MANSOE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 25 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €80,000
Estimated: probably between €59,000 and €120,000
Total assets
€280,860▼ 5.4%
2024 · €296,806
Net result
€9,576▼ 51.6%
2024 · €19,803
Working capital
-€163,868▲ 1.9%
2024 · -€166,958
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,606
▼ 22.4%
2025
20182025
Net result
€9,576
▼ 51.6%
2025
middle half of the sector
20182025
Equity
€45,745
▲ 26.5%
2025
middle half of the sector
20182025
Total assets
€280,860
▼ 5.4%
2025
middle half of the sector
20182025
Debt
€235,116
▼ 9.8%
2025
20182025
Working capital
-€163,868
▲ 1.9%
2025
lowest quarter of the sector
20182025
Solvency
16.3%
▲ 4.1pp
2025
middle half of the sector
20182025
Current ratio
0.08
▼ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▼ 3.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,677--€26,372▼ 617%€3,279-€1,685€10,503€12,360▲ 17.7%€21,402▲ 73.2%€16,606▼ 22.4%
Net result-€6,022--€29,526▼ 390%-€43within the sector's middle half▲ 99.9%-€4,466within the sector's middle half▼ 10,378%€12,677within the sector's middle half€10,376within the sector's middle half▼ 18.1%€19,803within the sector's middle half▲ 90.8%€9,576within the sector's middle half▼ 51.6%
Equity€27,347--€2,179-€2,222below the sector's middle half▼ 2.0%-€6,687below the sector's middle half▼ 201%€5,989below the sector's middle half€16,365within the sector's middle half▲ 173%€36,168within the sector's middle half▲ 121%€45,745within the sector's middle half▲ 26.5%
Total assets€129,204-€391,594▲ 203%€365,862within the sector's middle half▼ 6.6%€344,617within the sector's middle half▼ 5.8%€327,863within the sector's middle half▼ 4.9%€306,198within the sector's middle half▼ 6.6%€296,806within the sector's middle half▼ 3.1%€280,860within the sector's middle half▼ 5.4%
Debt€101,856-€393,773▲ 287%€368,083▼ 6.5%€351,305▼ 4.6%€321,874▼ 8.4%€289,832▼ 10.0%€260,638▼ 10.1%€235,116▼ 9.8%
Working capital-€57,200--€195,264▼ 241%-€185,588below the sector's middle half▲ 5.0%-€192,874below the sector's middle half▼ 3.9%-€183,679below the sector's middle half▲ 4.8%-€167,690below the sector's middle half▲ 8.7%-€166,958below the sector's middle half▲ 0.4%-€163,868below the sector's middle half▲ 1.9%
Solvency21.2%--0.6%▼ 21.7pp-0.6%below the sector's middle half▼ 0.1pp-1.9%below the sector's middle half▼ 1.3pp1.8%below the sector's middle half▲ 3.8pp5.3%within the sector's middle half▲ 3.5pp12.2%within the sector's middle half▲ 6.8pp16.3%within the sector's middle half▲ 4.1pp
Current ratio0.43-0.13▼ 0.300.13below the sector's middle half=0.12below the sector's middle half▼ 0.010.12below the sector's middle half=0.14below the sector's middle half▲ 0.020.10below the sector's middle half▼ 0.040.08below the sector's middle half▼ 0.02
Return on assets (ROA)-4.7%--7.5%▼ 2.9pp0.0%within the sector's middle half▲ 7.5pp-1.3%within the sector's middle half▼ 1.3pp3.9%within the sector's middle half▲ 5.2pp3.4%within the sector's middle half▼ 0.5pp6.7%within the sector's middle half▲ 3.3pp3.4%within the sector's middle half▼ 3.3pp
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 22% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €280,860
Fixed assets
€266,738 ▼ 4.0%
Current assets
€14,122 ▼ 25.5%
Equity and liabilities €280,860
Equity
€45,745 ▲ 26.5%
Debt
€235,116 ▼ 9.8%
Debt's share of the balance-sheet total falls from 87.8% to 83.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€32,648▼
2024 · €35,993
Cash flow
€25,619▼
2024 · €34,394
Debt to equity
5.14▼
2024 · 7.21
ROE
20.9%▼
2024 · 54.8%
Interest coverage
7.65▼
2024 · 22.34
Debt ≤ 1 year
€177,990▼
2024 · €185,907
Debt > 1 year
€54,733▼
2024 · €74,731
Income taxes
€2,761
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 | €5,279 | €9,570 | - | €13,945 | €4,924 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €24,760 | €25,252 | €25,050 | €14,591 | €16,042 |
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 | - | - | - | €800 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,172 | €28,519 | €24,940 | €24,760 | €25,252 | €25,050 | €14,591 | €16,042 | ▲ 9.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €2,659 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €11,329 | €7,918 | €6,618 | €8,246 | €16,251 | ▲ 97.1% |
| Gross operating margin9900 | €18,254 | €13,202 | €28,725 | €34,403 | €43,674 | €44,029 | €46,898 | €48,899 | ▲ 4.3% |
| Operating profit (loss)9901 | -€3,677 | -€26,372 | €3,279 | -€1,685 | €10,503 | €12,360 | €21,402 | €16,606 | ▼ 22.4% |
| Financial income75/76B | - | - | - | €1 | €4,641 | €88 | €11 | €0 | ▼ 100% |
| Recurring financial income75 | €0 | €0 | €158 | €1 | €0 | €88 | €11 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | - | €4,641 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €2,782 | €2,468 | €2,072 | €1,611 | €4,269 | ▲ 165% |
| Recurring financial charges65 | €2,345 | €3,155 | €3,480 | €2,782 | €2,468 | €2,072 | €1,611 | €4,269 | ▲ 165% |
| Profit (loss) for the period before taxes9903 | -€6,022 | -€29,526 | -€43 | -€4,466 | €12,677 | €10,376 | €19,803 | €12,337 | ▼ 37.7% |
| Income taxes67/77 | €0 | - | - | - | - | - | - | €2,761 | - |
| Profit (loss) for the period9904 | -€6,022 | -€29,526 | -€43 | -€4,466 | €12,677 | €10,376 | €19,803 | €9,576 | ▼ 51.6% |
| Profit (loss) for the period to be appropriated9905 | -€6,022 | -€29,526 | -€43 | -€4,466 | €12,677 | €10,376 | €19,803 | €9,576 | ▼ 51.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €129,204 | €391,594 | €365,862 | €344,617 | €327,863 | €306,198 | €296,806 | €280,860 | ▼ 5.4% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €86,848 | €363,655 | €338,715 | €319,234 | €303,552 | €278,502 | €277,856 | €266,738 | ▼ 4.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €86,848 | €363,655 | €338,715 | €319,234 | €303,552 | €278,502 | €277,856 | €266,738 | ▼ 4.0% |
| Land and buildings22 | - | - | - | €312,322 | €299,719 | €276,872 | €270,694 | €257,032 | ▼ 5.0% |
| Plant, machinery and equipment23 | - | - | - | €3,349 | €2,489 | €1,629 | €2,006 | €5,750 | ▲ 187% |
| Furniture and vehicles24 | - | - | - | €3,564 | €1,344 | €0 | €5,157 | €3,956 | ▼ 23.3% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €42,356 | €27,938 | €27,147 | €25,383 | €24,311 | €27,696 | €18,949 | €14,122 | ▼ 25.5% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €27,753 | €25,254 | €22,850 | €23,425 | €20,720 | €21,915 | €10,278 | €7,445 | ▼ 27.6% |
| Trade receivables40 | - | - | - | €23,425 | €20,720 | €21,902 | €10,278 | €3,705 | ▼ 64.0% |
| Other amounts receivable41 | - | - | - | €0 | - | €13 | €0 | €3,739 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €12,654 | €2,684 | €4,297 | €1,958 | €3,532 | €2,816 | €5,273 | €2,637 | ▼ 50.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | €59 | €2,965 | €3,398 | €4,040 | ▲ 18.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €129,204 | €391,594 | €365,862 | €344,617 | €327,863 | €306,198 | €296,806 | €280,860 | ▼ 5.4% |
| Equity10/15 | €27,347 | -€2,179 | -€2,222 | -€6,687 | €5,989 | €16,365 | €36,168 | €45,745 | ▲ 26.5% |
| Contributions10/11 | €19,000 | €19,000 | - | €19,000 | €19,000 | €19,000 | €19,000 | €19,000 | = |
| Reserves13 | €23,630 | €23,630 | €23,630 | €23,630 | €23,630 | €23,630 | €23,630 | €26,745 | ▲ 13.2% |
| Non-distributable reserves130/1 | - | - | - | €250 | €250 | €250 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €250 | €250 | €250 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €2,380 | €2,380 | €2,380 | €2,380 | €2,380 | = |
| Distributable reserves133 | - | - | - | €21,000 | €21,000 | €21,000 | €21,250 | €24,365 | ▲ 14.7% |
| Profit (loss) carried forward14 | -€15,282 | -€44,808 | -€44,851 | -€49,317 | -€36,640 | -€26,264 | -€6,461 | €0 | - |
| Amounts payable17/49 | €101,856 | €393,773 | €368,083 | €351,305 | €321,874 | €289,832 | €260,638 | €235,116 | ▼ 9.8% |
| Amounts payable after more than one year17 | €2,300 | €170,570 | €155,349 | €133,048 | €113,884 | €94,446 | €74,731 | €54,733 | ▼ 26.8% |
| Financial debts170/4 | - | - | - | €133,048 | €113,884 | €94,446 | €74,731 | €54,733 | ▼ 26.8% |
| Amounts payable within one year42/48 | €99,556 | €223,202 | €212,735 | €218,257 | €207,990 | €195,386 | €185,907 | €177,990 | ▼ 4.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,300 | €17,577 | €17,829 | €19,716 | €19,997 | ▲ 1.4% |
| Trade debts44 | €12,437 | €8,723 | €5,596 | €4,166 | €3,058 | €8,316 | €10,721 | €2,721 | ▼ 74.6% |
| Suppliers440/4 | - | - | - | €4,166 | €3,058 | €8,316 | €10,721 | €2,721 | ▼ 74.6% |
| Taxes, remuneration and social security45 | - | - | - | €2,579 | €3,137 | €2,470 | €2,941 | €139 | ▼ 95.3% |
| Taxes450/3 | - | - | - | €2,579 | €3,137 | €2,470 | €2,941 | €139 | ▼ 95.3% |
| Other amounts payable47/48 | - | - | - | €189,211 | €184,217 | €166,772 | €152,529 | €155,133 | ▲ 1.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €2,392 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,022 | -€29,526 | -€43 | -€4,466 | €12,677 | €10,376 | €19,803 | €9,576 | ▼ 51.6% |
| + Depreciation and write-downs630 | €16,172 | €28,519 | €24,940 | €24,760 | €25,252 | €25,050 | €14,591 | €16,042 | ▲ 9.9% |
| Operating cash flow (approximation) | €10,151 | -€1,007 | €24,897 | €20,294 | €37,929 | €35,426 | €34,394 | €25,619 | ▼ 25.5% |
| Investment in fixed assets (approximation) | - | -€305,327 | €0 | -€5,279 | -€9,570 | €0 | -€13,945 | -€4,924 | ▲ 64.7% |
| Change in cash | - | -€9,970 | €1,613 | -€2,339 | €1,574 | -€716 | €2,457 | -€2,636 | - |
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, 3,984 companies had the same profile as MANSOE has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANSOE 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 3,984 companies, not a prediction for MANSOE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00226140 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00334162 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00216159 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00177135 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20103031 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20200485 | |
| 31-12-2019 | micro format | 01-09-2020 | 2020-50800130 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56600320 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-58000451 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55500004 |