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 €46,811 and a net result of €1,153. Equity is growing by ~14% per year across the filed fiscal years. Its solvency ranks better than 48% of 18537 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 €2,500 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 →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 2 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
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 close27-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€441,663▼ 11.3%
2020 · €497,733
EBIT margin
0.8%▼ 3.1pp
2020 · 3.9%
Net result
€1,153▼ 83.9%
2024 · €7,175
Working capital
-€48,005▲ 16.3%
2024 · -€57,326
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Turnover€441,663▼ 11.3%
Operating result€3,380▼ 82.6%€1,623▼ 52.0%€17,623▲ 986%€11,817▼ 32.9%€4,828▼ 59.1%
Net result€933within the sector's middle half-€31within the sector's middle half€19,941within the sector's middle half€7,175within the sector's middle half▼ 64.0%€1,153within the sector's middle half▼ 83.9%
EBIT margin0.8%▼ 3.1pp
Equity€22,133within the sector's middle half▲ 4.4%€22,102within the sector's middle half▼ 0.1%€38,484within the sector's middle half▲ 74.1%€45,659within the sector's middle half▲ 18.6%€46,811within the sector's middle half▲ 2.5%
Total assets€96,698within the sector's middle half▲ 23.6%€81,914within the sector's middle half▼ 15.3%€151,622within the sector's middle half▲ 85.1%€147,618within the sector's middle half▼ 2.6%€145,484within the sector's middle half▼ 1.4%
Debt€74,565▲ 30.7%€59,812▼ 19.8%€113,138▲ 89.2%€101,960▼ 9.9%€98,673▼ 3.2%
Working capital-€21,491▼ 124%-€24,994▼ 16.3%-€34,433▼ 37.8%-€57,326▼ 66.5%-€48,005▲ 16.3%
Solvency22.9%within the sector's middle half▼ 4.2pp27.0%within the sector's middle half▲ 4.1pp25.4%within the sector's middle half▼ 1.6pp30.9%within the sector's middle half▲ 5.5pp32.2%within the sector's middle half▲ 1.2pp
Staff (FTE)6
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
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 €145,484
Fixed assets
€94,817 ▼ 7.9%
Current assets
€50,667 ▲ 13.5%
Equity and liabilities €145,484
Equity
€46,811 ▲ 2.5%
Debt
€98,673 ▼ 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
€26,393▼
2024 · €36,768
Cash flow
€22,718▼
2024 · €32,125
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
€98,673▼
2024 · €101,960
Income taxes
€933▼
2024 · €3,429
Staff costs
€59,922▲
2024 · €38,582
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,047 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.7%
stopped otherwise
94%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 5,047 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
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €441,663 | - | - | - | - | - |
| Non-recurring operating income76A | - | €1,254 | €1,949 | €1,437 | - | - |
| Remuneration, social security and pensions62 | - | €36,311 | €67,620 | €38,582 | €59,922 | ▲ 55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,854 | €22,686 | €16,029 | €24,950 | €21,566 | ▼ 13.6% |
| Other operating charges640/8 | - | €1,110 | €908 | €1,662 | €2,851 | ▲ 71.5% |
| Gross operating margin9900 | €61,049 | €61,730 | €102,181 | €77,011 | €89,166 | ▲ 15.8% |
| Operating profit (loss)9901 | €3,380 | €1,623 | €17,623 | €11,817 | €4,828 | ▼ 59.1% |
| Financial income75/76B | - | - | €191 | €51 | €553 | ▲ 978% |
| Recurring financial income75 | €0 | - | €191 | €51 | €553 | ▲ 978% |
| Financial charges65/66B | - | €568 | €1,141 | €1,265 | €3,295 | ▲ 161% |
| Recurring financial charges65 | €624 | €568 | €1,141 | €1,265 | €3,295 | ▲ 161% |
| Profit (loss) for the period before taxes9903 | €2,757 | €1,055 | €16,674 | €10,604 | €2,086 | ▼ 80.3% |
| Transfer from deferred taxes780 | - | - | €9,760 | - | - | - |
| Income taxes67/77 | €1,824 | €1,086 | €6,492 | €3,429 | €933 | ▼ 72.8% |
| Profit (loss) for the period9904 | €933 | -€31 | €19,941 | €7,175 | €1,153 | ▼ 83.9% |
| Profit (loss) for the period to be appropriated9905 | €933 | -€31 | €19,941 | €7,175 | €1,153 | ▼ 83.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €96,698 | €81,914 | €151,622 | €147,618 | €145,484 | ▼ 1.4% |
| Fixed assets21/28 | €51,958 | €47,097 | €72,917 | €102,985 | €94,817 | ▼ 7.9% |
| Tangible fixed assets22/27 | €51,958 | €38,097 | €63,917 | €93,985 | €85,817 | ▼ 8.7% |
| Land and buildings22 | - | - | €25,322 | €55,219 | €50,326 | ▼ 8.9% |
| Plant, machinery and equipment23 | - | €10,303 | €22,666 | €30,877 | €31,049 | ▲ 0.6% |
| Furniture and vehicles24 | - | €27,794 | €15,929 | €7,889 | €3,154 | ▼ 60.0% |
| Other tangible fixed assets26 | - | - | - | - | €1,288 | - |
| Financial fixed assets28 | - | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Current assets29/58 | €44,740 | €34,817 | €78,705 | €44,633 | €50,667 | ▲ 13.5% |
| Stocks and contracts in progress3 | €19,725 | €17,711 | €16,399 | €16,933 | €10,080 | ▼ 40.5% |
| Stocks30/36 | - | €17,711 | €16,399 | €16,933 | €10,080 | ▼ 40.5% |
| Amounts receivable within one year40/41 | €13,052 | €11,096 | €6,018 | €7,873 | €19,252 | ▲ 145% |
| Trade receivables40 | - | €8,422 | €3,976 | €7,873 | €9,515 | ▲ 20.9% |
| Other amounts receivable41 | - | €2,675 | €2,042 | - | €9,737 | - |
| Cash at bank and in hand54/58 | €8,538 | €5,167 | €52,358 | €15,507 | €17,471 | ▲ 12.7% |
| Deferred charges and accrued income490/1 | - | €843 | €3,930 | €4,321 | €3,864 | ▼ 10.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €96,698 | €81,914 | €151,622 | €147,618 | €145,484 | ▼ 1.4% |
| Equity10/15 | €22,133 | €22,102 | €38,484 | €45,659 | €46,811 | ▲ 2.5% |
| Contributions10/11 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €9,760 | €9,760 | €19,884 | €27,059 | €28,211 | ▲ 4.3% |
| Tax-exempt reserves132 | - | €9,760 | - | - | - | - |
| Distributable reserves133 | - | - | €19,884 | €27,059 | €28,211 | ▲ 4.3% |
| Profit (loss) carried forward14 | -€27 | -€58 | - | - | - | - |
| Amounts payable17/49 | €74,565 | €59,812 | €113,138 | €101,960 | €98,673 | ▼ 3.2% |
| Amounts payable after more than one year17 | €8,333 | - | - | - | - | - |
| Amounts payable within one year42/48 | €66,232 | €59,812 | €113,138 | €101,960 | €98,673 | ▼ 3.2% |
| Current portion of amounts payable after more than one year42 | - | €10,208 | €1,875 | €1,875 | €3,128 | ▲ 66.8% |
| Trade debts44 | €30,613 | €42,055 | €80,838 | €89,933 | €71,500 | ▼ 20.5% |
| Suppliers440/4 | - | €42,055 | €80,838 | €89,933 | €71,500 | ▼ 20.5% |
| Taxes, remuneration and social security45 | - | €7,432 | €4,515 | €1,864 | €9,636 | ▲ 417% |
| Taxes450/3 | - | €7,187 | €4,515 | €1,401 | €204 | ▼ 85.5% |
| Remuneration and social security454/9 | - | €245 | - | €462 | €9,432 | ▲ 1,939% |
| Other amounts payable47/48 | - | €116 | €25,909 | €8,288 | €14,408 | ▲ 73.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €933 | -€31 | €19,941 | €7,175 | €1,153 | ▼ 83.9% |
| + Depreciation and write-downs630 | €19,854 | €22,686 | €16,029 | €24,950 | €21,566 | ▼ 13.6% |
| Operating cash flow (approximation) | €20,786 | €22,655 | €35,970 | €32,125 | €22,718 | ▼ 29.3% |
| Investment in fixed assets (approximation) | - | -€17,824 | -€41,849 | -€55,019 | -€13,397 | ▲ 75.6% |
| Change in cash | - | -€3,371 | €47,191 | -€36,851 | €1,964 | ▲ 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)2 facts ▸
State Gazette act
Appointment: Sevim Kilicioglu (non-statutory director)
2 facts ▸
- General meeting, 01-06-2026
- Director appointment, Sevim Kilicioglu (non-statutory director)
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 €19,941
Net result €19,941 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 -€2,503
Net result drops to -€2,503, 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
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 →
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.
Mandate history
1 person since 2026, 1 in office
- Board
| Name | Functions and periods |
|---|---|
| Sevim Kilicioglu |
|
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
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Shareholding
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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. 787 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)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0677453047
Registered
31-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.