MANUEL
ActiveMANUEL has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-203k) and a net result of €51k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 8578 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-100
Solvency67=
Growth58▲+26
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
balance sheet total too small for a liquidity verdict, and equity is negative.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Sector 70
lower
← 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
-1.3%
Return on assets
0.3%
Age of the figures
8 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 8578 sector peers (2025).
NBB · sector comparisonPosition among 8578 sector peers
Solvency
better than 9%
← 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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
28 d late
2023
29 d late
2022
23 d late
2021
3 d early
2020
24 d late
2019
27 d late
← before the deadline
after the deadline →
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
12-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€38k
EBIT margin
-13.0%
Net result
€51k
2024 · €-414k
2018: €2k
2019: €-23k
2020: €-9k
2021: €1k
2022: €-5k
2023: €-220k
2024: €-414k
2018 → 2025
Working capital
€10.50M▲ 3.0%
2024 · €10.19M
2018: €1.73M
2019: €1.24M
2020: €7.91M
2021: €8.08M
2022: €11.39M
2023: €10.69M
2024: €10.19M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€385k-€380k▼ 1.3%€160k▼ 58.0%€-254k€-203k▲ 20.3%
Operating result€-10k-€100k€-77k€-402k▼ 419%€83k
Net result€1k-€-5k€-220k▼ 4,470%€-414k▼ 87.8%€51k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €83k after a loss of €402k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.10M
Fixed assets
€4.60M▼ 2.0%
Current assets
€10.50M▲ 3.1%
Key figures and ratios
EBITDA
€179k▲
2024 · €-297k
Cash flow
€148k▲
2024 · €-309k
Solvency
-1.3%▲
2024 · -1.7%
Debt / equity
-75.46▼
2024 · -59.53
ROE
-25.4%▼
2024 · 162.8%
ROA
0.3%▲
2024 · -2.8%
Interest coverage
0.95▲
2024 · -1.63
Debt
€15.29M▲
2024 · €15.13M
Debt ≤ 1 year
€5k▲
2024 · €4k
Debt > 1 year
€15.29M▲
2024 · €15.12M
A ratio outside any meaningful range has been withheld (balance sheet total €15.10M, equity €-203k).
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€14.88M€15.10M▲
Fixed assets21/28€4.69M€4.60M▼
Tangible fixed assets22/27€4.19M€4.10M▼
Land and buildings22€4.19M€4.09M▼
Plant, machinery and equipment23€4k€3k▼
Financial fixed assets28€503k€503k=
Current assets29/58€10.19M€10.50M▲
Stocks and contracts in progress3€1.55M€1.79M▲
Stocks30/36€1.55M€1.79M▲
Amounts receivable within one year40/41€717k€355k▼
Other amounts receivable41€717k€355k▼
Current investments50/53€6.04M€7.17M▲
Cash at bank and in hand54/58€1.55M€1.01M▼
Deferred charges and accrued income490/1€337k€171k▼
Equity and liabilities
Total equity and liabilities10/49€14.88M€15.10M▲
Equity10/15€-254k€-203k▲
Contributions10/11€399k€399k=
Reserves13€71k€70k▼
Tax-exempt reserves132€27k€25k▼
Distributable reserves133€45k€45k=
Profit (loss) carried forward14€-725k€-671k▲
Provisions and deferred taxes16€10k€9k▼
Deferred taxes168€10k€9k▼
Amounts payable17/49€15.13M€15.29M▲
Amounts payable after more than one year17€15.12M€15.29M▲
Financial debts170/4€11.76M€11.93M▲
Other amounts payable178/9€3.36M€3.36M=
Amounts payable within one year42/48€4k€5k▲
Trade debts44€4k€5k▲
Suppliers440/4€4k€5k▲
Accrued charges and deferred income492/3€7k€890▼
Income statement
Code20242025
Non-recurring operating income76A€151k€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€105k€96k▼
Other operating charges640/8€14k€19k▲
Non-recurring operating charges66A€584k€0▼
Gross operating margin9900€301k€198k▼
Operating profit (loss)9901€-402k€83k▲
Financial income75/76B€169k€157k▼
Recurring financial income75€169k€157k▼
Financial charges65/66B€182k€189k▲
Recurring financial charges65€182k€189k▲
Profit (loss) for the period before taxes9903€-414k€51k▲
Transfer from deferred taxes780€650€650=
Profit (loss) for the period9904€-414k€51k▲
Transfer from tax-exempt reserves789€2k€2k=
Profit (loss) for the period to be appropriated9905€-412k€53k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-725k€-671k▲
Profit (loss) brought forward from the previous period14P€-313k€-725k▼
Social balance
Average headcount (FTE)90870.00.0=
The notes to these accounts (15 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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Back to profitnet €51k
Net result €51k after 3 loss-making years.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-414k
Net result drops to €-414k, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 29 days late
2023
31-12
Financial
Liquidity times 44current ratio 4183.26
Current ratio from 95.14 to 4183.26; short-term debt falls from €121k to €3k.
23-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 23 days late
2022
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €1k
Net result €1k after 2 loss-making years.
31-12
Financial
Equity above €200kEq €385k ▲147%
Equity rises from €155k to €385k.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 24 days late
2020
31-12
Financial
Liquidity times 51current ratio 1224.82
Current ratio from 23.91 to 1224.82; short-term debt falls from €54k to €6k.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 27 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 22 days late
2017
06-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Geraardsbergen · 1 establishment unit since 2015
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.
Idegemplein(Ide) 199506 GeraardsbergenGround area
2,282 m²
Building footprint
162 m²
Volume, LiDAR
1,645 m³
Parcel 41031B0023/00D000, Flanders · tallest building 13.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MANUEL
since 20152.248.132.475
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41031B0023/00D000 | Flanders | 2,282 m² | 1 · 162 m² | 13.8 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel 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
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GIDO
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DERT13N
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DONT
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TENCES
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Of 5,668 companies in sector 70100 we hold annual accounts for 3,479. 2,352 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded31-08-2015
Fiscal year end31-12
Activities, NACEBEL
70100Activities of head offices
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
70200Business and other management consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 10-09-2026. Scores and ratios are computed by Checked and are not a credit decision.