MAN & SCIENCE

Active

Public limited companyfounded 201115 yrs activeBoulevard de Patience et Beaujonc 3, 4000 Liège, BelgiumKBO/BCE: BE 0837.403.770

Summary

The annual accounts of MAN & SCIENCE for fiscal year 2025 show a net loss of 62% of total assets and of 58% of the equity at the start of that year. The 2025 annual accounts show equity of €2.4m and a net result of -€3.3m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 45% of 119 sector peers (fiscal year 2025). The company has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 0.3% (very low).

Risk analysis Watch Report Compare

MAN & SCIENCEActiveChecked score 55/100

Risk analysis Report Compare

Checked score

Score 2025

55 / 100

Fair

Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability0=

Solvency70▼-30

Growth52=

Track record100

Bankruptcy probability, 12 months

0.3% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €130,000 at 30 days only on tighter terms

Net loss of at least half of total assets or of the equity at the start of the financial year.

Liquidity short (current ratio 0.59 against 4.11 in 2024; short-term debt: 42.1% and cash: 20% of total assets), and 54.8% of the assets are financed with debt.

Credit check for your own amount and term

Show the recommended maximum : and see how the verdict changes with amount, term and advance.

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 32

Relative position

BE, all sectors

reference

Other manufacturing (NACE 32)

about 28% fewer bankruptcies

← fewer bankruptcies more bankruptcies →

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Persistent losses

Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.

NBB · annual accounts 2025

Net result per financial year

1819202122232425

2018 to 2025 · latest year -€3.3m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

31 d early

2024

71 d late

2023

184 d late

2022

31 d late

2021

86 d early

2020

50 d early

2019

on the day

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 17 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 40% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 31 August (4 of the last 5 filed years within 117 days of that day).

Companies Code · seven months

Position in the running window

29-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

History

MAN & SCIENCE was incorporated on 29 June 2011 by two natural persons, with a starting capital of EUR 62,000.¹² The registered office moved to Bruxelles in 2017, to Mont-saint-Guibert in 2020 and to Liège in 2024.³⁴⁵ In 2018 the company absorbed MAN & SCIENCE and SURGICAL ELECTRONICS by merger.⁶ Between 2020 and 2026 the capital was increased 5 times, most recently to EUR 29 million.⁷⁸⁹ The board currently has 7 members; Robert Taub has served longest, since 2011.¹⁰ Total assets rose from EUR 747,815 in 2018 to EUR 5.4 million in 2025 and headcount from 1.2 full-time equivalents in 2021 to 7.6 in 2025.¹¹

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Investigating this company? Keep it with today's facts in a case file.

Financials · fiscal year 2025, full schema

In the rankings #5 company by total assets in the province of Liège, Other manufacturing sector #7 company by equity in the province of Liège, Other manufacturing sector

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

-€3.3m▲ 73.8%

2024 · -€12.7m

Working capital

-€926,840

2024 · €4.2m

Trend over the years

Chart Table

Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings. Dashed line: the median.

Every figure with its change against the fiscal year before

favourable unfavourable

Line20212022202320242025

Operating result-€317,904▲ 16.8%-€4.2m▼ 1,217%€440,780-€3.3m-€3.7m▼ 12.5%

Net result-€199,087▲ 48.0%-€4.2m▼ 2,008%€475,933-€12.7m-€3.3m▲ 73.8%

Equity€2.0m▼ 9.2%€12.8m▲ 553%€13.2m▲ 3.7%€5.8m▼ 56.4%€2.4m▼ 57.8%

Total assets€2.1m▼ 33.4%€14.0m▲ 581%€13.8m▼ 1.6%€7.6m▼ 44.9%€5.4m▼ 29.2%

Debt€108,449▼ 88.5%€1.3m▲ 1,072%€572,495▼ 54.9%€1.8m▲ 222%€3.0m▲ 60.2%

Working capital€1.9m▼ 29.8%€4.1m▲ 114%€2.8m▼ 30.8%€4.2m▲ 46.6%-€926,840

Solvency94.7%▲ 25.2pp91.0%▼ 3.8pp95.9%▲ 4.9pp75.8%▼ 20.0pp45.2%▼ 30.6pp

Current ratio18.74▼ 77.454.23▼ 14.505.98▲ 1.744.11▼ 1.870.59▼ 3.51

Return on assets (ROA)-9.6%▲ 2.7pp-29.9%▼ 20.2pp3.4%▲ 33.3pp-167.0%▼ 170.4pp-61.9%▲ 105.1pp

Staff (FTE)1.25.1▲ 325%5.3▲ 3.9%5.8▲ 9.4%7.6▲ 31.0%

above within below the middle half (P25 to P75) of NACE 32, Other manufacturing, each year against the same schema; no band under 30 filings.

Why a figure moved sharply

2022 Equity +553%, Total assets +581% on 2021. Capital increase of €7,647,723 (Official Gazette 30-05-2022).

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €3.7m in 2025 against €3.3m in 2024; the loss grows.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €5.4m

75.1%

24.9%

Fixed assets €4.1m ▲ 92.4%

Current assets €1.3m ▼ 75.7%

Equity and liabilities €5.4m

45.2%

54.8%

Equity €2.4m ▼ 57.8%

Debt €3.0m ▲ 60.2%

Debt's share of the balance-sheet total rises from 24.2% to 54.8%. Equity is lower and debt is higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

-€3.1m▼

2024 · -€3.0m

Cash flow

-€2.8m▲

2024 · -€12.4m

Debt to equity

1.21▲

2024 · 0.32

ROE

-136.9%▲

2024 · -220.3%

Interest coverage

-30.05▲

2024 · -30.37

Debt ≤ 1 year

€2.3m▲

2024 · €1.3m

Debt > 1 year

€684,752▲

2024 · €500,000

Income taxes

€5,064▲

2024 · €1,728

Staff costs

€930,692▲

2024 · €780,045

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Peer companies

Historical observation

Of the 4,805 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 88% are still going.

Micro
10 to 20 years old
solvency 30% or more
a loss of 10% of the balance sheet or more

2.0% went bankrupt

9.8% stopped otherwise

88% still going

A further 0.2% stopped, but we cannot tell whether within those 24 months.

For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.

How reliable is this rule?

Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.

The companies in ten equal groups, from lowest to highest expected share.
Group	Expected	Actual
1	0.2%	0.2%
2	0.3%	0.5%
3	0.5%	0.6%
4	0.7%	0.8%
5	0.9%	1.0%
6	1.3%	1.5%
7	1.6%	1.8%
8	1.8%	1.9%
9	3.0%	3.1%
10	5.6%	6.2%

The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.

An observation about 4,805 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Filed annual accounts As filed with the NBB · 2025 against 2024 · 48 lines

Balance sheet Code20242025

Assets

Total assets20/58€7.6m€5.4m▼

Fixed assets21/28€2.1m€4.1m▲

Intangible fixed assets21€2.0m€3.9m▲

Tangible fixed assets22/27€119,918€100,618▼

Plant, machinery and equipment23€4,294€5,920▲

Furniture and vehicles24€115,624€94,699▼

Financial fixed assets28€5,155€5,155=

Current assets29/58€5.5m€1.3m▼

Amounts receivable within one year40/41€341,913€246,882▼

Trade receivables40€152,517€36,320▼

Other amounts receivable41€189,396€210,562▲

Cash at bank and in hand54/58€5.2m€1.1m▼

Deferred charges and accrued income490/1€4,051€17,291▲

Equity and liabilities

Total equity and liabilities10/49€7.6m€5.4m▼

Equity10/15€5.8m€2.4m▼

Contributions10/11€22.9m€22.9m=

Capital10€22.9m€22.9m=

Issued capital100€22.9m€22.9m=

Profit (loss) carried forward14-€17.1m-€20.4m▼

Amounts payable17/49€1.8m€3.0m▲

Amounts payable after more than one year17€500,000€684,752▲

Financial debts170/4€500,000€684,752▲

Amounts payable within one year42/48€1.3m€2.3m▲

Current portion of amounts payable after more than one year42€300,000€70,933▼

Trade debts44€914,959€1.1m▲

Suppliers440/4€914,959€1.1m▲

Taxes, remuneration and social security45€126,279€117,900▼

Taxes450/3€3,779€90▼

Remuneration and social security454/9€122,500€117,810▼

Other amounts payable47/48€1,935€1.0m▲

Income statement Code20242025

Remuneration, social security and pensions62€780,045€930,692▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€283,271€534,266▲

Other operating charges640/8-€2,059

Gross operating margin9900-€2.2m-€2.2m▼

Operating profit (loss)9901-€3.3m-€3.7m▼

Financial income75/76B€48,974€437,501▲

Recurring financial income75€48,974€68,845▲

Non-recurring financial income76B-€368,655

Financial charges65/66B€9.5m€104,207▼

Recurring financial charges65€97,940€104,207▲

Non-recurring financial charges66B€9.4m-

Profit (loss) for the period before taxes9903-€12.7m-€3.3m▲

Income taxes67/77€1,728€5,064▲

Profit (loss) for the period9904-€12.7m-€3.3m▲

Profit (loss) for the period to be appropriated9905-€12.7m-€3.3m▲

Appropriation of the result

Profit (loss) to be appropriated9906-€17.1m-€20.4m▼

Profit (loss) brought forward from the previous period14P-€4.4m-€17.1m▼

Social balance

Average headcount (FTE)90875.87.6▲

The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Line	2021	2022	2023	2024	2025	Change
Remuneration, social security and pensions62	€159,348	€540,944	€657,868	€780,045	€930,692	▲ 19.3%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€5,271	€16,013	€160,237	€283,271	€534,266	▲ 88.6%
Other operating charges640/8	€348	€868	€1,380	-	€2,059	-
Non-recurring operating charges66A	€305,573	-	-	-	-	-
Gross operating margin9900	€152,636	-€3.6m	€1.3m	-€2.2m	-€2.2m	▼ 0.2%
Operating profit (loss)9901	-€317,904	-€4.2m	€440,780	-€3.3m	-€3.7m	▼ 12.5%
Financial income75/76B	€121,845	€107,317	€67,937	€48,974	€437,501	▲ 793%
Recurring financial income75	€121,845	€107,317	€67,937	€48,974	€68,845	▲ 40.6%
Non-recurring financial income76B	-	-	-	-	€368,655	-
Financial charges65/66B	€2,549	€115,259	€31,661	€9.5m	€104,207	▼ 98.9%
Recurring financial charges65	€2,549	€115,259	€31,661	€97,940	€104,207	▲ 6.4%
Non-recurring financial charges66B	-	-	-	€9.4m	-	-
Profit (loss) for the period before taxes9903	-€198,609	-€4.2m	€477,056	-€12.7m	-€3.3m	▲ 73.8%
Income taxes67/77	€479	€1,563	€1,123	€1,728	€5,064	▲ 193%
Profit (loss) for the period9904	-€199,087	-€4.2m	€475,933	-€12.7m	-€3.3m	▲ 73.8%
Profit (loss) for the period to be appropriated9905	-€199,087	-€4.2m	€475,933	-€12.7m	-€3.3m	▲ 73.8%

Line	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€2.1m	€14.0m	€13.8m	€7.6m	€5.4m	▼ 29.2%
Fixed assets21/28	€31,502	€8.7m	€10.4m	€2.1m	€4.1m	▲ 92.4%
Intangible fixed assets21	€20,069	€41,544	€1.1m	€2.0m	€3.9m	▲ 99.2%
Tangible fixed assets22/27	€6,278	€104,610	€102,806	€119,918	€100,618	▼ 16.1%
Plant, machinery and equipment23	-	-	€5,461	€4,294	€5,920	▲ 37.9%
Furniture and vehicles24	€6,278	€104,610	€97,345	€115,624	€94,699	▼ 18.1%
Financial fixed assets28	€5,155	€8.5m	€9.2m	€5,155	€5,155	=
Current assets29/58	€2.0m	€5.4m	€3.4m	€5.5m	€1.3m	▼ 75.7%
Amounts receivable within one year40/41	€91,860	€321,810	€102,167	€341,913	€246,882	▼ 27.8%
Trade receivables40	€16,845	€68,797	€37,131	€152,517	€36,320	▼ 76.2%
Other amounts receivable41	€75,014	€253,013	€65,035	€189,396	€210,562	▲ 11.2%
Current investments50/53	-	-	€2.7m	-	-	-
Cash at bank and in hand54/58	€1.9m	€5.0m	€604,317	€5.2m	€1.1m	▼ 79.2%
Deferred charges and accrued income490/1	€826	€7,847	€9,466	€4,051	€17,291	▲ 327%
Equity and liabilities
Total equity and liabilities10/49	€2.1m	€14.0m	€13.8m	€7.6m	€5.4m	▼ 29.2%
Equity10/15	€2.0m	€12.8m	€13.2m	€5.8m	€2.4m	▼ 57.8%
Contributions10/11	€2.6m	€17.6m	€17.6m	€22.9m	€22.9m	=
Capital10	€2.6m	€17.6m	€17.6m	€22.9m	€22.9m	=
Issued capital100	€2.6m	€17.6m	€17.6m	€22.9m	€22.9m	=
Profit (loss) carried forward14	-€661,730	-€4.9m	-€4.4m	-€17.1m	-€20.4m	▼ 19.5%
Amounts payable17/49	€108,449	€1.3m	€572,495	€1.8m	€3.0m	▲ 60.2%
Amounts payable after more than one year17	-	-	-	€500,000	€684,752	▲ 37.0%
Financial debts170/4	-	-	-	€500,000	€684,752	▲ 37.0%
Amounts payable within one year42/48	€108,449	€1.3m	€571,616	€1.3m	€2.3m	▲ 68.9%
Current portion of amounts payable after more than one year42	-	-	-	€300,000	€70,933	▼ 76.4%
Financial debts43	-	€33	-	-	-	-
Credit institutions430/8	-	€33	-	-	-	-
Trade debts44	€77,180	€1.2m	€480,721	€914,959	€1.1m	▲ 17.8%
Suppliers440/4	€77,180	€1.2m	€480,721	€914,959	€1.1m	▲ 17.8%
Taxes, remuneration and social security45	€31,269	€117,586	€88,960	€126,279	€117,900	▼ 6.6%
Taxes450/3	€511	€19,410	€77	€3,779	€90	▼ 97.6%
Remuneration and social security454/9	€30,758	€98,176	€88,882	€122,500	€117,810	▼ 3.8%
Other amounts payable47/48	-	€1,935	€1,935	€1,935	€1.0m	▲ 51,688%
Accrued charges and deferred income492/3	-	-	€880	-	-	-

Line	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	-€199,087	-€4.2m	€475,933	-€12.7m	-€3.3m	▲ 73.8%
+ Depreciation and write-downs630	€5,271	€16,013	€160,237	€283,271	€534,266	▲ 88.6%
Operating cash flow (approximation)	-€193,816	-€4.2m	€636,170	-€12.4m	-€2.8m	▲ 77.5%
Investment in fixed assets (approximation)	-	-€8.6m	-€1.9m	€8.0m	-€2.5m	▼ 131%
Change in cash	-	€3.1m	-€4.4m	€4.6m	-€4.1m	▼ 190%

Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.

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Timeline · acts, filings and financial milestones

All 33Financial 5Gazette 18Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

30-06

NBB filing Annual accounts filed

fiscal year 2025 · full schema

11-03

State Gazette act Capital & shares

Capital increase · Capital · Bank account8 facts ▸

General meeting, 19-02-2026
Capital increase, €5.286.737,75
Capital increase, €778.426,25
Capital, €28.945.572,81
Bank account, ING
Power of attorney, Administrateurs de MAN & SCIENCE
Power of attorney, Sibylle FALLA
Waiver, renonciation au droit de souscription préférentielle par les autres actionnaires

2025

10-10

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 71 days late

06-10

State Gazette act Resignations: NOSHAQ PARTNERS SRL, Olivier Taelman and 2 others

Appointments: SPARAXIS SA (director) and BIOTECH MANAGEMENT & CONSULTING SRL (day-to-day manager) · Permanent representatives: Géry Lefebvre and Hugues Wallemacq · Reappointments: Robert Taub, Jürgen Hambrecht and Anneliese Monden21 facts ▸

General meeting, 25-07-2025
Director resignation, NOSHAQ PARTNERS SRL (director)
Director discharge, NOSHAQ PARTNERS SRL
Director appointment, SPARAXIS SA (director)
Permanent representative, Géry Lefebvre
Mandate compensation, SPARAXIS SA
Director reappointment, Robert Taub (director)
Director reappointment, Jürgen Hambrecht (director)
Director reappointment, Anneliese Monden (director)
Director resignation, Olivier Taelman (director)
Board composition, Robert Taub (director)
Board composition, Jürgen Hambrecht (director)
+9 further facts in this act

31-01

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 184 days late

2024

31-12

Financial Weakest financial yearnet -€12.7m

Net result drops to -€12.7m, the lowest in the series; recovery starts the following year.

31-12

State Gazette act Capital & shares

Capital increase · Bank account · Share issue10 facts ▸

General meeting, 26/12/2024
Capital increase, €4.531.701,99
Bank account, ING
Capital increase, €718.298,01
Share issue, warrants, 36800
Capital, €22.880.772,81
Statutes amendment
Power of attorney, MAN & SCIENCE
Waiver of preemptive right, Renonciation par les actionnaires à leur droit de préférence de souscrire aux nouveaux Warrants en faveur de la société, qui ne pourra pas exercer elle-même ces…
Capital increase

14-11

State Gazette act Appointment: Olivier Ménage (ceo)

Permanent representative: Olivier Ménage · Power of attorney6 facts ▸

Board meeting, 24-07-2024
Power of attorney, OCTAVIAN SRL
Director appointment, Olivier Ménage (ceo)
Permanent representative, Olivier Ménage
Power of attorney, Olivier Ménage
Power of attorney, Olivier Ménage

16-05

State Gazette act Appointment: Olivier TAELMAN (director)

Resignation: Lars LUND-ROLAND (director) · Power of attorney · Registered-office move8 facts ▸

Board meeting, 13-06-2023
Power of attorney, Fabian SUAREZ
Power of attorney, Fausto Remedia
Board meeting, 31-08-2023
Director appointment, Olivier TAELMAN (director)
Director resignation, Lars LUND-ROLAND (director)
Board meeting, 28-03-2024
Registered-office move, Boulevard de Patience et Beaujonc 3 boîte 24, 4000 Liège

2023

31-12

Financial Back to profitnet €475,933

Net result €475,933 after 5 loss-making years.

31-08

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 31 days late

23-02

State Gazette act Capital & shares · Statutes amendment

Capital increase · Capital · Power of attorney7 facts ▸

General meeting, 20-12-2022
Capital increase, €2.855.768,63
Capital increase, €4.510.425,18
Capital, €17.630.772,81
Statutes amendment
Power of attorney, CLEENEWERCK de CRAYENCOUR Dimitri
Power of attorney, SUAREZ GONZALEZ Fabian

Show earlier events

2022

31-12

Financial Equity above €10mEq €12.8m ▲553%

Equity rises from €2.0m to €12.8m.

25-08

State Gazette act Resignations & appointments

Power of attorney2 facts ▸

Board meeting, 27-06-2022
Power of attorney, Président du Conseil d'administration, CEO ou Finance Manager

30-05

State Gazette act Appointments: Robert TAUB, Jürgen HAMBRECHT and 3 others

Permanent representative: Hugues WALLEMACQ · Capital · Capital increase16 facts ▸

General meeting, 20-05-2022
Capital, €10.264.579
Capital increase, €7.647.723
Share issue, subscription rights, 11228
Statutes amendment
Director appointment, Robert TAUB (director)
Director appointment, Jürgen HAMBRECHT (director)
Director appointment, NOSHAQ PARTNERS (director)
Permanent representative, Hugues WALLEMACQ
Director appointment, Anneliese MONDEN (director)
Director appointment, Lars LUND-ROLAND (director)
Mandate compensation, Robert TAUB
+4 further facts in this act

06-05

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

09-03

State Gazette act Permanent representative: Fabian Suarez

Power of attorney · Mandate effective date · Mandate term6 facts ▸

Board meeting, 14-12-2021
Power of attorney, ActuaRisk Consulting
Permanent representative, Fabian Suarez
Power of attorney, ActuaRisk Consulting
Mandate effective date, 01-01-2022
Mandate term, durée illimitée

2021

11-06

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

12-05

State Gazette act Resignation: Marc Foidart (permanent representative)

Appointment: Hugues Wallemacq (permanent representative) · Mandate compensation · Power of attorney9 facts ▸

General meeting, 02-04-2021
Director resignation, Marc Foidart (permanent representative)
Director appointment, Hugues Wallemacq (permanent representative)
Mandate compensation, Hugues Wallemacq
Board composition, Robert Taub (director)
Board composition, Jürgen Hambrecht (director)
Board composition, Anneliese Monden (director)
Board composition, Noshaq Partners SC (director)
Power of attorney, Philip Mackenzie Hartog

24-02

State Gazette act Appointment: Anneliese Monden (director)

Permanent representative: Marc Foidart · Mandate compensation · Registered-office move9 facts ▸

General meeting, 26-01-2021
Director appointment, Anneliese Monden (director)
Mandate compensation, Anneliese Monden
Board composition, Robert Taub (director)
Board composition, Jürgen Hambrecht (director)
Board composition, Anneliese Monden (director)
Board composition, Noshaq Partners SC (director)
Permanent representative, Marc Foidart
Registered-office move, Rue du Fond Cattelain. 2, 1435 Mont-Saint-Guibert

2020

31-12

Financial Liquidity times 225current ratio 96.18

Current ratio from 0.43 to 96.18; short-term debt falls from €568,413 to €28,775.

31-12

Financial Equity above €2mEq €2.2m

Equity rises from -€17,607 to €2.2m.

29-09

State Gazette act Resignation: Anneliese Monden (director)

Appointments: NOSHAQ PARTNERS (director) and Robert TAUB (chair) · Permanent representative: Marc Foidart · Reappointments: Robert TAUB (director) and Jürgen HAMBRECHT (director)15 facts ▸

General meeting, 15-09-2020
Capital increase, €560.400
Capital increase, €155.172
Capital increase, €1.839.284
Capital, €2.616.856
Share issue, droits de souscription, 71
Statutes amendment
Director resignation, Anneliese Monden (director)
Director appointment, NOSHAQ PARTNERS (director)
Permanent representative, Marc Foidart
Director reappointment, Robert TAUB (director)
Director reappointment, Jürgen HAMBRECHT (director)
+3 further facts in this act

31-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

04-06

State Gazette act Registered office

Registered-office move2 facts ▸

Board meeting, 05-02-2020
Registered-office move, 9 rue Emile Francqui à 1435 Mont-saint-Guibert

2019

31-10

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 92 days late

08-01

State Gazette act Capital & shares · Resignations & appointments · Restructuring

Merger · Dissolution · Name change9 facts ▸

General meeting, 19-12-2018
Merger, 19-12-2018
Merger, 19-12-2018
Dissolution, 19-12-2018
Dissolution, 19-12-2018
Name change, MAN & SCIENCE
Power of attorney, DEPRINCE, CHERPION & Associés
Merger project, 03-09-2018
No share attribution, toutes les actions des sociétés absorbées étant détenues par la société absorbante

2018

17-09

State Gazette act Restructuring

Merger · Accounting effect3 facts ▸

Merger
Merger
Accounting effect, 31-07-2018

31-08

NBB filing Annual accounts filed

fiscal year 2017 · micro schema · 31 days late

2017

31-07

NBB filing Annual accounts filed

fiscal year 2016 · micro schema

07-02

State Gazette act Registered office

Registered-office move2 facts ▸

Board meeting, 01-12-2016
Registered-office move, Avenue Blücher 63 -1180 Bruxelles

2016

20-06

State Gazette act Reappointments: Robert TAUB (director) and Uwe WASCHER (director)

Resignation: MASHIACH ADI (director)4 facts ▸

General meeting, 02-06-2014
Director reappointment, Robert TAUB (director)
Director reappointment, Uwe WASCHER (director)
Director resignation, MASHIACH ADI (director)

2011

01-07

State Gazette act Incorporation

Appointments: Robert TAUB, Uwe Siegfried WASCHER and ADI MASHIACH · Founding capital · Bank account12 facts ▸

Incorporation, 28-06-2011
Founding capital, €62.000
Bank account, CBC Banque SA
Director appointment, Robert TAUB (director)
Director appointment, Uwe Siegfried WASCHER (director)
Director appointment, ADI MASHIACH (director)
Mandate compensation, Robert TAUB
Mandate compensation, Uwe Siegfried WASCHER
Mandate compensation, ADI MASHIACH
Power of attorney, Fausto Remedia
Founder, Robert TAUB
Founder, Uwe Siegfried WASCHER

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

18 of 18 acts read

Directors · office · real estate

Directors

5 directors, 3 in day-to-day management, no change since 2025

Board 5

Robert Taub

Chair · since 15-09-2020 · Director · since 28-06-2011

Current

Jürgen Hambrecht

Director · since 15-09-2020

Current

Anneliese Monden

Director · since 16-12-2020

Current

NOSHAQ PARTNERS

Director · since 20-05-2022 · Legal entity · perm. rep.: Hugues WALLEMACQ

Current

SPARAXIS

Director · since 01-07-2025 · Public limited company · perm. rep.: Géry Lefebvre

Current

2 not recently confirmed

Still in office according to the acts, but no act of the last six years confirms the mandate. It has often ended since, in an act we have not read.

Uwe Siegfried WASCHER

Director · since 28-06-2011

Not recently confirmed

Uwe WASCHER

Director

Not recently confirmed

Day-to-day management 3

Robert Taub

Managing director · since 15-09-2020

Current

Olivier Ménage

Ceo · since 02-07-2024

Current

Biotech Management & Consulting

Day-to-day manager · since 25-07-2025 · Private limited company · perm. rep.: Hugues Wallemacq

Current

Permanent representatives 2

Hugues Wallemacq

Permanent representative · since 17-03-2021 · for Biotech Management & Consulting

Current

Géry Lefebvre

Permanent representative · since 01-07-2025 · for SPARAXIS

Current

Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ. See the function holders in the CBE →

Location & real-estate footprint

Registered office, Liège · 1 establishment unit since 2011

seat establishment The establishment unit on the map

Ground area

1.9 ha

Parcel 62042B0366/00B003, Wallonia. Linked by address, not a title deed.

43 companies at this address See who is registered here

1 establishment unit

MAN & SCIENCE

Boulevard de Patience et Beaujonc 3, 4000 LiègeManufacture of computer, electronic and optical products

since 20112.201.080.646

1 parcel

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62042B0366/00B003	Wallonia	1.9 ha	-	-

Linked by address, not proof of ownership

Good to know

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Mandate history

16 people since 2011, 10 in office

All 16 In office 10 Ended 6

Board
Day-to-day management
Permanent representative
not recently confirmed
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
Robert Taub	Director, from 28-06-2011 to date Chair, from 15-09-2020 to date Managing director, from 15-09-2020 to date
Anneliese Monden	Director, until 15-09-2020 Director, from 16-12-2020 to date
Jürgen Hambrecht	Director, already before 15-09-2020 to date
NOSHAQ PARTNERS	Director, from 20-05-2022 to date
SPARAXIS	Director, from 01-07-2025 to date
Olivier Ménage	Ceo, from 02-07-2024 to date
Biotech Management & Consulting	Day-to-day manager, from 25-07-2025 to date
Hugues Wallemacq	Permanent representative, from 17-03-2021 to date
Uwe Siegfried WASCHER	Director, from 28-06-2011 not ended, last confirmed 01-07-2011
Uwe WASCHER	Director, already before 20-06-2016 not ended, last confirmed 20-06-2016
NOSHAQ PARTNERS	Director, from 15-09-2020 to 25-07-2025
OCTAVIAN	Day-to-day manager, until 25-07-2025
Olivier Taelman	Director, from 31-08-2023 to 20-05-2025
Lars LUND-ROLAND	Director, from 20-05-2022 to 31-08-2023
FOIDART Marc	Permanent representative, until 17-03-2021
MASHIACH ADI	Director, from 28-06-2011 to 02-06-2014

Show all 16 people Show the first 12See the board, name and seat on a given date →

Articles of association

Purpose

La recherche et le développement, la fabrication et la vente d’équipements médicaux

according to the deed of 29-09-2020

Structure & network

Owners and holdings

1 holding

Owners 0

The accounts to 31-12-2025 list no shareholders, and no other source names one.

Holdings 1

Palion Medical ASNOsubsidiary

Sourceown accounts 2025
Equity NOK 6.4mResult -NOK 481,031

100%

According to the 2025 annual accounts of MAN & SCIENCE and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.

Connections & network

35 connected companies

Depth

Shared directorsBundled connections

This company Company Director Shareholding +N: links not shown yet Click a node to look further, drag to arrange, scroll to zoom.

Linked via shared directors

Biotech Management & Consulting

via Hugues Wallemacq · Permanent representative

→

ADVANCED MECHANICAL AND OPTICAL SYSTEMS

Shared corporate director

→

AEROSPACELAB

Shared corporate director

→

AMPACIMON

Shared corporate director

→

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Shared corporate director

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Shared corporate director

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Shared corporate director

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Shared corporate director

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Shared corporate director

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Acquisitions and mergers

2 transactions

Took over:MAN & SCIENCE

BE 0837.403.572State Gazette act of 08-01-2019 (2 acts) · effective 19-12-2018

Took over:SURGICAL ELECTRONICS

BE 0837.403.671State Gazette act of 08-01-2019 (2 acts) · effective 19-12-2018

Capital and shareholders

Shareholders according to the acts

After 2 capital increases act of 11-03-2026 ↗

ROBELGA (BE 0894.734.532) 50,573 shares · 2,354,979.92 EUR
JH Capital GmbH 24,639 shares · 1,147,344.62 EUR

After 2 capital increases act of 23-02-2023 ↗

BMI ESTATE 26,753 shares · 1,612,877.16 EUR
TOGETHER 11,040 shares · 665,576.34 EUR
JH Capital GmbH 16,071 shares · 968,883.83 EUR
SUAREZ GONZALEZ Fabian 7,604 shares · 458,427.76 EUR
NOSHAQ SPIN-OFFS 24,142 shares · 1,455,465.94 EUR
Société Régionale d'Investissement de Wallonie (BE 0219.919.487) 18,328 shares · 1,104,953.19 EUR
AUFF S.A. (BE 0794.845.813) 8,294 shares · 500,026.28 EUR
RUDOLF FUCHS KAPITALANLAGEGESELLSCHAFT MBH (BE 0794.846.605) 6,635 shares · 400,008.97 EUR
CARONI Milo 3,317 shares · 199,974.34 EUR

After the capital increase act of 30-05-2022 ↗

TRONVIK CONSULTING AS 17,160 shares
BRATBAK CONSULTING AS 17,160 shares
ELAR CONSULTING AS 3,006 shares
STARTPARTNER AS 1,544 shares
BMI ESTATE (BE 0725.424.693) 72,605 shares
David DODICK 1,544 shares
Olivier TAELMAN 2,607 shares

After 3 capital increases act of 29-09-2020 ↗

Robert TAUB 69 shares
Jürgen HAMBRECHT 70 shares
TOGETHER 70 shares
NOSHAQ SPIN-OFFS (BE 0465.001.172) 134 shares

At incorporation act of 01-07-2011 ↗

Robert TAUB founder
Uwe Siegfried WASCHER founder

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years

11-03-2026 Capital increase of 5,286,737.75 EUR · to 28,167,146.56 EUR · 130,241 new shares
11-03-2026 Capital increase of 778,426.25 EUR · to 28,945,572.81 EUR · no new shares
31-12-2024 Capital increase of 4,531,701.99 EUR · to 22,162,474.80 EUR · 115,267 new shares
31-12-2024 Capital increase of 718,298.01 EUR · to 22,880,772.81 EUR · from reserves
23-02-2023 Capital increase of 2,855,768.63 EUR · to 13,120,347.63 EUR · 47,369 new shares
23-02-2023 Capital increase of 4,510,425.18 EUR · to 17,630,772.81 EUR · 74,815 new shares
30-05-2022 Capital increase of 7,647,723 EUR · to 10,264,579 EUR · 115,626 new shares
29-09-2020 Capital increase of 560,400 EUR · to 622,400 EUR · 75 new shares

Show 3 older capital entries

29-09-2020 Capital increase of 155,172 EUR · to 777,572 EUR · 268 new shares
29-09-2020 Capital increase of 1,839,284 EUR · to 2,616,856 EUR · no new shares · from reserves
01-07-2011 Incorporation · 62,000 EUR · 1,000 shares

Recognitions · licences · registrations

Legal Entity Identifier

254900DPZO5P0HQ6WZ50

live in the LEI register

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Of 1,248 companies in sector 32500 we hold annual accounts for 694. 295 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Identification & contact

Identification

Legal formPublic limited company

Founded29-06-2011

Fiscal year end31-12

Activities, NACEBEL 2025

32500Manufacture of medical and dental instruments and supplies

86995Nutrition and dietetics services

46460Wholesale of pharmaceutical and medical goods

47741Retail sale of medical and orthopaedic goods, excluding prescription glasses and lenses

E-invoicing

Reachable via Peppol

Peppol ID 0208:0837403770

Registered 09-10-2025

If you follow this company, Checked tells you the day it leaves the Peppol register.

Scores and ratios are computed by Checked and are not a credit decision.