MENAPY
ActiveMENAPY has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.72M and a net result of €1.12M. Equity is growing by ~16.4% per year across the filed fiscal years. Its solvency ranks better than 70% of 179 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
75
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability45▲+29
Solvency86▲+30
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €350k at 30 days acceptable
Liquidity ample (current ratio 6.78 against 1.33 in 2024; short-term debt: 7.5% and cash: 12.6% of total assets), and 38.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 74
Relative position
BE, all sectors
reference
Sector 74
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
61.4%
Return on assets
14.6%
Age of the figures
9 mo
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 14-07-2026, 17 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
17 d early
2024
44 d early
2023
40 d late
2022
59 d late
2021
31 d late
2020
8 d early
2019
58 d early
← 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
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.12M
2024 · €-209k
2018: €-284k
2019: €-239k
2020: €125k
2021: €22k
2022: €-127k
2023: €-424k
2024: €-209k
2018 → 2025
Working capital
€3.32M▲ 450%
2024 · €604k
2018: €73k
2019: €343k
2020: €-81k
2021: €351k
2022: €-251k
2023: €1.09M
2024: €604k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€3.75M-€4.23M▲ 12.8%€3.81M▼ 10.0%€3.60M▼ 5.5%€4.72M▲ 31.2%
Operating result€-50k-€-368k▼ 632%€-106k▲ 71.1%€-305k▼ 187%€198k
Net result€22k-€-127k€-424k▼ 234%€-209k▲ 50.7%€1.12M
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €198k after a loss of €305k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.69M
Fixed assets
€3.80M▼ 58.3%
Current assets
€3.89M▲ 59.1%
Equity and liabilities €7.69M
Equity
€4.72M▲ 31.2%
Debt
€2.97M▼ 62.7%
The debt ratio falls from 68.9% to 38.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€198k▲
2024 · €-305k
Cash flow
€1.12M▲
2024 · €-209k
Solvency
61.4%▲
2024 · 31.1%
Current ratio
6.78▲
2024 · 1.33
Quick ratio
6.78▲
2024 · 1.33
Debt / equity
0.63▼
2024 · 2.21
ROE
23.8%▲
2024 · -5.8%
ROA
14.6%▲
2024 · -1.8%
Interest coverage
0.97▲
2024 · -1.19
Debt
€2.97M▼
2024 · €7.96M
Debt ≤ 1 year
€574k▼
2024 · €1.84M
Debt > 1 year
€2.38M▼
2024 · €6.05M
Income taxes
€-418
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€11.56M€7.69M▼
Fixed assets21/28€9.11M€3.80M▼
Tangible fixed assets22/27€425€48▼
Furniture and vehicles24€425€48▼
Financial fixed assets28€9.11M€3.80M▼
Current assets29/58€2.45M€3.89M▲
Amounts receivable within one year40/41€642k€476k▼
Trade receivables40€418k€400k▼
Other amounts receivable41€224k€76k▼
Current investments50/53-€1.40M
Cash at bank and in hand54/58€534k€970k▲
Deferred charges and accrued income490/1€1.27M€1.04M▼
Equity and liabilities
Total equity and liabilities10/49€11.56M€7.69M▼
Equity10/15€3.60M€4.72M▲
Contributions10/11€4.73M€4.73M=
Capital10€4.73M€4.73M=
Issued capital100€4.73M€4.73M=
Profit (loss) carried forward14€-1.14M€-13k▲
Amounts payable17/49€7.96M€2.97M▼
Amounts payable after more than one year17€6.05M€2.38M▼
Financial debts170/4€5.85M€2.38M▼
Other amounts payable178/9€200k-
Amounts payable within one year42/48€1.84M€574k▼
Current portion of amounts payable after more than one year42€1.01M€502k▼
Trade debts44€476k€70k▼
Suppliers440/4€476k€70k▼
Taxes, remuneration and social security45-€2k
Taxes450/3-€2k
Other amounts payable47/48€353k€10▼
Accrued charges and deferred income492/3€66k€13k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€524€377▼
Other operating charges640/8€990€1k▲
Gross operating margin9900€-304k€200k▲
Operating profit (loss)9901€-305k€198k▲
Financial income75/76B€352k€1.13M▲
Recurring financial income75€348k€1.12M▲
Non-recurring financial income76B€4k€9k▲
Financial charges65/66B€256k€205k▼
Recurring financial charges65€256k€205k▼
Profit (loss) for the period before taxes9903€-209k€1.12M▲
Income taxes67/77-€-418
Profit (loss) for the period9904€-209k€1.12M▲
Profit (loss) for the period to be appropriated9905€-209k€1.12M▲
Appropriation of the result
Profit (loss) to be appropriated9906€-1.14M€-13k▲
Profit (loss) brought forward from the previous period14P€-926k€-1.14M▼
The notes to these accounts (14 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
07-09
State Gazette act
Capital & sharesGeneral meeting · Capital decrease · Capital4 facts ▸
State Gazette act
Capital & shares
General meeting · Capital decrease · Capital4 facts ▸
- General meeting, 2026-08-13
- Capital decrease, €4.658.255
- Capital, €75.000
- Statutes amendment
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €1.12M
Net result €1.12M after 3 loss-making years.
31-12
Financial
Liquidity times 5current ratio 6.78
Current ratio from 1.33 to 6.78; short-term debt falls from €1.84M to €574k.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
09-09
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 40 days late
2023
31-12
Financial
Weakest financial yearnet €-424k
Net result drops to €-424k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity triplescurrent ratio 2.06
Current ratio from 0.73 to 2.06.
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 59 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 31 days late
2021
31-12
Financial
Liquidity times 5current ratio 1.90
Current ratio from 0.42 to 1.90.
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €125k
Net result €125k after 2 loss-making years.
31-12
Financial
Equity above €2MEq €2.13M ▲112%
Equity rises from €1.00M to €2.13M.
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €1MEq €1.00M ▲997%
Equity rises from €91k to €1.00M.
18-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
11 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Lede · 1 establishment unit since 2017
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.
Stationsstraat 39340 LedeGround area
2,127 m²
Building footprint
258 m²
Volume, LiDAR
2,612 m³
Parcel 41034F0722/00H004, Flanders · tallest building 15.8 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
MENAPY
since 20172.266.102.617
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41034F0722/00H004 | Flanders | 2,126 m² | 1 · 258 m² | 15.8 m · 4 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.
1 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Public money · subsidies and aid
Flemish government
2023 to 2024 · 2 entries · 6,150 EUR awarded · 6,150 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 4,500 EUR | 4,500 EUR |
| 2023 | 1 | 1,650 EUR | 1,650 EUR |
Schemes
Subsidies voor internationaal ondernemen
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 4,567 companies in sector 74999 we hold annual accounts for 1,938. 290 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded05-07-2017
Fiscal year end31-12
Activities, NACEBEL
74909Other professional, scientific and technical activities
74999Other professional, scientific and technical activities
64200Holdings
64210Activities of holding companies
70200Business and other management consultancy
70220Business consulting
82990Other business support services
Sources
Crossroads Bank for EnterprisesNational Bank · 8 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.
Contact details
2 entriesWebsite:www.menapy.com
E-mail:info@menapy.com