Losses
-€82,843 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
MANZANA
Lifetime
19 annual accounts with figures on one time axis, 20 filings since 2006peak €734,574 (2025)
€734,574▲ 34.4%
lowest -€53,537 (2025)
-€53,537▼ €24,232
peak €1.1m (2021)
€938,720▼ 5.4%
€7.7m▲ 9.4%
peak 2.3 FTE (2024)
1.9 FTE▼ 17.4%
Board2 names since 2005
2 directorsArnout,Nikolaas Ignace and 1 other
Documentsfilings and deeds
14-01-202617 days before the deadline
2025abbreviated format
Gross margin from €546,701 to €734,574Loss of €53,537Staff from 2.3 FTE to 1.9 FTEInvestments €844,151Cash from €23,752 to €41,074
Key points
from the 2025 annual accountsDebts
€7.7m 89% of the balance sheet
Financial debts 67%Suppliers 1%Taxes and wages 1%Other 32%
Of this, €2.5m falls due within a year.
Investments
€844,151 2.1 × depreciation
Green is investment, beige is depreciation. Machinery stands 402.3% higher than in 2024.
Staff
3 employees on 30-06-2025
In 2025, 2 people joined and 2 left.
Filings
20 annual accounts since 2006
The last five annual accounts were filed 0 to 20 days before the end of the period.
Position in the sector
-€53,537
Lower net result than 86% of companies in electrical equipment. Sector median €29,166 · 150 companies.
Checked score
66
Healthy
Financially stronger than 29% of micro companies in electrical equipment (NACE 27)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.6% across 437 companies (NACE 27, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%
01-2025: 1.2%▲ +0.3 percentage points vs 12-2024
02-2025: 1.0%▼ -0.2 percentage points vs 01-2025
03-2025: 1.0%● unchanged vs 02-2025
04-2025: 1.0%● unchanged vs 03-2025
05-2025: 1.0%● unchanged vs 04-2025
06-2025: 1.0%● unchanged vs 05-2025
07-2025: 1.0%● unchanged vs 06-2025
08-2025: 1.0%● unchanged vs 07-2025
09-2025: 1.0%● unchanged vs 08-2025
10-2025: 1.0%● unchanged vs 09-2025
11-2025: 1.1%▲ +0.1 percentage points vs 10-2025
12-2025: 1.2%▲ +0.1 percentage points vs 11-2025
01-2026: 1.4%▲ +0.2 percentage points vs 12-2025highest value
02-2026: 0.8%▼ -0.6 percentage points vs 01-2026lowest value
03-2026: 0.8%● unchanged vs 02-2026lowest value
04-2026: 0.8%● unchanged vs 03-2026lowest value
05-2026: 0.8%● unchanged vs 04-2026lowest value
06-2026: 0.8%● unchanged vs 05-2026lowest value
07-2026: 0.8%● unchanged vs 06-2026lowest value
08-2026: 0.8%● unchanged vs 07-2026
09-2026: 0.8%● unchanged vs 08-2026
10-2026: 0.9%▲ +0.1 percentage points vs 09-2026
11-2026: 0.9%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Liquidity: current ratio 0.12, cash €41,074
Equity €938,720 (10.9% of total assets)
Sector: Manufacture of electrical equipment (NACE 27)
lowers risk
Founded in 2005
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 27, micro). It does better than 20% of them on solvency, 30% on liquidity, 33% on profitability and 33% on growth.
The bankruptcy probability was computed on 07-11-2026 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.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
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).
Comparable companies, two years later
In July 2024, 2,450 companies had the same profile as MANZANA has now. Each dot stands for 7 companies, two years later.
93.3%
were still trading
5.0%
stopped another way
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANZANA itself: 0.9% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,450 companies, not a prediction for MANZANA. 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.
Credit verdict
Credit of up to €60,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.12 (0.07 in 2024), below 1. Short-term debt is 28.8% and cash 0.5% of total assets. 89.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€53,537
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 150 sector peers (2025).
NBB · sector comparisonPosition among 150 sector peers
Solvency
better than 21%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 14-01-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 days early
2024
20 days early
2023
on the day
2022
on the day
2021
3 days early
2020
2 days early
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 6 days before the deadline. In the sector (NACE 27), the median for financial year 2024 was 6 days before the deadline, and 37% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 28 January (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-06-2026 year end08-11-2026 today31-01-2027 deadline
Board and ownership
- Arnout Nikolaas 93 sharesdeed of 28-09-2023
- Maes Sandra 93 sharesdeed of 28-09-2023
Shares in 1 company, IMMO J. DE CLERCQ
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0873068096
Environmental permit granted
Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden · Merelbeke-Melle
Merger: MANZANA takes over IMMO J. DE CLERCQ
Resignations: Maes, Sandra Nancy Nadia (director) and Arnout, Nikolaas Ignace (director) · Reappointments: Maes, Sandra Nancy Nadia (director) and Arnout, Nikolaas Ignace (director) · “1)het vervaardigen van schakel-en verdeelinrichtingen,hanglampen,lusters,staande lampen,tafel-bed-en…” (deed in Dutch) · General meeting of 09-01-2024 · Gazette deed
Merger proposal: Manzana takes over Immo J. De Clercq
Permanent representative: Arnout Nikolaas · Arnout Nikolaas holds 93 shares · Maes Sandra holds 93 shares · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MANZANA Ghent | - | - | 10.9% | 1.9 |
| DEFORCHE SCHAKELTECHNIEK Oostkamp | - | - | 75.5% | 5.2 |
| QUAD INDUSTRIES Sint-Niklaas | - | - | 50.0% | 11 |
| PRODETICS Ittre | - | - | 56.0% | 5.9 |
| CEGELEC CONTROL SYSTEMS & SERVICES Brussels | €8.4m | 8.0% | 13.5% | 2.5 |
| Équipement, Machines et Appareils Spéciaux Molenbeek-Saint-Jean | €1.5m | 4.3% | 78.7% | 2 |
| BRYON Assenede | - | - | 32.0% | 8 |
These companies have the same main activity as MANZANA: manufacture of electrical equipment (NACE 27120). They are comparable in size and age: total assets between €1.6m and €9.9m, founded between 1989 and 2011.
Official details
Source: KBO- Status
- Active since 05-04-2005Normal situation
- Activity
- Manufacture of electrical equipmentNACE 27120and 2 others
- Joint committees
- 100Auxiliary committee for blue-collar workers
- 200Auxiliary committee for white-collar workers · annual accounts 30-06-2025
- Establishment unit
- 2.147.819.5309820 Merelbeke-Melle, since 01-07-2005
- Financial year end
- 30 June
- Peppol
- Reachable since 11-08-2025
Annual accounts to 30-06-2025
- ≈ €1.7mestimated
- €8.6m▲ 7.5%
- Employeeson 30-06-2025
- 3=
- Filing
- Filed on 14-01-2026, 17 days before the end of the filing period
Insights on MANZANA
MANZANA files the abbreviated format. That format states no turnover. The gross margin rose from €48,196 in 2007 to €734,574 in 2025.
The balance sheet grew most from 2021 to 2023 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MANZANA
- What is the company number of MANZANA?
- The company number of MANZANA is 0873.068.096. The VAT number is the same number with BE in front: BE 0873.068.096.
- Where is MANZANA based?
- The registered office is at Frans Halslaan 5, 9051 Ghent.Company details
- What does MANZANA do?
- According to the KBO register, the main activity is manufacture of electrical equipment (NACE 27120).
- What is the legal form of MANZANA?
- MANZANA is a private limited company (BV).
- When was MANZANA founded?
- MANZANA was founded on 05-04-2005.
- Is MANZANA still active?
- Yes, MANZANA is an active enterprise in the KBO register.
- How many employees does MANZANA have?
- MANZANA had an average of 1.9 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does MANZANA fall under?
- In its 30-06-2025 annual accounts, MANZANA states joint committees 100 (Auxiliary committee for blue-collar workers) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of MANZANA?
- The turnover in financial year 2025 is ≈ €1.7m. This figure is estimated from the gross margin of €734,574 and 2,275 comparable companies of the same size. It probably lies between €1.0m and €2.9m. It is a rough estimate.
- Is MANZANA profitable?
- In financial year 2025, MANZANA made a loss of €53,537.
- Where can I find the annual accounts of MANZANA?
- MANZANA filed 20 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MANZANA due?
- MANZANA must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
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