MANNA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 35 filings
Turnover
≈ €590,000
Estimated: probably between €530,000 and €660,000
EBIT margin
Not included in this filing
Net result
€246,617▼ 0.7%
2024 · €248,342
Working capital
-€445,057▼ 465%
2024 · -€78,800
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€340,074
▼ 2.9%
2025
20182025
Net result
€246,617
▼ 0.7%
2025
highest quarter of the sector
20182025
Equity
€2.1m
▲ 13.4%
2025
middle half of the sector
20182025
Total assets
€3.6m
▲ 9.3%
2025
middle half of the sector
20182025
Debt
€1.5m
▲ 4.3%
2025
20182025
Working capital
-€445,057
▼ 465%
2025
lowest quarter of the sector
20182025
Solvency
57.4%
▲ 2.1pp
2025
middle half of the sector
20182025
Current ratio
0.18
▼ 0.56
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
6.8%
▼ 0.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.2m-€0.04m€0.2m▲ 330%€0.2m▼ 10.7%€0.2m▲ 9.3%€0.1m▼ 14.5%€0.4m▲ 142%€0.3m▼ 2.9%
Net result-€0.2m-€0.007m€0.1mabove the sector's middle half▲ 20×€0.1mwithin the sector's middle half▼ 27.8%€0.1mwithin the sector's middle half▲ 9.8%€0.09mwithin the sector's middle half▼ 15.1%€0.2mabove the sector's middle half▲ 167%€0.2mabove the sector's middle half▼ 0.7%
Equity€1.1m-€1.1m▲ 0.6%€1.3mwithin the sector's middle half▲ 12.0%€1.4mwithin the sector's middle half▲ 7.7%€1.5mwithin the sector's middle half▲ 7.9%€1.6mabove the sector's middle half▲ 6.2%€1.8mabove the sector's middle half▲ 15.6%€2.1mwithin the sector's middle half▲ 13.4%
Total assets€1.8m-€3.6m▲ 101%€3.4mwithin the sector's middle half▼ 3.9%€3.3mwithin the sector's middle half▼ 3.4%€3.2mwithin the sector's middle half▼ 3.2%€3.3mwithin the sector's middle half▲ 1.5%€3.3mwithin the sector's middle half▲ 1.7%€3.6mwithin the sector's middle half▲ 9.3%
Debt€0.6m-€2.4m▲ 279%€2.2m▼ 11.4%€1.9m▼ 10.0%€1.7m▼ 11.2%€1.7m▼ 2.5%€1.5m▼ 11.4%€1.5m▲ 4.3%
Working capital€0.5m-€0.3m▼ 32.5%€0.4mwithin the sector's middle half▲ 17.1%€0.4mwithin the sector's middle half▲ 4.2%€0.5mwithin the sector's middle half▲ 18.1%€0.1mwithin the sector's middle half▼ 70.8%-€0.08mwithin the sector's middle half-€0.4mbelow the sector's middle half▼ 465%
Solvency64.1%-32.1%▼ 32.0pp37.4%within the sector's middle half▲ 5.3pp41.7%within the sector's middle half▲ 4.3pp46.5%within the sector's middle half▲ 4.8pp48.7%within the sector's middle half▲ 2.1pp55.3%within the sector's middle half▲ 6.6pp57.4%within the sector's middle half▲ 2.1pp
Current ratio2.03-2.18▲ 0.142.69within the sector's middle half▲ 0.522.72within the sector's middle half▲ 0.033.48above the sector's middle half▲ 0.761.44within the sector's middle half▼ 2.040.74within the sector's middle half▼ 0.700.18below the sector's middle half▼ 0.56
Return on assets (ROA)-9.0%-0.2%▲ 9.2pp4.0%within the sector's middle half▲ 3.8pp3.0%within the sector's middle half▼ 1.0pp3.4%within the sector's middle half▲ 0.4pp2.8%within the sector's middle half▼ 0.6pp7.5%above the sector's middle half▲ 4.6pp6.8%above the sector's middle half▼ 0.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 3% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.6m
Fixed assets
€3.5m ▲ 14.2%
Current assets
€96,118 ▼ 57.6%
Equity and liabilities €3.6m
Equity
€2.1m ▲ 13.4%
Debt
€1.5m ▲ 4.3%
Debt's share of the balance-sheet total falls from 44.7% to 42.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€478,547▼
2024 · €488,724
Cash flow
€385,090▼
2024 · €386,815
Debt to equity
0.74▼
2024 · 0.81
ROE
11.8%▼
2024 · 13.5%
Interest coverage
26.90▲
2024 · 26.02
Debt ≤ 1 year
€541,175▲
2024 · €305,347
Debt > 1 year
€1.0m▼
2024 · €1.2m
Income taxes
€82,206▼
2024 · €83,125
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.9m | €1.7m | €1.5m | €1.3m | €1.2m |
| Mortgages, amount registered | €446,419 | €446,419 | €446,419 | €25,000 | €25,000 |
| Mortgage mandates | €2.4m | €2.4m | €2.4m | €2.4m | €2.4m |
| Carrying value of the mortgaged assets | €2.2m | €2.1m | €2.0m | €1.9m | €1.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €403,859 | €435,290 | €583,628 |
| Depreciation and write-downs of the year | €138,473 | €138,473 | €138,473 | €138,473 | €138,473 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,590 | €168,872 | €143,086 | €138,473 | €138,473 | €138,473 | €138,473 | €138,473 | = |
| Other operating charges640/8 | - | - | - | €40,856 | €42,861 | €46,966 | €48,837 | €50,364 | ▲ 3.1% |
| Gross operating margin9900 | -€25,635 | €243,435 | €356,913 | €333,921 | €350,326 | €329,997 | €537,561 | €528,912 | ▼ 1.6% |
| Operating profit (loss)9901 | -€151,164 | €40,295 | €173,132 | €154,592 | €168,992 | €144,558 | €350,251 | €340,074 | ▼ 2.9% |
| Financial income75/76B | - | - | - | €566 | - | - | - | €6,541 | - |
| Recurring financial income75 | - | - | - | €566 | - | - | - | €6,541 | - |
| Financial charges65/66B | - | - | - | €26,397 | €22,911 | €20,500 | €18,785 | €17,792 | ▼ 5.3% |
| Recurring financial charges65 | €6,665 | €33,393 | €34,882 | €26,397 | €22,911 | €20,500 | €18,785 | €17,792 | ▼ 5.3% |
| Profit (loss) for the period before taxes9903 | -€157,829 | €6,903 | €138,249 | €128,762 | €146,081 | €124,059 | €331,467 | €328,823 | ▼ 0.8% |
| Income taxes67/77 | €3,538 | €0 | - | €28,976 | €36,520 | €31,015 | €83,125 | €82,206 | ▼ 1.1% |
| Profit (loss) for the period9904 | -€161,367 | €6,903 | €138,249 | €99,785 | €109,561 | €93,044 | €248,342 | €246,617 | ▼ 0.7% |
| Profit (loss) for the period to be appropriated9905 | -€161,367 | €6,903 | €138,249 | €99,785 | €109,561 | €93,044 | €248,342 | €246,617 | ▼ 0.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.8m | €3.6m | €3.4m | €3.3m | €3.2m | €3.3m | €3.3m | €3.6m | ▲ 9.3% |
| Fixed assets21/28 | €0.8m | €3.0m | €2.8m | €2.7m | €2.5m | €2.8m | €3.1m | €3.5m | ▲ 14.2% |
| Tangible fixed assets22/27 | €0.8m | €3.0m | €2.8m | €2.7m | €2.5m | €2.8m | €3.1m | €3.5m | ▲ 14.4% |
| Land and buildings22 | - | - | - | €2.7m | €2.5m | €2.4m | €2.3m | €2.1m | ▼ 6.1% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.4m | €0.8m | €1.4m | ▲ 69.5% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | - | - |
| Current assets29/58 | €1.0m | €0.6m | €0.6m | €0.7m | €0.7m | €0.5m | €0.2m | €0.1m | ▼ 57.6% |
| Amounts receivable within one year40/41 | €1.0m | €0.6m | €0.6m | €0.6m | €0.6m | €0.4m | €0.2m | €0.05m | ▼ 73.8% |
| Trade receivables40 | - | - | - | €0.001m | - | - | €0.001m | €0.001m | = |
| Other amounts receivable41 | - | - | - | €0.6m | €0.6m | €0.4m | €0.2m | €0.05m | ▼ 74.2% |
| Cash at bank and in hand54/58 | €0.02m | €0.03m | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 10.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.8m | €3.6m | €3.4m | €3.3m | €3.2m | €3.3m | €3.3m | €3.6m | ▲ 9.3% |
| Equity10/15 | €1.1m | €1.1m | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €2.1m | ▲ 13.4% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.2m | €1.5m | €1.7m | ▲ 16.8% |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €1.0m | €1.1m | €1.2m | €1.4m | €1.7m | ▲ 17.2% |
| Amounts payable17/49 | €0.6m | €2.4m | €2.2m | €1.9m | €1.7m | €1.7m | €1.5m | €1.5m | ▲ 4.3% |
| Amounts payable after more than one year17 | €0.2m | €2.1m | €1.9m | €1.7m | €1.5m | €1.3m | €1.2m | €1.0m | ▼ 14.7% |
| Financial debts170/4 | - | - | - | €1.7m | €1.5m | €1.3m | €1.2m | €1.0m | ▼ 14.7% |
| Other amounts payable178/9 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Amounts payable within one year42/48 | €0.5m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 77.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Financial debts43 | - | - | - | €0.01m | €0.01m | €0.01m | €0.07m | €0.02m | ▼ 66.1% |
| Credit institutions430/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.07m | €0.02m | ▼ 66.1% |
| Trade debts44 | €0.2m | €0.06m | €0.008m | €0.007m | €0.007m | €0.1m | €0.06m | €0.06m | ▼ 8.6% |
| Suppliers440/4 | - | - | - | €0.007m | €0.007m | €0.1m | €0.06m | €0.06m | ▼ 8.6% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.007m | €0.008m | €125 | €0.001m | ▲ 867% |
| Taxes450/3 | - | - | - | - | €0.007m | €0.008m | €125 | €0.001m | ▲ 867% |
| Other amounts payable47/48 | - | - | - | - | - | - | - | €0.3m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.2m | €0.007m | €0.1m | €0.1m | €0.1m | €0.09m | €0.2m | €0.2m | ▼ 0.7% |
| + Depreciation and write-downs630 | €0.04m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Operating cash flow (approximation) | -€0.1m | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▼ 0.4% |
| Investment in fixed assets (approximation) | - | -€2.3m | €0 | €0 | €0 | -€0.4m | -€0.4m | -€0.6m | ▼ 33.0% |
| Change in cash | - | €0.01m | -€0.003m | €0.004m | €0.01m | -€0.007m | €0.009m | €0.004m | ▼ 49.7% |
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, 20,136 companies had the same profile as MANNA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of MANNA 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 20,136 companies, not a prediction for MANNA. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-07-2026 | 2026-00290375 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00285103 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00195457 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00282551 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20216882 | |
| 31-12-2020 | abbreviated format | 14-07-2021 | 2021-35300404 | |
| 31-12-2019 | abbreviated format | 02-09-2020 | 2020-51200298 | |
| 31-12-2018 | abbreviated format | 16-07-2019 | 2019-33200266 | |
| 31-12-2017 | abbreviated format | 11-07-2018 | 2018-32200290 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36200075 |