MANORO
ActiveSummary
MANORO has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€134,724) and a net result of -€43,480. Equity is shrinking by ~96.1% per year across the filed fiscal years. Its solvency ranks better than 13% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability19▲+3
Solvency20▼-2
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.76 against 2.14 in 2024; short-term debt: 56.4% and cash: 22.3% of total assets), but equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-5.2%
Return on assets
-1.7%
Age of the figures
15 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year -€134,724
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 23-01-2026, 8 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
8 d early
2024
42 d early
2023
70 d early
2022
34 d early
2021
102 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 51 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
-€134,724▼ 47.7%
2024 · -€91,244
Total assets
€2.6m▼ 9.6%
2024 · €2.9m
Net result
-€43,480▲ 24.6%
2024 · -€57,700
Working capital
€1.1m▼ 26.7%
2024 · €1.5m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€5,478--€10,475▼ 91.2%-€6,378▲ 39.1%-€41,603▼ 552%€14,402
Net result-€8,514within the sector's middle half--€21,405below the sector's middle half▼ 151%-€6,625within the sector's middle half▲ 69.0%-€57,700below the sector's middle half▼ 771%-€43,480below the sector's middle half▲ 24.6%
Equity-€5,514below the sector's middle half--€26,919below the sector's middle half▼ 388%-€33,544below the sector's middle half▼ 24.6%-€91,244below the sector's middle half▼ 172%-€134,724below the sector's middle half▼ 47.7%
Total assets€368,300below the sector's middle half-€1.9mwithin the sector's middle half▲ 421%€2.5mwithin the sector's middle half▲ 31.0%€2.9mwithin the sector's middle half▲ 13.6%€2.6mwithin the sector's middle half▼ 9.6%
Debt€373,814-€1.9m▲ 421%€2.5m▲ 30.9%€2.9m▲ 15.7%€2.7m▼ 7.8%
Working capital-€5,514-€1.3m€1.4m▲ 6.2%€1.5m▲ 6.3%€1.1m▼ 26.7%
Solvency-1.5%below the sector's middle half--1.4%below the sector's middle half▲ 0.1pp-1.3%below the sector's middle half▲ 0.1pp-3.2%below the sector's middle half▼ 1.9pp-5.2%below the sector's middle half▼ 2.0pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €14,402 after a loss of €41,603 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€11,238 ▲ 722%
Current assets
€2.6m ▼ 10.0%
Key figures and ratios
EBITDA
€15,281▲
2024 · -€41,262
Cash flow
-€42,600▲
2024 · -€57,358
Current ratio
1.76▼
2024 · 2.14
Quick ratio
0.43▲
2024 · 0.09
Debt to equity
-20.17▲
2024 · -32.30
ROA
-1.7%▲
2024 · -2.0%
Interest coverage
0.26▲
2024 · -2.57
Debt ≤ 1 year
€1.5m▲
2024 · €1.3m
Debt > 1 year
€1.3m▼
2024 · €1.6m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,170 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 95% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
1.7%
went bankrupt
2.5%
stopped otherwise
95%
still going
A further 1.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,170 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €342 | €879 | ▲ 157% |
| Other operating charges640/8 | - | €348 | €348 | €2,657 | €1,234 | ▼ 53.6% |
| Gross operating margin9900 | -€4,783 | -€10,127 | -€6,031 | -€38,604 | €16,514 | ▲ 143% |
| Operating profit (loss)9901 | -€5,478 | -€10,475 | -€6,378 | -€41,603 | €14,402 | ▲ 135% |
| Financial income75/76B | - | €304 | €291 | €4 | €3 | ▼ 21.2% |
| Recurring financial income75 | €2 | €304 | €291 | €4 | €3 | ▼ 21.2% |
| Financial charges65/66B | - | €11,234 | €538 | €16,080 | €57,885 | ▲ 260% |
| Recurring financial charges65 | €3,038 | €11,234 | €538 | €16,080 | €57,885 | ▲ 260% |
| Profit (loss) for the period before taxes9903 | -€8,514 | -€21,405 | -€6,625 | -€57,679 | -€43,480 | ▲ 24.6% |
| Income taxes67/77 | - | - | - | €21 | - | - |
| Profit (loss) for the period9904 | -€8,514 | -€21,405 | -€6,625 | -€57,700 | -€43,480 | ▲ 24.6% |
| Profit (loss) for the period to be appropriated9905 | -€8,514 | -€21,405 | -€6,625 | -€57,700 | -€43,480 | ▲ 24.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €368,300 | €1.9m | €2.5m | €2.9m | €2.6m | ▼ 9.6% |
| Fixed assets21/28 | - | - | - | €1,367 | €11,238 | ▲ 722% |
| Tangible fixed assets22/27 | - | - | - | €1,367 | €11,238 | ▲ 722% |
| Furniture and vehicles24 | - | - | - | €1,367 | €11,238 | ▲ 722% |
| Current assets29/58 | €368,300 | €1.9m | €2.5m | €2.9m | €2.6m | ▼ 10.0% |
| Stocks and contracts in progress3 | €227,833 | €1.9m | €2.4m | €2.7m | €1.9m | ▼ 29.3% |
| Stocks30/36 | - | €1.9m | €2.4m | €2.7m | €1.9m | ▼ 29.3% |
| Amounts receivable within one year40/41 | €10,082 | €20,375 | €62,795 | €96,170 | €58,517 | ▼ 39.2% |
| Trade receivables40 | - | - | €38,000 | €58,480 | €58,480 | = |
| Other amounts receivable41 | - | €20,375 | €24,795 | €37,690 | €37 | ▼ 99.9% |
| Cash at bank and in hand54/58 | €130,385 | €17,516 | €89,108 | €19,365 | €575,096 | ▲ 2,870% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €368,300 | €1.9m | €2.5m | €2.9m | €2.6m | ▼ 9.6% |
| Equity10/15 | -€5,514 | -€26,919 | -€33,544 | -€91,244 | -€134,724 | ▼ 47.7% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | -€8,514 | -€29,919 | -€36,544 | -€94,244 | -€137,724 | ▼ 46.1% |
| Amounts payable17/49 | €373,814 | €1.9m | €2.5m | €2.9m | €2.7m | ▼ 7.8% |
| Amounts payable after more than one year17 | - | €1.4m | €1.5m | €1.6m | €1.3m | ▼ 21.8% |
| Financial debts170/4 | - | €1.4m | €1.4m | €1.5m | €1.2m | ▼ 23.3% |
| Other amounts payable178/9 | - | - | €100,000 | €100,000 | €100,000 | = |
| Amounts payable within one year42/48 | €373,814 | €574,066 | €1.1m | €1.3m | €1.5m | ▲ 9.1% |
| Current portion of amounts payable after more than one year42 | - | - | €107,557 | €258,909 | €110,278 | ▼ 57.4% |
| Trade debts44 | €26,688 | €2,815 | €4,404 | €37,212 | €37,342 | ▲ 0.4% |
| Suppliers440/4 | - | €2,815 | €4,404 | €37,212 | €37,342 | ▲ 0.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €124,150 | - |
| Taxes450/3 | - | - | - | - | €124,150 | - |
| Other amounts payable47/48 | - | €571,251 | €973,452 | €1.0m | €1.2m | ▲ 14.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,514 | -€21,405 | -€6,625 | -€57,700 | -€43,480 | ▲ 24.6% |
| + Depreciation and write-downs630 | - | - | - | €342 | €879 | ▲ 157% |
| Operating cash flow (approximation) | -€8,514 | -€21,405 | -€6,625 | -€57,358 | -€42,600 | ▲ 25.7% |
| Investment in fixed assets (approximation) | - | - | - | - | -€10,750 | - |
| Change in cash | - | -€112,868 | €71,592 | -€69,743 | €555,731 | ▲ 897% |
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
23-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2024
20-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
30-06
Financial
Weakest financial yearnet -€57,700
Net result drops to -€57,700, the lowest in the series; recovery starts the following year.
2023
22-11
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2022
28-12
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
30-06
Financial
Liquidity triplescurrent ratio 3.34
Current ratio from 0.99 to 3.34.
2021
21-10
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Aarschot · 1 establishment unit since 2019
Ground area
145 m²
Building footprint
137 m²
Volume, LiDAR
1,043 m³
Parcel 24662F0058/00T003, Flanders · tallest building 10.5 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MANORO
since 20192.294.059.007
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24662F0058/00T003 | Flanders | 145 m² | 1 · 136 m² | 10.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,699 companies in sector 68121 we hold annual accounts for 7,393. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded27-09-2019
Fiscal year end30-06
Activities, NACEBEL 2025
68121Development of residential building projects
68122Development of non-residential building projects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0735349377
Also
9925:BE0735349377
Registered
27-02-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.