Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 1 of the last 4 fiscal years.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
-
Tight liquidity NBB
Cash and receivables cover 6 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
STATES MAN from Elsene, company number BE0461455427, closed financial year 2025 with a result of € -124,681 after tax. For that financial year STATES MAN recorded a gross margin of € -23,077 and equity of € -41,551. Compared with financial year 2024, the result moved from € -47,410 to € -124,681. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on January 30, 2026.
€ -41,551
▼ € 124,681 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -124,681
▼ 163 % more loss than in 2024
Profit after tax over the fiscal year.
€ 2,907
▲ 54% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -141,551.
People and assets in 2025
1.9
▲ 0.6 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 42,058
▲ 8% vs 2024
€ 22,100 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.
€ 33,698
▼ 18% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 131,847
▲ 4% vs 2024
€ 25,039 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 106,713
▼ 19% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 35,780
▲ 1% vs 2024
Taxes, VAT and social contributions still to pay.
Want to see how much further we take a dossier in the Pro version? Open the free De Lijn example and give feedback →
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 99,656 | € 11,044 | € 29,722 | € -23,077 | ▼ € 52,799 |
| Profit after taxes | € 11,962 | € -69,344 | € -47,410 | € -124,681 | ▼ € 77,271 |
| Equity | € 199,884 | € 130,540 | € 83,130 | € -41,551 | ▼ € 124,681 |
| Total debts | € 463,505 | € 419,852 | € 374,521 | € 495,142 | ▲ 32% |
| Cash | € 10,697 | € 8,224 | € 1,893 | € 2,907 | ▲ 54% |
| Retained profit | € 99,884 | € 30,540 | € -16,870 | € -141,551 | ▼ € 124,681 |
| Bank debt | € 199,191 | € 178,398 | € 127,281 | € 131,847 | ▲ 4% |
| Balance sheet total | € 663,389 | € 550,392 | € 457,651 | € 453,591 | ▼ 1% |
| Employees (FTE) | 2.5 | 2.1 | 1.3 | 1.9 | ▲ 0.6 |
Key figures of STATES MAN, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to STATES MAN?
What happened at STATES MAN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Koba NARIMANIDZE stepped down as director. NBB
- Aliya BANDALI stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 124,681. Source: NBB ↗
- Koba NARIMANIDZE became a director. NBB
- Aliya BANDALI became a director. NBB
- New establishment in Brussel. KBO
- Start of the company according to the CBE. KBO
In short
From € 11,962 profit in 2022 to € 124,681 loss in 2025.
Best year ever: 2022, with € 11,962 profit.
On average € 22,900 of value added per employee in 2024.
A new publication or filing at STATES MAN? We notify you, reason included.
Follow STATES MANDatabakkes Pro
Know what changes at your customers, suppliers and competitors. Without reading an annual account.
- Follow them in one folder Every company in your folder gets this full dossier: household book, all fiscal years, benchmark against companies of the same size.
- We alert you, with the reason New annual account, Official Gazette publication or status change: you get what changed and where it says so.
- In bulk too, and in ChatGPT and Claude Upload your customer list and get the warning signs back per company. Or ask in your own AI assistant, with this register as the source.
Databakkes Pro is being built. Sign up now and you are first in line for an invitation, with a month to try without a credit card.
De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Directors
According to the 2025 annual accounts
Koba NARIMANIDZE
Director
since 2024 · until 2030
since 2024 · until 2030
Establishments
Establishment units
Physical locations of this company
Louizalaan 54
1050 Elsene
Nieuwstraat 123 box 244
1000 Brussel
Active since 23 September 1997
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0461.455.427
- VAT number
- BE 0461.455.427
- Registered office
- Louizalaan 54, 1050 Elsene
- Names & denominations
- STATES MAN
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 17 September 1997
- Peppol
- Active · Active since 11 Oct 2025
- Activities · NACE
Detailhandel in damesbovenkleding
Detailhandel in bovenkleding voor dames
Detailhandel in herenbovenkleding
Detailhandel in kledingaccessoires
Detailhandel in lederwaren en reisartikelen