MANEST
ActiveSummary
MANEST has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €660k and a net result of €152k. Equity is growing by ~16.8% per year across the filed fiscal years. Its solvency ranks better than 78% of 642 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability92▲+5
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days acceptable
Liquidity ample (current ratio 4.88 against 23.09 in 2024; short-term debt: 20.2% and cash: 70% of total assets), and 20.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four 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 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
79.8%
Return on assets
18.4%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 06-10-2025, 25 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
25 d early
2024
34 d early
2023
28 d early
2022
31 d early
2021
30 d early
2020
22 d early
2019
17 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 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close25-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€152k▲ 38.5%
2024 · €110k
2019: €193khighest in 7 years
2020: €95k▼ -50.5% vs 2019
2021: €72k▼ -25.0% vs 2020lowest in 7 years
2022: €113k▲ +57.2% vs 2021
2023: €101k▼ -10.4% vs 2022
2024: €110k▲ +9.1% vs 2023
2025: €152k▲ +38.5% vs 2024
2019 → 2025
Working capital
€648k▼ 11.0%
2024 · €729k
2019: €265klowest in 7 years
2020: €347k▲ +31.3% vs 2019
2021: €420k▲ +20.9% vs 2020
2022: €525k▲ +24.9% vs 2021
2023: €618k▲ +17.8% vs 2022
2024: €729k▲ +17.9% vs 2023highest in 7 years
2025: €648k▼ -11.0% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€420k-€533k▲ 26.8%€625k▲ 17.2%€733k▲ 17.3%€660k▼ 9.9%
2021: €420klowest in 5 years
2022: €533k▲ +26.8% vs 2021
2023: €625k▲ +17.2% vs 2022
2024: €733k▲ +17.3% vs 2023highest in 5 years
2025: €660k▼ -9.9% vs 2024
Operating result€89k-€162k▲ 82.0%€144k▼ 11.1%€144k▼ 0.2%€197k▲ 37.5%
2021: €89klowest in 5 years
2022: €162k▲ +82.0% vs 2021
2023: €144k▼ -11.1% vs 2022
2024: €144k▼ -0.2% vs 2023
2025: €197k▲ +37.5% vs 2024highest in 5 years
Net result€72k-€113k▲ 57.2%€101k▼ 10.4%€110k▲ 9.1%€152k▲ 38.5%
2021: €72klowest in 5 years
2022: €113k▲ +57.2% vs 2021
2023: €101k▼ -10.4% vs 2022
2024: €110k▲ +9.1% vs 2023
2025: €152k▲ +38.5% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 37% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €828k
Fixed assets
€12k ▲ 184%
Current assets
€815k ▲ 7.1%
Equity and liabilities €828k
Equity
€660k ▼ 9.9%
Debt
€167k ▲ 407%
Debt's share of the balance-sheet total rises from 4.3% to 20.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€201k▲
2024 · €146k
Cash flow
€156k▲
2024 · €113k
Current ratio
4.88▼
2024 · 23.09
Debt to equity
0.25▲
2024 · 0.05
ROE
23.1%▲
2024 · 15.0%
ROA
18.4%▲
2024 · 14.4%
Interest coverage
109.72▲
2024 · 61.46
Debt ≤ 1 year
€167k▲
2024 · €33k
Income taxes
€49k▲
2024 · €34k
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 · 53 lines
Balance sheet
Code20242025
Assets
Total assets20/58€766k€828k▲
Fixed assets21/28€4k€12k▲
Intangible fixed assets21€1k€1k=
Tangible fixed assets22/27€3k€11k▲
Furniture and vehicles24€3k€11k▲
Financial fixed assets28€90€90=
Current assets29/58€762k€815k▲
Amounts receivable within one year40/41€113k€127k▲
Trade receivables40€20k€15k▼
Other amounts receivable41€93k€112k▲
Cash at bank and in hand54/58€552k€579k▲
Deferred charges and accrued income490/1€96k€109k▲
Equity and liabilities
Total equity and liabilities10/49€766k€828k▲
Equity10/15€733k€660k▼
Contributions10/11€20k€20k=
Outside capital11-€20k
Other1109/19-€20k
Reserves13€711k€638k▼
Non-distributable reserves130/1€380k-
Reserves not available under the articles1311€380k-
Distributable reserves133€331k€638k▲
Profit (loss) carried forward14€1k€2k▲
Amounts payable17/49€33k€167k▲
Amounts payable within one year42/48€33k€167k▲
Current portion of amounts payable after more than one year42€22k€13k▼
Financial debts43-€208
Credit institutions430/8-€208
Trade debts44€9k€7k▼
Suppliers440/4€9k€7k▼
Taxes, remuneration and social security45€2k€31k▲
Taxes450/3€2k€31k▲
Other amounts payable47/48€10€115k▲
Accrued charges and deferred income492/3-€428
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€4k▲
Other operating charges640/8€330€291▼
Gross operating margin9900€147k€201k▲
Operating profit (loss)9901€144k€197k▲
Financial income75/76B€3k€6k▲
Recurring financial income75€3k€6k▲
Financial charges65/66B€2k€2k▼
Recurring financial charges65€2k€2k▼
Profit (loss) for the period before taxes9903€144k€202k▲
Income taxes67/77€34k€49k▲
Profit (loss) for the period9904€110k€152k▲
Profit (loss) for the period to be appropriated9905€110k€152k▲
Appropriation of the result
Profit (loss) to be appropriated9906€111k€154k▲
Profit (loss) brought forward from the previous period14P€1k€1k▲
Transfer from equity791/2-€180k
Transfer to equity691/2€102k€107k▲
To the legal reserve6920-€107k
To other reserves6921€102k-
Profit to be distributed694/7€8k€225k▲
Return on contributions (dividend)694€8k€225k▲
The notes to these accounts (9 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €1k | €3k | €3k | €4k | ▲ 32.8% |
| Other operating charges640/8 | - | - | €208 | €330 | €291 | ▼ 11.9% |
| Gross operating margin9900 | €101k | €163k | €147k | €147k | €201k | ▲ 37.3% |
| Operating profit (loss)9901 | €89k | €162k | €144k | €144k | €197k | ▲ 37.5% |
| Financial income75/76B | - | - | - | €3k | €6k | ▲ 93.8% |
| Recurring financial income75 | €7 | - | - | €3k | €6k | ▲ 93.8% |
| Financial charges65/66B | - | €2k | €2k | €2k | €2k | ▼ 23.0% |
| Recurring financial charges65 | €2k | €2k | €2k | €2k | €2k | ▼ 23.0% |
| Profit (loss) for the period before taxes9903 | €87k | €160k | €142k | €144k | €202k | ▲ 39.7% |
| Income taxes67/77 | €16k | €47k | €41k | €34k | €49k | ▲ 43.5% |
| Profit (loss) for the period9904 | €72k | €113k | €101k | €110k | €152k | ▲ 38.5% |
| Profit (loss) for the period to be appropriated9905 | €72k | €113k | €101k | €110k | €152k | ▲ 38.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €451k | €575k | €675k | €766k | €828k | ▲ 8.1% |
| Fixed assets21/28 | €90 | €8k | €6k | €4k | €12k | ▲ 184% |
| Intangible fixed assets21 | - | - | €1k | €1k | €1k | = |
| Tangible fixed assets22/27 | - | €8k | €5k | €3k | €11k | ▲ 246% |
| Furniture and vehicles24 | - | €8k | €5k | €3k | €11k | ▲ 246% |
| Financial fixed assets28 | €90 | €90 | €90 | €90 | €90 | = |
| Current assets29/58 | €451k | €567k | €669k | €762k | €815k | ▲ 7.1% |
| Amounts receivable within one year40/41 | €34k | €14k | €38k | €113k | €127k | ▲ 11.7% |
| Trade receivables40 | - | - | €20k | €20k | €15k | ▼ 25.0% |
| Other amounts receivable41 | - | €14k | €18k | €93k | €112k | ▲ 19.6% |
| Cash at bank and in hand54/58 | €323k | €468k | €541k | €552k | €579k | ▲ 4.9% |
| Deferred charges and accrued income490/1 | - | €85k | €90k | €96k | €109k | ▲ 14.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €451k | €575k | €675k | €766k | €828k | ▲ 8.1% |
| Equity10/15 | €420k | €533k | €625k | €733k | €660k | ▼ 9.9% |
| Contributions10/11 | €12k | €12k | €12k | €20k | €20k | = |
| Capital10 | - | €12k | €12k | - | - | - |
| Issued capital100 | - | €19k | €19k | - | - | - |
| Uncalled capital101 | - | €6k | €6k | - | - | - |
| Outside capital11 | - | - | - | - | €20k | - |
| Other1109/19 | - | - | - | - | €20k | - |
| Reserves13 | €407k | €519k | €611k | €711k | €638k | ▼ 10.3% |
| Non-distributable reserves130/1 | - | €292k | €382k | €380k | - | - |
| Legal reserve130 | - | €2k | €2k | - | - | - |
| Reserves not available under the articles1311 | - | €290k | €380k | €380k | - | - |
| Distributable reserves133 | - | €227k | €229k | €331k | €638k | ▲ 92.7% |
| Profit (loss) carried forward14 | €988 | €1k | €1k | €1k | €2k | ▲ 20.2% |
| Amounts payable17/49 | €31k | €42k | €51k | €33k | €167k | ▲ 407% |
| Amounts payable within one year42/48 | €31k | €42k | €51k | €33k | €167k | ▲ 406% |
| Current portion of amounts payable after more than one year42 | - | €22k | €22k | €22k | €13k | ▼ 40.2% |
| Financial debts43 | - | - | - | - | €208 | - |
| Credit institutions430/8 | - | - | - | - | €208 | - |
| Trade debts44 | €6k | €7k | €8k | €9k | €7k | ▼ 18.9% |
| Suppliers440/4 | - | €7k | €8k | €9k | €7k | ▼ 18.9% |
| Taxes, remuneration and social security45 | - | €11k | €12k | €2k | €31k | ▲ 1,234% |
| Taxes450/3 | - | €11k | €12k | €2k | €31k | ▲ 1,234% |
| Other amounts payable47/48 | - | €3k | €9k | €10 | €115k | ▲ 1,153,433% |
| Accrued charges and deferred income492/3 | - | - | - | - | €428 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72k | €113k | €101k | €110k | €152k | ▲ 38.5% |
| + Depreciation and write-downs630 | €2k | €1k | €3k | €3k | €4k | ▲ 32.8% |
| Operating cash flow (approximation) | €73k | €114k | €104k | €113k | €156k | ▲ 38.4% |
| Investment in fixed assets (approximation) | - | €-9k | €-1k | €-649 | €-12k | ▼ 1,674% |
| Change in cash | - | €145k | €73k | €11k | €27k | ▲ 138% |
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
2025
06-10
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2024
27-09
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-03
Financial
Equity above €500kEq €533k ▲26.8%
4 profitable years in a row build equity to €533k.
2021
01-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
31-03
Financial
Weakest financial yearnet €72k ▼25%
Net result drops to €72k, the lowest in the series; recovery starts the following year.
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
14-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
18-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Waterloo · 1 establishment unit since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Avenue Bourgys (Henri) 211410 Waterloo1 establishment unit
Avenue Bourgys (Henri) 21, 1410 Waterloo
since 20172.260.585.790
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Of 16,625 companies in sector 86220 we hold annual accounts for 7,979. 6,210 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded30-12-2016
Fiscal year end31-03
Activities, NACEBEL 2025
86220Specialist medical practice
Contact
E-mail
mvanleem@gmail.com
Phone
+32479674361
Scores and ratios are computed by Checked and are not a credit decision.