MANN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 13 filings
Turnover
€608,677▲ 6.5%
2020 · €571,402
EBIT margin
3.7%▲ 0.4pp
2020 · 3.3%
Net result
€67,454▲ 169%
2024 · €25,104
Working capital
€30,409
2024 · -€30,844
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€69,006
▲ 147%
2025
20182025
Net result
€67,454
▲ 169%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€172,287
▲ 64.3%
2025
highest quarter of the sector
20182025
Total assets
€287,324
▲ 5.5%
2025
middle half of the sector
20182025
Debt
€115,037
▼ 31.3%
2025
20182025
Working capital
€30,409
2025
middle half of the sector
20182025
Solvency
60.0%
▲ 21.5pp
2025
middle half of the sector
20182025
Current ratio
1.52
▲ 0.84
2025
middle half of the sector
20182025
Return on assets (ROA)
23.5%
▲ 14.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€571,402€608,677▲ 6.5%
Operating result-€675-€15,243€18,642▲ 22.3%€22,421▲ 20.3%-€4,166€16,769€27,916▲ 66.5%€69,006▲ 147%
Net result-€1,020-€15,227€17,307within the sector's middle half▲ 13.7%€15,469within the sector's middle half▼ 10.6%-€7,747below the sector's middle half€14,465within the sector's middle half€25,104above the sector's middle half▲ 73.5%€67,454above the sector's middle half▲ 169%
EBIT margin3.3%3.7%▲ 0.4pp
Equity€19,008-€34,235▲ 80.1%€57,541within the sector's middle half▲ 68.1%€73,010within the sector's middle half▲ 26.9%€65,264within the sector's middle half▼ 10.6%€79,729within the sector's middle half▲ 22.2%€104,833within the sector's middle half▲ 31.5%€172,287above the sector's middle half▲ 64.3%
Total assets€37,342-€61,218▲ 63.9%€235,795within the sector's middle half▲ 285%€254,377within the sector's middle half▲ 7.9%€271,300within the sector's middle half▲ 6.7%€262,865within the sector's middle half▼ 3.1%€272,247within the sector's middle half▲ 3.6%€287,324within the sector's middle half▲ 5.5%
Debt€18,334-€26,983▲ 47.2%€178,253▲ 561%€181,367▲ 1.7%€206,036▲ 13.6%€183,136▼ 11.1%€167,414▼ 8.6%€115,037▼ 31.3%
Working capital€17,249-€40,256▲ 133%-€8,196within the sector's middle half-€3,290within the sector's middle half▲ 59.9%-€33,319below the sector's middle half▼ 913%-€41,413below the sector's middle half▼ 24.3%-€30,844below the sector's middle half▲ 25.5%€30,409within the sector's middle half
Solvency50.9%-55.9%▲ 5.0pp24.4%within the sector's middle half▼ 31.5pp28.7%within the sector's middle half▲ 4.3pp24.1%within the sector's middle half▼ 4.6pp30.3%within the sector's middle half▲ 6.3pp38.5%within the sector's middle half▲ 8.2pp60.0%within the sector's middle half▲ 21.5pp
Current ratio1.94-2.98▲ 1.040.85below the sector's middle half▼ 2.130.95within the sector's middle half▲ 0.100.66below the sector's middle half▼ 0.300.56below the sector's middle half▼ 0.100.68below the sector's middle half▲ 0.121.52within the sector's middle half▲ 0.84
Return on assets (ROA)-2.7%-24.9%▲ 27.6pp7.3%within the sector's middle half▼ 17.5pp6.1%within the sector's middle half▼ 1.3pp-2.9%within the sector's middle half▼ 8.9pp5.5%within the sector's middle half▲ 8.4pp9.2%within the sector's middle half▲ 3.7pp23.5%above the sector's middle half▲ 14.3pp
Staff (FTE)0.1-0.1=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 147% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €287,324
Fixed assets
€198,485 ▼ 3.8%
Current assets
€88,839 ▲ 34.6%
Equity and liabilities €287,324
Equity
€172,287 ▲ 64.3%
Debt
€115,037 ▼ 31.3%
Debt's share of the balance-sheet total falls from 61.5% to 40.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€82,297▲
2024 · €39,848
Cash flow
€80,744▲
2024 · €37,036
Quick ratio
0.79▲
2024 · 0.33
Debt to equity
0.67▼
2024 · 1.60
ROE
39.2%▲
2024 · 23.9%
Interest coverage
53.01▲
2024 · 20.24
Debt ≤ 1 year
€58,430▼
2024 · €96,862
Debt > 1 year
€56,607▼
2024 · €70,553
Income taxes
€0▼
2024 · €843
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 | €4,704 | €28,087 | €13,045 | €8,100 | €5,546 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,300 | €8,795 | €10,773 | €11,932 | €13,291 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €571,402 | €608,677 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €563,487 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €39,806 | €26,400 | €33,333 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,359 | €1,120 | €1,326 | €6,300 | €8,795 | €10,773 | €11,932 | €13,291 | ▲ 11.4% |
| Other operating charges640/8 | - | - | - | €6,949 | €3,983 | €1,959 | €5,473 | €3,716 | ▼ 32.1% |
| Gross operating margin9900 | €10,043 | €25,071 | €63,145 | €75,477 | €35,012 | €62,835 | €45,322 | €86,012 | ▲ 89.8% |
| Operating profit (loss)9901 | -€675 | €15,243 | €18,642 | €22,421 | -€4,166 | €16,769 | €27,916 | €69,006 | ▲ 147% |
| Financial income75/76B | - | - | - | €0 | - | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €1,326 | - | - | €0 | - | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €1,913 | €2,094 | €2,032 | €1,969 | €1,553 | ▼ 21.2% |
| Recurring financial charges65 | €53 | €16 | €196 | €1,913 | €2,094 | €2,032 | €1,969 | €1,553 | ▼ 21.2% |
| Profit (loss) for the period before taxes9903 | €598 | €15,227 | €18,446 | €20,508 | -€6,260 | €14,738 | €25,947 | €67,454 | ▲ 160% |
| Income taxes67/77 | €1,618 | - | €1,139 | €5,039 | €1,487 | €272 | €843 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€1,020 | €15,227 | €17,307 | €15,469 | -€7,747 | €14,465 | €25,104 | €67,454 | ▲ 169% |
| Profit (loss) for the period to be appropriated9905 | -€1,020 | €15,227 | €17,307 | €15,469 | -€7,747 | €14,465 | €25,104 | €67,454 | ▲ 169% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €37,342 | €61,218 | €235,795 | €254,377 | €271,300 | €262,865 | €272,247 | €287,324 | ▲ 5.5% |
| Formation expenses20 | - | - | €0 | €0 | €0 | €0 | - | - | - |
| Fixed assets21/28 | €1,759 | €639 | €190,094 | €188,497 | €207,790 | €210,062 | €206,229 | €198,485 | ▼ 3.8% |
| Intangible fixed assets21 | €100 | - | €0 | €0 | €0 | €0 | - | - | - |
| Tangible fixed assets22/27 | €1,659 | €639 | €190,094 | €188,497 | €207,790 | €210,062 | €206,229 | €198,485 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €185,401 | €181,028 | €189,478 | €191,825 | €188,504 | ▼ 1.7% |
| Plant, machinery and equipment23 | - | - | - | €1,457 | €1,137 | €817 | €498 | €1,933 | ▲ 288% |
| Furniture and vehicles24 | - | - | - | €1,639 | €25,625 | €19,766 | €13,907 | €8,048 | ▼ 42.1% |
| Current assets29/58 | €35,583 | €60,579 | €45,701 | €65,880 | €63,510 | €52,803 | €66,018 | €88,839 | ▲ 34.6% |
| Stocks and contracts in progress3 | €18,802 | €21,325 | €23,349 | €23,660 | €27,198 | €22,843 | €34,510 | €42,710 | ▲ 23.8% |
| Stocks30/36 | - | - | - | €23,660 | €27,198 | €22,843 | €34,510 | €42,710 | ▲ 23.8% |
| Amounts receivable within one year40/41 | €12,062 | €1,113 | €1,472 | €0 | €991 | €1,507 | €3,070 | €16,975 | ▲ 453% |
| Trade receivables40 | - | - | - | €0 | €0 | €0 | €145 | €235 | ▲ 62.1% |
| Other amounts receivable41 | - | - | - | €0 | €991 | €1,507 | €2,925 | €16,740 | ▲ 472% |
| Cash at bank and in hand54/58 | €4,719 | €38,141 | €20,881 | €42,220 | €35,322 | €28,453 | €28,438 | €29,154 | ▲ 2.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €37,342 | €61,218 | €235,795 | €254,377 | €271,300 | €262,865 | €272,247 | €287,324 | ▲ 5.5% |
| Equity10/15 | €19,008 | €34,235 | €57,541 | €73,010 | €65,264 | €79,729 | €104,833 | €172,287 | ▲ 64.3% |
| Contributions10/11 | €12,600 | €12,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €7,428 | €6,408 | €21,635 | €21,635 | €54,410 | €46,664 | €86,233 | €153,687 | ▲ 78.2% |
| Non-distributable reserves130/1 | - | - | - | €1,438 | €1,438 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,438 | €1,438 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €20,197 | €52,973 | €46,664 | €86,233 | €153,687 | ▲ 78.2% |
| Profit (loss) carried forward14 | -€1,020 | €15,227 | €17,307 | €32,776 | -€7,747 | €14,465 | €0 | - | - |
| Amounts payable17/49 | €18,334 | €26,983 | €178,253 | €181,367 | €206,036 | €183,136 | €167,414 | €115,037 | ▼ 31.3% |
| Amounts payable after more than one year17 | - | - | €124,357 | €111,197 | €109,207 | €88,920 | €70,553 | €56,607 | ▼ 19.8% |
| Financial debts170/4 | - | - | - | €111,197 | €109,207 | €88,920 | €70,553 | €56,607 | ▼ 19.8% |
| Amounts payable within one year42/48 | €18,334 | €20,323 | €53,897 | €69,170 | €96,829 | €94,216 | €96,862 | €58,430 | ▼ 39.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,160 | €19,867 | €20,287 | €18,367 | €13,945 | ▼ 24.1% |
| Trade debts44 | €9,654 | €9,133 | €15,814 | €12,679 | €22,068 | €4,754 | €15,339 | €39,795 | ▲ 159% |
| Suppliers440/4 | - | - | - | €12,679 | €22,068 | €4,754 | €15,339 | €39,795 | ▲ 159% |
| Taxes, remuneration and social security45 | - | - | - | €6,394 | €2,300 | €2,300 | €2,200 | €4,689 | ▲ 113% |
| Taxes450/3 | - | - | - | €3,394 | €0 | €0 | - | €2,489 | - |
| Remuneration and social security454/9 | - | - | - | €3,000 | €2,300 | €2,300 | €2,200 | €2,200 | = |
| Other amounts payable47/48 | - | - | - | €36,937 | €52,594 | €66,875 | €60,955 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €1,000 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,020 | €15,227 | €17,307 | €15,469 | -€7,747 | €14,465 | €25,104 | €67,454 | ▲ 169% |
| + Depreciation and write-downs630 | €3,359 | €1,120 | €1,326 | €6,300 | €8,795 | €10,773 | €11,932 | €13,291 | ▲ 11.4% |
| Operating cash flow (approximation) | €2,339 | €16,347 | €18,633 | €21,769 | €1,048 | €25,238 | €37,036 | €80,744 | ▲ 118% |
| Investment in fixed assets (approximation) | - | €0 | -€190,781 | -€4,704 | -€28,087 | -€13,045 | -€8,100 | -€5,546 | ▲ 31.5% |
| Change in cash | - | €33,422 | -€17,260 | €21,339 | -€6,898 | -€6,868 | -€16 | €717 | - |
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 MANN 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 MANN itself: 0.3% 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 MANN. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00371456 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00349834 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00395052 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00431151 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20371253 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70200190 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-66100553 | |
| 31-12-2018 | abbreviated format | 31-08-2019 | 2019-60400533 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-54700328 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-55400596 |