Manzel
ActiveSummary
Manzel has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.5m and a net result of €1.5m. Equity is growing by ~18.4% per year across the filed fiscal years. Its solvency ranks better than 83% of 483 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability97▲+1
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €470,000 at 30 days acceptable
Liquidity ample (current ratio 6.15 against 6.18 in 2024; short-term debt: 14.6% and cash: 1.4% of total assets), and 14.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 63
Relative position
BE, all sectors
reference
Computing infrastructure, data processing, hosting and other information service activities (NACE 63)
about 52% fewer 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
85.4%
Return on assets
22.4%
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 24-08-2026, 24 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
24 d late
2024
13 d early
2023
5 d late
2022
25 d early
2021
32 d early
2020
18 d late
2019
14 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 1 day before the deadline; the sector median for financial year 2024 is 10 days before the deadline, and 32% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#10 company by equity in the province of Antwerp, Computing infrastructure and information services sector
Equity
€5.5m▲ 22.7%
2024 · €4.5m
Total assets
€6.5m▲ 21.1%
2024 · €5.4m
Net result
€1.5m▲ 24.3%
2024 · €1.2m
Working capital
€4.9m▲ 12.2%
2024 · €4.4m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service 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
Operating result€747,234▲ 15.9%€494,584▼ 33.8%€590,184▲ 19.3%€579,973▼ 1.7%€564,972▼ 2.6%
Net result€679,623above the sector's middle half▲ 39.7%€671,771above the sector's middle half▼ 1.2%€145,417above the sector's middle half▼ 78.4%€1.2mabove the sector's middle half▲ 703%€1.5mabove the sector's middle half▲ 24.3%
Equity€2.8mabove the sector's middle half▲ 32.4%€4.1mabove the sector's middle half▲ 46.8%€3.6mabove the sector's middle half▼ 12.9%€4.5mabove the sector's middle half▲ 27.0%€5.5mabove the sector's middle half▲ 22.7%
Total assets€2.9mabove the sector's middle half▲ 20.8%€4.2mabove the sector's middle half▲ 45.7%€4.2mabove the sector's middle half▲ 0.9%€5.4mabove the sector's middle half▲ 26.9%€6.5mabove the sector's middle half▲ 21.1%
Debt€91,938▼ 66.9%€102,636▲ 11.6%€664,921▲ 548%€841,313▲ 26.5%€949,526▲ 12.9%
Working capital€2.7mabove the sector's middle half▲ 33.6%€3.4mabove the sector's middle half▲ 24.5%€3.4mabove the sector's middle half▲ 1.3%€4.4mabove the sector's middle half▲ 26.9%€4.9mabove the sector's middle half▲ 12.2%
Solvency96.8%above the sector's middle half▲ 8.5pp97.5%above the sector's middle half▲ 0.7pp84.2%above the sector's middle half▼ 13.3pp84.3%above the sector's middle half▲ 0.1pp85.4%above the sector's middle half▲ 1.1pp
Current ratio30.61above the sector's middle half▲ 22.2734.01above the sector's middle half▲ 3.406.16above the sector's middle half▼ 27.856.18above the sector's middle half▲ 0.026.15above the sector's middle half▼ 0.03
Return on assets (ROA)23.7%above the sector's middle half▲ 3.2pp16.1%within the sector's middle half▼ 7.6pp3.4%within the sector's middle half▼ 12.6pp21.8%above the sector's middle half▲ 18.4pp22.4%above the sector's middle half▲ 0.6pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 63, Computing infrastructure, data processing, hosting and other information service 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 €6.5m
Fixed assets
€641,985 ▲ 320%
Current assets
€5.8m ▲ 12.3%
Equity and liabilities €6.5m
Equity
€5.5m ▲ 22.7%
Debt
€949,526 ▲ 12.9%
Debt's share of the balance-sheet total falls from 15.7% to 14.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€588,295▼
2024 · €602,770
Cash flow
€1.5m▲
2024 · €1.2m
Debt to equity
0.17▼
2024 · 0.19
ROE
26.2%▲
2024 · 25.9%
Interest coverage
102.78▼
2024 · 138.01
Debt ≤ 1 year
€949,526▲
2024 · €841,313
Income taxes
€287,905▼
2024 · €328,236
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 546 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.2%
stopped otherwise
95%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,662 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% | 1.7% |
| 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 75% 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 546 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,353 | €5,434 | €9,018 | €22,797 | €23,323 | ▲ 2.3% |
| Other operating charges640/8 | €1,663 | €7,240 | €4,818 | €2,853 | €1,625 | ▼ 43.0% |
| Non-recurring operating charges66A | - | €3,808 | - | - | - | - |
| Gross operating margin9900 | €754,249 | €511,066 | €604,021 | €605,623 | €589,920 | ▼ 2.6% |
| Operating profit (loss)9901 | €747,234 | €494,584 | €590,184 | €579,973 | €564,972 | ▼ 2.6% |
| Financial income75/76B | €200,522 | €376,479 | €54,142 | €920,063 | €1.2m | ▲ 28.3% |
| Recurring financial income75 | €200,522 | €376,479 | €54,142 | €920,063 | €1.2m | ▲ 28.3% |
| Financial charges65/66B | €2,150 | €89 | €334,016 | €4,368 | €5,724 | ▲ 31.0% |
| Recurring financial charges65 | €2,150 | €89 | €860 | €4,368 | €5,724 | ▲ 31.0% |
| Non-recurring financial charges66B | - | - | €333,156 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | €945,605 | €870,974 | €310,310 | €1.5m | €1.7m | ▲ 16.3% |
| Income taxes67/77 | €265,983 | €199,204 | €164,893 | €328,236 | €287,905 | ▼ 12.3% |
| Profit (loss) for the period9904 | €679,623 | €671,771 | €145,417 | €1.2m | €1.5m | ▲ 24.3% |
| Transfer from tax-exempt reserves789 | €120,227 | €77,420 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €799,849 | €749,190 | €145,417 | €1.2m | €1.5m | ▲ 24.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.9m | €4.2m | €4.2m | €5.4m | €6.5m | ▲ 21.1% |
| Fixed assets21/28 | €53,943 | €687,663 | €117,495 | €152,804 | €641,985 | ▲ 320% |
| Tangible fixed assets22/27 | €49,104 | €54,212 | €116,469 | €100,872 | €77,549 | ▼ 23.1% |
| Land and buildings22 | €44,057 | €40,052 | €36,046 | €32,041 | €28,036 | ▼ 12.5% |
| Plant, machinery and equipment23 | - | €1,643 | €3,485 | €1,951 | €526 | ▼ 73.1% |
| Furniture and vehicles24 | €5,047 | €12,516 | €76,937 | €66,880 | €48,987 | ▼ 26.8% |
| Financial fixed assets28 | €4,839 | €633,452 | €1,026 | €51,932 | €564,436 | ▲ 987% |
| Current assets29/58 | €2.8m | €3.5m | €4.1m | €5.2m | €5.8m | ▲ 12.3% |
| Amounts receivable within one year40/41 | €146,229 | €76,347 | €115,377 | €369,476 | €353,410 | ▼ 4.3% |
| Trade receivables40 | €139,306 | €52,606 | €52,606 | €52,606 | €52,607 | = |
| Other amounts receivable41 | €6,922 | €23,740 | €62,771 | €316,869 | €300,803 | ▼ 5.1% |
| Current investments50/53 | €1.7m | €2.5m | €3.5m | €4.2m | €5.4m | ▲ 28.7% |
| Cash at bank and in hand54/58 | €952,864 | €942,923 | €481,284 | €638,133 | €93,752 | ▼ 85.3% |
| Deferred charges and accrued income490/1 | €260 | €126 | €76 | €201 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.9m | €4.2m | €4.2m | €5.4m | €6.5m | ▲ 21.1% |
| Equity10/15 | €2.8m | €4.1m | €3.6m | €4.5m | €5.5m | ▲ 22.7% |
| Contributions10/11 | €60,000 | €687,690 | €687,690 | €687,690 | €687,690 | = |
| Outside capital11 | €60,000 | - | - | - | - | - |
| Other1109/19 | €60,000 | - | - | - | - | - |
| Reserves13 | €2.7m | €3.4m | €2.9m | €3.8m | €4.8m | ▲ 26.8% |
| Non-distributable reserves130/1 | €6,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | €6,000 | - | - | - | - | - |
| Tax-exempt reserves132 | €77,420 | - | - | - | - | - |
| Distributable reserves133 | €2.6m | €3.4m | €2.9m | €3.8m | €4.8m | ▲ 26.8% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €91,938 | €102,636 | €664,921 | €841,313 | €949,526 | ▲ 12.9% |
| Amounts payable within one year42/48 | €91,938 | €102,636 | €664,921 | €841,313 | €949,526 | ▲ 12.9% |
| Trade debts44 | - | - | €27 | €1,277 | €1,657 | ▲ 29.8% |
| Suppliers440/4 | - | - | €27 | €1,277 | €1,657 | ▲ 29.8% |
| Taxes, remuneration and social security45 | €63,643 | €68,917 | €8,281 | €158,503 | €259,650 | ▲ 63.8% |
| Taxes450/3 | €2,100 | €68,167 | €7,531 | €157,753 | €258,900 | ▲ 64.1% |
| Remuneration and social security454/9 | €61,544 | €750 | €750 | €750 | €750 | = |
| Other amounts payable47/48 | €28,295 | €33,719 | €656,614 | €681,533 | €688,219 | ▲ 1.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €679,623 | €671,771 | €145,417 | €1.2m | €1.5m | ▲ 24.3% |
| + Depreciation and write-downs630 | €5,353 | €5,434 | €9,018 | €22,797 | €23,323 | ▲ 2.3% |
| Operating cash flow (approximation) | €684,975 | €677,205 | €154,435 | €1.2m | €1.5m | ▲ 23.9% |
| Investment in fixed assets (approximation) | - | -€639,154 | €561,150 | -€58,106 | -€512,504 | ▼ 782% |
| Change in cash | - | -€9,941 | -€461,639 | €156,848 | -€544,380 | ▼ 447% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 24 days late
2025
31-12
Financial
Highest result since 2018net €1.5m ▲24.3%
Net result €1.5m, the highest in the series.
31-12
Financial
Equity above €5mEq €5.5m ▲22.7%
8 profitable years in a row build equity to €5.5m.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 5 days late
2023
31-12
Financial
Weakest financial yearnet €145,417 ▼78.4%
Net result drops to €145,417, the lowest in the series; recovery starts the following year.
14-12
State Gazette act
General meeting · Dissolution
Director resignation · Director appointment
06-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
17-10
State Gazette act
General meeting · Director reappointment
Permanent representative
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity quadruplescurrent ratio 30.61
Current ratio from 8.34 to 30.61; short-term debt falls from €277,484 to €91,938.
18-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 18 days late
Show earlier events
29-01
State Gazette act
General meeting · Statutes amendment
Corporate purpose · Capital
2020
31-12
Financial
Equity above €2mEq €2.1m ▲30.2%
3 profitable years in a row build equity to €2.1m.
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 14 days late
2019
15-10
State Gazette act
General meeting · Director reappointment
Permanent representative · Director appointment
21-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 21 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
04-12
State Gazette act
Board meeting · Registered-office move
General meeting · Director appointment
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
2016
20-10
State Gazette act
Board meeting · Director resignation
General meeting · Director reappointment
13-01
State Gazette act
General meeting · Capital increase
Statutes amendment · Director resignation
2014
31-07
State Gazette act
Incorporation · Founder
Corporate purpose · Founding capital
2013
12-08
State Gazette act
General meeting · Board meeting
Capital increase · Capital
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Antwerpen · 1 establishment unit since 2012
Ground area
377 m²
Building footprint
317 m²
Volume, LiDAR
3,775 m³
Parcel 11802B0003/00X000, Flanders · tallest building 19.0 m, ±5 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Manzel
since 20122.207.639.529
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11802B0003/00X000 | Flanders | 377 m² | 1 · 317 m² | 19.0 m · 5 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.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
- KHAJUsubsidiarySourceown accounts 202599.99%
- Sourceaccounts Koren 20250.01%
Stated earlier (1)
An older source named these holdings; newer accounts no longer list them.
- Sourceaccounts VELD 21-08-202350%
According to the 2025 annual accounts of Manzel and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
2 connected companiesThe connected companies are in the list below.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
Down2Earth Privak
Shared director
→
Vandemoortele
Shared director
→
Ownership & control
2 board mandatesBoard mandates of this companythis company sits on their board2
1 location
1 location
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Identification & contact
Identification
Legal formPrivate limited company
Founded27-02-2012
Fiscal year end31-12
Activities, NACEBEL 2025
63920Other information service activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844105084
Registered
05-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.