MANAV GROUP
ActiveSummary
MANAV GROUP has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €47k and a net result of €1k. Equity is growing by ~14% per year across the filed fiscal years. Its solvency ranks better than 48% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-5
Solvency57▲+1
Growth77=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity short (current ratio 0.51 against 0.44 in 2024; short-term debt: 67.8% and cash: 12% of total assets), and 67.8% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 30-01-2026, 1 day ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
1 d early
2024
48 d late
2023
on the day
2022
on the day
2021
58 d late
2020
158 d early
2019
39 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€442k▼ 11.3%
2020 · €498k
EBIT margin
0.8%▼ 3.1pp
2020 · 3.9%
Net result
€1k▼ 83.9%
2024 · €7k
Working capital
€-48k▲ 16.3%
2024 · €-57k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€442k▼ 11.3%
Operating result€3k▼ 82.6%€2k▼ 52.0%€18k▲ 986%€12k▼ 32.9%€5k▼ 59.1%
Net result€933€-31€20k€7k▼ 64.0%€1k▼ 83.9%
EBIT margin0.8%▼ 3.1pp
Equity€22k▲ 4.4%€22k▼ 0.1%€38k▲ 74.1%€46k▲ 18.6%€47k▲ 2.5%
Total assets€97k▲ 23.6%€82k▼ 15.3%€152k▲ 85.1%€148k▼ 2.6%€145k▼ 1.4%
Debt€75k▲ 30.7%€60k▼ 19.8%€113k▲ 89.2%€102k▼ 9.9%€99k▼ 3.2%
Working capital€-21k▼ 124%€-25k▼ 16.3%€-34k▼ 37.8%€-57k▼ 66.5%€-48k▲ 16.3%
Staff (FTE)6
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 59% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €145k
Fixed assets
€95k ▼ 7.9%
Current assets
€51k ▲ 13.5%
Equity and liabilities €145k
Equity
€47k ▲ 2.5%
Debt
€99k ▼ 3.2%
Debt's share of the balance-sheet total falls from 69.1% to 67.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26k▼
2024 · €37k
Cash flow
€23k▼
2024 · €32k
Current ratio
0.51▲
2024 · 0.44
Quick ratio
0.41▲
2024 · 0.27
Debt to equity
2.11▼
2024 · 2.23
ROE
2.5%▼
2024 · 15.7%
ROA
0.8%▼
2024 · 4.9%
Interest coverage
8.01▼
2024 · 29.07
Debt ≤ 1 year
€99k▼
2024 · €102k
Income taxes
€933▼
2024 · €3k
Staff costs
€60k▲
2024 · €39k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €442k | - | - | - | - | - |
| Non-recurring operating income76A | - | €1k | €2k | €1k | - | - |
| Remuneration, social security and pensions62 | - | €36k | €68k | €39k | €60k | ▲ 55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20k | €23k | €16k | €25k | €22k | ▼ 13.6% |
| Other operating charges640/8 | - | €1k | €908 | €2k | €3k | ▲ 71.5% |
| Gross operating margin9900 | €61k | €62k | €102k | €77k | €89k | ▲ 15.8% |
| Operating profit (loss)9901 | €3k | €2k | €18k | €12k | €5k | ▼ 59.1% |
| Financial income75/76B | - | - | €191 | €51 | €553 | ▲ 978% |
| Recurring financial income75 | €0 | - | €191 | €51 | €553 | ▲ 978% |
| Financial charges65/66B | - | €568 | €1k | €1k | €3k | ▲ 161% |
| Recurring financial charges65 | €624 | €568 | €1k | €1k | €3k | ▲ 161% |
| Profit (loss) for the period before taxes9903 | €3k | €1k | €17k | €11k | €2k | ▼ 80.3% |
| Transfer from deferred taxes780 | - | - | €10k | - | - | - |
| Income taxes67/77 | €2k | €1k | €6k | €3k | €933 | ▼ 72.8% |
| Profit (loss) for the period9904 | €933 | €-31 | €20k | €7k | €1k | ▼ 83.9% |
| Profit (loss) for the period to be appropriated9905 | €933 | €-31 | €20k | €7k | €1k | ▼ 83.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €97k | €82k | €152k | €148k | €145k | ▼ 1.4% |
| Fixed assets21/28 | €52k | €47k | €73k | €103k | €95k | ▼ 7.9% |
| Tangible fixed assets22/27 | €52k | €38k | €64k | €94k | €86k | ▼ 8.7% |
| Land and buildings22 | - | - | €25k | €55k | €50k | ▼ 8.9% |
| Plant, machinery and equipment23 | - | €10k | €23k | €31k | €31k | ▲ 0.6% |
| Furniture and vehicles24 | - | €28k | €16k | €8k | €3k | ▼ 60.0% |
| Other tangible fixed assets26 | - | - | - | - | €1k | - |
| Financial fixed assets28 | - | €9k | €9k | €9k | €9k | = |
| Current assets29/58 | €45k | €35k | €79k | €45k | €51k | ▲ 13.5% |
| Stocks and contracts in progress3 | €20k | €18k | €16k | €17k | €10k | ▼ 40.5% |
| Stocks30/36 | - | €18k | €16k | €17k | €10k | ▼ 40.5% |
| Amounts receivable within one year40/41 | €13k | €11k | €6k | €8k | €19k | ▲ 145% |
| Trade receivables40 | - | €8k | €4k | €8k | €10k | ▲ 20.9% |
| Other amounts receivable41 | - | €3k | €2k | - | €10k | - |
| Cash at bank and in hand54/58 | €9k | €5k | €52k | €16k | €17k | ▲ 12.7% |
| Deferred charges and accrued income490/1 | - | €843 | €4k | €4k | €4k | ▼ 10.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €97k | €82k | €152k | €148k | €145k | ▼ 1.4% |
| Equity10/15 | €22k | €22k | €38k | €46k | €47k | ▲ 2.5% |
| Contributions10/11 | €12k | €12k | €19k | €19k | €19k | = |
| Reserves13 | €10k | €10k | €20k | €27k | €28k | ▲ 4.3% |
| Tax-exempt reserves132 | - | €10k | - | - | - | - |
| Distributable reserves133 | - | - | €20k | €27k | €28k | ▲ 4.3% |
| Profit (loss) carried forward14 | €-27 | €-58 | - | - | - | - |
| Amounts payable17/49 | €75k | €60k | €113k | €102k | €99k | ▼ 3.2% |
| Amounts payable after more than one year17 | €8k | - | - | - | - | - |
| Amounts payable within one year42/48 | €66k | €60k | €113k | €102k | €99k | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | €10k | €2k | €2k | €3k | ▲ 66.8% |
| Trade debts44 | €31k | €42k | €81k | €90k | €72k | ▼ 20.5% |
| Suppliers440/4 | - | €42k | €81k | €90k | €72k | ▼ 20.5% |
| Taxes, remuneration and social security45 | - | €7k | €5k | €2k | €10k | ▲ 417% |
| Taxes450/3 | - | €7k | €5k | €1k | €204 | ▼ 85.5% |
| Remuneration and social security454/9 | - | €245 | - | €462 | €9k | ▲ 1,939% |
| Other amounts payable47/48 | - | €116 | €26k | €8k | €14k | ▲ 73.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €933 | €-31 | €20k | €7k | €1k | ▼ 83.9% |
| + Depreciation and write-downs630 | €20k | €23k | €16k | €25k | €22k | ▼ 13.6% |
| Operating cash flow (approximation) | €21k | €23k | €36k | €32k | €23k | ▼ 29.3% |
| Investment in fixed assets (approximation) | - | €-18k | €-42k | €-55k | €-13k | ▲ 75.6% |
| Change in cash | - | €-3k | €47k | €-37k | €2k | ▲ 105% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
05-08
State Gazette act
Appointment: Sevim Kilicioglu (non-statutory director)Mandate compensation3 facts ▸
State Gazette act
Appointment: Sevim Kilicioglu (non-statutory director)
Mandate compensation3 facts ▸
- General meeting, 01/06/2026
- Director appointment, Sevim Kilicioglu (non-statutory director)
- Mandate compensation, Sevim Kilicioglu
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
20-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 48 days late
2024
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Back to profitnet €20k
Net result €20k after one loss-making year.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 58 days late
2021
30-06
Financial
Back to profitnet €933
Net result €933 after 2 loss-making years.
2020
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Weakest financial yearnet €-3k
Net result drops to €-3k, the lowest in the series; recovery starts the following year.
10-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 director, last change in 2026
Sevim Kilicioglu
CurrentNon-statutory director · since 01-06-2026
01-06-2026
Appointed as Non-statutory director
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Heusden-Zolder · 2 establishment units since 2017
Ground area
2,108 m²
Building footprint
536 m²
Volume, LiDAR
2,961 m³
2 parcels, Flanders · tallest building 11.4 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
O&B Trading
since 20172.265.571.095
O&B Trading
since 20172.265.571.590
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71025A1042/00W000 | Flanders | 1,469 m² | 1 · 248 m² | 10.8 m · 2 fl. |
| 71025A1040/00X000 | Flanders | 639 m² | 1 · 289 m² | 11.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
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Recognitions · licences · registrations
Food safety, FASFC
1 siteHeusden-Zolder2.265.571.590
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Of 3,824 companies in sector 47210 we hold annual accounts for 965. 786 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-06-2017
Fiscal year end30-06
Activities, NACEBEL 2025
47210Retail sale of fruit and vegetables
47711Retail sale of women's outerwear
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
Scores and ratios are computed by Checked and are not a credit decision.