ARE² registered office since 16-04-2015 · founded in 2015 · group ALYCHLO	total assets €75.1m (2025) 0628.649.377
Oostende Stadion registered office since 29-05-2015 · founded in 2015 · negative equity (2025) · group ALYCHLO	total assets €21.3m (2025) 0630.938.577
ARE³ Development registered office since 19-06-2020 · founded in 2020 · group ALYCHLO	turnover €6.3m (2025) 0748.761.410
A.H.H. VASTGOED registered office since 28-06-2001 · founded in 2001 · group ALYCHLO	total assets €890,649 (2025) 0475.117.678
Immo Sanglier des Ardennes registered office since 22-04-1997 · founded in 1997 · group ALYCHLO	total assets €735,847 (2025) 0460.538.875
Merleau Construct registered office since 20-04-2026	founded in 2026 1037.083.022
Merleau Land registered office since 20-04-2026	founded in 2026 1037.083.121

Earlier ties

Ceres Pharma via CRESCEMUS, at ARE³ until 2025 · Director · deed of 11-08-2020 founded in 2015 · negative equity (2025) · group Ceres Invest	37 FTE (2025)
La Réserve Management via Rio Management, at ARE³ until 2025 · Director · deed of 11-08-2022 founded in 2011 · negative equity (2024) · accounts filed late	74 FTE (2024)
miDiagnostics via CRESCEMUS, at ARE³ until 2025 · Director · deed of 26-05-2021 founded in 2015 · negative equity (2025)	54 FTE (2025)
DUMA SPORTS via Rio Management, at ARE³ until 2025 · Director · deed of 19-10-2022 founded in 2020 · negative equity (2025) · group ALYCHLO	22 FTE (2025)
CAVALLI via Rio Management, at ARE³ until 2025 · Director · deed of 18-01-2022 founded in 2022 · negative equity (2025)	4.4 FTE (2025)
Corner House via Rio Management, at ARE³ until 2025 · Director · deed of 20-03-2023 founded in 2023 · negative equity (2025)	3.3 FTE (2025)

Show 38 more earlier ties

TVH Parts Holding via AUBISQUE, no longer at TVH Parts Holding · Member of the executive committee · deed of 16-11-2015 founded in 2009 · group TVH Global	450 FTE (2025)
PAIRI DAIZA via Michael Schenck, at ARE³ until 2023 · Director · deed of 05-07-2022 founded in 1969 · group ALLARA	552 FTE (2026)
Banqup Group via CRESCEMUS, at ARE³ until 2025 · Non-executive director · deed of 08-07-2025 founded in 2006	turnover €12.9m (2025)
VERSLUYS INVEST via CRESCEMUS, at ARE³ until 2025 · Director · deed of 21-05-2024 founded in 2004	total assets €246.1m (2025)
OKU Leisure Group via CRESCEMUS (at ARE³ until 2025) and Michael Schenck (at ARE³ until 2023) · Director · deed of 24-02-2022 founded in 2016	total assets €208.6m (2025)
EnergyVision via CRESCEMUS, at ARE³ until 2025 · Onafhankelijk bestuurder in de raad van bestuur · deed of 13-05-2019 founded in 2014 · group MDM HOLDING	163 FTE (2025)
ECUPHAR via Michael Schenck, at ARE³ until 2023 · Director · deed of 23-09-2016 founded in 2001	21 FTE (2025)
Triginta via CRESCEMUS, at ARE³ until 2025 · Director · deed of 07-01-2022 founded in 2017	total assets €128.9m (2025)
Ekopak via CRESCEMUS, at ARE³ until 2025 · Non-executive director · deed of 26-03-2021 founded in 1997 · group ALYCHLO	122 FTE (2025)
ROYAL SPORTING CLUB ANDERLECHT via Michael Schenck, at ARE³ until 2023 · Director · deed of 02-05-2018 founded in 2010 · group ALYCHLO	166 FTE (2025)
ARE² via CRESCEMUS, at ARE³ until 2025 · Director · deed of 28-10-2021 founded in 2015 · group ALYCHLO	total assets €75.1m (2025)
SDA Group via CRESCEMUS, at ARE³ until 2025 · Director · deed of 04-07-2023 founded in 2023 · group ALYCHLO	total assets €52.0m (2025)
PADELWORLD via Rio Management, at ARE³ until 2025 · Class A director · deed of 26-07-2022 founded in 2021 · group ALYCHLO	3.5 FTE (2025)
THE FLOW GROUP via Michael Schenck, at ARE³ until 2023 · Class A director · deed of 08-04-2026 founded in 2024	turnover €2.9m (2025)
FM-A INVEST via Rio Management, at ARE³ until 2025 · Director · deed of 20-05-2026 founded in 1997 · group Monument Assurance Belgium	total assets €11.8m (2025)
OPTION via CRESCEMUS, at ARE³ until 2025 · Director · deed of 27-12-2019 founded in 1986	16 FTE (2025)
ARE³ Development via Rio Management (at ARE³ until 2025) and CRESCEMUS (at ARE³ until 2025) · deeds of 05-09-2022 and 23-06-2020 founded in 2020 · group ALYCHLO	turnover €6.3m (2025)
ATCARS via CRESCEMUS, at ARE³ until 2025 · Director · deed of 07-07-2025 founded in 2019	total assets €5.4m (2025)
Scelta Invest via Michael Schenck, at ARE³ until 2023 · Director · deed of 02-05-2025 founded in 2025	total assets €4.9m (2025)
Arenal Immo Holding via Rio Management, at ARE³ until 2025 · Director · deed of 27-09-2024 founded in 2024 · group ALYCHLO	total assets €4.3m (2025)
SnowWorld International via CRESCEMUS, at ARE³ until 2025 · Director · deed of 10-12-2025 founded in 2019	total assets €4.3m (2025)
xelsia capital via Michael Schenck, at ARE³ until 2023 · Director · deed of 12-10-2021 founded in 2020	total assets €4.2m (2025)
DURBUY SHOPPING via CRESCEMUS, at ARE³ until 2025 · Director · deed of 03-09-2021 founded in 2010 · group ALYCHLO	1.3 FTE (2025)
ZOUTE GRAND PRIX via CRESCEMUS, at ARE³ until 2025 · Director · deed of 08-07-2025 founded in 2010	3.1 FTE (2025)
LEDAP via Rio Management, at ARE³ until 2025 · Director · deed of 28-10-2022 founded in 2014 · group ALYCHLO	14 FTE (2025)
SCELTA MOBILITY via Michael Schenck, at ARE³ until 2023 · Director · deed of 10-07-2025 founded in 2013	9.6 FTE (2025)
RIANT SEJOUR via Rio Management, at ARE³ until 2025 · Managing director · deed of 13-07-2022 founded in 1975	total assets €1.7m (2025)
STOETEL via Rio Management, at ARE³ until 2025 · Director · deed of 22-08-2022 founded in 2020 · group ALYCHLO	8.7 FTE (2025)
Forstrom via Michael Schenck, at ARE³ until 2023 · Director (not named in the articles) · deed of 06-11-2024 founded in 2024	total assets €459,765 (2025)
RSC Anderlecht Events via Michael Schenck, at ARE³ until 2023 · Director · deed of 17-05-2018 founded in 1988 · group ALYCHLO	1.1 FTE (2025)
CENTRE DE SKI d'ANDERLECHT - SKICENTRUM ANDERLECHT via Michael Schenck, at ARE³ until 2023 · Managing director · deed of 22-03-2021 founded in 1989 · group ALYCHLO	total assets €39,818 (2025)
Brucargo Logistics via Rio Management, at ARE³ until 2025 · Director · deed of 29-04-2026	founded in 2026
Forino Climbing Partners via Michael Schenck, at ARE³ until 2023 · Class A director · deed of 18-07-2025	founded in 2025
WATER-AS-A-SERVICE via CRESCEMUS, at ARE³ until 2025 · Director · deed of 20-07-2020 No longer active	total assets €7.1m (2021)
Grumpie via Rio Management, at ARE³ until 2025 · Director · deed of 28-10-2022 No longer active	9.7 FTE (2022)
Niezel via Rio Management, at ARE³ until 2025 · Director · deed of 28-10-2022 No longer active	4.7 FTE (2022)
OTRA SOLUTIONS via Michael Schenck, at ARE³ until 2023 · Director · deed of 28-05-2021 No longer active	total assets €623,045 (2024)
Lanto via Rio Management, at ARE³ until 2025 · Director · deed of 20-10-2022 No longer active	2.9 FTE (2022)

Holdings and subsidiaries

6 holdings

Share, source and own figures per holding (6)

Source for every holding own accounts 2025

A.H.H. VASTGOEDsubsidiary
Equity €818,757 Loss of €231,006 in 2025 (loss of €318,092 in 2024) Checked score 94

100%
Désirée Durbuysubsidiary
Equity €774,298 Loss of €229,180 in 2025 (loss of €185,964 in 2024) Checked score 64

100%
Désirée Oostende
Equity -€98,495 Loss of €106,459 in 2025 (loss of €146,979 in 2024) Checked score 51

50%
miVXBuilding
Equity €757,801 Loss of €5,185 in 2025 (loss of €186,089 in 2024) Checked score 91
Alsodeed 15-04-2024

50%
Résidence du Sanglier
Equity €849,223 Loss of €45,363 in 2025 (loss of €42,698 in 2024) Checked score 84

50%
Real Estate Durbuy
Equity €12.7m Loss of €104,808 in 2025 (loss of €108,738 in 2024) Checked score 82

28.08%

Former holdings (2)

BELGACUR RESOURCES S.A R.L.
Sourcedeed 24-12-2018

100%
M.S. DURBUY
Sourcedeed 14-09-2020

100%

Holdings through the years 2017 to 2025

Holdings through the years
Name	2017	2018	2019	2020	2021	2024
A.H.H. VASTGOED 2021 to 2025: 100%					100%
Désirée Durbuy 2019 to 2023: 50% 2024 to 2025: 100%			50%			100%
Désirée Oostende 2021 to 2025: 50%					50%
miVXBuilding 2024 to 2025: 50%						50%
Résidence du Sanglier 2020 to 2025: 50%				50%
Real Estate Durbuy 2024 to 2025: 28.08%						28.08%
Orava 2018: 55% 2019 to 2023: 100%		55%	100%
Durbuy Music 2020 to 2023: 50%				50%
AU SAINT-AMOUR 2019 to 2020: 100%			100%
THIRY ET CIE 2019 to 2020: 100%			100%
Belgacur ResourcesLU 2017: 100%	100%
Immo Sanglier des Ardennes 2017: 100%	100%
RECODE 2017: 100%	100%
SANGHOLD 2017: 100%	100%
SANGLIER DES ARDENNES BY BRU 2017: 100%	100%
SDA HOLDING 2017: 50%	50%
MANICA 2017: 45%	45%

Source: list of holdings in its own accounts

Acquisitions and mergers

5 transactions

Took over:THIRY ET CIE

BE 0475.384.726merger by absorption · Gazette deed of 11-01-2022 (4 deeds) · effective 06-12-2021 · according to the KBO register since 06-12-2021

Took over:M.S. Durbuy

BE 0477.406.779operation treated as a merger by absorption · Gazette deed of 14-09-2020 (4 deeds) · effective 23-07-2020 · according to the KBO register since 23-07-2020

Took over:Belgacur Resources

BE 0459.176.224merger by absorption · Gazette deed of 24-12-2018 (4 deeds) · according to the KBO register since 22-11-2018

Took over:MANICA

BE 0870.902.523operation treated as a merger by absorption · Gazette deed of 29-08-2018 (4 deeds) · according to the KBO register since 31-07-2018

Took over:RECODE

BE 0444.535.756operation treated as a merger by absorption · Gazette deed of 29-08-2018 (4 deeds) · effective 31-07-2018 · according to the KBO register since 31-07-2018

Connections & network

7 connected companies

Depth

Shared directorsBundled connections

This company Company Director Shareholding +N: links not shown yet

Linked via shared directors

Mithra Pharmaceuticals

via AUBISQUE · Non-executive director · deed of 12-06-2019

Open bankruptcy · founded in 1999 · turnover €23.3m (2022)

→

H4PE Oracle

via AUBISQUE and CRESCEMUS (at ARE³ until 2025) · deed of 17-02-2025

Founded in 2024 · total assets €1,200 (2025) · negative equity · group ALYCHLO

→

FAGRON

via AUBISQUE and Michael Schenck (at ARE³ until 2023) · Director · deed of 27-06-2016

Founded in 2007 · total assets €606.0m (2025)

→

WP Real Estate

via AUBISQUE and Rio Management (at ARE³ until 2025) · Class B director · deed of 15-06-2023

Founded in 2023 · total assets €20.1m (2025)

→

Show 3 more companies with a shared director

Nothing happens without YOU

via AUBISQUE · Class A director · deed of 08-12-2021

Founded in 2021 · total assets €7.2m (2025) · group ALYCHLO

→

MD Pharma

via AUBISQUE and Michael Schenck (at ARE³ until 2023) · deed of 20-12-2016

Founded in 2016 · total assets €2.7m (2025) · group Ceres Invest

→

Durbuy Music

via AUBISQUE · Class A director · deed of 25-05-2020

Founded in 2020 · total assets €1.3m (2025)

→

Holdings

Belgium 6 Equity Result

Parent

At the same address

Earlier ties

Holdings and subsidiaries

Holdings 6

Acquisitions and mergers

Connections & network