MANU
ActiveSummary
MANU has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €160,464 and a net result of €24,427. Equity is growing by ~26.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 7900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability86▼-1
Solvency100=
Growth74=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €13,000 at 30 days acceptable
Liquidity ample (current ratio 11.12 against 8.51 in 2024; short-term debt: 8.9% and cash: 6.9% of total assets), and 8.9% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
91.1%
Return on assets
13.9%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-09-2026, 33 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
33 d late
2024
18 d late
2023
25 d late
2022
20 d early
2021
10 d early
2020
28 d early
2019
53 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
€334,000▲ 10.0%
2019 · €303,772
EBIT margin
3.3%▼ 3.2pp
2019 · 6.5%
Net result
€24,427▲ 9.4%
2024 · €22,319
Working capital
€159,046▲ 19.5%
2024 · €133,117
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction 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
Turnover
Operating result€38,179▲ 244%€20,867▼ 45.3%€35,888▲ 72.0%€35,023▼ 2.4%€33,986▼ 3.0%
Net result€29,281above the sector's middle half▲ 282%€15,645within the sector's middle half▼ 46.6%€26,942within the sector's middle half▲ 72.2%€22,319within the sector's middle half▼ 17.2%€24,427within the sector's middle half▲ 9.4%
EBIT margin
Equity€71,132within the sector's middle half▲ 70.0%€86,776within the sector's middle half▲ 22.0%€113,718within the sector's middle half▲ 31.0%€136,037above the sector's middle half▲ 19.6%€160,464within the sector's middle half▲ 18.0%
Total assets€111,564within the sector's middle half▲ 41.7%€108,926within the sector's middle half▼ 2.4%€144,151within the sector's middle half▲ 32.3%€153,769within the sector's middle half▲ 6.7%€176,184below the sector's middle half▲ 14.6%
Debt€40,432▲ 9.6%€22,150▼ 45.2%€30,433▲ 37.4%€17,732▼ 41.7%€15,720▼ 11.3%
Working capital€64,466▲ 91.1%€78,555▲ 21.9%€108,147▲ 37.7%€133,117▲ 23.1%€159,046▲ 19.5%
Solvency63.8%within the sector's middle half▲ 10.6pp79.7%above the sector's middle half▲ 15.9pp78.9%above the sector's middle half▼ 0.8pp88.5%above the sector's middle half▲ 9.6pp91.1%above the sector's middle half▲ 2.6pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 3% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €176,184
Fixed assets
€1,418 ▼ 51.5%
Current assets
€174,766 ▲ 15.9%
Equity and liabilities €176,184
Equity
€160,464 ▲ 18.0%
Debt
€15,720 ▼ 11.3%
Debt's share of the balance-sheet total falls from 11.5% to 8.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35,888▼
2024 · €37,674
Cash flow
€26,329▲
2024 · €24,969
Current ratio
11.12▲
2024 · 8.51
Debt to equity
0.10▼
2024 · 0.13
ROE
15.2%▼
2024 · 16.4%
ROA
13.9%▼
2024 · 14.5%
Interest coverage
28.92▼
2024 · 35.29
Debt ≤ 1 year
€15,720▼
2024 · €17,732
Income taxes
€8,942▼
2024 · €11,637
Staff costs
€252▼
2024 · €579
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 34,672 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €995 | €57 | €185 | €579 | €252 | ▼ 56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,443 | €1,830 | €2,650 | €2,650 | €1,902 | ▼ 28.2% |
| Other operating charges640/8 | €2,563 | €687 | €938 | €190 | €0 | ▼ 100% |
| Gross operating margin9900 | €43,180 | €23,440 | €39,662 | €38,442 | €36,140 | ▼ 6.0% |
| Operating profit (loss)9901 | €38,179 | €20,867 | €35,888 | €35,023 | €33,986 | ▼ 3.0% |
| Financial income75/76B | - | - | - | - | €624 | - |
| Recurring financial income75 | - | - | - | - | €624 | - |
| Financial charges65/66B | €677 | €638 | €1,616 | €1,068 | €1,241 | ▲ 16.3% |
| Recurring financial charges65 | €677 | €638 | €1,616 | €1,068 | €1,241 | ▲ 16.3% |
| Profit (loss) for the period before taxes9903 | €37,502 | €20,229 | €34,272 | €33,956 | €33,369 | ▼ 1.7% |
| Income taxes67/77 | €8,220 | €4,584 | €7,330 | €11,637 | €8,942 | ▼ 23.2% |
| Profit (loss) for the period9904 | €29,281 | €15,645 | €26,942 | €22,319 | €24,427 | ▲ 9.4% |
| Profit (loss) for the period to be appropriated9905 | €29,281 | €15,645 | €26,942 | €22,319 | €24,427 | ▲ 9.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €111,564 | €108,926 | €144,151 | €153,769 | €176,184 | ▲ 14.6% |
| Fixed assets21/28 | €6,665 | €8,221 | €5,571 | €2,920 | €1,418 | ▼ 51.5% |
| Tangible fixed assets22/27 | €6,665 | €8,221 | €5,571 | €2,920 | €1,418 | ▼ 51.5% |
| Furniture and vehicles24 | €6,665 | €8,221 | €5,571 | €2,920 | €1,418 | ▼ 51.5% |
| Current assets29/58 | €104,898 | €100,705 | €138,581 | €150,849 | €174,766 | ▲ 15.9% |
| Amounts receivable within one year40/41 | €78,470 | €43,816 | €84,013 | €86,379 | €162,607 | ▲ 88.2% |
| Trade receivables40 | €78,042 | €40,042 | €82,937 | €85,937 | €161,655 | ▲ 88.1% |
| Other amounts receivable41 | €429 | €3,775 | €1,075 | €442 | €952 | ▲ 115% |
| Cash at bank and in hand54/58 | €26,428 | €56,889 | €54,568 | €64,470 | €12,159 | ▼ 81.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €111,564 | €108,926 | €144,151 | €153,769 | €176,184 | ▲ 14.6% |
| Equity10/15 | €71,132 | €86,776 | €113,718 | €136,037 | €160,464 | ▲ 18.0% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | €20,000 | €20,000 | €20,000 | - | - | - |
| Issued capital100 | €20,000 | €20,000 | €20,000 | - | - | - |
| Outside capital11 | - | - | - | - | €20,000 | - |
| Other1109/19 | - | - | - | - | €20,000 | - |
| Reserves13 | €100 | €100 | €100 | €22,100 | €45,100 | ▲ 104% |
| Non-distributable reserves130/1 | €100 | €100 | €100 | €100 | €100 | = |
| Legal reserve130 | €100 | €100 | €100 | - | - | - |
| Other1319 | - | - | - | €100 | €100 | = |
| Distributable reserves133 | - | - | - | €22,000 | €45,000 | ▲ 105% |
| Profit (loss) carried forward14 | €51,032 | €66,676 | €93,618 | €93,937 | €95,364 | ▲ 1.5% |
| Amounts payable17/49 | €40,432 | €22,150 | €30,433 | €17,732 | €15,720 | ▼ 11.3% |
| Amounts payable within one year42/48 | €40,432 | €22,150 | €30,433 | €17,732 | €15,720 | ▼ 11.3% |
| Current portion of amounts payable after more than one year42 | - | - | €613 | €613 | €0 | ▼ 100% |
| Trade debts44 | €547 | - | - | €9,454 | €4,434 | ▼ 53.1% |
| Suppliers440/4 | €547 | - | - | €9,454 | €4,434 | ▼ 53.1% |
| Taxes, remuneration and social security45 | €8,257 | €5,287 | - | €1,969 | €9,436 | ▲ 379% |
| Taxes450/3 | €8,257 | €2,119 | - | €1,969 | €9,436 | ▲ 379% |
| Remuneration and social security454/9 | - | €3,168 | - | - | - | - |
| Other amounts payable47/48 | €31,629 | €16,863 | €29,820 | €5,695 | €1,850 | ▼ 67.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,281 | €15,645 | €26,942 | €22,319 | €24,427 | ▲ 9.4% |
| + Depreciation and write-downs630 | €1,443 | €1,830 | €2,650 | €2,650 | €1,902 | ▼ 28.2% |
| Operating cash flow (approximation) | €30,725 | €17,475 | €29,592 | €24,969 | €26,329 | ▲ 5.4% |
| Investment in fixed assets (approximation) | - | -€3,386 | €0 | €0 | -€399 | - |
| Change in cash | - | €30,461 | -€2,321 | €9,902 | -€52,310 | ▼ 628% |
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
02-09
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 33 days late
2025
31-12
Financial
Equity above €150,000Eq €160,464 ▲18%
7 profitable years in a row build equity to €160,464.
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 18 days late
2024
25-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 25 days late
2023
31-12
Financial
Equity above €100,000Eq €113,718 ▲31%
5 profitable years in a row build equity to €113,718.
11-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
21-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €29,281 ▲282%
Operating result €38,179, net result €29,281, both a record.
03-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
22-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 53 days late
2019
31-12
Financial
Back to profitnet €14,875
Net result €14,875 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 22 days late
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, Brussel · 1 establishment unit since 2012
Ground area
399 m²
Building footprint
362 m²
Volume, LiDAR
3,400 m³
Parcel 21809K0387/00Z006, Brussels · tallest building 13.3 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
De Lenglentierstraat 3, 1000 Brussel
since 20122.213.492.488
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21809K0387/00Z006 | Brussels | 399 m² | 1 · 361 m² | 13.3 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.
Recognitions · licences · registrations
Legal Entity Identifier
984500C009B8608C0C33
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D'AFATSKY
BE 0461.270.236
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Hendrik D'Hooge
BE 0841.774.908
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KASTEELPARK & CO
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 6,016 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid
Founded04-10-2012
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0849305274
Also
9925:BE0849305274
Registered
22-07-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.