MENA
ActiveSummary
MENA has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of €116,287. Equity is growing by ~12.3% per year across the filed fiscal years. Its solvency ranks better than 72% of 9336 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77=
Solvency84▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €80,000 at 30 days acceptable
Liquidity ample (current ratio 6.92 against 5.87 in 2024; short-term debt: 4.9% and cash: 1.5% of total assets), and 41% of the assets are financed with debt.
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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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
59%
Return on assets
6.6%
Age of the figures
15 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 · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 08-01-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
18 d early
2023
26 d early
2022
on the day
2021
on the day
2020
39 d early
2019
42 d early
← 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 21 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 13 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.0m▲ 12.7%
2024 · €919,001
Total assets
€1.8m▲ 3.4%
2024 · €1.7m
Net result
€116,287▲ 4.6%
2024 · €111,210
Working capital
€514,351▲ 35.0%
2024 · €380,974
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate 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€118,794▲ 19.6%€142,079▲ 19.6%€130,825▼ 7.9%€156,205▲ 19.4%€155,852▼ 0.2%
Net result€54,536within the sector's middle half▼ 3.2%€90,183within the sector's middle half▲ 65.4%€84,253within the sector's middle half▼ 6.6%€111,210above the sector's middle half▲ 32.0%€116,287above the sector's middle half▲ 4.6%
Equity€633,356within the sector's middle half▲ 9.4%€723,539within the sector's middle half▲ 14.2%€807,791within the sector's middle half▲ 11.6%€919,001within the sector's middle half▲ 13.8%€1.0mwithin the sector's middle half▲ 12.7%
Total assets€1.6mwithin the sector's middle half▼ 2.6%€1.7mwithin the sector's middle half▲ 3.5%€1.7mwithin the sector's middle half▼ 0.4%€1.7mwithin the sector's middle half▲ 2.9%€1.8mwithin the sector's middle half▲ 3.4%
Debt€966,664▼ 9.1%€932,821▼ 3.5%€842,320▼ 9.7%€778,254▼ 7.6%€720,200▼ 7.5%
Working capital€44,056within the sector's middle half€151,328within the sector's middle half▲ 243%€252,672within the sector's middle half▲ 67.0%€380,974within the sector's middle half▲ 50.8%€514,351above the sector's middle half▲ 35.0%
Solvency39.6%within the sector's middle half▲ 4.3pp43.7%within the sector's middle half▲ 4.1pp49.0%within the sector's middle half▲ 5.3pp54.1%within the sector's middle half▲ 5.2pp59.0%within the sector's middle half▲ 4.8pp
Current ratio1.66within the sector's middle half▲ 1.522.52within the sector's middle half▲ 0.864.34above the sector's middle half▲ 1.825.87above the sector's middle half▲ 1.536.92above the sector's middle half▲ 1.05
Return on assets (ROA)3.4%within the sector's middle half=5.4%within the sector's middle half▲ 2.0pp5.1%above the sector's middle half▼ 0.3pp6.6%above the sector's middle half▲ 1.4pp6.6%above the sector's middle half▲ 0.1pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 0% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.2m ▼ 6.8%
Current assets
€601,247 ▲ 30.9%
Equity and liabilities €1.8m
Equity
€1.0m ▲ 12.7%
Debt
€720,200 ▼ 7.5%
Debt's share of the balance-sheet total falls from 45.9% to 41.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€239,615▼
2024 · €239,968
Cash flow
€200,050▲
2024 · €194,972
Debt to equity
0.70▼
2024 · 0.85
ROE
11.2%▼
2024 · 12.1%
Interest coverage
16.96▲
2024 · 13.28
Debt ≤ 1 year
€86,896▲
2024 · €78,278
Debt > 1 year
€633,304▼
2024 · €699,976
Income taxes
€39,846▲
2024 · €36,841
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
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 17,810 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €89,726 | €83,762 | €83,762 | €83,762 | €83,762 | = |
| Other operating charges640/8 | - | €18,651 | €26,796 | €22,520 | €22,002 | ▼ 2.3% |
| Gross operating margin9900 | €225,763 | €244,492 | €241,384 | €262,488 | €261,617 | ▼ 0.3% |
| Operating profit (loss)9901 | €118,794 | €142,079 | €130,825 | €156,205 | €155,852 | ▼ 0.2% |
| Financial income75/76B | - | €0 | - | €9,918 | €14,407 | ▲ 45.3% |
| Recurring financial income75 | €1 | €0 | - | €9,918 | €14,407 | ▲ 45.3% |
| Financial charges65/66B | - | €19,068 | €17,927 | €18,073 | €14,126 | ▼ 21.8% |
| Recurring financial charges65 | €46,081 | €19,068 | €17,927 | €18,073 | €14,126 | ▼ 21.8% |
| Profit (loss) for the period before taxes9903 | €72,714 | €123,011 | €112,898 | €148,051 | €156,133 | ▲ 5.5% |
| Income taxes67/77 | €18,179 | €32,829 | €28,645 | €36,841 | €39,846 | ▲ 8.2% |
| Profit (loss) for the period9904 | €54,536 | €90,183 | €84,253 | €111,210 | €116,287 | ▲ 4.6% |
| Profit (loss) for the period to be appropriated9905 | €54,536 | €90,183 | €84,253 | €111,210 | €116,287 | ▲ 4.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.6m | €1.7m | €1.7m | €1.7m | €1.8m | ▲ 3.4% |
| Fixed assets21/28 | €1.5m | €1.4m | €1.3m | €1.2m | €1.2m | ▼ 6.8% |
| Tangible fixed assets22/27 | €1.5m | €1.4m | €1.3m | €1.2m | €1.2m | ▼ 6.8% |
| Land and buildings22 | - | €1.4m | €1.3m | €1.2m | €1.2m | ▼ 6.8% |
| Current assets29/58 | €110,728 | €250,829 | €328,344 | €459,252 | €601,247 | ▲ 30.9% |
| Amounts receivable within one year40/41 | €20,243 | €24,177 | €4,355 | €409,918 | €575,718 | ▲ 40.4% |
| Trade receivables40 | - | €24,177 | €0 | - | - | - |
| Other amounts receivable41 | - | €0 | €4,355 | €409,918 | €575,718 | ▲ 40.4% |
| Cash at bank and in hand54/58 | €90,485 | €226,652 | €323,989 | €49,333 | €25,529 | ▼ 48.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.6m | €1.7m | €1.7m | €1.7m | €1.8m | ▲ 3.4% |
| Equity10/15 | €633,356 | €723,539 | €807,791 | €919,001 | €1.0m | ▲ 12.7% |
| Contributions10/11 | - | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Reserves13 | €383,356 | €473,539 | €557,791 | €669,001 | €785,288 | ▲ 17.4% |
| Non-distributable reserves130/1 | - | €13,624 | €13,624 | €0 | - | - |
| Reserves not available under the articles1311 | - | €13,624 | €13,624 | €0 | - | - |
| Distributable reserves133 | - | €459,914 | €544,167 | €669,001 | €785,288 | ▲ 17.4% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €966,664 | €932,821 | €842,320 | €778,254 | €720,200 | ▼ 7.5% |
| Amounts payable after more than one year17 | €899,992 | €833,320 | €766,648 | €699,976 | €633,304 | ▼ 9.5% |
| Financial debts170/4 | - | €833,320 | €766,648 | €699,976 | €633,304 | ▼ 9.5% |
| Amounts payable within one year42/48 | €66,672 | €99,501 | €75,672 | €78,278 | €86,896 | ▲ 11.0% |
| Current portion of amounts payable after more than one year42 | - | €66,672 | €66,672 | €61,116 | €66,672 | ▲ 9.1% |
| Trade debts44 | €0 | - | €9,000 | €9,900 | €10,378 | ▲ 4.8% |
| Suppliers440/4 | - | - | €9,000 | €9,900 | €10,378 | ▲ 4.8% |
| Taxes, remuneration and social security45 | - | €32,829 | €0 | €7,262 | €9,846 | ▲ 35.6% |
| Taxes450/3 | - | €32,829 | €0 | €7,262 | €9,846 | ▲ 35.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,536 | €90,183 | €84,253 | €111,210 | €116,287 | ▲ 4.6% |
| + Depreciation and write-downs630 | €89,726 | €83,762 | €83,762 | €83,762 | €83,762 | = |
| Operating cash flow (approximation) | €144,261 | €173,944 | €168,015 | €194,972 | €200,050 | ▲ 2.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €2 | €0 | ▼ 100% |
| Change in cash | - | €136,167 | €97,336 | -€274,655 | -€23,804 | ▲ 91.3% |
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
17-09
State Gazette act
Reappointment: NV CALLENS VANDELANOTTE (statutory auditor)Permanent representative: Francis Rysman · Power of attorney14 facts ▸
State Gazette act
Reappointment: NV CALLENS VANDELANOTTE (statutory auditor)
Permanent representative: Francis Rysman · Power of attorney14 facts ▸
- General meeting, 11-06-2026
- Auditor reappointment, NV CALLENS VANDELANOTTE (statutory auditor)
- Permanent representative, Francis Rysman (permanent representative)
- Power of attorney, Jolien Thierens
- Power of attorney, Kim Jonckheere
- Power of attorney, Nele Laureys
- Power of attorney, Inge Marquenie
- Power of attorney, Kim Lauryssen
- Power of attorney, Evelien Tant
- Power of attorney, Julie De Roy
- Power of attorney, Stephanie Dupont
- Power of attorney, Mathieu Roelens
- +2 further facts in this act
08-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-06
Financial
Highest result since 2019net €116,287 ▲4.6%
Net result €116,287, the highest in the series.
30-06
Financial
Equity above €1mEq €1.0m ▲12.7%
7 profitable years in a row build equity to €1.0m.
13-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
05-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-06
Financial
Weakest financial yearnet €54,536 ▼3.2%
Net result drops to €54,536, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 12current ratio 1.66
Current ratio from 0.14 to 1.66; short-term debt falls from €451,699 to €66,672.
2020
23-12
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2019
20-12
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2018
21-12
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
21-12
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
21-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
CALLENS VANDELANOTTE
CurrentStatutory auditor · since 17-09-2026 · perm. rep.: Francis Rysman
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Veurne · 1 establishment unit since 2012
Ground area
3.5 ha
Building footprint
1.8 ha
Volume, LiDAR
23,728 m³
2 parcels, Flanders · tallest building 13.8 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
MENA
since 20122.214.897.802
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 38024A0043/00G000 | Flanders | 2.6 ha | 1 · 1.4 ha | - |
| 38024A0043/00H000 | Flanders | 9,015 m² | 1 · 3,948 m² | 13.8 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| CALLENS VANDELANOTTE |
|
Structure & network
Owners and holdings
1 ownerChain of control
- CERELIA BELGIUM
- MENA
Highest known parent: CERELIA BELGIUM. The sources do not say who stands above it.
Owners 1
- CERELIA BELGIUMparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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
No current directors or connected companies found in the register.
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Of 12,042 companies in sector 68203 we hold annual accounts for 6,005. 4,112 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded12-12-2012
Fiscal year end30-06
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68204Real estate activities
E-invoicing
Reachable via Peppol
Peppol ID
9925:BE0501941346
Registered
19-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.