MANH
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 10 filings
Turnover
≈ €220,000
Estimated: probably between €190,000 and €260,000
Total assets
€370,445▼ 9.0%
2024 · €406,902
Net result
€86,995▼ 12.9%
2024 · €99,927
Working capital
-€24,051▼ 297%
2024 · -€6,058
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€118,371
▼ 12.2%
2025
20182025
Net result
€86,995
▼ 12.9%
2025
highest quarter of the sector
20182025
Equity
€164,498
▲ 4.4%
2025
middle half of the sector
20182025
Total assets
€370,445
▼ 9.0%
2025
middle half of the sector
20182025
Debt
€205,947
▼ 17.4%
2025
20182025
Working capital
-€24,051
▼ 297%
2025
lowest quarter of the sector
20182025
Solvency
44.4%
▲ 5.7pp
2025
middle half of the sector
20182025
Current ratio
0.76
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
23.5%
▼ 1.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€34,409-€123,731▲ 260%€117,694▼ 4.9%€116,432▼ 1.1%€123,004▲ 5.6%€133,021▲ 8.1%€134,824▲ 1.4%€118,371▼ 12.2%
Net result€22,334-€101,959▲ 357%€89,257above the sector's middle half▼ 12.5%€87,321above the sector's middle half▼ 2.2%€90,178above the sector's middle half▲ 3.3%€93,419above the sector's middle half▲ 3.6%€99,927above the sector's middle half▲ 7.0%€86,995above the sector's middle half▼ 12.9%
Equity€57,934-€159,894▲ 176%€64,084within the sector's middle half▼ 59.9%€64,084within the sector's middle half=€64,084within the sector's middle half=€157,503within the sector's middle half▲ 146%€157,503within the sector's middle half=€164,498within the sector's middle half▲ 4.4%
Total assets€312,247-€411,294▲ 31.7%€436,743within the sector's middle half▲ 6.2%€450,118within the sector's middle half▲ 3.1%€453,497within the sector's middle half▲ 0.8%€359,098within the sector's middle half▼ 20.8%€406,902within the sector's middle half▲ 13.3%€370,445within the sector's middle half▼ 9.0%
Debt€254,313-€251,400▼ 1.1%€372,659▲ 48.2%€386,034▲ 3.6%€389,413▲ 0.9%€201,595▼ 48.2%€249,399▲ 23.7%€205,947▼ 17.4%
Working capital-€29,126-€72,821-€69,049below the sector's middle half-€79,551below the sector's middle half▼ 15.2%-€11,737below the sector's middle half▲ 85.2%-€83below the sector's middle half▲ 99.3%-€6,058below the sector's middle half▼ 7,158%-€24,051below the sector's middle half▼ 297%
Solvency18.6%-38.9%▲ 20.3pp14.7%below the sector's middle half▼ 24.2pp14.2%below the sector's middle half▼ 0.4pp14.1%below the sector's middle half▼ 0.1pp43.9%within the sector's middle half▲ 29.7pp38.7%within the sector's middle half▼ 5.2pp44.4%within the sector's middle half▲ 5.7pp
Current ratio0.51-2.06▲ 1.550.66below the sector's middle half▼ 1.400.65below the sector's middle half▼ 0.010.93below the sector's middle half▲ 0.281.00below the sector's middle half▲ 0.070.95below the sector's middle half▼ 0.040.76below the sector's middle half▼ 0.19
Return on assets (ROA)7.2%-24.8%▲ 17.6pp20.4%within the sector's middle half▼ 4.4pp19.4%within the sector's middle half▼ 1.0pp19.9%within the sector's middle half▲ 0.5pp26.0%within the sector's middle half▲ 6.1pp24.6%within the sector's middle half▼ 1.5pp23.5%within the sector's middle half▼ 1.1pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 operating result for 2025 is 12% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €370,445
Fixed assets
€292,404 ▲ 3.8%
Current assets
€78,042 ▼ 37.7%
Equity and liabilities €370,445
Equity
€164,498 ▲ 4.4%
Debt
€205,947 ▼ 17.4%
Debt's share of the balance-sheet total falls from 61.3% to 55.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€130,249▼
2024 · €148,414
Cash flow
€98,873▼
2024 · €113,517
Debt to equity
1.25▼
2024 · 1.58
ROE
52.9%▼
2024 · 63.4%
Interest coverage
34.79▲
2024 · 33.30
Debt ≤ 1 year
€102,093▼
2024 · €131,352
Debt > 1 year
€103,855▼
2024 · €117,896
Income taxes
€27,692▼
2024 · €31,136
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,607 | €6,537 | €8,158 | €10,015 | €22,673 |
| Depreciation and write-downs of the year | €11,523 | €12,328 | €14,687 | €13,590 | €11,878 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €37 | €0 | €14,847 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €63,013 | €10,448 | €9,235 | €11,523 | €12,328 | €14,687 | €13,590 | €11,878 | ▼ 12.6% |
| Other operating charges640/8 | - | - | - | €719 | €839 | €2,948 | €1,652 | €1,439 | ▼ 12.9% |
| Non-recurring operating charges66A | - | - | - | €753 | €0 | - | €902 | €0 | ▼ 100% |
| Gross operating margin9900 | €97,953 | €135,223 | €127,646 | €129,428 | €136,172 | €150,656 | €150,968 | €131,688 | ▼ 12.8% |
| Operating profit (loss)9901 | €34,409 | €123,731 | €117,694 | €116,432 | €123,004 | €133,021 | €134,824 | €118,371 | ▼ 12.2% |
| Financial income75/76B | - | - | - | €1,981 | €2,191 | €30 | €695 | €59 | ▼ 91.4% |
| Recurring financial income75 | €706 | €1,103 | €1,822 | €1,981 | €2,191 | €30 | €695 | €59 | ▼ 91.4% |
| Financial charges65/66B | - | - | - | €5,284 | €5,138 | €4,408 | €4,456 | €3,744 | ▼ 16.0% |
| Recurring financial charges65 | €2,683 | €5,749 | €6,468 | €5,284 | €5,138 | €4,408 | €4,456 | €3,744 | ▼ 16.0% |
| Profit (loss) for the period before taxes9903 | €32,432 | €131,875 | €113,048 | €113,130 | €120,058 | €128,643 | €131,063 | €114,687 | ▼ 12.5% |
| Income taxes67/77 | €10,098 | €29,915 | €23,791 | €25,809 | €29,880 | €35,224 | €31,136 | €27,692 | ▼ 11.1% |
| Profit (loss) for the period9904 | €22,334 | €101,959 | €89,257 | €87,321 | €90,178 | €93,419 | €99,927 | €86,995 | ▼ 12.9% |
| Profit (loss) for the period to be appropriated9905 | €22,334 | €101,959 | €89,257 | €87,321 | €90,178 | €93,419 | €99,927 | €86,995 | ▼ 12.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €312,247 | €411,294 | €436,743 | €450,118 | €453,497 | €359,098 | €406,902 | €370,445 | ▼ 9.0% |
| Fixed assets21/28 | €281,640 | €269,718 | €304,093 | €301,423 | €295,668 | €289,140 | €281,609 | €292,404 | ▲ 3.8% |
| Intangible fixed assets21 | €4,499 | €2,259 | €672 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €277,141 | €267,459 | €303,421 | €301,423 | €295,668 | €289,140 | €281,609 | €292,404 | ▲ 3.8% |
| Land and buildings22 | - | - | - | €234,372 | €234,372 | €234,372 | €234,372 | €254,419 | ▲ 8.6% |
| Furniture and vehicles24 | - | - | - | €42,435 | €42,473 | €42,232 | €34,895 | €30,198 | ▼ 13.5% |
| Other tangible fixed assets26 | - | - | - | €24,616 | €18,824 | €12,536 | €12,342 | €7,786 | ▼ 36.9% |
| Current assets29/58 | €30,608 | €141,576 | €132,651 | €148,695 | €157,829 | €69,958 | €125,294 | €78,042 | ▼ 37.7% |
| Amounts receivable after more than one year29 | - | - | - | €70,000 | €70,000 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €70,000 | €70,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €27,892 | €24,292 | €18,006 | €26,670 | €21,924 | €49,039 | €107,260 | €37,887 | ▼ 64.7% |
| Trade receivables40 | - | - | - | €20,475 | €19,800 | €49,039 | €23,000 | €24,710 | ▲ 7.4% |
| Other amounts receivable41 | - | - | - | €6,195 | €2,124 | €0 | €84,260 | €13,177 | ▼ 84.4% |
| Current investments50/53 | - | - | - | - | €34,000 | €4,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €1,806 | €45,119 | €40,803 | €46,100 | €24,556 | €13,716 | €14,872 | €36,674 | ▲ 147% |
| Deferred charges and accrued income490/1 | - | - | - | €5,925 | €7,349 | €3,204 | €3,162 | €3,481 | ▲ 10.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €312,247 | €411,294 | €436,743 | €450,118 | €453,497 | €359,098 | €406,902 | €370,445 | ▼ 9.0% |
| Equity10/15 | €57,934 | €159,894 | €64,084 | €64,084 | €64,084 | €157,503 | €157,503 | €164,498 | ▲ 4.4% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €45,534 | €45,534 | €45,534 | €45,534 | €45,534 | €138,953 | €138,953 | €145,948 | ▲ 5.0% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €43,679 | €43,679 | €138,953 | €138,953 | €145,948 | ▲ 5.0% |
| Profit (loss) carried forward14 | - | €101,959 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €254,313 | €251,400 | €372,659 | €386,034 | €389,413 | €201,595 | €249,399 | €205,947 | ▼ 17.4% |
| Amounts payable after more than one year17 | €194,580 | €182,645 | €170,384 | €157,788 | €219,847 | €131,553 | €117,896 | €103,855 | ▼ 11.9% |
| Financial debts170/4 | - | - | - | €157,788 | €219,847 | €131,553 | €117,896 | €103,855 | ▼ 11.9% |
| Amounts payable within one year42/48 | €59,733 | €68,755 | €201,699 | €228,246 | €169,565 | €70,042 | €131,352 | €102,093 | ▼ 22.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,596 | €12,940 | €13,294 | €13,658 | €14,041 | ▲ 2.8% |
| Financial debts43 | - | - | - | €11,519 | €12,675 | €1,352 | €95 | €773 | ▲ 712% |
| Credit institutions430/8 | - | - | - | €11,519 | €12,675 | €1,352 | €95 | €773 | ▲ 712% |
| Trade debts44 | €15,939 | €12,902 | €46,797 | €18,561 | €9,029 | €91 | €1,540 | €302 | ▼ 80.4% |
| Suppliers440/4 | - | - | - | €18,561 | €9,029 | €91 | €1,540 | €302 | ▼ 80.4% |
| Taxes, remuneration and social security45 | - | - | - | €16,720 | €16,785 | €18,018 | €16,133 | €14,438 | ▼ 10.5% |
| Taxes450/3 | - | - | - | €16,720 | €16,785 | €18,018 | €16,133 | €14,438 | ▼ 10.5% |
| Other amounts payable47/48 | - | - | - | €168,850 | €118,135 | €37,287 | €99,927 | €72,538 | ▼ 27.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | €152 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,334 | €101,959 | €89,257 | €87,321 | €90,178 | €93,419 | €99,927 | €86,995 | ▼ 12.9% |
| + Depreciation and write-downs630 | €63,013 | €10,448 | €9,235 | €11,523 | €12,328 | €14,687 | €13,590 | €11,878 | ▼ 12.6% |
| Operating cash flow (approximation) | €85,348 | €112,407 | €98,492 | €98,844 | €102,506 | €108,106 | €113,517 | €98,873 | ▼ 12.9% |
| Investment in fixed assets (approximation) | - | €1,474 | -€43,610 | -€8,854 | -€6,573 | -€8,158 | -€6,059 | -€22,673 | ▼ 274% |
| Change in cash | - | €43,313 | -€4,316 | €5,297 | -€21,544 | -€10,840 | €1,157 | €21,802 | ▲ 19× |
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, 34,693 companies had the same profile as MANH has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MANH 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 34,693 companies, not a prediction for MANH. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00252627 | |
| 31-12-2024 | micro format | 18-08-2025 | 2025-00379160 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00254538 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00326370 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20393563 | |
| 31-12-2020 | micro format | 16-08-2021 | 2021-49100002 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-36000566 | |
| 31-12-2018 | micro format | 06-08-2019 | 2019-44400544 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-58500574 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28400437 |