MANGROVE TREE

Active

Private limited companyfounded 201412 yrs activeKarperbrug 13, 1000 Brussel, BelgiumKBO/BCE: BE 0546.811.764

The computed 12-month bankruptcy probability of MANGROVE TREE is 3.8% (moderate). The 2024 annual accounts show equity of €340k and a net result of €199k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 59% of 1762 sector peers (fiscal year 2024). The company has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals.

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Checked score

Score 2024

59 / 100

Fair

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability92▲+18

Solvency57▲+21

Growth85=

Track record100

Bankruptcy probability, 12 months

3.8% Moderate

0%0.5%1.5%4%10%≥ 25%

Credit up to €20k at 30 days acceptable

Liquidity ample (current ratio 1.63 against 1.22 in 2023; short-term debt: 26.4% and cash: 4.9% of total assets), but 67.5% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 56

Relative position

BE, all sectors

reference

Sector 56

higher

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Growing equity

Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.

NBB · annual accounts 2024

Equity per financial year

18192021222324

2018 to 2024 · latest year €340k

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 14-10-2025, 75 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 filings

Deviation from the deadline

2025

not confirmed

2024

75 d late

2023

75 d late

2022

72 d late

2021

31 d late

2020

125 d late

2019

119 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€1.85M▲ 43.4%

2018 · €1.29M

2018: €1.29M

2018 → 2019

EBIT margin

14.5%▲ 10.5pp

2018 · 4.0%

2018: 4.0%

2018 → 2019

Net result

€199k▲ 289%

2023 · €51k

2018: €1k 2019: €146k 2020: €-329k 2021: €201k 2022: €12k 2023: €51k

2018 → 2024

Working capital

€174k▲ 27.1%

2023 · €137k

2018: €-254k 2019: €-125k 2020: €-361k 2021: €-71k 2022: €63k 2023: €137k

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Equity€-123k-€78k€90k▲ 15.2%€141k▲ 56.6%€340k▲ 141%

Operating result€-290k-€184k€29k▼ 84.1%€122k▲ 315%€312k▲ 156%

Net result€-329k-€201k€12k▼ 94.1%€51k▲ 330%€199k▲ 289%

Result per fiscal year

Operating resultNet result

After the dip in 2022 the operating result has climbed two years in a row; 2024 is 156% above 2023 and is the highest result in the available series.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €1.05M

57.0%

43.0%

Fixed assets €598k▲ 10.6%

Current assets €451k▼ 40.3%

Equity and liabilities €1.05M

32.5%

67.5%

Equity €340k▲ 141%

Debt €708k▼ 38.7%

The debt ratio falls from 89.1% to 67.5%. Equity is higher and debt is lower.

Key figures and ratios

2024 value · change against 2023

EBITDA

€364k▲

2023 · €224k

Cash flow

€251k▲

2023 · €153k

Solvency

32.5%▲

2023 · 10.9%

Current ratio

1.63▲

2023 · 1.22

Quick ratio

1.60▲

2023 · 1.20

Debt / equity

2.08▼

2023 · 8.16

ROE

58.5%▲

2023 · 36.1%

ROA

19.0%▲

2023 · 3.9%

Interest coverage

18.69▲

2023 · 10.25

Debt

€708k▼

2023 · €1.15M

Debt ≤ 1 year

€277k▼

2023 · €619k

Debt > 1 year

€431k▼

2023 · €466k

Income taxes

€94k▲

2023 · €49k

Staff costs

€415k▼

2023 · €428k

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 · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€1.30M€1.05M▼

Fixed assets21/28€540k€598k▲

Intangible fixed assets21€4k€3k▼

Tangible fixed assets22/27€532k€590k▲

Land and buildings22€502k€487k▼

Plant, machinery and equipment23€8k€6k▼

Furniture and vehicles24€21k€97k▲

Financial fixed assets28€4k€4k=

Current assets29/58€755k€451k▼

Amounts receivable after more than one year29€195k€115k▼

Other amounts receivable291€195k€115k▼

Stocks and contracts in progress3€12k€8k▼

Stocks30/36€12k€8k▼

Amounts receivable within one year40/41€395k€274k▼

Trade receivables40€229k-

Other amounts receivable41€166k€274k▲

Cash at bank and in hand54/58€154k€52k▼

Deferred charges and accrued income490/1-€2k

Equity and liabilities

Total equity and liabilities10/49€1.30M€1.05M▼

Equity10/15€141k€340k▲

Contributions10/11€19k€19k=

Capital10€19k€19k=

Issued capital100€19k€19k=

Reserves13€2k€2k=

Non-distributable reserves130/1€2k€2k=

Legal reserve130€2k€2k=

Profit (loss) carried forward14€121k€320k▲

Amounts payable17/49€1.15M€708k▼

Amounts payable after more than one year17€466k€431k▼

Financial debts170/4€466k€431k▼

Amounts payable within one year42/48€619k€277k▼

Current portion of amounts payable after more than one year42€61k€49k▼

Trade debts44€136k€9k▼

Suppliers440/4€136k€9k▼

Taxes, remuneration and social security45€182k€219k▲

Taxes450/3€86k€154k▲

Remuneration and social security454/9€96k€65k▼

Other amounts payable47/48€240k€621▼

Accrued charges and deferred income492/3€69k-

Income statement Code20232024

Non-recurring operating income76A€761€31k▲

Remuneration, social security and pensions62€428k€415k▼

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€102k€52k▼

Other operating charges640/8€15k€23k▲

Non-recurring operating charges66A€23k-

Gross operating margin9900€690k€802k▲

Operating profit (loss)9901€122k€312k▲

Financial income75/76B€0€55▲

Recurring financial income75€0€55▲

Financial charges65/66B€22k€19k▼

Recurring financial charges65€22k€19k▼

Profit (loss) for the period before taxes9903€100k€292k▲

Income taxes67/77€49k€94k▲

Profit (loss) for the period9904€51k€199k▲

Profit (loss) for the period to be appropriated9905€51k€199k▲

Appropriation of the result

Profit (loss) to be appropriated9906€121k€320k▲

Profit (loss) brought forward from the previous period14P€70k€121k▲

Social balance

Average headcount (FTE)908711.312.2▲

The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 15Financial 5Filings 10

2025

14-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 75 days late

2024

31-12

Financial Equity above €200kEq €340k ▲141%

4 profitable years in a row build equity to €340k.

14-10

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 75 days late

2023

31-12

Financial Equity above €100kEq €141k ▲56.6%

3 profitable years in a row build equity to €141k.

11-10

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 72 days late

2022

31-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 31 days late

2021

31-12

Financial Back to profitnet €201k

Net result €201k after one loss-making year.

03-12

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 125 days late

2020

31-12

Financial Weakest financial yearnet €-329k ▼326%

Net result drops to €-329k, the lowest in the series; recovery starts the following year.

27-11

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 119 days late

2019

31-12

Financial Equity above €200kEq €206k ▲241%

2 profitable years in a row build equity to €206k.

02-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 2 days late

2018

20-11

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 112 days late

2017

20-09

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 51 days late

24-03

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 236 days late

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

no sitting director, no change since 2022

We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.

01-02-2022 Resigned as Director

Location & real-estate footprint

Registered office, Brussel · 2 establishment units since 2014

establishment All 2 establishment units on the map

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.

Karperbrug 131000 Brussel

Ground area

127 m²

Building footprint

104 m²

Volume, LiDAR