STATES MAN
ActiveSTATES MAN has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-42k) and a net result of €-125k. Equity is shrinking by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 9% of 4149 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
33
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-6
Solvency16▼-27
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.66 against 1.61 in 2024; short-term debt: 46.9% and cash: 0.6% of total assets), but equity is negative.
Credit advice for your own amount and term
Signals
Nine 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-9.2%
Return on assets
-27.5%
Age of the figures
15 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €-42k
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 30-01-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
4 d late
2023
23 d early
2022
1 d early
2021
40 d early
2020
on the day
2019
31 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
30-06-2026 close22-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-125k▼ 163%
2024 · €-47k
2019: €-261k
2020: €517
2021: €13k
2022: €12k
2023: €-69k
2024: €-47k
2019 → 2025
Working capital
€139k▲ 7.7%
2024 · €129k
2019: €135k
2020: €199k
2021: €231k
2022: €262k
2023: €109k
2024: €129k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€188k-€200k▲ 6.4%€131k▼ 34.7%€83k▼ 36.3%€-42k
Operating result€20k-€21k▲ 2.9%€-60k€-33k▲ 44.6%€-90k▼ 169%
Net result€13k-€12k▼ 5.3%€-69k€-47k▲ 31.6%€-125k▼ 163%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €90k in 2025 against €33k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €454k
Fixed assets
€102k▼ 13.6%
Current assets
€352k▲ 3.5%
Key figures and ratios
EBITDA
€-71k▼
2024 · €-14k
Cash flow
€-106k▼
2024 · €-28k
Solvency
-9.2%▼
2024 · 18.2%
Current ratio
1.66▲
2024 · 1.61
Quick ratio
0.10▲
2024 · 0.04
Debt / equity
-11.92▼
2024 · 4.51
ROA
-27.5%▼
2024 · -10.4%
Interest coverage
-2.03▼
2024 · -1.01
Debt
€495k▲
2024 · €375k
Debt ≤ 1 year
€213k▲
2024 · €211k
Debt > 1 year
€283k▲
2024 · €164k
Staff costs
€42k▲
2024 · €39k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€458k€454k▼
Fixed assets21/28€118k€102k▼
Tangible fixed assets22/27€75k€59k▼
Plant, machinery and equipment23€1k-
Furniture and vehicles24€41k€34k▼
Other tangible fixed assets26€33k€25k▼
Financial fixed assets28€42k€42k=
Current assets29/58€340k€352k▲
Stocks and contracts in progress3€331k€331k▲
Stocks30/36€331k€331k▲
Amounts receivable within one year40/41€100€10k▲
Trade receivables40€100€10k▲
Cash at bank and in hand54/58€2k€3k▲
Deferred charges and accrued income490/1€7k€8k▲
Equity and liabilities
Total equity and liabilities10/49€458k€454k▼
Equity10/15€83k€-42k▼
Contributions10/11€100k€100k=
Capital10€100k€100k=
Issued capital100€100k€100k=
Reserves13€10k€10k=
Non-distributable reserves130/1€10k€10k=
Legal reserve130€10k€10k=
Profit (loss) carried forward14€-27k€-152k▼
Amounts payable17/49€375k€495k▲
Amounts payable after more than one year17€164k€283k▲
Financial debts170/4€84k€62k▼
Other amounts payable178/9€80k€221k▲
Amounts payable within one year42/48€211k€213k▲
Current portion of amounts payable after more than one year42€22k€25k▲
Financial debts43€21k€45k▲
Credit institutions430/8€21k€45k▲
Trade debts44€132k€107k▼
Suppliers440/4€132k€107k▼
Taxes, remuneration and social security45€35k€36k▲
Taxes450/3€31k€31k▼
Remuneration and social security454/9€4k€5k▲
Income statement
Code20242025
Non-recurring operating income76A-€6k
Remuneration, social security and pensions62€39k€42k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€19k€18k▼
Other operating charges640/8€5k€6k▲
Gross operating margin9900€30k€-23k▼
Operating profit (loss)9901€-33k€-90k▼
Financial income75/76B-€11
Recurring financial income75-€11
Financial charges65/66B€14k€35k▲
Recurring financial charges65€14k€35k▲
Profit (loss) for the period before taxes9903€-47k€-125k▼
Profit (loss) for the period9904€-47k€-125k▼
Profit (loss) for the period to be appropriated9905€-47k€-125k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-27k€-152k▼
Profit (loss) brought forward from the previous period14P€21k€-27k▼
Social balance
Average headcount (FTE)90871.31.9▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 4 days late
2024
08-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2021
22-12
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
30-06
Financial
Highest result since 2019net €13k ▲2344%
Net result €13k, the highest in the series.
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
31-01
Financial
Back to profitnet €517
Net result €517 after one loss-making year.
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
13-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 43 days late
2016
25-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 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, Elsene · 1 establishment unit since 1997
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Louizalaan 541050 ElseneGround area
1.8 ha
Building footprint
1.7 ha
Volume, LiDAR
420,378 m³
2 parcels, Brussels · tallest building 63.3 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
Cannage Republic
since 19972.083.433.504
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21802B1669/00A000 | Brussels | 1.6 ha | 1 · 1.6 ha | 63.3 m · 7 fl. |
| 21807G0001/00L000 | Brussels | 1,625 m² | 1 · 1,286 m² | 33.9 m · 9 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
BOUTIQUE ANNE FRANCQ
BE 0478.292.548
Binche · Eq €83k
ANNEBEL
BE 0448.022.511
Londerzeel · Eq €83k
NESS ART
BE 0774.822.934
Zele · Eq €83k
FRAMATEX
BE 0443.021.368
La Hulpe · Eq €83k
FASHION ROOM
BE 0741.476.017
Oud-Turnhout · Eq €84k
Of 2,211 companies in sector 47711 we hold annual accounts for 889. 707 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded17-09-1997
Fiscal year end30-06
Activities, NACEBEL
47711Retail sale of women's outerwear
52423
47712Retail trade
47715Retail trade
47722Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 27 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.