Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Board fully replaced NBB
No director from three years ago is still active according to annual account 2025.
Financials
Financial year 2025
Manthydro from Flémalle, company number BE0403965111, closed financial year 2025 with a result of € 8,031 after tax. For that financial year Manthydro recorded a gross margin of € 492,587 and equity of € 803,314. Compared with financial year 2024, the result moved from € 44,892 to € 8,031. The company is profitable. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 30, 2026.
€ 803,314
▼ 40% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 8,031
▼ 82% vs 2024
Profit after tax over the fiscal year.
€ 150,958
▼ 16% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 140,000 paid out
More than the year’s profit went to the shareholders; reserves fell.
People and assets in 2025
5
▲ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 341,788
▲ 15% vs 2024
€ 68,400 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 2,576
▲ 189% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 717,154
▼ 18% vs 2024
€ 82,230 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.
€ 137,724
▼ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 67,604
▼ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 619,963 | € 550,248 | € 593,980 | € 492,587 | ▼ 17% |
| Profit after taxes | € 37,473 | € 29,761 | € 44,892 | € 8,031 | ▼ 82% |
| Equity | € 1,269,045 | € 1,298,806 | € 1,343,698 | € 803,314 | ▼ 40% |
| Total debts | € 1,440,772 | € 1,251,826 | € 1,137,578 | € 1,062,482 | ▼ 7% |
| Cash | € 75,172 | € 86,545 | € 179,349 | € 150,958 | ▼ 16% |
| Land & buildings | € 1,359,339 | € 1,243,340 | € 1,127,340 | € 688,705 | ▼ 39% |
| Retained profit | € 1,207,045 | € 1,236,806 | € 1,281,698 | € 741,814 | ▼ 42% |
| Dividend | € 0 | € 0 | € 0 | € 140,000 | |
| Bank debt | € 1,182,775 | € 1,021,267 | € 873,820 | € 717,154 | ▼ 18% |
| Balance sheet total | € 2,709,817 | € 2,550,632 | € 2,481,276 | € 1,865,795 | ▼ 25% |
| Employees (FTE) | 8 | 5.5 | 4.9 | 5 | ▲ 0.1 |
Key figures of Manthydro, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Manthydro?
What happened at Manthydro in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Luc GASPARD stepped down as director. NBB
- Patrice BEAUPAIN stepped down as director. NBB
- Noémie AQUILINA stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 8,031 (▼ 82% vs 2024). Source: NBB ↗
- AMPLIFICO SRL became a director. NBB
- Luc GASPARD became a director. NBB
- Patrice BEAUPAIN became a director. NBB
- Noémie AQUILINA became a director. NBB
In short
From € 37,473 profit in 2022 to € 8,031 profit in 2025.
Paid € 41,313 in corporate taxes since 2022.
Best year ever: 2024, with € 44,892 profit.
On average € 98,500 of value added per employee in 2025.
Management
The stake of ARMANOFRE Finances comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
ManthydroBehind Manthydro is AMPLIFICO SRL. The shares are held by ARMANOFRE Finances (95%).
Directors
According to the 2025 annual accounts
Directeur général · represented by Patrick VANDEVENNE
since 2025
Luc GASPARD
Director
Also active at: Conseils, Gestion, Organisation, ARMANOFRE Finances, New DEBOUNY, AGM
since 2021 · until 2027
since 2021 · until 2027
since 2021 · until 2027
Shareholders
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Rue de la Digue 4
4400 Flémalle
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0403.965.111
- VAT number
- BE 0403.965.111
- Registered office
- Rue de la Digue 4, 4400 Flémalle
- Names & denominations
- Manthydro
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 January 1968
- Peppol
- Active · Active since 20 Nov 2020
- Contact
- [email protected] 04/233.96.20
- Activities · NACE
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