MANUL
ActiveSummary
The computed 12-month bankruptcy probability of MANUL is 5.6% (elevated). The 2024 annual accounts show equity of €133,851 and a net result of €16,089. Equity has been growing by about 11% per year since 2018. Its solvency ranks better than 89% of 9,836 sector peers (NACE 41, financial year 2024). The company has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 20-01-2014 Normal situation
- Activity
- General construction of residential buildings NACE 41001and 1 other
- Establishment unit
- 2.227.236.301 1081 Koekelberg, since 20-01-2014
- Financial year end
- 31 December
- Peppol
- Reachable since 05-01-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 5.6%
- Gross margin
- €21,828
- ▲ 2.7%
- Turnover
- ≈ €260,000
- estimated
- Profit
- €16,089
- ▲ 79.6%
- Equity
- €133,851
- ▲ 13.7%
- Total assets
- €164,189
- ▲ 16.1%
- Staff
- ≈ 0 FTE
- estimated
- 2025 accounts not filed, 93 days past the deadline
Score breakdownraises riskFigures for financial year 2024 (filed on 12-10-2025)1 financial year not filed after the legal deadline; last filed accounts filed 73 days late; 3 of the last 3 accounts lateLiquidity: current ratio 5.36, cash €180, halvedSize: total assets €164,189Show the evidence
Checked score
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 92% of them on solvency, 43% on liquidity, 62% on profitability and 58% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 81 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (1)
Financials
Financials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 1 November 2026.
Annual accounts 2024 filed on 12-10-2025 PDF all 11 filings
Amounts without an identifiable currency are taken as euros.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result for 2024 is 99% higher than in 2023. It is the second rise in a row, after the fall in 2022.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €922 | €346 | €363 | €1,277 |
| Depreciation and write-downs of the year | €666 | €689 | €747 | €512 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as MANUL: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €140,000 and €177,000, founded between 2011 and 2014.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | Financial year |
|---|---|---|---|---|---|---|---|
| MANUL Koekelberg | 2014 | €164,189 | €133,851 | €21,828 | - | €16,089 | 2024 |
| PRIMERO PREST Anderlecht | 2013 | €140,318 | €133,294 | €26,241 | €253,477 | €15,318 | 2025 |
| Tom Construct Geel | 2013 | €177,290 | €70,625 | €22,701 | - | €5,112 | 2025 |
| Concretys Ittre | 2013 | €167,004 | €74,826 | €19,392 | - | €13,478 | 2025 |
| Alg. Bouwwerken B & B Begijnendijk | 2014 | €146,761 | €114,170 | €18,868 | - | -€3,901 | 2025 |
| G.A.G. NEW BUILD Meise | 2014 | €148,636 | €55,025 | €26,628 | - | €6,265 | 2025 |
| NATURE-CONSTRUCT Flémalle | 2011 | €164,562 | €54,831 | €22,271 | - | €5,995 | 2025 |
They were chosen from the 15,546 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 34,693 companies had the same profile as MANUL has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
The bankruptcy probability of MANUL itself is higher: 5.6% within 12 months. It rests on far more data about MANUL than the profile alone.
Test of the method
The method was tested on the 497,445 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 34,693 companies, not a prediction for MANUL. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €327,235 | €263,231 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €9,194 | €25,609 | €9,578 | €747 | ▼ 92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €821 | €544 | €572 | €666 | €689 | €747 | €512 | ▼ 31.4% |
| Other operating charges640/8 | - | - | - | €3,210 | €503 | €1,771 | €2,370 | ▲ 33.8% |
| Gross operating margin9900 | - | €30,845 | -€49,907 | €111,027 | €6,153 | €21,245 | €21,828 | ▲ 2.7% |
| Operating profit (loss)9901 | -€45,371 | €26,823 | -€56,548 | €97,958 | -€20,647 | €9,149 | €18,199 | ▲ 98.9% |
| Financial income75/76B | - | - | - | - | €64 | - | - | - |
| Recurring financial income75 | €0 | - | €1 | - | €64 | - | - | - |
| Financial charges65/66B | - | - | - | €1,198 | €195 | €192 | €110 | ▼ 42.6% |
| Recurring financial charges65 | €886 | €262 | €117 | €136 | €195 | €192 | €110 | ▼ 42.6% |
| Debt charges650 | €102 | - | - | - | - | - | - | - |
| Non-recurring financial charges66B | - | - | - | €1,061 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€46,256 | €26,561 | -€56,664 | €96,760 | -€20,779 | €8,957 | €18,089 | ▲ 102% |
| Income taxes67/77 | - | - | - | €9 | - | - | €2,000 | - |
| Profit (loss) for the period9904 | -€46,256 | €26,561 | -€56,664 | €96,751 | -€20,779 | €8,957 | €16,089 | ▲ 79.6% |
| Profit (loss) for the period to be appropriated9905 | -€46,256 | €26,561 | -€56,664 | €96,751 | -€20,779 | €8,957 | €16,089 | ▲ 79.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €95,133 | €109,708 | €46,706 | €152,700 | €134,600 | €141,476 | €164,189 | ▲ 16.1% |
| Fixed assets21/28 | €1,061 | €3,237 | €3,274 | €1,547 | €1,205 | €821 | €1,585 | ▲ 93.2% |
| Tangible fixed assets22/27 | €1,061 | €3,237 | €3,274 | €1,547 | €1,205 | €821 | €1,585 | ▲ 93.2% |
| Furniture and vehicles24 | - | - | - | €1,547 | €1,205 | €821 | €1,585 | ▲ 93.2% |
| Current assets29/58 | €94,072 | €106,471 | €43,432 | €151,153 | €133,395 | €140,655 | €162,604 | ▲ 15.6% |
| Amounts receivable within one year40/41 | €81,974 | €104,113 | €42,016 | €150,759 | €132,456 | €137,066 | €162,424 | ▲ 18.5% |
| Trade receivables40 | - | - | - | €73,455 | €85,297 | €88,292 | €122,073 | ▲ 38.3% |
| Other amounts receivable41 | - | - | - | €77,303 | €47,159 | €48,773 | €40,351 | ▼ 17.3% |
| Cash at bank and in hand54/58 | €11,389 | €1,650 | €1,415 | €394 | €939 | €3,590 | €180 | ▼ 95.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €95,133 | €109,708 | €46,706 | €152,700 | €134,600 | €141,476 | €164,189 | ▲ 16.1% |
| Equity10/15 | €62,937 | €89,498 | €32,834 | €129,585 | €108,806 | €117,762 | €133,851 | ▲ 13.7% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Capital10 | - | - | - | €20,000 | - | - | - | - |
| Issued capital100 | - | - | - | €20,000 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €20,000 | - | - | - |
| Other1109/19 | - | - | - | - | €20,000 | - | - | - |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Legal reserve130 | - | - | - | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €40,937 | €67,498 | €10,834 | €107,585 | €86,806 | €95,762 | €111,851 | ▲ 16.8% |
| Amounts payable17/49 | €32,196 | €20,210 | €13,872 | €23,115 | €25,794 | €23,714 | €30,338 | ▲ 27.9% |
| Amounts payable within one year42/48 | €32,196 | €20,210 | €13,872 | €23,115 | €25,794 | €23,714 | €30,338 | ▲ 27.9% |
| Financial debts43 | - | - | - | €5,949 | €5,949 | €5,949 | €5,949 | = |
| Credit institutions430/8 | - | - | - | €5,949 | €5,949 | €5,949 | €5,949 | = |
| Trade debts44 | €32,196 | €6,639 | €7,751 | €16,223 | €17,935 | €17,221 | €13,530 | ▼ 21.4% |
| Suppliers440/4 | - | - | - | €16,223 | €17,935 | €17,221 | €13,530 | ▼ 21.4% |
| Taxes, remuneration and social security45 | - | - | - | €390 | €1,911 | €544 | €3,860 | ▲ 610% |
| Taxes450/3 | - | - | - | €321 | €493 | €518 | €2,896 | ▲ 459% |
| Remuneration and social security454/9 | - | - | - | €68 | €1,418 | €26 | €964 | ▲ 37× |
| Other amounts payable47/48 | - | - | - | €554 | - | - | €6,998 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€46,256 | €26,561 | -€56,664 | €96,751 | -€20,779 | €8,957 | €16,089 | ▲ 79.6% |
| + Depreciation and write-downs630 | €821 | €544 | €572 | €666 | €689 | €747 | €512 | ▼ 31.4% |
| Operating cash flow (approximation) | -€45,435 | €27,105 | -€56,092 | €97,417 | -€20,090 | €9,704 | €16,601 | ▲ 71.1% |
| Investment in fixed assets (approximation) | - | -€2,719 | -€610 | €1,061 | -€346 | -€363 | -€1,277 | ▼ 252% |
| Change in cash | - | -€9,739 | -€235 | -€1,021 | €545 | €2,651 | -€3,410 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 12-10-2025 | 2025-00539985 | |
| 31-12-2023 | micro format | 22-09-2024 | 2024-00467522 | |
| 31-12-2022 | micro format | 27-09-2023 | 2023-00455630 | |
| 31-12-2021 | micro format | 05-10-2022 | 2022-20451257 | |
| 31-12-2020 | micro format | 06-10-2021 | 2021-71400355 | |
| 31-12-2019 | micro format | 18-01-2021 | 2021-01300026 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-27500226 | |
| 31-12-2017 | micro format | 08-05-2020 | 2020-11800009 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-64800243 | |
| 31-12-2015 | full format | 01-08-2016 | 2016-39400220 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 17-01-2024 Converted to unavailable equity · €20,000
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, 1”
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Tenus de solliciter l'agrément selon mêmes formalités s'ils ne deviennent pas de plein droit actionnaires, sans recours”
Articles of association, deed of 17-01-2024 (in French)
Network & group
MANUL shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of MANUL. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
17-01
Gazette deed
Registered office · Legal-form change · Resignations & appointmentsRegistered-office move · Legal-form conversion · Capital conversion8 points ▸
- General meeting, 18-12-2023
- Registered-office move, rue Herkoliers 85,1081 Koekelberg
- Legal-form conversion, “société à responsabilité limitée (SRL)” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “distribution, compte de capitaux propres statutairement indisponible rendu disponible” (deed in French)
- Amendment of the articles
- Board composition, GAVRILITA Cristian (director)
- Power of attorney, mentioned 2 times in the deed
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0544.544.934
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21492B0053/00Y000indicative | Brussels | 82 m² | 1 · 66 m² | 11.4 m · 3 |