MANERGY
ActiveSummary
MANERGY has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €345k and a net result of €-47k. Equity remains stable across the filed fiscal years (±0.8% per year). Its solvency ranks better than 60% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-13
Solvency64▼-2
Growth22▼-5
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9k at 30 days acceptable
Liquidity short (current ratio 0.36 against 0.6 in 2024; short-term debt: 31.6% and cash: 0.1% of total assets), and 60.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six 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 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-47k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-08-2026, 2 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
2 d late
2024
10 d late
2023
22 d late
2022
27 d late
2021
18 d late
2020
89 d early
2019
88 d early
← 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, full schema
Turnover
€98k▼ 30.7%
2024 · €141k
2018: €194k
2019: €177k▼ -8.8% vs 2018
2020: €236k▲ +33.1% vs 2019
2021: €235k▼ -0.4% vs 2020
2022: €236k▲ +0.4% vs 2021highest in 8 years
2023: €173k▼ -26.6% vs 2022
2024: €141k▼ -18.2% vs 2023
2025: €98k▼ -30.7% vs 2024lowest in 8 years
2018 → 2025
EBIT margin
-34.8%▼ 41.4pp
2024 · 6.6%
2018: 28.5%highest in 8 years
2019: 14.2%▼ -50.4% vs 2018
2020: 25.7%▲ +81.4% vs 2019
2021: 26.9%▲ +4.7% vs 2020
2022: 0.5%▼ -98.2% vs 2021
2023: -41.4%▼ -8681% vs 2022lowest in 8 years
2024: 6.6%▲ +116% vs 2023
2025: -34.8%▼ -626% vs 2024
2018 → 2025
Net result
€-47k▼ 1,202%
2024 · €-4k
2018: €38khighest in 8 years
2019: €32k▼ -16.1% vs 2018
2020: €37k▲ +16.0% vs 2019
2021: €36k▼ -2.9% vs 2020
2022: €21k▼ -41.5% vs 2021
2023: €-98k▼ -566% vs 2022lowest in 8 years
2024: €-4k▲ +96.4% vs 2023
2025: €-47k▼ -1202% vs 2024
2018 → 2025
Working capital
€-178k▼ 189%
2024 · €-62k
2018: €181khighest in 8 years
2019: €5k▼ -97.0% vs 2018
2020: €18k▲ +241% vs 2019
2021: €46k▲ +147% vs 2020
2022: €40k▼ -12.7% vs 2021
2023: €11k▼ -73.4% vs 2022
2024: €-62k▼ -682% vs 2023
2025: €-178k▼ -189% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€235k-€236k▲ 0.4%€173k▼ 26.6%€141k▼ 18.2%€98k▼ 30.7%
2021: €235k
2022: €236k▲ +0.4% vs 2021highest in 5 years
2023: €173k▼ -26.6% vs 2022
2024: €141k▼ -18.2% vs 2023
2025: €98k▼ -30.7% vs 2024lowest in 5 years
Equity€472k-€493k▲ 4.5%€395k▼ 19.9%€391k▼ 0.9%€345k▼ 11.9%
2021: €472k
2022: €493k▲ +4.5% vs 2021highest in 5 years
2023: €395k▼ -19.9% vs 2022
2024: €391k▼ -0.9% vs 2023
2025: €345k▼ -11.9% vs 2024lowest in 5 years
Operating result€63k-€1k▼ 98.2%€-72k€9k€-34k
2021: €63khighest in 5 years
2022: €1k▼ -98.2% vs 2021
2023: €-72k▼ -6398% vs 2022lowest in 5 years
2024: €9k▲ +113% vs 2023
2025: €-34k▼ -464% vs 2024
Net result€36k-€21k▼ 41.5%€-98k€-4k▲ 96.4%€-47k▼ 1,202%
2021: €36khighest in 5 years
2022: €21k▼ -41.5% vs 2021
2023: €-98k▼ -566% vs 2022lowest in 5 years
2024: €-4k▲ +96.4% vs 2023
2025: €-47k▼ -1202% vs 2024
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €34k after €9k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €880k
Fixed assets
€780k ▼ 8.7%
Current assets
€100k ▲ 10.3%
Equity and liabilities €880k
Equity
€345k ▼ 11.9%
Debt
€535k ▼ 3.3%
Debt's share of the balance-sheet total rises from 58.6% to 60.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€55k▼
2024 · €108k
Cash flow
€42k▼
2024 · €95k
Current ratio
0.36▼
2024 · 0.60
Quick ratio
0.18▼
2024 · 0.19
Debt to equity
1.55▲
2024 · 1.42
ROE
-13.5%▼
2024 · -0.9%
ROA
-5.3%▼
2024 · -0.4%
Interest coverage
4.38▼
2024 · 6.11
Debt ≤ 1 year
€278k▲
2024 · €153k
Debt > 1 year
€257k▼
2024 · €401k
Staff costs
€998▲
2024 · €968
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 · 52 lines
Balance sheet
Code20242025
Assets
Total assets20/58€945k€880k▼
Fixed assets21/28€854k€780k▼
Tangible fixed assets22/27€854k€780k▼
Land and buildings22€574k€569k▼
Plant, machinery and equipment23€268k€200k▼
Furniture and vehicles24€13k€11k▼
Current assets29/58€91k€100k▲
Stocks and contracts in progress3€62k€50k▼
Stocks30/36€62k€50k▼
Amounts receivable within one year40/41€1k€49k▲
Trade receivables40€1k-
Other amounts receivable41€135€49k▲
Cash at bank and in hand54/58€26k€1k▼
Deferred charges and accrued income490/1€1k€299▼
Equity and liabilities
Total equity and liabilities10/49€945k€880k▼
Equity10/15€391k€345k▼
Contributions10/11€335k€335k=
Capital10€335k€335k=
Issued capital100€335k€335k=
Reserves13€158k€36k▼
Non-distributable reserves130/1€36k€36k=
Legal reserve130€36k€36k=
Distributable reserves133€123k-
Profit (loss) carried forward14€-102k€-26k▲
Amounts payable17/49€554k€535k▼
Amounts payable after more than one year17€401k€257k▼
Financial debts170/4€401k€257k▼
Amounts payable within one year42/48€153k€278k▲
Trade debts44€64k€92k▲
Suppliers440/4€64k€92k▲
Taxes, remuneration and social security45€11k-
Taxes450/3€11k-
Other amounts payable47/48€78k€186k▲
Income statement
Code20242025
Turnover70€141k€98k▼
Non-recurring operating income76A€11k-
Goods, raw materials, services and sundry goods60/61-€34k
Remuneration, social security and pensions62€968€998▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€98k€89k▼
Other operating charges640/8€690€8k▲
Gross operating margin9900€109k€64k▼
Operating profit (loss)9901€9k€-34k▼
Financial income75/76B€5k-
Recurring financial income75€5k-
Financial charges65/66B€18k€12k▼
Recurring financial charges65€18k€12k▼
Profit (loss) for the period before taxes9903€-4k€-47k▼
Profit (loss) for the period9904€-4k€-47k▼
Profit (loss) for the period to be appropriated9905€-4k€-47k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-102k€-47k▲
Profit (loss) brought forward from the previous period14P€-98k-
Transfer from equity791/2-€21k
Social balance
Average headcount (FTE)9087-0.0
The notes to these accounts (7 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €235k | €236k | €173k | €141k | €98k | ▼ 30.7% |
| Non-recurring operating income76A | - | - | - | €11k | - | - |
| Goods, raw materials, services and sundry goods60/61 | €37k | €106k | €44k | - | €34k | - |
| Remuneration, social security and pensions62 | €868 | €1k | €960 | €968 | €998 | ▲ 3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €131k | €126k | €127k | €98k | €89k | ▼ 9.8% |
| Other operating charges640/8 | €3k | €769 | €72k | €690 | €8k | ▲ 1,053% |
| Gross operating margin9900 | €198k | €129k | €129k | €109k | €64k | ▼ 41.8% |
| Operating profit (loss)9901 | €63k | €1k | €-72k | €9k | €-34k | ▼ 464% |
| Financial income75/76B | €5k | €43k | - | €5k | - | - |
| Recurring financial income75 | €5k | €5k | - | €5k | - | - |
| Non-recurring financial income76B | - | €39k | - | - | - | - |
| Financial charges65/66B | €31k | €22k | €23k | €18k | €12k | ▼ 29.2% |
| Recurring financial charges65 | €31k | €22k | €23k | €18k | €12k | ▼ 29.2% |
| Profit (loss) for the period before taxes9903 | €36k | €23k | €-94k | €-4k | €-47k | ▼ 1,202% |
| Income taxes67/77 | €75 | €2k | €4k | - | - | - |
| Profit (loss) for the period9904 | €36k | €21k | €-98k | €-4k | €-47k | ▼ 1,202% |
| Profit (loss) for the period to be appropriated9905 | €36k | €21k | €-98k | €-4k | €-47k | ▼ 1,202% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.41M | €1.28M | €989k | €945k | €880k | ▼ 6.9% |
| Fixed assets21/28 | €1.15M | €1.02M | €932k | €854k | €780k | ▼ 8.7% |
| Intangible fixed assets21 | €429 | €34 | €0 | - | - | - |
| Tangible fixed assets22/27 | €1.15M | €1.02M | €932k | €854k | €780k | ▼ 8.7% |
| Land and buildings22 | €570k | €558k | €577k | €574k | €569k | ▼ 0.8% |
| Plant, machinery and equipment23 | €566k | €456k | €343k | €268k | €200k | ▼ 25.4% |
| Furniture and vehicles24 | €12k | €10k | €11k | €13k | €11k | ▼ 12.6% |
| Other tangible fixed assets26 | €2k | - | - | - | - | - |
| Current assets29/58 | €264k | €256k | €58k | €91k | €100k | ▲ 10.3% |
| Amounts receivable after more than one year29 | €247 | - | - | - | - | - |
| Trade receivables290 | €247 | - | - | - | - | - |
| Stocks and contracts in progress3 | - | €36k | €40k | €62k | €50k | ▼ 19.3% |
| Stocks30/36 | - | €36k | €40k | €62k | €50k | ▼ 19.3% |
| Amounts receivable within one year40/41 | €73k | €118k | €5k | €1k | €49k | ▲ 3,679% |
| Trade receivables40 | €73k | €100k | €5k | €1k | - | - |
| Other amounts receivable41 | €43 | €18k | €135 | €135 | €49k | ▲ 36,013% |
| Current investments50/53 | €100k | €100k | - | - | - | - |
| Cash at bank and in hand54/58 | €80k | - | €11k | €26k | €1k | ▼ 95.9% |
| Deferred charges and accrued income490/1 | €11k | €3k | €1k | €1k | €299 | ▼ 76.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.41M | €1.28M | €989k | €945k | €880k | ▼ 6.9% |
| Equity10/15 | €472k | €493k | €395k | €391k | €345k | ▼ 11.9% |
| Contributions10/11 | €335k | €335k | €335k | €335k | €335k | = |
| Capital10 | €335k | €335k | €335k | €335k | €335k | = |
| Issued capital100 | €335k | €335k | €335k | €335k | €335k | = |
| Reserves13 | €134k | €158k | €158k | €158k | €36k | ▼ 77.5% |
| Non-distributable reserves130/1 | €36k | €36k | €36k | €36k | €36k | = |
| Legal reserve130 | €36k | €36k | €36k | €36k | €36k | = |
| Distributable reserves133 | €98k | €123k | €123k | €123k | - | - |
| Profit (loss) carried forward14 | €4k | - | €-98k | €-102k | €-26k | ▲ 74.7% |
| Amounts payable17/49 | €943k | €788k | €594k | €554k | €535k | ▼ 3.3% |
| Amounts payable after more than one year17 | €724k | €571k | €547k | €401k | €257k | ▼ 35.9% |
| Financial debts170/4 | €724k | €560k | €536k | €401k | €257k | ▼ 35.9% |
| Trade debts175 | - | €11k | €11k | - | - | - |
| Amounts payable within one year42/48 | €218k | €217k | €47k | €153k | €278k | ▲ 82.4% |
| Financial debts43 | €140k | €142k | €16k | - | - | - |
| Credit institutions430/8 | €140k | €142k | €16k | - | - | - |
| Trade debts44 | €70k | €62k | €22k | €64k | €92k | ▲ 43.6% |
| Suppliers440/4 | €70k | €62k | €22k | €64k | €92k | ▲ 43.6% |
| Taxes, remuneration and social security45 | €9k | €11k | €8k | €11k | - | - |
| Taxes450/3 | €9k | €11k | €8k | €11k | - | - |
| Other amounts payable47/48 | - | €1k | €556 | €78k | €186k | ▲ 139% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36k | €21k | €-98k | €-4k | €-47k | ▼ 1,202% |
| + Depreciation and write-downs630 | €131k | €126k | €127k | €98k | €89k | ▼ 9.8% |
| Operating cash flow (approximation) | €167k | €147k | €29k | €95k | €42k | ▼ 55.5% |
| Investment in fixed assets (approximation) | - | €0 | €-34k | €-21k | €-14k | ▲ 30.8% |
| Change in cash | - | - | - | €15k | €-25k | ▼ 268% |
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
02-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 2 days late
2025
10-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 10 days late
2024
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 22 days late
2023
31-12
Financial
Weakest financial yearnet €-98k
Net result drops to €-98k, the lowest in the series; recovery starts the following year.
27-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 27 days late
2022
18-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 18 days late
2021
03-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
04-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
09-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
13-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
15-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are 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, Brussel · 1 establishment unit since 2010
Ground area
3,187 m²
Building footprint
1,338 m²
Volume, LiDAR
16,060 m³
2 parcels, Brussels, Wallonia · tallest building 31.2 m, ±9 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MANERGY
since 20102.193.277.292
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25112C0005/00H002 | Wallonia | 1,941 m² | 1 · 764 m² | 13.1 m · 2 fl. |
| 21822R0314/00M005 | Brussels | 1,245 m² | 1 · 575 m² | 31.2 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 563 companies in sector 35150 we hold annual accounts for 230. 136 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded22-05-2006
Fiscal year end31-12
Activities, NACEBEL 2025
35150Electricity, gas, steam and air conditioning supply
58190Other publishing activities, excluding software publishing
70200Business and other management consultancy
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.