Manu Dextra
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 5 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €260,000
Total assets
€372,344▲ 9.0%
2024 · €341,467
Net result
€64,947▼ 18.5%
2024 · €79,725
Working capital
€21,444▼ 91.9%
2024 · €263,782
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€94,162
▼ 7.3%
2025
20212025
Net result
€64,947
▼ 18.5%
2025
middle half of the sector
20212025
Equity
€67,741
▼ 77.3%
2025
middle half of the sector
20212025
Total assets
€372,344
▲ 9.0%
2025
middle half of the sector
20212025
Debt
€304,603
▲ 597%
2025
20212025
Working capital
€21,444
▼ 91.9%
2025
middle half of the sector
20212025
Solvency
18.2%
▼ 69.0pp
2025
lowest quarter of the sector
20212025
Current ratio
1.09
▼ 6.12
2025
middle half of the sector
20212025
Return on assets (ROA)
17.4%
▼ 5.9pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€49,606-€95,436▲ 92.4%€131,362▲ 37.6%€101,543▼ 22.7%€94,162▼ 7.3%
Net result€39,076within the sector's middle half-€74,188above the sector's middle half▲ 89.9%€102,806above the sector's middle half▲ 38.6%€79,725above the sector's middle half▼ 22.5%€64,947within the sector's middle half▼ 18.5%
Equity€41,076within the sector's middle half-€115,264within the sector's middle half▲ 181%€218,070within the sector's middle half▲ 89.2%€297,795above the sector's middle half▲ 36.6%€67,741within the sector's middle half▼ 77.3%
Total assets€144,491within the sector's middle half-€210,924within the sector's middle half▲ 46.0%€328,941within the sector's middle half▲ 56.0%€341,467within the sector's middle half▲ 3.8%€372,344within the sector's middle half▲ 9.0%
Debt€103,416-€95,660▼ 7.5%€110,871▲ 15.9%€43,672▼ 60.6%€304,603▲ 597%
Working capital€35,207within the sector's middle half-€90,684within the sector's middle half▲ 158%€193,520above the sector's middle half▲ 113%€263,782above the sector's middle half▲ 36.3%€21,444within the sector's middle half▼ 91.9%
Solvency28.4%within the sector's middle half-54.6%within the sector's middle half▲ 26.2pp66.3%within the sector's middle half▲ 11.6pp87.2%above the sector's middle half▲ 20.9pp18.2%below the sector's middle half▼ 69.0pp
Current ratio1.81within the sector's middle half-2.39within the sector's middle half▲ 0.583.05within the sector's middle half▲ 0.667.21above the sector's middle half▲ 4.161.09within the sector's middle half▼ 6.12
Return on assets (ROA)27.0%above the sector's middle half-35.2%above the sector's middle half▲ 8.1pp31.3%above the sector's middle half▼ 3.9pp23.3%within the sector's middle half▼ 7.9pp17.4%within the sector's middle half▼ 5.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 7% lower than in 2024. It is the second fall in a row.
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 €372,344
Fixed assets
€118,364 ▲ 236%
Current assets
€253,980 ▼ 17.1%
Equity and liabilities €372,344
Equity
€67,741 ▼ 77.3%
Debt
€304,603 ▲ 597%
Debt's share of the balance-sheet total rises from 12.8% to 81.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€120,941▲
2024 · €118,125
Cash flow
€91,726▼
2024 · €96,307
Debt to equity
4.50▲
2024 · 0.15
ROE
95.9%▲
2024 · 26.8%
Interest coverage
19.81▼
2024 · over 100
Debt ≤ 1 year
€232,536▲
2024 · €42,466
Debt > 1 year
€66,232▲
2024 · €0
Income taxes
€23,864▲
2024 · €21,042
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 | €112,316 | €3,200 | - | €10,908 | €123,437 |
| Depreciation and write-downs of the year | €2,313 | €14,027 | €14,144 | €16,582 | €26,779 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,313 | €14,027 | €14,144 | €16,582 | €26,779 | ▲ 61.5% |
| Other operating charges640/8 | €661 | €236 | €516 | €621 | €334 | ▼ 46.1% |
| Non-recurring operating charges66A | €9,387 | €0 | - | - | €5,662 | - |
| Gross operating margin9900 | €61,968 | €109,699 | €146,021 | €118,745 | €126,937 | ▲ 6.9% |
| Operating profit (loss)9901 | €49,606 | €95,436 | €131,362 | €101,543 | €94,162 | ▼ 7.3% |
| Financial income75/76B | - | - | €0 | €192 | €755 | ▲ 293% |
| Recurring financial income75 | - | - | €0 | €192 | €755 | ▲ 293% |
| Financial charges65/66B | €602 | €816 | €1,792 | €968 | €6,106 | ▲ 531% |
| Recurring financial charges65 | €602 | €816 | €1,792 | €968 | €6,106 | ▲ 531% |
| Profit (loss) for the period before taxes9903 | €49,004 | €94,620 | €129,570 | €100,767 | €88,810 | ▼ 11.9% |
| Income taxes67/77 | €9,928 | €20,431 | €26,764 | €21,042 | €23,864 | ▲ 13.4% |
| Profit (loss) for the period9904 | €39,076 | €74,188 | €102,806 | €79,725 | €64,947 | ▼ 18.5% |
| Profit (loss) for the period to be appropriated9905 | €39,076 | €74,188 | €102,806 | €79,725 | €64,947 | ▼ 18.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €144,491 | €210,924 | €328,941 | €341,467 | €372,344 | ▲ 9.0% |
| Formation expenses20 | €441 | €0 | - | - | - | - |
| Fixed assets21/28 | €65,423 | €55,036 | €40,893 | €35,219 | €118,364 | ▲ 236% |
| Tangible fixed assets22/27 | €65,423 | €55,036 | €40,893 | €35,219 | €118,364 | ▲ 236% |
| Land and buildings22 | - | - | - | €908 | €878 | ▼ 3.3% |
| Plant, machinery and equipment23 | €508 | €2,610 | €2,061 | €1,513 | €3,602 | ▲ 138% |
| Furniture and vehicles24 | €64,914 | €52,427 | €38,832 | €32,798 | €113,885 | ▲ 247% |
| Current assets29/58 | €78,627 | €155,888 | €288,048 | €306,248 | €253,980 | ▼ 17.1% |
| Amounts receivable within one year40/41 | €13,804 | €15,201 | €46,021 | €62,023 | €56,759 | ▼ 8.5% |
| Trade receivables40 | €13,794 | €15,201 | €45,973 | €58,137 | €51,780 | ▼ 10.9% |
| Other amounts receivable41 | €10 | €0 | €48 | €3,886 | €4,979 | ▲ 28.1% |
| Current investments50/53 | - | €18,000 | €48,000 | €96,190 | €173,444 | ▲ 80.3% |
| Cash at bank and in hand54/58 | €64,824 | €120,639 | €191,744 | €147,764 | €23,078 | ▼ 84.4% |
| Deferred charges and accrued income490/1 | - | €2,049 | €2,283 | €271 | €699 | ▲ 158% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €144,491 | €210,924 | €328,941 | €341,467 | €372,344 | ▲ 9.0% |
| Equity10/15 | €41,076 | €115,264 | €218,070 | €297,795 | €67,741 | ▼ 77.3% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €39,076 | €113,264 | €216,070 | €295,795 | €65,741 | ▼ 77.8% |
| Distributable reserves133 | €39,076 | €113,264 | €216,070 | €295,795 | €65,741 | ▼ 77.8% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €103,416 | €95,660 | €110,871 | €43,672 | €304,603 | ▲ 597% |
| Amounts payable after more than one year17 | €59,995 | €30,456 | €15,345 | €0 | €66,232 | - |
| Financial debts170/4 | €59,995 | €30,456 | €15,345 | €0 | €66,232 | - |
| Amounts payable within one year42/48 | €43,421 | €65,204 | €94,528 | €42,466 | €232,536 | ▲ 448% |
| Current portion of amounts payable after more than one year42 | - | €14,882 | €15,112 | €15,345 | €29,117 | ▲ 89.7% |
| Trade debts44 | €730 | €369 | €545 | €7,546 | €1,505 | ▼ 80.1% |
| Suppliers440/4 | €730 | €369 | €545 | €7,546 | €1,505 | ▼ 80.1% |
| Taxes, remuneration and social security45 | €28,069 | €32,856 | €59,577 | €11,229 | €12,895 | ▲ 14.8% |
| Taxes450/3 | €27,094 | €31,781 | €58,502 | €9,145 | €10,810 | ▲ 18.2% |
| Remuneration and social security454/9 | €975 | €1,075 | €1,075 | €2,085 | €2,085 | = |
| Other amounts payable47/48 | €14,622 | €17,097 | €19,293 | €8,346 | €189,019 | ▲ 23× |
| Accrued charges and deferred income492/3 | - | - | €998 | €1,206 | €5,835 | ▲ 384% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,076 | €74,188 | €102,806 | €79,725 | €64,947 | ▼ 18.5% |
| + Depreciation and write-downs630 | €2,313 | €14,027 | €14,144 | €16,582 | €26,779 | ▲ 61.5% |
| Operating cash flow (approximation) | €41,389 | €88,216 | €116,950 | €96,307 | €91,726 | ▼ 4.8% |
| Investment in fixed assets (approximation) | - | -€3,641 | €0 | -€10,908 | -€109,924 | ▼ 908% |
| Change in cash | - | €55,815 | €71,105 | -€43,980 | -€124,686 | ▼ 184% |
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, 6,713 companies had the same profile as Manu Dextra has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Manu Dextra itself: 0.5% 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 6,713 companies, not a prediction for Manu Dextra. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00213221 | |
| 31-12-2024 | micro format | 28-05-2025 | 2025-00120607 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00275657 | |
| 31-12-2022 | micro format | 25-04-2023 | 2023-00069534 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20154337 |