MANIFAC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 34 filings
Turnover
≈ €81,000
Estimated: probably between €51,000 and €110,000
Total assets
€587,771▼ 22.2%
2024 · €755,538
Net result
-€3,262▲ 49.7%
2024 · -€6,480
Working capital
€138,695▼ 48.2%
2024 · €267,546
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€2,408
▲ 58.4%
2025
20192025
Net result
-€3,262
▲ 49.7%
2025
lowest quarter of the sector
20192025
Equity
€577,131
▼ 21.1%
2025
highest quarter of the sector
20192025
Total assets
€587,771
▼ 22.2%
2025
highest quarter of the sector
20192025
Debt
€10,305
▼ 56.6%
2025
20192025
Working capital
€138,695
▼ 48.2%
2025
highest quarter of the sector
20192025
Solvency
98.2%
▲ 1.4pp
2025
highest quarter of the sector
20192025
Current ratio
14.46
▲ 2.18
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-0.6%
▲ 0.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€28,311--€16,578€9,977€14,799▲ 48.3%€87,299▲ 490%-€5,792-€2,408▲ 58.4%
Net result€16,435--€12,823below the sector's middle half€8,023within the sector's middle half€6,752within the sector's middle half▼ 15.8%€34,534within the sector's middle half▲ 411%-€6,480below the sector's middle half-€3,262below the sector's middle half▲ 49.7%
Equity€701,388-€688,564above the sector's middle half▼ 1.8%€696,587above the sector's middle half▲ 1.2%€703,339above the sector's middle half▲ 1.0%€737,873above the sector's middle half▲ 4.9%€731,394above the sector's middle half▼ 0.9%€577,131above the sector's middle half▼ 21.1%
Total assets€729,995-€704,761above the sector's middle half▼ 3.5%€705,558above the sector's middle half▲ 0.1%€728,962above the sector's middle half▲ 3.3%€802,292above the sector's middle half▲ 10.1%€755,538above the sector's middle half▼ 5.8%€587,771above the sector's middle half▼ 22.2%
Debt€27,738-€15,416▼ 44.4%€8,280▼ 46.3%€25,021▲ 202%€63,906▲ 155%€23,721▼ 62.9%€10,305▼ 56.6%
Working capital€560,452-€433,068above the sector's middle half▼ 22.7%€456,331above the sector's middle half▲ 5.4%€429,387above the sector's middle half▼ 5.9%€282,545above the sector's middle half▼ 34.2%€267,546above the sector's middle half▼ 5.3%€138,695above the sector's middle half▼ 48.2%
Solvency96.1%-97.7%above the sector's middle half▲ 1.6pp98.7%above the sector's middle half▲ 1.0pp96.5%above the sector's middle half▼ 2.2pp92.0%above the sector's middle half▼ 4.5pp96.8%above the sector's middle half▲ 4.8pp98.2%above the sector's middle half▲ 1.4pp
Current ratio21.21-29.09above the sector's middle half▲ 7.8956.11above the sector's middle half▲ 27.0218.16above the sector's middle half▼ 37.955.42above the sector's middle half▼ 12.7412.28above the sector's middle half▲ 6.8614.46above the sector's middle half▲ 2.18
Return on assets (ROA)2.3%--1.8%below the sector's middle half▼ 4.1pp1.1%within the sector's middle half▲ 3.0pp0.9%within the sector's middle half▼ 0.2pp4.3%within the sector's middle half▲ 3.4pp-0.9%below the sector's middle half▼ 5.2pp-0.6%below the sector's middle half▲ 0.3pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a loss of €2,408, smaller than the loss of €5,792 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 €587,771
Fixed assets
€438,770 ▼ 5.5%
Current assets
€149,000 ▼ 48.8%
Equity and liabilities €587,771
Equity
€577,131 ▼ 21.1%
Provisions
€334 ▼ 21.1%
Debt
€10,305 ▼ 56.6%
Debt's share of the balance-sheet total falls from 3.1% to 1.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€25,813▲
2024 · €22,151
Cash flow
€24,959▲
2024 · €21,463
Debt to equity
0.02▼
2024 · 0.03
ROE
-0.6%▲
2024 · -0.9%
Interest coverage
91.37▲
2024 · 78.68
Debt ≤ 1 year
€10,305▼
2024 · €23,721
Income taxes
€976▲
2024 · €496
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,458 | €60,612 | €164,328 | €36,373 | €2,720 |
| Depreciation and write-downs of the year | €20,788 | €27,006 | €24,153 | €27,943 | €28,221 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €70,141 | €413 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,744 | €21,623 | €20,788 | €27,006 | €24,153 | €27,943 | €28,221 | ▲ 1.0% |
| Other operating charges640/8 | - | - | €7,092 | €7,585 | €15,116 | €11,886 | €6,948 | ▼ 41.5% |
| Gross operating margin9900 | €43,100 | €39,993 | €37,857 | €49,390 | €126,568 | €34,037 | €32,761 | ▼ 3.7% |
| Operating profit (loss)9901 | €28,311 | -€16,578 | €9,977 | €14,799 | €87,299 | -€5,792 | -€2,408 | ▲ 58.4% |
| Financial income75/76B | - | - | €9,083 | €1,790 | €239 | €0 | €316 | ▲ 1,052× |
| Recurring financial income75 | €10,001 | €9,610 | €9,083 | €1,790 | €239 | €0 | €316 | ▲ 1,052× |
| Financial charges65/66B | - | - | €1,073 | €657 | €140 | €282 | €283 | ▲ 0.3% |
| Recurring financial charges65 | €1,722 | €1,534 | €1,073 | €657 | €140 | €282 | €283 | ▲ 0.3% |
| Profit (loss) for the period before taxes9903 | €36,590 | -€8,503 | €17,986 | €15,931 | €87,398 | -€6,073 | -€2,375 | ▲ 60.9% |
| Transfer from deferred taxes780 | - | - | €89 | €89 | €89 | €89 | €89 | = |
| Income taxes67/77 | €20,244 | €4,410 | €10,052 | €9,269 | €52,953 | €496 | €976 | ▲ 96.8% |
| Profit (loss) for the period9904 | €16,435 | -€12,823 | €8,023 | €6,752 | €34,534 | -€6,480 | -€3,262 | ▲ 49.7% |
| Transfer from tax-exempt reserves789 | - | - | €134 | €134 | €225,134 | €134 | €134 | = |
| Profit (loss) for the period to be appropriated9905 | €16,569 | -€12,690 | €8,157 | €6,886 | €259,668 | -€6,346 | -€3,128 | ▲ 50.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €729,995 | €704,761 | €705,558 | €728,962 | €802,292 | €755,538 | €587,771 | ▼ 22.2% |
| Fixed assets21/28 | €141,805 | €256,277 | €240,948 | €274,554 | €455,841 | €464,271 | €438,770 | ▼ 5.5% |
| Tangible fixed assets22/27 | €141,755 | €256,227 | €240,898 | €274,504 | €455,791 | €464,221 | €438,720 | ▼ 5.5% |
| Land and buildings22 | - | - | €235,292 | €233,697 | €425,526 | €444,716 | €429,974 | ▼ 3.3% |
| Plant, machinery and equipment23 | - | - | €2,575 | €2,175 | €2,437 | €2,350 | €2,264 | ▼ 3.7% |
| Furniture and vehicles24 | - | - | €3,030 | €38,632 | €27,828 | €17,155 | €6,483 | ▼ 62.2% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €588,190 | €448,484 | €464,611 | €454,408 | €346,451 | €291,267 | €149,000 | ▼ 48.8% |
| Amounts receivable within one year40/41 | €208,571 | €238,387 | €222,220 | €7,161 | €9,901 | €17,317 | €50,151 | ▲ 190% |
| Trade receivables40 | - | - | €17,272 | €7,161 | €9,901 | €17,317 | €50,151 | ▲ 190% |
| Other amounts receivable41 | - | - | €204,948 | - | - | - | - | - |
| Current investments50/53 | €1,959 | €1,959 | €1,959 | €1,959 | - | - | - | - |
| Cash at bank and in hand54/58 | €371,606 | €192,729 | €218,731 | €445,289 | €336,550 | €272,790 | €96,908 | ▼ 64.5% |
| Deferred charges and accrued income490/1 | - | - | €21,702 | - | - | €1,159 | €1,942 | ▲ 67.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €729,995 | €704,761 | €705,558 | €728,962 | €802,292 | €755,538 | €587,771 | ▼ 22.2% |
| Equity10/15 | €701,388 | €688,564 | €696,587 | €703,339 | €737,873 | €731,394 | €577,131 | ▼ 21.1% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €682,788 | €669,964 | €677,987 | €684,739 | €719,273 | €712,794 | €558,531 | ▼ 21.6% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | - | €280,160 | €280,026 | €54,892 | €54,758 | €54,624 | ▼ 0.2% |
| Distributable reserves133 | - | - | €395,968 | €402,853 | €662,521 | €658,035 | €503,907 | ▼ 23.4% |
| Provisions and deferred taxes16 | €870 | €780 | €691 | €602 | €513 | €423 | €334 | ▼ 21.1% |
| Deferred taxes168 | - | - | €691 | €602 | €513 | €423 | €334 | ▼ 21.1% |
| Amounts payable17/49 | €27,738 | €15,416 | €8,280 | €25,021 | €63,906 | €23,721 | €10,305 | ▼ 56.6% |
| Amounts payable within one year42/48 | €27,738 | €15,416 | €8,280 | €25,021 | €63,906 | €23,721 | €10,305 | ▼ 56.6% |
| Trade debts44 | €2,874 | €6,197 | €7,627 | €10,498 | €10,902 | €20,609 | €7,205 | ▼ 65.0% |
| Suppliers440/4 | - | - | €7,627 | €10,498 | €10,902 | €20,609 | €7,205 | ▼ 65.0% |
| Taxes, remuneration and social security45 | - | - | €653 | €13,401 | €53,003 | €3,113 | €3,100 | ▼ 0.4% |
| Taxes450/3 | - | - | €653 | €13,401 | €53,003 | €3,113 | €3,100 | ▼ 0.4% |
| Other amounts payable47/48 | - | - | - | €1,123 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,435 | -€12,823 | €8,023 | €6,752 | €34,534 | -€6,480 | -€3,262 | ▲ 49.7% |
| + Depreciation and write-downs630 | €8,744 | €21,623 | €20,788 | €27,006 | €24,153 | €27,943 | €28,221 | ▲ 1.0% |
| Operating cash flow (approximation) | €25,179 | €8,800 | €28,811 | €33,758 | €58,687 | €21,463 | €24,959 | ▲ 16.3% |
| Investment in fixed assets (approximation) | - | -€136,095 | -€5,458 | -€60,612 | -€205,440 | -€36,373 | -€2,720 | ▲ 92.5% |
| Change in cash | - | -€178,876 | €26,001 | €226,558 | -€108,739 | -€63,760 | -€175,882 | ▼ 176% |
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, 8,617 companies had the same profile as MANIFAC has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANIFAC 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 8,617 companies, not a prediction for MANIFAC. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00098591 | |
| 30-09-2024 | micro format | 22-04-2025 | 2025-00073722 | |
| 30-09-2023 | micro format | 24-04-2024 | 2024-00073386 | |
| 30-09-2022 | micro format | 14-04-2023 | 2023-00060069 | |
| 30-09-2021 | micro format | 18-04-2022 | 2022-20005932 | |
| 30-09-2020 | micro format | 07-04-2021 | 2021-09900337 | |
| 30-09-2019 | micro format | 07-04-2020 | 2020-09000119 | |
| 30-09-2018 | micro format | 02-04-2019 | 2019-09400353 | |
| 30-09-2017 | micro format | 27-04-2018 | 2018-11400510 | |
| 30-09-2016 | abbreviated format | 14-03-2017 | 2017-06700058 |