MANUEL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 10 filings
Turnover
€38,072
EBIT margin
-13.0%
Net result
€51,481
2024 · -€413,692
Working capital
€10.5m▲ 3.0%
2024 · €10.2m
In the rankings
#3 company by total assets in Geraardsbergen, Professional and technical services sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€82,809
2025
20182025
Net result
€51,481
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€202,663
▲ 20.3%
2025
lowest quarter of the sector
20182025
Total assets
€15.1m
▲ 1.4%
2025
highest quarter of the sector
20182025
Debt
€15.3m
▲ 1.1%
2025
20182025
Working capital
€10.5m
▲ 3.0%
2025
highest quarter of the sector
20182025
Solvency
-1.3%
▲ 0.4pp
2025
lowest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
0.3%
▲ 3.1pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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
Turnover€0.04m-
Operating result-€0.005m--€0.03m▼ 556%-€0.01m▲ 61.4%-€0.01m▲ 18.8%€0.1m-€0.08m-€0.4m▼ 419%€0.08m
Net result€0.002m--€0.02m-€0.009mbelow the sector's middle half▲ 62.5%€0.001mbelow the sector's middle half-€0.005mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 4,470%-€0.4mbelow the sector's middle half▼ 87.8%€0.05mwithin the sector's middle half
EBIT margin-13.0%-
Equity€0.2m-€0.2m▼ 12.3%€0.2mwithin the sector's middle half▼ 5.2%€0.4mwithin the sector's middle half▲ 147%€0.4mwithin the sector's middle half▼ 1.3%€0.2mwithin the sector's middle half▼ 58.0%-€0.3mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 20.3%
Total assets€3.7m-€3.6m▼ 2.3%€10.3mabove the sector's middle half▲ 189%€11.1mabove the sector's middle half▲ 7.2%€15.2mabove the sector's middle half▲ 37.1%€15.1mabove the sector's middle half▼ 0.3%€14.9mabove the sector's middle half▼ 1.6%€15.1mabove the sector's middle half▲ 1.4%
Debt€3.5m-€3.4m▼ 1.7%€10.2m▲ 198%€10.7m▲ 5.0%€14.8m▲ 38.5%€15.0m▲ 1.1%€15.1m▲ 1.2%€15.3m▲ 1.1%
Working capital€1.7m-€1.2m▼ 28.7%€7.9mabove the sector's middle half▲ 540%€8.1mabove the sector's middle half▲ 2.1%€11.4mabove the sector's middle half▲ 41.0%€10.7mabove the sector's middle half▼ 6.1%€10.2mabove the sector's middle half▼ 4.7%€10.5mabove the sector's middle half▲ 3.0%
Solvency5.1%-4.6%▼ 0.5pp1.5%below the sector's middle half▼ 3.1pp3.5%below the sector's middle half▲ 2.0pp2.5%below the sector's middle half▼ 1.0pp1.1%below the sector's middle half▼ 1.4pp-1.7%below the sector's middle half▼ 2.8pp-1.3%below the sector's middle half▲ 0.4pp
Current ratio15.87-23.91▲ 8.0495.14above the sector's middle half
Return on assets (ROA)0.1%--0.6%▼ 0.7pp-0.1%below the sector's middle half▲ 0.6pp0.0%below the sector's middle half▲ 0.1pp0.0%below the sector's middle half=-1.5%below the sector's middle half▼ 1.4pp-2.8%below the sector's middle half▼ 1.3pp0.3%within the sector's middle half▲ 3.1pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
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 a profit of €82,809, after a loss of €401,574 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.1m
Fixed assets
€4.6m ▼ 2.0%
Current assets
€10.5m ▲ 3.1%
Equity and liabilities
Equity-€202,663
Debt€15.3m
Equity is negative. Debt (€15.3m) exceeds the balance-sheet total (€15.1m).
Key figures and ratios
EBITDA
€178,931▲
2024 · -€296,760
Cash flow
€147,602▲
2024 · -€308,878
Interest coverage
0.95▲
2024 · -1.63
Debt ≤ 1 year
€4,844▲
2024 · €3,662
Debt > 1 year
€15.3m▲
2024 · €15.1m
A ratio outside any meaningful range has been withheld (balance sheet total €15.1m, equity -€202,663).
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €903,777 | €328,146 | €950,129 | €427,413 | - |
| Financial fixed assets | - | €450,000 | - | - | - |
| Depreciation and write-downs of the year | €97,086 | €92,054 | €186,384 | €104,814 | €96,122 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €38,072 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €151,252 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,809 | €49,318 | €60,777 | €97,086 | €92,054 | €186,384 | €104,814 | €96,122 | ▼ 8.3% |
| Other operating charges640/8 | - | - | - | €6,169 | €8,266 | €12,907 | €14,134 | €19,496 | ▲ 37.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €583,861 | €0 | ▼ 100% |
| Gross operating margin9900 | - | €21,064 | €52,648 | €93,081 | €199,906 | €121,966 | €301,235 | €198,427 | ▼ 34.1% |
| Operating profit (loss)9901 | -€4,954 | -€32,499 | -€12,536 | -€10,174 | €99,586 | -€77,324 | -€401,574 | €82,809 | - |
| Financial income75/76B | - | - | - | €21,919 | €25,661 | €43,679 | €169,370 | €156,846 | ▼ 7.4% |
| Recurring financial income75 | €7,426 | €9,782 | €5,456 | €21,919 | €25,661 | €43,679 | €169,370 | €156,846 | ▼ 7.4% |
| Financial charges65/66B | - | - | - | €10,656 | €130,742 | €187,320 | €182,138 | €188,825 | ▲ 3.7% |
| Recurring financial charges65 | €344 | €206 | €1,523 | €10,656 | €130,742 | €187,320 | €182,138 | €188,825 | ▲ 3.7% |
| Profit (loss) for the period before taxes9903 | €2,129 | -€22,922 | -€8,604 | €1,090 | -€5,495 | -€220,966 | -€414,342 | €50,831 | - |
| Transfer from deferred taxes780 | - | - | - | €368 | €674 | €664 | €650 | €650 | = |
| Profit (loss) for the period9904 | €2,129 | -€22,922 | -€8,604 | €1,457 | -€4,821 | -€220,302 | -€413,692 | €51,481 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €1,103 | €2,022 | €1,992 | €1,949 | €1,949 | = |
| Profit (loss) for the period to be appropriated9905 | €2,129 | -€22,922 | -€8,604 | €2,560 | -€2,798 | -€218,309 | -€411,743 | €53,430 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.7m | €3.6m | €10.3m | €11.1m | €15.2m | €15.1m | €14.9m | €15.1m | ▲ 1.4% |
| Fixed assets21/28 | €1.8m | €2.3m | €2.4m | €3.0m | €3.7m | €4.4m | €4.7m | €4.6m | ▼ 2.0% |
| Tangible fixed assets22/27 | €1.8m | €2.3m | €2.4m | €2.9m | €3.2m | €3.9m | €4.2m | €4.1m | ▼ 2.3% |
| Land and buildings22 | - | - | - | €2.9m | €3.2m | €3.9m | €4.2m | €4.1m | ▼ 2.3% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.005m | €0.004m | €0.004m | €0.003m | ▼ 18.5% |
| Financial fixed assets28 | €0.03m | €0.03m | €0.05m | €0.05m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Current assets29/58 | €1.8m | €1.3m | €7.9m | €8.1m | €11.5m | €10.7m | €10.2m | €10.5m | ▲ 3.1% |
| Stocks and contracts in progress3 | €0.2m | €0.4m | €0.5m | €0.5m | €0.6m | €1.4m | €1.6m | €1.8m | ▲ 15.7% |
| Stocks30/36 | - | - | - | €0.5m | €0.6m | €1.4m | €1.6m | €1.8m | ▲ 15.7% |
| Amounts receivable within one year40/41 | - | - | €0.1m | €1.1m | €0.7m | €0.1m | €0.7m | €0.4m | ▼ 50.6% |
| Trade receivables40 | - | - | - | €0.5m | €0.05m | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €0.6m | €0.6m | €0.1m | €0.7m | €0.4m | ▼ 50.6% |
| Current investments50/53 | - | - | €6.0m | €6.0m | €8.0m | €8.0m | €6.0m | €7.2m | ▲ 18.8% |
| Cash at bank and in hand54/58 | €1.6m | €0.9m | €1.3m | €0.5m | €1.8m | €0.8m | €1.5m | €1.0m | ▼ 34.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 49.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.7m | €3.6m | €10.3m | €11.1m | €15.2m | €15.1m | €14.9m | €15.1m | ▲ 1.4% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.2m | -€0.3m | -€0.2m | ▲ 20.3% |
| Contributions10/11 | €0.3m | €0.3m | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | - | - | - | €0.08m | €0.08m | €0.07m | €0.07m | €0.07m | ▼ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 7.2% |
| Distributable reserves133 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) carried forward14 | -€0.06m | -€0.09m | -€0.09m | -€0.09m | -€0.09m | -€0.3m | -€0.7m | -€0.7m | ▲ 7.4% |
| Provisions and deferred taxes16 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | ▼ 6.7% |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.009m | ▼ 6.7% |
| Amounts payable17/49 | €3.5m | €3.4m | €10.2m | €10.7m | €14.8m | €15.0m | €15.1m | €15.3m | ▲ 1.1% |
| Amounts payable after more than one year17 | €3.4m | €3.4m | €10.2m | €10.7m | €14.7m | €14.9m | €15.1m | €15.3m | ▲ 1.1% |
| Financial debts170/4 | - | - | - | €7.3m | €11.3m | €11.6m | €11.8m | €11.9m | ▲ 1.4% |
| Other amounts payable178/9 | - | - | - | €3.4m | €3.4m | €3.4m | €3.4m | €3.4m | = |
| Amounts payable within one year42/48 | €0.1m | €0.05m | €0.006m | €0.01m | €0.1m | €0.003m | €0.004m | €0.005m | ▲ 32.3% |
| Trade debts44 | €0.1m | €0.05m | €0.006m | €0.01m | €0.002m | €0.003m | €0.004m | €0.005m | ▲ 32.3% |
| Suppliers440/4 | - | - | - | €0.01m | €0.002m | €0.003m | €0.004m | €0.005m | ▲ 32.3% |
| Taxes, remuneration and social security45 | - | - | - | €34 | €0 | - | - | - | - |
| Taxes450/3 | - | - | - | €34 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.1m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | €0 | €0.007m | €0.001m | ▼ 87.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.002m | -€0.02m | -€0.009m | €0.001m | -€0.005m | -€0.2m | -€0.4m | €0.05m | - |
| + Depreciation and write-downs630 | €0.02m | €0.05m | €0.06m | €0.1m | €0.09m | €0.2m | €0.1m | €0.1m | ▼ 8.3% |
| Operating cash flow (approximation) | €0.03m | €0.03m | €0.05m | €0.1m | €0.09m | -€0.03m | -€0.3m | €0.1m | - |
| Investment in fixed assets (approximation) | - | -€0.5m | -€0.2m | -€0.7m | -€0.8m | -€1.0m | -€0.4m | €0 | - |
| Change in cash | - | -€0.7m | €0.4m | -€0.8m | €1.3m | -€1.0m | €0.7m | -€0.5m | - |
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, 133 companies had the same profile as MANUEL has now. Two years later, 94.7% were still going and 0.8% had gone bankrupt.
- Medium-sized
- negative equity
- a profit under 5% of the balance sheet
- without age
94.7%
was still going
3.8%
stopped otherwise
0.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANUEL itself: 0.1% 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 133 companies, not a prediction for MANUEL. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00357541 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00424542 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00418149 | |
| 31-12-2022 | abbreviated format | 23-08-2023 | 2023-00345204 | |
| 31-12-2021 | abbreviated format | 28-07-2022 | 2022-20237112 | |
| 31-12-2020 | abbreviated format | 24-08-2021 | 2021-52400542 | |
| 31-12-2019 | abbreviated format | 27-08-2020 | 2020-45600187 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-60100115 | |
| 31-12-2017 | full format | 22-08-2018 | 2018-51800486 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28400300 |