MANFORCE
ActiveSummary
The computed 12-month bankruptcy probability of MANFORCE is 2.0% (moderate). The 2025 annual accounts show equity of €238,431 and a net result of €318,757. Its solvency ranks better than 18% of 2202 sector peers (fiscal year 2025). The company has been active since 2024 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability83▲+5
Solvency33▲+33
Growth78
Track record82
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.02 against 1.77 in 2024; short-term debt: 91.5% and cash: 0.9% of total assets), and 91.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Young company
A young company has little track record yet and statistically fails more often than an established one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more 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
8.5%
Return on assets
11.4%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 2202 sector peers (2025).
NBB · sector comparisonPosition among 2202 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-09-2026, 35 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 · 2 filingsDeviation from the deadline
2025
35 d late
2024
85 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 2 accounts on average 60 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€238,431
2024 · -€508,951
Total assets
€2.8m▲ 130%
2024 · €1.2m
Net result
€318,757▲ 270%
2024 · €86,262
Working capital
€50,776▼ 88.2%
2024 · €430,909
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20242025
Operating result€120,863-€377,686▲ 212%
Net result€86,262-€318,757▲ 270%
Equity-€508,951-€238,431
Total assets€1.2m-€2.8m▲ 130%
Debt€1.7m-€2.6m▲ 48.6%
Working capital€430,909-€50,776▼ 88.2%
Staff (FTE)3-8.1▲ 170%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result rises in 2025; 2025 is 212% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€187,737 ▼ 18.8%
Current assets
€2.6m ▲ 165%
Equity and liabilities €2.8m
Equity
€238,431
Debt
€2.6m
Debt finances 91.5% of the balance-sheet total.
Key figures and ratios
EBITDA
€467,571▲
2024 · €232,749
Cash flow
€408,642▲
2024 · €198,149
Current ratio
1.02▼
2024 · 1.77
Quick ratio
1.01▼
2024 · 1.77
Debt to equity
10.78▲
2024 · -3.40
ROE
133.7%
ROA
11.4%▲
2024 · 7.1%
Interest coverage
68.11▲
2024 · 53.58
Debt ≤ 1 year
€2.6m▲
2024 · €558,742
Debt > 1 year
€0▼
2024 · €1.2m
Income taxes
€55,710▲
2024 · €32,636
Staff costs
€514,945▼
2024 · €771,137
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Non-recurring operating income76A | €4,028 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €771,137 | €514,945 | ▼ 33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €111,887 | €89,885 | ▼ 19.7% |
| Other operating charges640/8 | €27,432 | €9,148 | ▼ 66.7% |
| Gross operating margin9900 | €1.0m | €991,664 | ▼ 3.8% |
| Operating profit (loss)9901 | €120,863 | €377,686 | ▲ 212% |
| Financial income75/76B | €2,380 | €3,646 | ▲ 53.2% |
| Recurring financial income75 | €2,380 | €3,646 | ▲ 53.2% |
| Financial charges65/66B | €4,344 | €6,865 | ▲ 58.0% |
| Recurring financial charges65 | €4,344 | €6,865 | ▲ 58.0% |
| Profit (loss) for the period before taxes9903 | €118,899 | €374,467 | ▲ 215% |
| Income taxes67/77 | €32,636 | €55,710 | ▲ 70.7% |
| Profit (loss) for the period9904 | €86,262 | €318,757 | ▲ 270% |
| Profit (loss) for the period to be appropriated9905 | €86,262 | €318,757 | ▲ 270% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €1.2m | €2.8m | ▲ 130% |
| Fixed assets21/28 | €231,139 | €187,737 | ▼ 18.8% |
| Intangible fixed assets21 | €1,608 | €19,527 | ▲ 1,114% |
| Tangible fixed assets22/27 | €227,491 | €166,170 | ▼ 27.0% |
| Plant, machinery and equipment23 | €125,024 | €99,637 | ▼ 20.3% |
| Furniture and vehicles24 | €84,130 | €50,254 | ▼ 40.3% |
| Other tangible fixed assets26 | €18,338 | €16,279 | ▼ 11.2% |
| Financial fixed assets28 | €2,040 | €2,040 | = |
| Current assets29/58 | €989,652 | €2.6m | ▲ 165% |
| Stocks and contracts in progress3 | - | €34,633 | - |
| Stocks30/36 | - | €34,633 | - |
| Amounts receivable within one year40/41 | €898,723 | €1.5m | ▲ 66.5% |
| Trade receivables40 | €781,185 | €868,638 | ▲ 11.2% |
| Other amounts receivable41 | €117,538 | €627,303 | ▲ 434% |
| Cash at bank and in hand54/58 | €90,929 | €26,019 | ▼ 71.4% |
| Deferred charges and accrued income490/1 | - | €1.1m | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €1.2m | €2.8m | ▲ 130% |
| Equity10/15 | -€508,951 | €238,431 | ▲ 147% |
| Contributions10/11 | €6,000 | €606,000 | ▲ 10,000% |
| Reserves13 | €25,659 | €25,659 | = |
| Distributable reserves133 | €25,659 | €25,659 | = |
| Profit (loss) carried forward14 | -€540,610 | -€393,228 | ▲ 27.3% |
| Amounts payable17/49 | €1.7m | €2.6m | ▲ 48.6% |
| Amounts payable after more than one year17 | €1.2m | €0 | ▼ 100% |
| Financial debts170/4 | €1.2m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €558,742 | €2.6m | ▲ 360% |
| Trade debts44 | €250,871 | €707,062 | ▲ 182% |
| Suppliers440/4 | €250,871 | €707,062 | ▲ 182% |
| Advances received on contracts in progress46 | €978 | €1.5m | ▲ 153,585% |
| Taxes, remuneration and social security45 | €189,737 | €169,235 | ▼ 10.8% |
| Taxes450/3 | €34,011 | €94,191 | ▲ 177% |
| Remuneration and social security454/9 | €155,726 | €75,044 | ▼ 51.8% |
| Other amounts payable47/48 | €117,157 | €190,578 | ▲ 62.7% |
| Accrued charges and deferred income492/3 | - | €81 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €86,262 | €318,757 | ▲ 270% |
| + Depreciation and write-downs630 | €111,887 | €89,885 | ▼ 19.7% |
| Operating cash flow (approximation) | €198,149 | €408,642 | ▲ 106% |
| Investment in fixed assets (approximation) | - | -€46,482 | - |
| Change in cash | - | -€64,910 | - |
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
04-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 35 days late
2025
31-12
Financial
Equity above €200,000Eq €238,431
2 profitable years in a row build equity to €238,431.
24-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 85 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Oostende · 1 establishment unit since 2024
Ground area
2,428 m²
Building footprint
1,368 m²
Volume, LiDAR
10,413 m³
Parcel 35026A0065/00K000, Flanders · tallest building 8.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MANFORCE
since 20242.365.245.030
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35026A0065/00K000 | Flanders | 2,428 m² | 1 · 1,368 m² | 8.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 1,083 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,083 EUR | 0 EUR |
Similar companies · same sector, comparable size
BATICAZA
BE 0897.190.315
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RENODEX
BE 0534.711.510
Antwerpen · Eq €238,332
BAUUNTERNEHMEN MEYER & HEINEN
BE 0450.347.145
Sankt Vith · Eq €238,251
Leemans Guy
BE 0715.953.535
Ravels · Eq €238,630
CONFORTECH
BE 0471.612.911
Ottignies-Louvain-la-Neuve · Eq €238,222
Of 29,787 companies in sector 41001 we hold annual accounts for 16,039. 11,638 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
Founded25-09-2024
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43341Painting of buildings
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.