MANELI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-04-2026 PDF all 25 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 32% 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.
Use the arrow keys on the chart for the figures per year.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €101 | €102 | €109 | €118 | €520 | ▲ 340% |
| Gross operating margin9900 | €7,717 | €7,708 | €7,685 | €7,715 | €7,667 | €5,893 | €5,964 | €8,214 | ▲ 37.7% |
| Operating profit (loss)9901 | €7,621 | €7,610 | €7,685 | €7,614 | €7,565 | €5,784 | €5,846 | €7,694 | ▲ 31.6% |
| Recurring financial income75 | €6 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | - | - | - | - | €30 | - |
| Recurring financial charges65 | - | - | - | - | - | - | - | €30 | - |
| Profit (loss) for the period before taxes9903 | €7,628 | €7,610 | €7,685 | €7,614 | €7,565 | €5,784 | €5,846 | €7,664 | ▲ 31.1% |
| Income taxes67/77 | €2,502 | €4,102 | €0 | €2,935 | €4,042 | €2,000 | €1,865 | €2,403 | ▲ 28.8% |
| Profit (loss) for the period9904 | €5,126 | €3,509 | €7,685 | €4,679 | €3,523 | €3,784 | €3,981 | €5,260 | ▲ 32.1% |
| Profit (loss) for the period to be appropriated9905 | €5,126 | €3,509 | €7,685 | €4,679 | €3,523 | €3,784 | €3,981 | €5,260 | ▲ 32.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €136,828 | €110,136 | €109,279 | €114,837 | €120,013 | €124,173 | €106,406 | €107,479 | ▲ 1.0% |
| Fixed assets21/28 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | = |
| Tangible fixed assets22/27 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | = |
| Land and buildings22 | - | - | - | €98,266 | €98,266 | €98,266 | €98,266 | €98,266 | = |
| Current assets29/58 | €38,562 | €11,870 | €11,013 | €16,571 | €21,746 | €25,907 | €8,139 | €9,213 | ▲ 13.2% |
| Amounts receivable within one year40/41 | - | €8,542 | - | - | - | - | - | - | - |
| Current investments50/53 | - | - | - | - | - | - | €7,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €26,062 | €3,328 | €11,013 | €16,571 | €21,746 | €25,907 | €1,139 | €9,213 | ▲ 709% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €136,828 | €110,136 | €109,279 | €114,837 | €120,013 | €124,173 | €106,406 | €107,479 | ▲ 1.0% |
| Equity10/15 | €39,656 | €43,165 | €50,850 | €55,529 | €59,052 | €62,836 | €66,817 | €72,077 | ▲ 7.9% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €19,000 | €22,500 | €30,500 | €35,500 | €39,052 | €42,836 | €46,817 | €52,077 | ▲ 11.2% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €33,500 | €37,052 | €40,836 | €44,817 | €52,077 | ▲ 16.2% |
| Profit (loss) carried forward14 | €656 | €665 | €350 | €29 | €0 | - | - | - | - |
| Amounts payable17/49 | €97,172 | €66,971 | €58,429 | €59,308 | €60,961 | €61,337 | €39,589 | €35,402 | ▼ 10.6% |
| Amounts payable within one year42/48 | €97,172 | €66,971 | €58,429 | €59,308 | €60,961 | €61,337 | €39,589 | €35,402 | ▼ 10.6% |
| Trade debts44 | - | - | - | €348 | €0 | €2,408 | €0 | €242 | - |
| Suppliers440/4 | - | - | - | €348 | €0 | €2,408 | €0 | €242 | - |
| Taxes, remuneration and social security45 | - | - | - | €2,032 | €4,032 | €2,000 | €660 | €3,231 | ▲ 390% |
| Taxes450/3 | - | - | - | €2,032 | €4,032 | €2,000 | €660 | €3,231 | ▲ 390% |
| Other amounts payable47/48 | - | - | - | €56,929 | €56,929 | €56,929 | €38,929 | €31,929 | ▼ 18.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,126 | €3,509 | €7,685 | €4,679 | €3,523 | €3,784 | €3,981 | €5,260 | ▲ 32.1% |
| Operating cash flow (approximation) | €5,126 | €3,509 | €7,685 | €4,679 | €3,523 | €3,784 | €3,981 | €5,260 | ▲ 32.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€22,734 | €7,685 | €5,558 | €5,175 | €4,160 | -€24,767 | €8,074 | - |
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, 17,041 companies had the same profile as MANELI has now. Two years later, 0.5% had gone bankrupt and 94.3% were still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANELI itself: 0.2% 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 17,041 companies, not a prediction for MANELI. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-04-2026 | 2026-00069474 | |
| 31-12-2024 | micro format | 28-06-2025 | 2025-00192118 | |
| 31-12-2023 | micro format | 13-06-2024 | 2024-00135592 | |
| 31-12-2022 | micro format | 24-06-2023 | 2023-00162614 | |
| 31-12-2021 | micro format | 13-06-2022 | 2022-20062436 | |
| 31-12-2020 | micro format | 01-06-2021 | 2021-16300365 | |
| 31-12-2019 | micro format | 01-06-2020 | 2020-13900337 | |
| 31-12-2018 | micro format | 01-06-2019 | 2019-15300552 | |
| 31-12-2017 | micro format | 01-06-2018 | 2018-15200192 | |
| 31-12-2016 | micro format | 01-06-2017 | 2017-14100436 |