Manmade
ActiveSummary
Manmade has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €478k and a net result of €158k. Equity is growing by ~15.3% per year across the filed fiscal years. Its solvency ranks better than 57% of 4178 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▲+6
Solvency67▲+8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 1.67 against 1.56 in 2024; short-term debt: 46.7% and cash: 11.6% of total assets), but 57.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
42.4%
Return on assets
14%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-06-2026, 32 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
32 d early
2024
65 d early
2023
2 d early
2022
40 d early
2021
20 d early
2020
2 d early
2019
2 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 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€158k▲ 47.6%
2024 · €107k
2018: €-92klowest in 8 years
2019: €31k▲ +134% vs 2018
2020: €17k▼ -44.9% vs 2019
2021: €63k▲ +268% vs 2020
2022: €53k▼ -16.5% vs 2021
2023: €116k▲ +121% vs 2022
2024: €107k▼ -7.9% vs 2023
2025: €158k▲ +47.6% vs 2024highest in 8 years
2018 → 2025
Working capital
€354k▲ 9.5%
2024 · €323k
2018: €124klowest in 8 years
2019: €177k▲ +43.0% vs 2018
2020: €188k▲ +6.3% vs 2019
2021: €356k▲ +89.5% vs 2020highest in 8 years
2022: €338k▼ -5.1% vs 2021
2023: €303k▼ -10.6% vs 2022
2024: €323k▲ +6.7% vs 2023
2025: €354k▲ +9.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€285k-€337k▲ 18.5%€363k▲ 7.7%€390k▲ 7.4%€478k▲ 22.5%
2021: €285klowest in 5 years
2022: €337k▲ +18.5% vs 2021
2023: €363k▲ +7.7% vs 2022
2024: €390k▲ +7.4% vs 2023
2025: €478k▲ +22.5% vs 2024highest in 5 years
Operating result€70k-€60k▼ 14.4%€131k▲ 118%€166k▲ 26.5%€231k▲ 39.1%
2021: €70k
2022: €60k▼ -14.4% vs 2021lowest in 5 years
2023: €131k▲ +118% vs 2022
2024: €166k▲ +26.5% vs 2023
2025: €231k▲ +39.1% vs 2024highest in 5 years
Net result€63k-€53k▼ 16.5%€116k▲ 121%€107k▼ 7.9%€158k▲ 47.6%
2021: €63k
2022: €53k▼ -16.5% vs 2021lowest in 5 years
2023: €116k▲ +121% vs 2022
2024: €107k▼ -7.9% vs 2023
2025: €158k▲ +47.6% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 39% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.13M
Fixed assets
€247k ▲ 1.9%
Current assets
€880k ▼ 1.7%
Equity and liabilities €1.13M
Equity
€478k ▲ 22.5%
Provisions
€0 ▼ 100%
Debt
€650k ▼ 6.7%
Debt's share of the balance-sheet total falls from 61.2% to 57.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€260k▲
2024 · €188k
Cash flow
€187k▲
2024 · €129k
Current ratio
1.67▲
2024 · 1.56
Quick ratio
0.55▼
2024 · 0.58
Debt to equity
1.36▼
2024 · 1.79
ROE
33.0%▲
2024 · 27.4%
ROA
14.0%▲
2024 · 9.4%
Interest coverage
14.37▲
2024 · 6.80
Debt ≤ 1 year
€527k▼
2024 · €573k
Debt > 1 year
€123k▼
2024 · €123k
Income taxes
€57k▲
2024 · €36k
Staff costs
€252k▲
2024 · €201k
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 · 65 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.14M€1.13M▼
Fixed assets21/28€243k€247k▲
Intangible fixed assets21€8k€5k▼
Tangible fixed assets22/27€234k€243k▲
Plant, machinery and equipment23€2k€1k▼
Furniture and vehicles24€5k€34k▲
Other tangible fixed assets26€228k€207k▼
Current assets29/58€896k€880k▼
Stocks and contracts in progress3€561k€588k▲
Stocks30/36€561k€588k▲
Amounts receivable within one year40/41€143k€58k▼
Trade receivables40€546-
Other amounts receivable41€142k€58k▼
Current investments50/53€12€100k▲
Cash at bank and in hand54/58€191k€131k▼
Deferred charges and accrued income490/1€988€3k▲
Equity and liabilities
Total equity and liabilities10/49€1.14M€1.13M▼
Equity10/15€390k€478k▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€328k€416k▲
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Distributable reserves133€322k€409k▲
Provisions and deferred taxes16€52k-
Provisions for liabilities and charges160/5€52k-
Environmental obligations163€52k-
Amounts payable17/49€696k€650k▼
Amounts payable after more than one year17€123k€123k▼
Financial debts170/4€63k€83k▲
Trade debts175€60k€40k▼
Amounts payable within one year42/48€573k€527k▼
Current portion of amounts payable after more than one year42€26k€33k▲
Financial debts43€50k-
Credit institutions430/8€50k-
Trade debts44€188k€152k▼
Suppliers440/4€188k€152k▼
Taxes, remuneration and social security45€73k€118k▲
Taxes450/3€45k€79k▲
Remuneration and social security454/9€28k€39k▲
Other amounts payable47/48€235k€223k▼
Income statement
Code20242025
Non-recurring operating income76A€5k-
Remuneration, social security and pensions62€201k€252k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€22k€29k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€5k€8k▲
Provisions for liabilities and charges: additions (uses and reversals)635/8€52k€-52k▼
Other operating charges640/8€614€1k▲
Gross operating margin9900€446k€469k▲
Operating profit (loss)9901€166k€231k▲
Financial income75/76B€5k€2k▼
Recurring financial income75€5k€2k▼
Financial charges65/66B€28k€18k▼
Recurring financial charges65€28k€18k▼
Non-recurring financial charges66B-€86
Profit (loss) for the period before taxes9903€143k€215k▲
Income taxes67/77€36k€57k▲
Profit (loss) for the period9904€107k€158k▲
Profit (loss) for the period to be appropriated9905€107k€158k▲
Appropriation of the result
Profit (loss) to be appropriated9906€107k€158k▲
Transfer to equity691/2€27k€88k▲
To other reserves6921€27k€88k▲
Profit to be distributed694/7€80k€70k▼
Return on contributions (dividend)694€80k€70k▼
Social balance
Average headcount (FTE)90875.75.6▼
The notes to these accounts (13 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5k | - | - |
| Remuneration, social security and pensions62 | €130k | €168k | €194k | €201k | €252k | ▲ 25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19k | €21k | €19k | €22k | €29k | ▲ 32.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €69k | €41k | €28k | €5k | €8k | ▲ 56.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €52k | €-52k | ▼ 200% |
| Other operating charges640/8 | €612 | €1k | €1k | €614 | €1k | ▲ 104% |
| Gross operating margin9900 | €289k | €291k | €374k | €446k | €469k | ▲ 5.1% |
| Operating profit (loss)9901 | €70k | €60k | €131k | €166k | €231k | ▲ 39.1% |
| Financial income75/76B | €3k | €2k | €4k | €5k | €2k | ▼ 56.3% |
| Recurring financial income75 | €3k | €2k | €4k | €5k | €2k | ▼ 56.3% |
| Financial charges65/66B | €11k | €9k | €16k | €28k | €18k | ▼ 34.2% |
| Recurring financial charges65 | €11k | €9k | €16k | €28k | €18k | ▼ 34.5% |
| Non-recurring financial charges66B | - | - | - | - | €86 | - |
| Profit (loss) for the period before taxes9903 | €63k | €53k | €118k | €143k | €215k | ▲ 50.2% |
| Income taxes67/77 | - | - | €2k | €36k | €57k | ▲ 58.1% |
| Profit (loss) for the period9904 | €63k | €53k | €116k | €107k | €158k | ▲ 47.6% |
| Profit (loss) for the period to be appropriated9905 | €63k | €53k | €116k | €107k | €158k | ▲ 47.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.15M | €1.14M | €1.23M | €1.14M | €1.13M | ▼ 1.0% |
| Fixed assets21/28 | €268k | €247k | €230k | €243k | €247k | ▲ 1.9% |
| Intangible fixed assets21 | - | - | - | €8k | €5k | ▼ 46.1% |
| Tangible fixed assets22/27 | €268k | €247k | €230k | €234k | €243k | ▲ 3.6% |
| Plant, machinery and equipment23 | €2k | €167 | €112 | €2k | €1k | ▼ 25.8% |
| Furniture and vehicles24 | - | - | €2k | €5k | €34k | ▲ 658% |
| Other tangible fixed assets26 | €266k | €247k | €228k | €228k | €207k | ▼ 9.2% |
| Current assets29/58 | €882k | €891k | €1,000k | €896k | €880k | ▼ 1.7% |
| Stocks and contracts in progress3 | €512k | €465k | €459k | €561k | €588k | ▲ 4.8% |
| Stocks30/36 | €512k | €465k | €459k | €561k | €588k | ▲ 4.8% |
| Amounts receivable within one year40/41 | €212k | €224k | €251k | €143k | €58k | ▼ 59.4% |
| Trade receivables40 | - | - | €5k | €546 | - | - |
| Other amounts receivable41 | €212k | €224k | €246k | €142k | €58k | ▼ 59.2% |
| Current investments50/53 | - | - | - | €12 | €100k | ▲ 836,860% |
| Cash at bank and in hand54/58 | €159k | €203k | €288k | €191k | €131k | ▼ 31.2% |
| Deferred charges and accrued income490/1 | - | - | €2k | €988 | €3k | ▲ 181% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.15M | €1.14M | €1.23M | €1.14M | €1.13M | ▼ 1.0% |
| Equity10/15 | €285k | €337k | €363k | €390k | €478k | ▲ 22.5% |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €141k | €275k | €301k | €328k | €416k | ▲ 26.7% |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Distributable reserves133 | €135k | €269k | €295k | €322k | €409k | ▲ 27.3% |
| Profit (loss) carried forward14 | €81k | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €52k | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €52k | - | - |
| Environmental obligations163 | - | - | - | €52k | - | - |
| Amounts payable17/49 | €866k | €801k | €867k | €696k | €650k | ▼ 6.7% |
| Amounts payable after more than one year17 | €340k | €248k | €169k | €123k | €123k | ▼ 0.1% |
| Financial debts170/4 | €220k | €148k | €89k | €63k | €83k | ▲ 31.3% |
| Trade debts175 | €120k | €100k | €80k | €60k | €40k | ▼ 33.3% |
| Amounts payable within one year42/48 | €526k | €553k | €697k | €573k | €527k | ▼ 8.1% |
| Current portion of amounts payable after more than one year42 | €76k | €69k | €59k | €26k | €33k | ▲ 28.3% |
| Financial debts43 | €150k | €150k | €150k | €50k | - | - |
| Credit institutions430/8 | €150k | €150k | €150k | €50k | - | - |
| Trade debts44 | €109k | €121k | €166k | €188k | €152k | ▼ 19.1% |
| Suppliers440/4 | €109k | €121k | €166k | €188k | €152k | ▼ 19.1% |
| Taxes, remuneration and social security45 | €43k | €70k | €81k | €73k | €118k | ▲ 61.2% |
| Taxes450/3 | €27k | €38k | €51k | €45k | €79k | ▲ 76.2% |
| Remuneration and social security454/9 | €16k | €31k | €31k | €28k | €39k | ▲ 37.5% |
| Other amounts payable47/48 | €148k | €143k | €241k | €235k | €223k | ▼ 5.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63k | €53k | €116k | €107k | €158k | ▲ 47.6% |
| + Depreciation and write-downs630 | €19k | €21k | €19k | €22k | €29k | ▲ 32.8% |
| Operating cash flow (approximation) | €82k | €73k | €135k | €129k | €187k | ▲ 45.1% |
| Investment in fixed assets (approximation) | - | €0 | €-2k | €-35k | €-34k | ▲ 3.1% |
| Change in cash | - | €45k | €85k | €-97k | €-59k | ▲ 38.6% |
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
29-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €158k ▲47.6%
Operating result €231k, net result €158k, both a record.
27-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
29-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €31k
Net result €31k after one loss-making year.
31-12
Financial
Equity above €200kEq €205k ▲17.9%
Equity rises from €174k to €205k.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Heist-op-den-Berg · 1 establishment unit since 2006
Ground area
2,978 m²
Building footprint
2,134 m²
Volume, LiDAR
11,027 m³
2 parcels, Flanders · tallest building 9.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Manmade
since 20062.152.824.730
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12322I0213/00B002 | Flanders | 1,759 m² | 1 · 1,801 m² | 7.2 m · 2 fl. |
| 12322I0270/00S000 | Flanders | 1,219 m² | 1 · 333 m² | 8.9 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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
2022 to 2025 · 3 entries · 5,225 EUR awarded · 4,880 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 345 EUR | 0 EUR |
| 2024 | 1 | 2,880 EUR | 2,880 EUR |
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Hinderpremie bij openbare werken
Similar companies · same sector, comparable size
BERGHAUS
BE 0405.874.526
Balen · Eq €477,471
MODERNA
BE 0823.882.960
Dilbeek · Eq €476,973
PILE OU FACE
BE 0444.587.127
Eghezée · Eq €478,337
BEDFLEX INTERNATIONAL
BE 0457.209.696
Ukkel · Eq €475,784
MANDOLINE
BE 0435.027.380
Visé · Eq €475,651
Of 6,502 companies in sector 47716 we hold annual accounts for 2,440. 1,468 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-02-2006
Fiscal year end31-12
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
46423Wholesale of clothing, excluding workwear and underwear
Scores and ratios are computed by Checked and are not a credit decision.