MANEF
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 21-05-2026 PDF all 48 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
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.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
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)
| 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, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
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 |