MENUISOL
ActiveSummary
MENUISOL has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €711,146 and a net result of €70,013. Equity is growing by ~8% per year across the filed fiscal years. Its solvency ranks better than 12% of 144 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability40▼-5
Solvency44▲+1
Growth52=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity short (current ratio 0.86 against 1.13 in 2024; short-term debt: 26.3% and cash: 10.4% of total assets), and 80.9% of the assets are financed with debt.
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
19.1%
Return on assets
1.9%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 16
Relative position
BE, all sectors
reference
Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16)
about 8% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 144 sector peers (2025).
NBB · sector comparisonPosition among 144 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-06-2026, 58 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
58 d early
2024
27 d late
2023
9 d early
2022
28 d early
2021
4 d early
2020
24 d late
2019
21 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 4 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€70,013▲ 5.3%
2024 · €66,480
Working capital
-€133,580
2024 · €128,950
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€148,434▼ 1.4%€92,251▼ 37.9%€115,252▲ 24.9%€248,443▲ 116%€265,883▲ 7.0%
Net result€130,688▼ 7.0%€577▼ 99.6%€12,685▲ 2,099%€66,480▲ 424%€70,013▲ 5.3%
Equity€639,891▲ 25.7%€676,458▲ 5.7%€609,448▼ 9.9%€675,928▲ 10.9%€711,146▲ 5.2%
Total assets€3.5m▲ 11.0%€3.5m▲ 1.2%€3.3m▼ 5.4%€3.8m▲ 14.9%€3.7m▼ 2.2%
Debt€2.8m▲ 8.2%€2.8m▲ 0.2%€2.7m▼ 4.3%€3.1m▲ 15.8%€3.0m▼ 3.8%
Working capital€78,184▼ 55.2%-€99-€136,941▼ 138,196%€128,950-€133,580
Staff (FTE)10.7▲ 13.8%12.3▲ 15.0%11.3▼ 8.1%11▼ 2.7%11.7▲ 6.4%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 7% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€2.9m ▲ 6.0%
Current assets
€843,677 ▼ 22.6%
Equity and liabilities €3.7m
Equity
€711,146 ▲ 5.2%
Debt
€3.0m ▼ 3.8%
Debt's share of the balance-sheet total falls from 82.2% to 80.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€440,622▼
2024 · €479,560
Cash flow
€244,753▼
2024 · €297,597
Current ratio
0.86▼
2024 · 1.13
Quick ratio
0.68▼
2024 · 1.04
Debt to equity
4.23▼
2024 · 4.62
ROE
9.8%▲
2024 · 9.8%
ROA
1.9%▲
2024 · 1.7%
Interest coverage
2.26▼
2024 · 2.86
Debt ≤ 1 year
€977,257▲
2024 · €961,211
Debt > 1 year
€2.0m▼
2024 · €2.1m
Income taxes
€21,934▼
2024 · €25,664
Staff costs
€754,176▲
2024 · €682,679
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,653 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
1.9%
stopped otherwise
97%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,058 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% | 1.6% |
| 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 74% 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 4,653 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 | - | - | - | - | €10,331 | - |
| Remuneration, social security and pensions62 | €578,882 | €693,646 | €708,594 | €682,679 | €754,176 | ▲ 10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €107,575 | €133,925 | €156,467 | €231,117 | €174,739 | ▼ 24.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €1,075 | €1,602 | €5,439 | €0 | €1,949 | - |
| Other operating charges640/8 | €12,387 | €26,855 | €9,635 | €27,746 | €52,851 | ▲ 90.5% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | €848,354 | €948,279 | €995,386 | €1.2m | €1.2m | ▲ 5.0% |
| Operating profit (loss)9901 | €148,434 | €92,251 | €115,252 | €248,443 | €265,883 | ▲ 7.0% |
| Financial income75/76B | €28,306 | €30,762 | €25,580 | €11,525 | €21,382 | ▲ 85.5% |
| Recurring financial income75 | €28,285 | €30,762 | €25,580 | €11,525 | €16,957 | ▲ 47.1% |
| Non-recurring financial income76B | €21 | €0 | - | - | €4,425 | - |
| Financial charges65/66B | €30,290 | €122,833 | €126,573 | €167,825 | €195,318 | ▲ 16.4% |
| Recurring financial charges65 | €30,290 | €122,833 | €126,573 | €167,825 | €195,318 | ▲ 16.4% |
| Profit (loss) for the period before taxes9903 | €146,451 | €181 | €14,258 | €92,144 | €91,947 | ▼ 0.2% |
| Transfer from deferred taxes780 | €763 | €763 | €0 | - | - | - |
| Income taxes67/77 | €16,526 | €366 | €1,573 | €25,664 | €21,934 | ▼ 14.5% |
| Profit (loss) for the period9904 | €130,688 | €577 | €12,685 | €66,480 | €70,013 | ▲ 5.3% |
| Transfer from tax-exempt reserves789 | €1,481 | €1,481 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €132,168 | €2,057 | €12,685 | €66,480 | €70,013 | ▲ 5.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.5m | €3.5m | €3.3m | €3.8m | €3.7m | ▼ 2.2% |
| Fixed assets21/28 | €2.7m | €2.7m | €2.7m | €2.7m | €2.9m | ▲ 6.0% |
| Intangible fixed assets21 | - | €9,493 | €7,522 | €5,551 | €3,580 | ▼ 35.5% |
| Tangible fixed assets22/27 | €2.7m | €2.7m | €2.7m | €2.7m | €2.9m | ▲ 6.1% |
| Land and buildings22 | €2.4m | €2.4m | €2.3m | €2.2m | €2.1m | ▼ 2.9% |
| Plant, machinery and equipment23 | €192,234 | €226,163 | €207,286 | €317,309 | €560,582 | ▲ 76.7% |
| Furniture and vehicles24 | €9,899 | €10,632 | €6,498 | €22,986 | €37,427 | ▲ 62.8% |
| Leasing and similar rights25 | €20,673 | €70,755 | €170,157 | €102,042 | €52,234 | ▼ 48.8% |
| Other tangible fixed assets26 | - | - | €2,195 | €43,671 | €65,057 | ▲ 49.0% |
| Financial fixed assets28 | €9,754 | €9,754 | €9,754 | €9,754 | €9,754 | = |
| Current assets29/58 | €776,574 | €809,955 | €630,730 | €1.1m | €843,677 | ▼ 22.6% |
| Stocks and contracts in progress3 | €71,509 | €116,201 | €68,332 | €89,012 | €178,546 | ▲ 101% |
| Stocks30/36 | €71,509 | €116,201 | €68,332 | €89,012 | €178,546 | ▲ 101% |
| Amounts receivable within one year40/41 | €420,835 | €358,104 | €469,700 | €366,763 | €257,370 | ▼ 29.8% |
| Trade receivables40 | €366,878 | €283,600 | €360,100 | €366,763 | €202,144 | ▼ 44.9% |
| Other amounts receivable41 | €53,957 | €74,504 | €109,600 | €0 | €55,227 | - |
| Cash at bank and in hand54/58 | €276,033 | €325,010 | €80,498 | €622,807 | €386,562 | ▼ 37.9% |
| Deferred charges and accrued income490/1 | €8,198 | €10,639 | €12,200 | €11,579 | €21,200 | ▲ 83.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.5m | €3.5m | €3.3m | €3.8m | €3.7m | ▼ 2.2% |
| Equity10/15 | €639,891 | €676,458 | €609,448 | €675,928 | €711,146 | ▲ 5.2% |
| Contributions10/11 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Capital10 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Issued capital100 | €247,894 | €247,894 | €247,894 | €247,894 | €247,894 | = |
| Reserves13 | €391,963 | €390,483 | €323,983 | €390,462 | €390,462 | = |
| Non-distributable reserves130/1 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Legal reserve130 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Tax-exempt reserves132 | €1,481 | €0 | - | - | - | - |
| Distributable reserves133 | €365,693 | €365,693 | €299,193 | €365,673 | €365,673 | = |
| Profit (loss) carried forward14 | €34 | €2,092 | €2,777 | €2,777 | €72,790 | ▲ 2,522% |
| Investment grants15 | - | €35,990 | €34,795 | €34,795 | €0 | ▼ 100% |
| Provisions and deferred taxes16 | €763 | €0 | - | - | - | - |
| Deferred taxes168 | €763 | €0 | - | - | - | - |
| Amounts payable17/49 | €2.8m | €2.8m | €2.7m | €3.1m | €3.0m | ▼ 3.8% |
| Amounts payable after more than one year17 | €2.1m | €2.0m | €1.9m | €2.1m | €2.0m | ▼ 5.9% |
| Financial debts170/4 | €2.1m | €2.0m | €1.9m | €2.1m | €2.0m | ▼ 5.9% |
| Amounts payable within one year42/48 | €698,390 | €810,054 | €767,671 | €961,211 | €977,257 | ▲ 1.7% |
| Current portion of amounts payable after more than one year42 | €138,298 | €159,601 | €192,041 | €132,823 | €122,673 | ▼ 7.6% |
| Financial debts43 | - | - | - | €100,000 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €100,000 | €0 | ▼ 100% |
| Trade debts44 | €160,291 | €228,017 | €327,401 | €360,253 | €417,371 | ▲ 15.9% |
| Suppliers440/4 | €160,291 | €228,017 | €327,401 | €360,253 | €417,371 | ▲ 15.9% |
| Advances received on contracts in progress46 | €364,404 | €403,713 | €144,067 | €242,103 | €324,415 | ▲ 34.0% |
| Taxes, remuneration and social security45 | €35,397 | €18,722 | €25,661 | €123,945 | €112,799 | ▼ 9.0% |
| Taxes450/3 | €18,322 | €4,385 | €8,762 | €67,172 | €53,821 | ▼ 19.9% |
| Remuneration and social security454/9 | €17,075 | €14,337 | €16,900 | €56,772 | €58,978 | ▲ 3.9% |
| Other amounts payable47/48 | - | - | €78,500 | €2,087 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €5,012 | €5,925 | €5,925 | €89,814 | €77,778 | ▼ 13.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €130,688 | €577 | €12,685 | €66,480 | €70,013 | ▲ 5.3% |
| + Depreciation and write-downs630 | €107,575 | €133,925 | €156,467 | €231,117 | €174,739 | ▼ 24.4% |
| Operating cash flow (approximation) | €238,263 | €134,502 | €169,152 | €297,597 | €244,753 | ▼ 17.8% |
| Investment in fixed assets (approximation) | - | -€142,242 | -€147,162 | -€265,020 | -€337,779 | ▼ 27.5% |
| Change in cash | - | €48,977 | -€244,513 | €542,310 | -€236,246 | ▼ 144% |
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
03-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet €577 ▼99.6%
Net result drops to €577, the lowest in the series; recovery starts the following year.
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
31-12
Financial
Highest result since 2018net €140,597 ▲4,662%
Net result €140,597, the highest in the series.
31-12
Financial
Equity above €500,000Eq €509,203 ▲38.1%
3 profitable years in a row build equity to €509,203.
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 21 days late
2019
08-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 8 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 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
12 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, Namur · 5 establishment units since 1994
Ground area
3.8 ha
Building footprint
8,726 m²
Volume, LiDAR
1,604 m³
5 parcels, Brussels, Wallonia · tallest building 12.9 m, ±3 floors. Linked by address, not a title deed.
5 establishment units
MENUISOL
since 19942.068.467.194
Rue de l'Energie(RH) 7, 5020 Namur
since 20202.316.619.722
Théophile Vander Elststraat 88, 1170 Watermaal-Bosvoorde
since 20222.351.598.417
Menuisol SA
since 20242.365.146.050
Avenue Zénobe Gramme 15, 1300 Wavre
since 20242.365.145.951
5 parcels
Wallonia
4
(80%)
Brussels
1
(20%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 92120F0026/00A007 | Wallonia | 2.2 ha | 1 · 5,951 m² | - |
| 25006A0145/00M003 | Wallonia | 1.1 ha | 1 · 2,327 m² | - |
| 91024A0572/00G000 | Wallonia | 2,427 m² | 1 · 233 m² | - |
| 92014C0163/00S000 | Wallonia | 2,221 m² | 1 · 137 m² | 8.4 m · 2 fl. |
| 21017D0375/00G004 | Brussels | 218 m² | 1 · 77 m² | 12.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
5 of 5 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
1 categoryMENUISOL SA39072
Legal Entity Identifier
549300KY7DTWJ15CE176
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Of 1,599 companies in sector 16230 we hold annual accounts for 784. 505 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded29-09-1994
Fiscal year end31-12
Activities, NACEBEL 2025
16230Manufacture of other builders' carpentry and joinery
22240Manufacture of rubber and plastic products
Contact
E-mail
info@menuisol.be
Phone
081/43.46.04Profondeville
Fax
081/43.45.49Profondeville
Website
menuisol.beNamur
E-mail
info@mensuisol.beNamur
Website
www.menuisol.beWatermaal-Bosvoorde
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453418085
Also
9925:BE0453418085
Registered
14-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.