1,924 | €1,924 | €1,924 | - | - | - | - | - |
| Current assets29/58 | €11,506 | €24,199 | €80,441 | €34,524 | €61,495 | €79,126 | €181,188 | €311,826 | ▲ 72.1% |
| Stocks and contracts in progress3 | €2,560 | €2,560 | €2,560 | €2,560 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €2,560 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €5,301 | €2,176 | €33,122 | €5,285 | €25,249 | €26,608 | €144,477 | €171,421 | ▲ 18.6% |
| Trade receivables40 | - | - | - | €5,285 | €6,883 | €20,048 | €10,566 | €22,536 | ▲ 113% |
| Other amounts receivable41 | - | - | - | - | €18,367 | €6,560 | €133,911 | €148,884 | ▲ 11.2% |
| Cash at bank and in hand54/58 | €3,645 | €16,692 | €43,872 | €24,919 | €32,234 | €50,108 | €34,265 | €133,534 | ▲ 290% |
| Deferred charges and accrued income490/1 | - | - | - | €1,759 | €4,012 | €2,410 | €2,447 | €6,870 | ▲ 181% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €646,308 | €611,513 | €667,337 | €578,471 | €623,483 | €548,770 | €618,022 | €716,925 | ▲ 16.0% |
| Equity10/15 | €460,134 | €472,056 | €510,426 | €486,669 | €504,818 | €496,007 | €523,717 | €550,216 | ▲ 5.1% |
| Contributions10/11 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Capital10 | - | - | - | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Issued capital100 | - | - | - | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Revaluation surpluses12 | - | - | - | €383,158 | €368,319 | €353,480 | €338,641 | €323,802 | ▼ 4.4% |
| Reserves13 | €300,986 | €315,825 | €330,664 | €345,503 | €360,342 | €375,181 | €390,019 | €404,858 | ▲ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Legal reserve130 | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Tax-exempt reserves132 | - | - | - | €333,108 | €347,947 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €362,786 | €377,625 | €392,464 | ▲ 3.9% |
| Profit (loss) carried forward14 | -€392,473 | -€380,551 | -€342,181 | -€365,938 | -€347,789 | -€356,600 | -€328,890 | -€302,391 | ▲ 8.1% |
| Amounts payable17/49 | €186,173 | €139,457 | €156,911 | €91,802 | €118,665 | €52,764 | €94,305 | €166,709 | ▲ 76.8% |
| Amounts payable after more than one year17 | €125,848 | €98,490 | €115,728 | €57,522 | €77,528 | €25,046 | €12,860 | €1,014 | ▼ 92.1% |
| Financial debts170/4 | - | - | - | €48,848 | €77,528 | €25,046 | €12,860 | €1,014 | ▼ 92.1% |
| Other amounts payable178/9 | - | - | - | €8,674 | - | - | - | - | - |
| Amounts payable within one year42/48 | €54,441 | €33,109 | €31,789 | €22,348 | €40,117 | €24,414 | €81,342 | €133,051 | ▲ 63.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,623 | €22,970 | €11,995 | €12,186 | €11,846 | ▼ 2.8% |
| Trade debts44 | €15,846 | €7,748 | €3,388 | €905 | €2,210 | €604 | €38,944 | €85,964 | ▲ 121% |
| Suppliers440/4 | - | - | - | €905 | €2,210 | €604 | €38,944 | €85,964 | ▲ 121% |
| Advances received on contracts in progress46 | - | - | - | €1,544 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,116 | €6,923 | €160 | €518 | €4,697 | ▲ 806% |
| Taxes450/3 | - | - | - | €2,116 | €6,923 | €160 | €518 | €4,697 | ▲ 806% |
| Other amounts payable47/48 | - | - | - | €6,160 | €8,014 | €11,654 | €29,694 | €30,544 | ▲ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €11,931 | €1,020 | €3,304 | €103 | €32,644 | ▲ 318× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,956 | €11,922 | €38,369 | -€23,757 | €18,149 | -€8,811 | €27,710 | €26,499 | ▼ 4.4% |
| + Depreciation and write-downs630 | €50,380 | €47,487 | €20,361 | €44,119 | €47,985 | €43,636 | €32,811 | €31,733 | ▼ 3.3% |
| Operating cash flow (approximation) | €31,424 | €59,409 | €58,730 | €20,362 | €66,134 | €34,825 | €60,521 | €58,233 | ▼ 3.8% |
| Investment in fixed assets (approximation) | - | €0 | -€19,942 | -€1,170 | -€66,026 | €48,707 | €0 | €0 | - |
| Change in cash | - | €13,047 | €27,180 | -€18,953 | €7,315 | €17,875 | -€15,844 | €99,270 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as MANEF has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANEF itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 14,766 companies, not a prediction for MANEF. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 48 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-05-2026 | 2026-00124583 | |
| 31-12-2024 | micro format | 03-09-2025 | 2025-00487172 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00207537 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00177042 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20109435 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-53800429 | |
| 31-12-2019 | micro format | 22-09-2020 | 2020-54600155 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49600341 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-49300194 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46900508 |