MANOHA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 18 filings
Turnover
≈ €3.7m
Estimated: probably between €2.5m and €6.1m
EBIT margin
Not included in this filing
Net result
€357,833▼ 65.0%
2024 · €1.0m
Working capital
€1.7m▲ 28.9%
2024 · €1.3m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€384,084
▼ 68.4%
2025
20182025
Net result
€357,833
▼ 65.0%
2025
highest quarter of the sector
20182025
Equity
€1.7m
▲ 25.7%
2025
highest quarter of the sector
20182025
Total assets
€2.2m
▼ 43.4%
2025
middle half of the sector
20182025
Debt
€451,208
▼ 81.9%
2025
20182025
Working capital
€1.7m
▲ 28.9%
2025
highest quarter of the sector
20182025
Solvency
79.5%
▲ 43.7pp
2025
highest quarter of the sector
20182025
Current ratio
4.90
▲ 3.36
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.3%
▼ 10.0pp
2025
highest quarter of the sector
20182025
Staff (FTE)
32.2
▲ 12.2%
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€0.007m--€0.06m-€0.04m▲ 38.7%€0.4m€1.0m▲ 167%€1.2m▲ 25.3%€1.2m▲ 0.9%€0.4m▼ 68.4%
Net result€0.004m--€0.08m-€0.05mbelow the sector's middle half▲ 33.3%€0.3mwithin the sector's middle half€0.7mwithin the sector's middle half▲ 159%€1.0mabove the sector's middle half▲ 34.9%€1.0mabove the sector's middle half▲ 5.5%€0.4mabove the sector's middle half▼ 65.0%
Equity€0.5m-€0.5m▼ 16.2%€0.4mwithin the sector's middle half▼ 10.9%€0.7mwithin the sector's middle half▲ 67.9%€1.4mwithin the sector's middle half▲ 105%€2.4mwithin the sector's middle half▲ 69.0%€1.4mwithin the sector's middle half▼ 41.3%€1.7mabove the sector's middle half▲ 25.7%
Total assets€1.4m-€1.4m▼ 5.0%€1.1mbelow the sector's middle half▼ 22.0%€1.2mbelow the sector's middle half▲ 8.1%€1.7mwithin the sector's middle half▲ 51.6%€2.8mwithin the sector's middle half▲ 58.2%€3.9mwithin the sector's middle half▲ 40.6%€2.2mwithin the sector's middle half▼ 43.4%
Debt€0.9m-€0.9m▲ 2.2%€0.7m▼ 27.5%€0.5m▼ 29.0%€0.3m▼ 26.2%€0.4m▲ 14.3%€2.5m▲ 533%€0.5m▼ 81.9%
Working capital€0.4m-€0.3m▼ 16.2%€0.3mwithin the sector's middle half▼ 5.8%€0.6mwithin the sector's middle half▲ 101%€1.4mwithin the sector's middle half▲ 112%€2.3mwithin the sector's middle half▲ 71.4%€1.3mwithin the sector's middle half▼ 43.1%€1.7mabove the sector's middle half▲ 28.9%
Solvency38.0%-33.5%▼ 4.5pp38.3%within the sector's middle half▲ 4.7pp59.5%above the sector's middle half▲ 21.2pp80.3%above the sector's middle half▲ 20.8pp85.7%above the sector's middle half▲ 5.5pp35.8%within the sector's middle half▼ 49.9pp79.5%above the sector's middle half▲ 43.7pp
Current ratio1.81-1.62▼ 0.191.77within the sector's middle half▲ 0.153.04above the sector's middle half▲ 1.265.59above the sector's middle half▲ 2.557.30above the sector's middle half▲ 1.711.53within the sector's middle half▼ 5.764.90above the sector's middle half▲ 3.36
Return on assets (ROA)0.3%--5.5%▼ 5.8pp-4.7%below the sector's middle half▲ 0.8pp24.1%above the sector's middle half▲ 28.7pp41.0%above the sector's middle half▲ 17.0pp35.0%above the sector's middle half▼ 6.0pp26.3%above the sector's middle half▼ 8.7pp16.3%above the sector's middle half▼ 10.0pp
Staff (FTE)29-29.8▲ 2.8%22.7within the sector's middle half▼ 23.8%23.8within the sector's middle half▲ 4.8%24within the sector's middle half▲ 0.8%22.7within the sector's middle half▼ 5.4%28.7within the sector's middle half▲ 26.4%32.2above the sector's middle half▲ 12.2%
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 68% lower than in 2024.
Large changes and their cause
- 2025 Net result -65% on 2024. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€51,632 ▼ 33.8%
Current assets
€2.1m ▼ 43.6%
Equity and liabilities €2.2m
Equity
€1.7m ▲ 25.7%
Debt
€451,208 ▼ 81.9%
Debt's share of the balance-sheet total falls from 64.2% to 20.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€419,874▼
2024 · €1.3m
Cash flow
€393,623▼
2024 · €1.1m
Quick ratio
4.88▲
2024 · 1.53
Debt to equity
0.26▼
2024 · 1.79
ROE
20.4%▼
2024 · 73.4%
Interest coverage
43.37▼
2024 · over 100
Debt ≤ 1 year
€438,925▼
2024 · €2.5m
Income taxes
€132,400▼
2024 · €345,535
Staff costs
€1.7m▲
2024 · €1.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 27 | 21 | 24 | 32 | 32 |
| full-time | 27 | 20 | 23 | 30 | 30 |
| part-time | - | 1 | 1 | 2 | 2 |
| in full-time equivalents | 27 | 20.8 | 23.8 | 31.6 | 31.6 |
| Average over the year, in full-time equivalents | 23.8 | 24 | 22.7 | 28.7 | 32.2 |
| On a permanent contract | 25 | 21 | 22 | 27 | 31 |
| Joined | 6 | 7 | 20 | 37 | 18 |
| Left | 5 | 13 | 17 | 29 | 18 |
| Training hours | 181 | 190 | 77 | 77 | 179 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €10,827 | - | €48,595 | €10,402 |
| Depreciation and write-downs of the year | €135,067 | €117,532 | €27,467 | €33,202 | €35,791 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.004m | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.0m | €1.1m | €1.4m | €1.7m | ▲ 16.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.03m | €0.03m | €0.04m | ▲ 7.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €38 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.04m | €0.04m | €0.03m | €0.04m | €0.05m | ▲ 27.9% |
| Non-recurring operating charges66A | - | - | - | €0.004m | €0.02m | €376 | €0.01m | €0.007m | ▼ 27.2% |
| Gross operating margin9900 | €1.4m | €1.3m | €1.1m | €1.5m | €2.2m | €2.3m | €2.7m | €2.2m | ▼ 21.3% |
| Operating profit (loss)9901 | €0.007m | -€0.06m | -€0.04m | €0.4m | €1.0m | €1.2m | €1.2m | €0.4m | ▼ 68.4% |
| Financial income75/76B | - | - | - | €0.001m | €0.02m | €0.1m | €0.2m | €0.1m | ▼ 24.0% |
| Recurring financial income75 | €0.007m | €0.002m | €170 | €0.001m | €0.02m | €0.1m | €0.2m | €0.1m | ▼ 24.0% |
| Financial charges65/66B | - | - | - | €0.01m | €0.005m | €0.005m | €0.003m | €0.01m | ▲ 234% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.01m | €0.005m | €0.005m | €0.003m | €0.01m | ▲ 234% |
| Profit (loss) for the period before taxes9903 | €0.004m | -€0.07m | -€0.05m | €0.4m | €1.0m | €1.3m | €1.4m | €0.5m | ▼ 64.1% |
| Income taxes67/77 | €421 | €0.001m | €173 | €0.07m | €0.3m | €0.3m | €0.3m | €0.1m | ▼ 61.7% |
| Profit (loss) for the period9904 | €0.004m | -€0.08m | -€0.05m | €0.3m | €0.7m | €1.0m | €1.0m | €0.4m | ▼ 65.0% |
| Profit (loss) for the period to be appropriated9905 | €0.003m | -€0.08m | -€0.05m | €0.3m | €0.7m | €1.0m | €1.0m | €0.4m | ▼ 65.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.4m | €1.1m | €1.2m | €1.7m | €2.8m | €3.9m | €2.2m | ▼ 43.4% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.3m | €0.2m | €0.09m | €0.06m | €0.08m | €0.05m | ▼ 33.8% |
| Intangible fixed assets21 | €0.02m | €0.002m | €0.001m | - | - | €0 | €0 | €0 | - |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.3m | €0.2m | €0.09m | €0.06m | €0.08m | €0.05m | ▼ 34.6% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.008m | €0.004m | €0.04m | €0.03m | ▼ 28.9% |
| Leasing and similar rights25 | - | - | - | €0.1m | €0.006m | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €0.09m | €0.07m | €0.06m | €0.04m | €0.02m | ▼ 39.6% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.003m | €0.003m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €0.9m | €0.9m | €0.7m | €1.0m | €1.7m | €2.7m | €3.8m | €2.1m | ▼ 43.6% |
| Stocks and contracts in progress3 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 42.8% |
| Stocks30/36 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 42.8% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.5m | €0.9m | €1.6m | €2.7m | €3.8m | €2.1m | ▼ 44.2% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 35.2% |
| Other amounts receivable41 | - | - | - | €0.7m | €1.4m | €2.4m | €3.4m | €1.8m | ▼ 45.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.1m | €0.2m | €0.04m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 23.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.008m | €0.006m | €0.002m | €0.02m | ▲ 726% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.4m | €1.1m | €1.2m | €1.7m | €2.8m | €3.9m | €2.2m | ▼ 43.4% |
| Equity10/15 | €0.5m | €0.5m | €0.4m | €0.7m | €1.4m | €2.4m | €1.4m | €1.7m | ▲ 25.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.4m | €0.3m | €0.3m | €0.6m | €1.3m | €2.2m | €1.3m | €1.6m | ▲ 28.2% |
| Provisions and deferred taxes16 | €0.003m | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.9m | €0.9m | €0.7m | €0.5m | €0.3m | €0.4m | €2.5m | €0.5m | ▼ 81.9% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.2m | €0.08m | €0.04m | €0.02m | - | - | - |
| Financial debts170/4 | - | - | - | €0.08m | €0.04m | €0.02m | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.4m | €0.3m | €0.3m | €0.4m | €2.5m | €0.4m | ▼ 82.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.03m | €0.03m | €0 | - | - |
| Trade debts44 | €0.07m | €0.2m | €0.05m | €0.06m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 9.3% |
| Suppliers440/4 | - | - | - | €0.06m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 9.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 18.1% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.07m | €0.08m | €0.02m | ▼ 69.2% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 1.0% |
| Other amounts payable47/48 | - | - | - | - | - | - | €2.0m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.08m | €0.006m | €0.004m | €0.01m | €0.01m | ▼ 8.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.004m | -€0.08m | -€0.05m | €0.3m | €0.7m | €1.0m | €1.0m | €0.4m | ▼ 65.0% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.03m | €0.03m | €0.04m | ▲ 7.8% |
| Operating cash flow (approximation) | €0.2m | €0.1m | €0.1m | €0.4m | €0.8m | €1.0m | €1.1m | €0.4m | ▼ 62.7% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.03m | €0.003m | -€0.01m | €0 | -€0.05m | -€0.009m | ▲ 80.7% |
| Change in cash | - | -€0.1m | €0.04m | -€0.1m | -€0.01m | €139 | -€0.001m | -€0.006m | ▼ 344% |
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, 17,811 companies had the same profile as MANOHA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of MANOHA itself: 0.2% 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 17,811 companies, not a prediction for MANOHA. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-06-2026 | 2026-00195598 | |
| 31-12-2024 | full format | 03-07-2025 | 2025-00240837 | |
| 31-12-2023 | full format | 05-07-2024 | 2024-00230887 | |
| 31-12-2022 | full format | 27-06-2023 | 2023-00169128 | |
| 31-12-2021 | full format | 21-06-2022 | 2022-20145298 | |
| 31-12-2020 | full format | 01-06-2021 | 2021-16700158 | |
| 31-12-2019 | full format | 23-10-2020 | 2020-63000319 | |
| 31-12-2018 | full format | 12-08-2019 | 2019-45500387 | |
| 31-12-2017 | full format | 27-08-2018 | 2018-51300365 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-39600024 |