MANITECH
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 25 days after the deadline Filed on 25 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00044479.
Annual accounts 2025 filed on 25-02-2026 PDF all 11 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €210,000
Total assets
€314,289▼ 0.6%
2024 · €316,307
Net result
€39,937▼ 15.6%
2024 · €47,308
Working capital
-€14,249
2024 · €9,799
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€59,326
▼ 14.2%
2025
20192025
Net result
€39,937
▼ 15.6%
2025
middle half of the sector
20192025
Equity
€199,160
▼ 4.8%
2025
highest quarter of the sector
20192025
Total assets
€314,289
▼ 0.6%
2025
highest quarter of the sector
20192025
Debt
€115,129
▲ 7.5%
2025
20192025
Working capital
-€14,249
2025
lowest quarter of the sector
20192025
Solvency
63.4%
▼ 2.8pp
2025
middle half of the sector
20192025
Current ratio
0.81
▼ 0.35
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
12.7%
▼ 2.2pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€30,216-€35,612▲ 17.9%€36,932▲ 3.7%€49,756▲ 34.7%€50,390▲ 1.3%€69,173▲ 37.3%€59,326▼ 14.2%
Net result€22,297-€21,117within the sector's middle half▼ 5.3%€24,151within the sector's middle half▲ 14.4%€32,924within the sector's middle half▲ 36.3%€36,201within the sector's middle half▲ 10.0%€47,308above the sector's middle half▲ 30.7%€39,937within the sector's middle half▼ 15.6%
Equity€166,934-€188,051above the sector's middle half▲ 12.6%€212,202above the sector's middle half▲ 12.8%€245,126above the sector's middle half▲ 15.5%€281,327above the sector's middle half▲ 14.8%€209,223above the sector's middle half▼ 25.6%€199,160above the sector's middle half▼ 4.8%
Total assets€316,324-€307,560within the sector's middle half▼ 2.8%€318,052above the sector's middle half▲ 3.4%€353,061above the sector's middle half▲ 11.0%€366,902above the sector's middle half▲ 3.9%€316,307above the sector's middle half▼ 13.8%€314,289above the sector's middle half▼ 0.6%
Debt€149,390-€119,509▼ 20.0%€105,850▼ 11.4%€107,935▲ 2.0%€85,575▼ 20.7%€107,084▲ 25.1%€115,129▲ 7.5%
Working capital-€52,385-€56,296within the sector's middle half€65,687within the sector's middle half▲ 16.7%€90,681within the sector's middle half▲ 38.1%€82,269within the sector's middle half▼ 9.3%€9,799within the sector's middle half▼ 88.1%-€14,249below the sector's middle half
Solvency52.8%-61.1%within the sector's middle half▲ 8.4pp66.7%within the sector's middle half▲ 5.6pp69.4%within the sector's middle half▲ 2.7pp76.7%above the sector's middle half▲ 7.2pp66.1%within the sector's middle half▼ 10.5pp63.4%within the sector's middle half▼ 2.8pp
Current ratio0.62-3.05within the sector's middle half▲ 2.433.31within the sector's middle half▲ 0.273.26within the sector's middle half▼ 0.054.04within the sector's middle half▲ 0.771.17within the sector's middle half▼ 2.870.81below the sector's middle half▼ 0.35
Return on assets (ROA)7.0%-6.9%within the sector's middle half▼ 0.2pp7.6%within the sector's middle half▲ 0.7pp9.3%within the sector's middle half▲ 1.7pp9.9%within the sector's middle half▲ 0.5pp15.0%within the sector's middle half▲ 5.1pp12.7%within the sector's middle half▼ 2.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 14% 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 €314,289
Fixed assets
€251,743 ▲ 1.5%
Current assets
€62,546 ▼ 8.5%
Equity and liabilities €314,289
Equity
€199,160 ▼ 4.8%
Debt
€115,129 ▲ 7.5%
Debt's share of the balance-sheet total rises from 33.9% to 36.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€62,252▼
2024 · €78,784
Cash flow
€42,863▼
2024 · €56,919
Debt to equity
0.58▲
2024 · 0.51
ROE
20.1%▼
2024 · 22.6%
Interest coverage
26.05▲
2024 · 24.39
Debt ≤ 1 year
€76,795▲
2024 · €58,567
Debt > 1 year
€37,314▼
2024 · €47,501
Income taxes
€16,999▼
2024 · €18,635
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €41,890 | - | - |
| Financial fixed assets | - | - | - | €28,500 |
| Depreciation and write-downs of the year | €1,655 | €6,661 | €9,611 | €2,926 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,449 | €6,683 | €6,125 | €1,655 | €6,661 | €9,611 | €2,926 | ▼ 69.6% |
| Other operating charges640/8 | - | - | - | €392 | €1,746 | €667 | €8,182 | ▲ 12× |
| Gross operating margin9900 | €37,270 | €42,875 | €43,281 | €51,803 | €58,797 | €79,451 | €70,434 | ▼ 11.3% |
| Operating profit (loss)9901 | €30,216 | €35,612 | €36,932 | €49,756 | €50,390 | €69,173 | €59,326 | ▼ 14.2% |
| Financial income75/76B | - | - | - | - | €146 | - | - | - |
| Recurring financial income75 | €277 | - | €2 | - | €146 | - | - | - |
| Financial charges65/66B | - | - | - | €1,992 | €1,823 | €3,230 | €2,390 | ▼ 26.0% |
| Recurring financial charges65 | €438 | €1,730 | €2,584 | €1,992 | €1,823 | €3,230 | €2,390 | ▼ 26.0% |
| Profit (loss) for the period before taxes9903 | €30,055 | €33,882 | €34,350 | €47,764 | €48,713 | €65,943 | €56,936 | ▼ 13.7% |
| Income taxes67/77 | €7,758 | €12,765 | €10,199 | €14,840 | €12,512 | €18,635 | €16,999 | ▼ 8.8% |
| Profit (loss) for the period9904 | €22,297 | €21,117 | €24,151 | €32,924 | €36,201 | €47,308 | €39,937 | ▼ 15.6% |
| Profit (loss) for the period to be appropriated9905 | €22,297 | €21,117 | €24,151 | €32,924 | €36,201 | €47,308 | €39,937 | ▼ 15.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €316,324 | €307,560 | €318,052 | €353,061 | €366,902 | €316,307 | €314,289 | ▼ 0.6% |
| Fixed assets21/28 | €229,654 | €223,780 | €223,978 | €222,323 | €257,552 | €247,941 | €251,743 | ▲ 1.5% |
| Tangible fixed assets22/27 | €11,827 | €5,953 | €6,151 | €4,496 | €39,725 | €30,114 | €5,416 | ▼ 82.0% |
| Furniture and vehicles24 | - | - | - | €4,496 | €31,336 | €23,571 | €720 | ▼ 96.9% |
| Other tangible fixed assets26 | - | - | - | - | €8,389 | €6,543 | €4,696 | ▼ 28.2% |
| Financial fixed assets28 | €217,827 | €217,827 | €217,827 | €217,827 | €217,827 | €217,827 | €246,327 | ▲ 13.1% |
| Current assets29/58 | €86,670 | €83,780 | €94,074 | €130,738 | €109,350 | €68,366 | €62,546 | ▼ 8.5% |
| Amounts receivable within one year40/41 | €24,660 | €11,414 | €23,757 | €24,907 | €28,925 | €26,943 | €25,936 | ▼ 3.7% |
| Trade receivables40 | - | - | - | €24,907 | €24,701 | €26,943 | €25,736 | ▼ 4.5% |
| Other amounts receivable41 | - | - | - | - | €4,224 | - | €200 | - |
| Cash at bank and in hand54/58 | €60,474 | €70,459 | €64,505 | €99,891 | €78,427 | €39,488 | €34,920 | ▼ 11.6% |
| Deferred charges and accrued income490/1 | - | - | - | €5,940 | €1,998 | €1,935 | €1,690 | ▼ 12.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €316,324 | €307,560 | €318,052 | €353,061 | €366,902 | €316,307 | €314,289 | ▼ 0.6% |
| Equity10/15 | €166,934 | €188,051 | €212,202 | €245,126 | €281,327 | €209,223 | €199,160 | ▼ 4.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | - | €18,600 | - | - | - |
| Issued capital100 | - | - | - | - | €18,600 | - | - | - |
| Reserves13 | €76,860 | €76,860 | €76,860 | €126,860 | €126,860 | €125,000 | €125,000 | = |
| Non-distributable reserves130/1 | - | - | - | - | €1,860 | - | - | - |
| Legal reserve130 | - | - | - | - | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €126,860 | €125,000 | €125,000 | €125,000 | = |
| Profit (loss) carried forward14 | €71,474 | €92,591 | €116,742 | €99,666 | €135,867 | €65,623 | €55,560 | ▼ 15.3% |
| Amounts payable17/49 | €149,390 | €119,509 | €105,850 | €107,935 | €85,575 | €107,084 | €115,129 | ▲ 7.5% |
| Amounts payable after more than one year17 | €8,764 | €90,464 | €76,857 | €67,268 | €57,484 | €47,501 | €37,314 | ▼ 21.4% |
| Financial debts170/4 | - | - | - | €67,268 | €57,484 | €47,501 | €37,314 | ▼ 21.4% |
| Amounts payable within one year42/48 | €139,055 | €27,484 | €28,387 | €40,057 | €27,081 | €58,567 | €76,795 | ▲ 31.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,589 | €9,784 | €9,983 | €10,187 | ▲ 2.0% |
| Trade debts44 | €8,427 | €3,476 | €2,322 | €8,777 | €7,744 | €1,133 | €5,974 | ▲ 427% |
| Suppliers440/4 | - | - | - | €7,317 | €7,744 | €733 | €5,574 | ▲ 660% |
| Bills of exchange payable441 | - | - | - | €1,460 | - | €400 | €400 | = |
| Taxes, remuneration and social security45 | - | - | - | €21,691 | €9,553 | €19,296 | €23,134 | ▲ 19.9% |
| Taxes450/3 | - | - | - | €21,691 | €9,553 | €19,296 | €23,134 | ▲ 19.9% |
| Other amounts payable47/48 | - | - | - | - | - | €28,155 | €37,500 | ▲ 33.2% |
| Accrued charges and deferred income492/3 | - | - | - | €610 | €1,010 | €1,016 | €1,020 | ▲ 0.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,297 | €21,117 | €24,151 | €32,924 | €36,201 | €47,308 | €39,937 | ▼ 15.6% |
| + Depreciation and write-downs630 | €6,449 | €6,683 | €6,125 | €1,655 | €6,661 | €9,611 | €2,926 | ▼ 69.6% |
| Operating cash flow (approximation) | €28,746 | €27,800 | €30,276 | €34,579 | €42,862 | €56,919 | €42,863 | ▼ 24.7% |
| Investment in fixed assets (approximation) | - | -€809 | -€6,323 | €0 | -€41,890 | €0 | -€6,728 | - |
| Change in cash | - | €9,985 | -€5,954 | €35,386 | -€21,464 | -€38,939 | -€4,568 | ▲ 88.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 25-02-2026 | 2026-00044479 | |
| 30-06-2024 | micro format | 18-03-2025 | 2025-00051168 | |
| 30-06-2023 | micro format | 16-01-2024 | 2024-00002291 | |
| 30-06-2022 | micro format | 28-02-2023 | 2023-00033662 | |
| 30-06-2021 | micro format | 25-01-2022 | 2022-02400218 | |
| 30-06-2020 | micro format | 22-01-2021 | 2021-01500329 | |
| 30-06-2019 | micro format | 04-02-2020 | 2020-04400482 | |
| 30-06-2018 | micro format | 22-02-2019 | 2019-05600583 | |
| 30-06-2017 | micro format | 25-01-2018 | 2018-02500192 | |
| 30-06-2016 | full format | 21-12-2016 | 2016-71000263 |