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Manuchar

Active Public limited companyfounded 1970active for 56 yearsRietschoorvelden 20, 2170 AntwerpKBO/BCE: BE 0407.045.751 subsidiary of MANUCHAR GROUP#5 company by total assets in Antwerp, Wholesale and retail trade sector

Overview

Lifetime

19 annual accounts with figures on one time axis, 49 filings since 1977
peak €1.11bn (2022)
€570.5m▲ 9.3%
lowest -€11.1m (2017)
-€9.5m▼ €8.5m
peak €192.2m (2024)
€182.7m▼ 5.0%
€296.6m▲ 13.0%
peak 262 FTE (2022)
206.7 FTE▼ 0.3%
Board22 names since 2019all names
4 directorsM.D.R. BV and 3 others
Owners4 names in the annual accounts
Documentsfilings and deeds
07-07-202624 days before the deadline
2025financial year
Loss of €9.5mPermanent representatives: Olivera Vujnović, Laurent Pasquali… 26-11Merger: MANUCHAR takes over EXPAN CHEMICALS 10-09Permanent representatives: Inge de Winne, Pieter Nobels, Laur… 05-08Merger proposal: Manuchar takes over EXPAN CHEMICALS 17-06Cash from €1.2m to €10.6m

Key points

from the 2025 annual accounts

Result

-USD 9.5m ▼ 836%
-USD 1m2024-USD 9.5m2025

The result fell in 2025: merger with EXPAN CHEMICALS.

Staff

211 employees on 31-12-2025
833320225010920234974202433312025

In 2025, 33 people joined and 31 left. On top of that, 3.3 agency workers worked there on average.

Payment terms

64 days to suppliers
Suppliers
88 to 64
Customers
172 to 142

Manuchar pays its suppliers 24 days earlier than in 2024. Customers pay 30 days earlier.

Filings

49 annual accounts 67 filings since 1977
AprilJune31 JulyOctober1980199520102025

The last five annual accounts were filed 0 to 124 days before the end of the period.

Board

1 left

A director left. Latest change 16-06-2026 · 4 in office.

Checked score

85
Excellent
Financially stronger than 32% of medium-sized companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%

The dashed line is the sector median: 0.2% across 745 companies (NACE 46, medium-sized).

About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Last 24 months 12-2024: 0.1% 01-2025: 0.1%● unchanged vs 12-2024 02-2025: 0.1%● unchanged vs 01-2025 03-2025: 0.1%● unchanged vs 02-2025 04-2025: 0.1%● unchanged vs 03-2025lowest value 05-2025: 0.1%● unchanged vs 04-2025 06-2025: 0.1%● unchanged vs 05-2025 07-2025: 0.1%● unchanged vs 06-2025 08-2025: 0.3%▲ +0.2 percentage points vs 07-2025highest value 09-2025: 0.2%▼ -0.1 percentage points vs 08-2025 10-2025: 0.2%● unchanged vs 09-2025 11-2025: 0.2%● unchanged vs 10-2025 12-2025: 0.2%● unchanged vs 11-2025 01-2026: 0.2%● unchanged vs 12-2025 02-2026: 0.2%● unchanged vs 01-2026 03-2026: 0.2%● unchanged vs 02-2026 04-2026: 0.2%● unchanged vs 03-2026 05-2026: 0.2%● unchanged vs 04-2026 06-2026: 0.2%● unchanged vs 05-2026 07-2026: 0.2%● unchanged vs 06-2026 08-2026: 0.2%● unchanged vs 07-2026 09-2026: 0.2%● unchanged vs 08-2026 10-2026: 0.2%● unchanged vs 09-2026 11-2026: 0.2%● unchanged vs 10-2026

Financial strength
Weak

63-4equity 38.1% of total assets
22+1short-term debt 59.8% · cash 2.2%
17-2return on assets -2.0%

Score breakdown

raises risk
Liquidity: current ratio 1.04, cash €10.6m
Loss of €9.5m, the second in a row (financial year 2025)
lowers risk
Founded in 1970
Size: turnover €570.5m, 206.7 FTE, total assets €479.3m
Calculation

The band follows from the bankruptcy probability. 10 more points roughly halve it.

75-100 Excellent under 0.55%
60-74 Healthy 0.55% to 1.5%
45-59 Fair 1.5% to 4.2%
25-44 Weak 4.2% to 15.0%
0-24 Critical over 15.0%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, medium-sized). It does better than 48% of them on solvency, 23% on liquidity, 8% on profitability and 48% on growth.

The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

The probability rests on the annual accounts with balance sheet date 31-12-2025.

Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.

Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit check for an amount and term of your choice

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

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Five signals.
lowers riskraises riskneutral
raises risk · Liquidity: current ratio 1.04, cash €10.6m
NBB · annual accounts
lowers risk · Founded in 1970
Companies that have existed this long fail less often. How much that weighs depends on the rest of the company's profile.
KBO
raises risk · Loss of €9.5m, the second in a row (financial year 2025)
NBB · annual accounts
lowers risk · Size: turnover €570.5m, 206.7 FTE, total assets €479.3m
Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.
NBB · annual accounts
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 7 filings
Deviation from the deadline
2025
24 days early
2024
on the day
2023
69 days early
2022
70 days early
2021
124 days early
2020
94 days early
2019
78 days early
← before the deadline after the deadline →
tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 66 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 May (4 of the last 5 accounts filed within 56 days either side of that date).
Companies Code · seven months
Where today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since 2021.
KBO publications

Board and ownership

G
Director, BEERNAERT Sofie, since 01-04-2025
H
Director, PASQUALINI Laurent Armando Franco, since 01-04-2025
MD
Director, since 01-04-2025
EB
Auditor, Christoph Oris

Shares in 48 companies, including Crystal Ball South Africa and LDI INTERNATIONAL

Board & ownership

Recent changes

1 director resigning Andre Schommer (day-to-day manager) · Permanent representatives: Laurent Pasqualini, Matthias De Raeymaeker, Sofie Beernaert, Sabri Tektas, Ben De Voecht, Rodrigo Cunha and 3 others · Board meeting of 16-06-2026 · Gazette deed
Environmental permit granted Nieuwbouw of aanleggen, Nieuwbouw van bijgebouwen en niet overdekte lage constructie · Antwerpen
Registered in the Peppol Directory Reachable for e-invoices through 0208:0407045751
Permanent representatives: Olivera Vujnović, Laurent Pasqualini, Matthias De Raeymaeker, Sofie Beernaert, Sabri Tektas, Ben De Voecht and 2 others Board meeting of 27-10-2025 · Gazette deed
All 101 events

Comparable companies

same main activity, similar in size and age
Company
Manuchar Antwerp ≈ €504.9m -1.9% 38.1% 206.7
BRENNTAG Deerlijk €303.1m 6.0% 41.1% 246.5
YARA BELGIUM SA Saint-Josse-ten-Noode €331.1m 1.4% 81.6% 286.5
3M Belgium Machelen (Brab.) €194.3m -0.6% -169.0% 347.4
Eval Europe Beveren-Kruibeke-Zwijndrecht €262.6m 16.0% 88.1% 176
SQM EUROPE Antwerp €881.2m 5.9% 82.4% 64.7
Milliken Europe Ghent €146.4m 6.8% 78.9% 75.4
-10%0%10%20%€200m€2bn€20bnManucharEBIT margin

Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.

These companies have the same main activity as Manuchar: wholesale of industrial chemicals (NACE 46851). They are comparable in size and age: total assets between €125m and €507m, founded between 1933 and 1997.

Official details

Source: KBO
Status
Active since 25-02-1970Normal situation
Registered office
15 active companies are registered at this addressSource: KBO register, as of 8 November 2026.
Activity
Wholesale of industrial chemicalsNACE 46851and 1 other
Joint committee
226White-collar workers in international trade, transport and logistics · annual accounts 2025
Establishment unit
2.028.009.3852170 Antwerp, since 15-10-1985
Financial year end
31 December
Peppol
Reachable since 30-12-2025
Company details

Annual accounts 2025

USD 570.5m▲ 9.3%
USD 9.5m▲ 836%
USD 182.7m▼ 5.0%
USD 479.3m▲ 5.4%
Employeeson 31-12-2025
211▲ 1.0%
Filing
Filed on 07-07-2026, 24 days before the end of the filing period
Financials

Companies linked to Manuchar

Insights on Manuchar

Manuchar has been active since 1970 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of USD 182.7m and a net result of -USD 9.5m.

Its solvency ranks better than 42% of 6,191 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).

Sources: KBO register, filings at the National Bank, Belgian Official Gazette.

Financials

Annual accounts 2025

full format, standalone accounts, filed on 07-07-2026, 24 days before the deadline
≈ €504.9m
▲ 4.7%
≈ -€9.4m
▼ €6.0m
≈ -€3.7m
▼ €3.1m
≈ -€2.7m
▼ €4.6m
38.1%
▼ 4.2 percentage points
1.04
▼ 0.02

The company also files consolidated accounts, with the figures of the whole group.

The accounts were filed in USD. The amounts in euro are an estimate (≈) at ECB reference rates. The balance sheet is at the rate on the balance-sheet date (1 EUR = 1.1750 USD on 31-12-2025), turnover and results at the financial year's average rate (1 EUR = 1.1300 USD). The filed accounts themselves stay in USD.

Money flows

of every €100 of turnover, €1.67 was lost in 2025

Balance sheet

balance sheet total USD 479.3m on 31-12-2025
What the company ownsHow it is paid for

in USD m

in USD m

Position in the sector

38.1%

Higher than 42% of 6,191 companies in 2025.

1.04

Higher than 16% of 6,111 companies in 2025.

-2.0%

Higher than 18% of 6,175 companies in 2025.

Manuchar Middle half of the sector 80% of the sector Full accounts in wholesale trade (NACE 46)

Net result: bottom quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: top quarter

Staff

Men and women51% women

100.4 men and 106.3 women in full-time equivalents in 2025.

USD 119,410

Men USD 136,984, women USD 102,812 per full-time equivalent. Jobs differ, so this is not a pay gap.

+2 people

people who joined people who left

In 2025, 33 people joined and 31 left. Training hours in 2025: 4,596. Agency workers: 3.3 on average.

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend2025202420232022202120202019201820172016201520142013201220112010200920082007
Balance sheet: assets
20/58 USD 479.3mUSD 454.6m343.7m506.8m322.6m236.8m290.7m302.7m251.3m251.1m271.3m267.3m246.2m238.0m240.4m165.2m102.7m127.2m83.8m
21/28 USD 182.5mUSD 181.3m149.5m113.8m83.6m81.0m80.7m76.5m80.2m83.9m60.6m47.8m43.4m29.5m23.7m11.2m10.5m9.1m7.9m
21 USD 21.3mUSD 20.6m12.0m3.0m1.1m361,3521.3m352,147---1,5226,401209,686109,58185,85861,51748,010-
22/27 USD 1.4mUSD 1.5m1.3m1.3m1.0m898,1961.0m1.1m958,8211.2m1.8m2.3m1.0m1.7m740,198735,376815,127900,366782,905
22 USD 774,606USD 590,488412,903435,511396,596337,146410,428389,774380,971458,298619,849583,148672,752775,203376,153418,101495,492513,687300,101
23 ---------1977901,382-------
24 USD 647,519USD 924,092849,543863,404638,495561,050599,470698,777467,911336,523333,186309,673369,129918,737364,045317,276319,634386,678482,804
28 USD 159.8mUSD 159.1m136.2m109.5m81.4m79.7m78.4m75.1m79.2m82.7m58.9m45.5m42.3m27.6m22.8m10.4m9.6m8.1m7.1m
280/1 USD 159.6mUSD 158.7m135.7m109.0m81.1m79.4m78.1m74.8m78.9m82.3m58.5m45.2m42.0m27.3m22.8m10.4m9.6m8.0m7.1m
280 USD 108.8mUSD 97.3m80.3m79.4m75.6m68.7m64.8m56.4m56.0m58.7m58.5m45.2m42.0m27.3m22.8m10.4m9.6m8.0m7.1m
281 USD 50.9mUSD 61.4m55.4m29.7m5.5m10.7m13.2m18.3m22.9m23.6m---------
282/3 USD 5,753USD 307,849346,601346,600282,000282,000282,000282,000282,000282,000282,000282,000282,000282,000--43,16143,16143,161
282 USD 5,753USD 307,849346,601346,600282,000282,000282,000282,000282,000282,000282,000282,000282,000282,000--43,16143,16143,161
284/8 USD 126,819USD 123,024109,220110,10083,80482,29060,61438,71736,04138,63344,98398,38650,21530,18638,36930,14433,64744,19617,396
285/8 USD 126,819USD 123,024109,220110,10083,80482,29060,61438,71736,04138,63344,98398,38650,21530,18638,36930,14433,64744,19617,396
29/58 USD 296.8mUSD 273.4m194.2m393.1m239.0m155.8m210.0m226.2m171.2m167.2m210.6m219.5m202.8m208.4m216.7m153.9m92.2m118.2m75.9m
29 USD 3.5mUSD 2.1m5.4m4.1m6.1m6.9m11.6m8.3m3.8m3.8m14.6m8.4m-3.8m5.7m7.9m1.0m1.6m234,000
290 ----------5.8m----555,6361.0m1.6m-
291 USD 3.5mUSD 2.1m5.4m4.1m6.1m6.9m11.6m8.3m3.8m3.8m8.8m8.4m-3.8m5.7m7.4m--234,000
3 USD 56,663USD 56,6632.5m5.5m4.2m3.4m2.6m3.2m2.6m2.2m4.2m9.5m6.7m4.9m1.7m168,488195,066--
30/36 USD 56,663USD 56,6632.5m5.5m4.2m3.4m2.6m3.2m2.6m2.2m4.2m9.5m6.7m4.9m1.7m168,488195,066--
30/31 ---116,831887,8641.8m1.1m1.9m1.6m1.1m3.5m8.9m5.8m4.4m1.4m----
34 USD 56,663USD 56,6632.5m5.4m3.3m1.5m1.5m1.3m1.1m1.1m632,082609,552841,476551,680231,134168,488195,066--
40/41 USD 246.3mUSD 266.1m162.2m380.2m225.5m144.5m194.5m212.4m161.2m153.3m188.3m195.8m194.0m196.6m201.4m143.0m88.3m114.1m72.7m
40 USD 221.7mUSD 246.5m146.6m299.6m219.4m138.0m186.5m194.7m139.0m127.1m156.4m163.6m162.7m157.8m165.1m130.7m80.1m105.2m67.8m
41 USD 24.7mUSD 19.6m15.6m80.5m6.1m6.5m8.0m17.7m22.2m26.2m31.9m32.3m31.4m38.8m36.3m12.3m8.2m8.9m4.9m
50/53 USD 31.4mUSD 1.9m2.8m-44,614-226,3591.3m568,1674.1m1.6m1.9m1.6m824,943544,5041.4m258,524245,816185,295
51/53 USD 31.4mUSD 1.9m2.8m-44,614-226,3591.3m568,1674.1m1.6m1.9m1.6m824,943544,5041.4m258,524245,816185,295
54/58 USD 10.6mUSD 1.2m19.8m987,9622.6m514,772507,999317,8442.3m3.0m1.3m3.8m398,1372.2m7.3m1.4m2.2m1.9m2.1m
490/1 USD 4.7mUSD 2.0m1.5m2.3m577,548476,481573,019656,237718,885896,565683,95535,08189,30348,244154,012129,957171,346354,647804,665
Balance sheet: equity and liabilities
10/49 USD 479.3mUSD 454.6m343.7m506.8m322.6m236.8m290.7m302.7m251.3m251.1m271.3m267.3m246.2m238.0m240.4m165.2m102.7m127.2m83.8m
10/15 USD 182.7mUSD 192.2m175.3m122.3m20.9m6.8m7.6m11.3m18.8m29.8m33.5m32.6m37.8m25.1m22.8m19.7m15.7m13.0m7.8m
10/11 USD 1.0mUSD 1.0m806,9481.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m
10 USD 1.0mUSD 1.0m806,9481.0m---------------
100 USD 1.0mUSD 1.0m806,9481.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m1.0m
12 ---108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070108,070
13 USD 96,329USD 96,32987,274108,314108,314108,314108,314107,732107,732107,732107,732107,732107,732107,732107,732389,732970,2321.5m1.5m
130/1 USD 87,959USD 87,95981,164100,731100,731100,731582------------
130 USD 87,317USD 87,31780,695100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149100,149
1319 USD 642USD 642469582582582582------------
132 ---------------282,000862,5001.4m1.4m
133 USD 8,371USD 8,3716,1107,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,5837,583
14 USD 181.6mUSD 191.1m174.4m121.1m19.7m5.6m6.3m10.0m17.5m28.6m32.3m31.4m36.6m23.9m21.6m18.2m13.6m10.4m5.2m
16 -----215,787223,50112,096275,260291,500---------
160/5 -----215,787223,50112,096275,260291,500---------
164/5 -----215,787223,50112,096275,260291,500---------
17/49 USD 296.6mUSD 262.4m168.4m384.5m301.7m229.8m282.9m291.5m232.3m221.0m237.8m234.7m208.4m212.8m217.5m145.5m87.0m114.2m76.0m
17 --53.6m222.8m43.3m57.3m76.1m40.3m30.1m833,3281.6m2.6m7.1m2.6m12.9m8.7m5.8m6.2m5.0m
170/4 --53.6m222.8m43.3m57.3m76.1m40.3m30.0m703,7571.4m2.4m6.8m2.4m12.9m8.7m5.8m6.2m5.0m
170 ----25.0m35.0m30.3m20.3m20.0m---5.0m-10.0m5.0m5.0m5.0m5.0m
172 --------30,050109,820281,876836,776-------
173 ----12.9m19.7m43.0m20.0m10.0m593,9371.2m1.5m1.8m2.4m2.9m3.7m810,8781.2m-
174 --53.6m222.8m5.4m2.6m2.8m------------
178/9 ------26,71763,737101,806129,571166,591203,611240,631277,652-----
42/48 USD 286.6mUSD 258.0m109.7m150.6m250.8m169.2m204.1m248.1m199.9m218.9m234.6m231.3m199.8m209.7m203.8m136.2m80.8m107.6m70.0m
42 USD 93.3mUSD 60.3m212,075650,71840.9m23.1m37,64667,071122,72827.4m21.2m6.5m1.1m11.0m1.0m1.0m655,7911.0m-
43 USD 89.1mUSD 62.7m30.8m63.6m119.7m57.8m134.3m211.7m168.8m143.7m166.8m170.5m150.5m153.2m159.9m110.3m58.9m87.5m49.7m
430/8 USD 89.1mUSD 62.7m30.8m63.6m119.7m57.8m134.3m201.7m168.8m121.8m166.8m170.5m150.5m153.2m159.9m110.3m58.9m87.5m49.7m
439 -------10.0m-21.9m---------
44 USD 99.3mUSD 123.9m70.5m77.2m77.5m55.2m51.8m20.7m16.7m37.1m34.7m41.2m37.4m35.5m31.6m19.7m15.8m14.7m14.9m
440/4 USD 99.3mUSD 123.9m70.5m77.2m77.5m55.2m51.8m20.7m16.7m37.1m34.7m41.2m37.4m35.5m31.6m19.7m15.8m14.7m14.9m
45 USD 2.5mUSD 2.0m3.7m4.2m2.3m2.2m1.9m1.8m1.4m2.0m2.3m1.9m2.1m1.5m1.7m1.3m1.7m1.5m424,128
450/3 USD 106,439USD 18,8181.1m379,30817,688243,520-42,6071,5748,1628,0606,412483,99258,731406,619145,248696,390734,91879,929
454/9 USD 2.4mUSD 2.0m2.6m3.8m2.3m1.9m1.9m1.7m1.4m2.0m2.3m1.9m1.7m1.4m1.3m1.2m1.0m794,639344,199
47/48 USD 2.3mUSD 9.0m4.4m5.0m10.4m31.0m16.1m13.9m12.9m8.7m9.7m11.2m8.7m8.4m9.5m3.8m3.7m2.9m5.0m
492/3 USD 10.1mUSD 4.4m5.2m11.1m7.5m3.2m2.7m3.0m2.2m1.3m1.5m881,1781.5m523,321863,628597,923418,801397,1161.0m
Income statement
70/76A USD 592.3mUSD 543.3m540.6m1.13bn778.7m504.9m543.7m509.9m426.9m342.1m391.1m318.0m300.3m303.9m263.2m209.8m137.0m245.7m145.0m
70 USD 570.5mUSD 521.7m507.8m1.11bn767.7m496.3m533.0m500.8m418.8m333.3m383.6m310.9m292.8m299.2m259.2m206.4m133.4m242.5m144.3m
72 USD 2.5m-9.8m2.2m566,632352,140750,593------------
74 USD 19.1mUSD 21.3m23.0m12.9m---------------
76A USD 305,429USD 170,96815,5133.9m658,34544,1421.2m52,85020,85449,69010,787388,31227,6589,8697,04593,07633,438164,916152,066
60/66A USD 603.0mUSD 547.0m535.7m1.09bn766.9m499.6m531.8m497.1m419.1m342.2m389.2m319.1m294.3m300.6m260.5m206.7m131.8m235.0m139.7m
60 USD 535.7mUSD 490.0m469.8m1.04bn723.4m469.1m501.0m473.5m396.4m315.7m368.0m296.8m277.0m283.9m248.1m196.0m122.2m227.0m134.9m
600/8 USD 535.7mUSD 487.3m466.8m1.04bn724.2m469.8m500.4m474.1m396.9m313.7m362.7m294.0m278.8m287.1m249.6m196.0m122.4m227.0m134.9m
609 -USD 2.7m3.0m-1.3m-819,608-739,030564,951-555,853-462,0762.0m5.3m2.8m-1.8m-3.2m-1.5m26,578-195,066--
61 USD 30.3mUSD 25.0m40.2m19.9m15.4m10.5m9.3m8.6m8.3m8.3m6.6m5.7m4.4m4.4m4.3m3.5m3.1m2.8m3.3m
62 USD 24.7mUSD 20.0m23.8m22.5m20.1m15.7m15.9m14.6m13.9m13.1m12.7m11.0m10.0m8.8m7.8m6.9m6.1m5.0m1.2m
630 USD 6.5mUSD 3.0m1.2m785,266656,797710,798681,415432,563611,8171.4m847,004739,003292,589471,843275,114312,326310,101311,768256,623
631/4 -USD 283,783USD 1.4m113,9441.9m506,326515,142611,893-139,637-174,5823.4m999,8384.9m2.5m3.1m-----
635/8 -----215,787-7,581211,10648,760-16,256291,500---------
640/8 USD 247,011USD 263,806126,734114,643109,739107,790119,29549,14850,50535,75436,55444,61629,41941,20430,39222,07225,23929,64010,110
66A USD 5.9mUSD 7.3m350,6681.1m7.1m3.1m4.0m30.5m13.7m45,4704.0m236,42866,1547,836552,945--94,715176,630
9901 -USD 10.7m-USD 3.8m4.9m46.1m11.8m5.3m11.9m12.8m7.8m-111,2321.9m-1.1m5.9m3.3m2.7m3.1m5.2m10.6m5.3m
75/76B USD 31.7mUSD 21.0m101.0m91.3m24.3m15.2m13.5m28.3m6.1m15.6m19.5m7.5m23.1m7.1m10.3m8.8m6.5m4.7m2.4m
75 USD 29.5mUSD 15.8m50.5m91.3m20.3m14.7m13.5m28.3m6.1m15.2m19.5m7.5m23.1m7.1m10.3m8.8m6.5m4.7m2.4m
750 USD 14.8mUSD 3.4m36.4m85.6m17.0m5.7m5.0m20.3m2.2m11.8m10.7m1.2m15.4m3.8m5.3m7.1m5.0m2.4m1.1m
751 USD 8.4mUSD 8.8m9.0m3.8m1.7m1.8m6.5m5.4m3.5m2.4m2.1m2.0m2.1m3.0m2.5m1.7m1.2m660,566923,846
752/9 USD 6.3mUSD 3.5m5.1m1.9m1.6m7.1m2.0m2.6m316,3941.1m6.7m4.3m5.6m232,2262.4m1,325174,8451.6m447,826
76B USD 2.3mUSD 5.2m50.5m-4.0m541,928---359,884---------
65/66B USD 30.5mUSD 18.3m28.6m35.1m22.1m18.3m26.2m48.3m24.9m15.9m14.2m9.6m14.9m8.1m6.7m5.4m5.6m7.0m6.4m
65 USD 29.6mUSD 18.3m28.5m35.1m18.1m18.3m18.3m17.9m11.2m12.7m14.2m9.6m14.9m8.1m6.7m5.4m5.6m7.0m6.4m
650 USD 18.8mUSD 12.1m18.4m24.7m10.3m9.0m11.6m11.2m6.3m5.4m5.2m5.7m4.9m5.2m3.8m3.0m2.6m4.8m4.9m
651 -------------12,957--7,47211,58324,84811,789170,893
652/9 USD 10.8mUSD 6.2m10.2m10.3m7.8m9.3m6.8m6.6m4.9m7.4m9.1m4.0m10.0m3.0m2.9m2.4m3.0m2.2m1.3m
66B USD 946,734-92,413-4.0m-7.9m30.5m13.7m3.2m---------
9903 -USD 9.5m-USD 1.1m77.3m102.3m14.0m2.3m-748,906-7.2m-11.1m-466,1933.1m-3.1m14.0m2.2m5.8m6.6m6.1m8.4m1.4m
67/77 USD 68,353-USD 59,27737,112913,185-104,82424,498-50,979269,30111,2958,1628,0606,41225,513-46,049476,039-44,117250,3711.7m-
670/3 USD 68,353USD 37,42437,112913,18525,65024,498173,627269,30111,2958,1628,0606,41225,513-476,039-250,3711.7m-
77 -USD 96,701--130,475-224,606------46,049-44,117---
9904 -USD 9.5m-USD 1.0m77.2m101.4m14.1m2.3m-697,927-7.5m-11.1m-474,3553.1m-3.1m14.0m2.3m5.3m6.7m5.8m6.7m1.4m
789 --------------282,000580,500570,000--
689 ------------------682,500
9905 -USD 9.5m-USD 1.0m77.2m101.4m14.1m2.3m-697,927-7.5m-11.1m-474,3553.1m-3.1m14.0m2.3m5.6m7.2m6.4m6.7m684,197
Appropriation of the result
9906 USD 181.6mUSD 191.1m198.4m121.1m19.7m8.6m9.3m10.0m17.5m31.8m34.5m33.5m37.9m23.9m23.8m20.8m16.8m11.9m7.9m
14P USD 191.1mUSD 192.1m121.1m19.7m---------------
691/2 --23.9m----------------
6921 --23.9m----------------
694/7 -----3.0m3.0m--3.2m2.2m2.1m1.4m-2.1m2.6m3.2m1.5m2.7m
694 -----2.0m2.0m--3.0m2.0m2.0m1.2m-2.0m2.5m3.0m1.3m2.6m
695 -----1.0m1.0m--200,000200,000155,000155,000-155,000155,000155,000135,000135,000
Social balance sheet
9087 206.7207.4259.6262224.8206.6199.9186.8182.9182.2170.8153.1139.1127.9113.210294.179.918.6
Men (FTE)1003 100.4101.9136.5142.6118.6107103.2100.898.696.294.487.581.975.5-----
Women (FTE)1003 106.3105.5123.1119.2106.299.696.78684.38676.465.657.252.4-----
Agency workers1501 3.30.8-7.82.82.60.81.41.41.30.620.10.5--0.20.1-
Hours worked1013 330,220330,710408,088416,646359,021334,425319,641306,273296,803294,266278,140251,724227,695213,396188,457169,412155,063132,08730,613
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The accounts for 30 older financial years (1977-2006) were filed as documents without figures as data, scans for example.

The notes to these accounts have 89 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 07-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 07-07-2026 2026-00270368 PDF
31-12-2024 full format 31-07-2025 2025-00355657 PDF
31-12-2023 full format 23-05-2024 2024-00099987 PDF
31-12-2022 consolidated 13-06-2023 2023-00133275 PDF
31-12-2022 full format 22-05-2023 2023-00093657 PDF
31-12-2021 consolidated 29-03-2022 2022-09900171 PDF
31-12-2021 full format 29-03-2022 2022-09900059 PDF
31-12-2020 consolidated 12-05-2021 2021-14700273 PDF
31-12-2020 full format 28-04-2021 2021-12100573 PDF
31-12-2019 consolidated 14-05-2020 2020-12500524 PDF
31-12-2019 full format 13-05-2020 2020-12500529 PDF
31-12-2018 consolidated 23-05-2019 2019-14800131 PDF
31-12-2018 full format 23-05-2019 2019-14800136 PDF
31-12-2017 full format 15-05-2018 2018-13100015 PDF
31-12-2017 consolidated 14-05-2018 2018-13100098 PDF
31-12-2016 consolidated 22-06-2017 2017-22100454 PDF
31-12-2016 full format 21-06-2017 2017-21300011 PDF
31-12-2015 consolidated 06-06-2016 2016-16500081 PDF
31-12-2015 full format 06-06-2016 2016-16600297 PDF
31-12-2014 consolidated 28-07-2015 2015-35900410 PDF
31-12-2014 full format 16-06-2015 2015-18600351 PDF
31-12-2013 consolidated 17-06-2014 2014-19100388 PDF
31-12-2013 full format 27-05-2014 2014-14500209 PDF
31-12-2012 consolidated 17-06-2013 2013-18700246 PDF
31-12-2012 full format 14-06-2013 2013-18600451 PDF
31-12-2011 consolidated 30-03-2012 2012-07800526 PDF
31-12-2011 full format 30-03-2012 2012-07800489 PDF
31-12-2010 consolidated 30-03-2011 2011-07400399 PDF
31-12-2010 full format 30-03-2011 2011-07400345 PDF
31-12-2009 consolidated 23-04-2010 2010-09800283 PDF
31-12-2009 full format 23-04-2010 2010-09800270 PDF
31-12-2008 consolidated 29-04-2009 2009-12900370 PDF
31-12-2008 full format 29-04-2009 2009-12900197 PDF
31-12-2007 consolidated 29-05-2008 2008-18600255 PDF
31-12-2007 full format 28-05-2008 2008-18600239 PDF
31-12-2006 full format 01-06-2007 2007-16900353 PDF
31-12-2005 full format 02-06-2006 2006-18500002 PDF
31-12-2004 unclassified schema 08-06-2005 2005-21500014 PDF
31-12-2003 unclassified schema 21-06-2004 2004-26900145 PDF
31-12-2002 unclassified schema 04-06-2003 2003-18400213 PDF
31-12-2001 unclassified schema 04-06-2002 2002-15700236 PDF
31-12-2000 consolidated 18-12-2001 2001-75800228 PDF
31-12-2000 unclassified schema 22-06-2001 2001-24400005 PDF
31-12-1999 consolidated 06-12-2000 2000-73900262 PDF
31-12-1999 unclassified schema 23-06-2000 2000-26000034 PDF
31-12-1998 unclassified schema 14-06-1999 1999-17600680 PDF
31-12-1997 unclassified schema 12-06-1998 1998-16305092 PDF
31-12-1996 unclassified schema 06-06-1997 1997-12203959 PDF
31-12-1995 unclassified schema 10-06-1996 1996-13504894 PDF
31-12-1994 unclassified schema 24-05-1995 1995-09501199 PDF
31-12-1993 unclassified schema 30-05-1994 1994-10203813 PDF
31-12-1992 unclassified schema 02-06-1993 1993-09701493 PDF
31-12-1991 unclassified schema 16-06-1992 1992-11302912 PDF
31-12-1990 unclassified schema 31-05-1991 1991-06703187 PDF
31-12-1989 unclassified schema 01-06-1990 1990-06501091 PDF
31-12-1988 unclassified schema 02-06-1989 1989-06203749 PDF
31-12-1987 unclassified schema 31-05-1988 1988-05204531 PDF
31-12-1986 unclassified schema 21-05-1987 1987-06602503 PDF
31-12-1985 unclassified schema 23-05-1986 1986-08102173 PDF
31-12-1984 full format 07-06-1985 1985-08900316 PDF
31-12-1983 unclassified schema 07-06-1984 1984-05100089 PDF
31-12-1982 unclassified schema 08-06-1983 1983-04702289 PDF
31-12-1981 unclassified schema 10-06-1982 1982-04801121 PDF
31-12-1980 unclassified schema 26-06-1981 1981-07000329 PDF
31-12-1979 unclassified schema 05-06-1980 1980-04301421 PDF
31-12-1978 unclassified schema 06-08-1979 1979-09901855 PDF
31-12-1977 unclassified schema 10-08-1978 1978-06401418 PDF

Subsidies and aid

Flemish government 2023 to 2025, 3 entries, €17,775 awarded, €17,775 paid

Year Entries AwardedPaid
2025 1 €2,752€2,752
2024 1 €8,548€8,548
2023 1 €6,475€6,475

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend2025202420232022202120202019201820172016201520142013201220112010200920082007
≈ -3.7m≈ -681,9956.1m46.9m12.5m6.0m12.6m13.2m8.4m1.3m2.7m-397,6166.2m3.8m3.0m3.5m5.5m11.0m5.6m
≈ -2.7m≈ 1.8m78.5m102.2m14.7m3.0m-16,512-7.1m-10.5m955,5324.0m-2.3m14.3m2.8m5.6m7.0m6.1m7.0m1.6m
≈ 23.0m≈ 19.4m15.2m6.8m8.4m4.1m10.5m1.9m1.6m4.5m15.3m5.4m15.1m6.3m13.3m1.0m1.8m1.5m912,323
≈ 9.4m-18.8m-1.6m2.0m6,773190,155-2.0m-666,4971.6m-2.5m3.4m-1.8m-5.0m5.9m-890,357296,594-108,303-
≈ 8.7m≈ 14.8m84.6m242.5m-11.9m-13.4m5.9m-21.9m-28.7m-51.6m-24.0m-11.8m3.0m-1.2m12.9m17.8m11.4m10.6m6.0m
-1.9%-0.7%1.0%4.1%1.5%1.1%2.2%2.6%1.9%0.0%0.5%-0.4%2.0%1.1%1.0%1.5%3.9%4.4%3.7%
38.1%42.3%51.0%24.1%6.5%2.9%2.6%3.7%7.5%11.9%12.3%12.2%15.4%10.6%9.5%11.9%15.3%10.2%9.4%
1.041.061.772.610.950.921.030.910.860.760.900.951.010.991.061.131.141.101.09
1.041.061.752.570.940.901.020.900.840.750.880.910.980.971.061.131.141.101.09
1.621.370.963.1414.4233.6437.4425.8912.387.417.107.215.518.479.527.385.548.769.69
-5.2%-0.5%44.1%82.9%67.3%33.3%-9.2%-66.7%-59.0%-1.6%9.3%-9.4%37.1%9.1%23.1%33.8%37.1%51.2%17.4%
-2.0%-0.2%22.5%20.0%4.4%1.0%-0.2%-2.5%-4.4%-0.2%1.1%-1.2%5.7%1.0%2.2%4.0%5.7%5.2%1.6%
-0.22-0.060.331.901.210.671.091.181.350.250.53-0.071.270.730.781.172.122.261.15
142 days172 days105 days98 days104 days101 days128 days142 days121 days139 days149 days192 days203 days193 days232 days231 days219 days158 days171 days
64 days88 days50 days27 days38 days42 days37 days16 days15 days42 days34 days50 days48 days45 days46 days36 days46 days23 days39 days

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item31-12-202531-12-202431-12-202331-12-2022
Employees at the balance-sheet date211209234293
full-time182188206274
part-time29212819
in full-time equivalents203.2205.3228.5289
206.7207.4259.6261.8
On a permanent contract211209234293
Joined33495083
Left317410933
Agency workers, average number3.30.8-7.8
Training hours4,5964,2414,8264,399

Source: social balance sheet in the 2022 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item2025202420232022
Debts secured on the company's own assets--€295€9.8m
Carrying value of the other pledged assets--€295€56
USD 181.2mUSD 166.3m€188.9m€213.5m

Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item2025202420232022
Tangible fixed assetsUSD 508,288USD 746,400€512,143€733,045
Intangible fixed assetsUSD 9.0mUSD 10.0m€9.8m€2.2m
Financial fixed assetsUSD 13.5mUSD 8.7m€4.9m€3.9m
USD 6.5mUSD 3.0m€1.2m€785,266

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item2025202420232022
Fee for the auditUSD 141,071USD 119,474€100,000€106,001
Other work by the auditor-USD 27,401-€198,010

Source: notes to the 2022 to 2025 annual accounts (relations with the auditor)

Insights on Manuchar

The operating result for 2025 is a loss of €9.4m, larger than the loss of €3.5m in 2024. It is the lowest result since 2007.

Debt's share of the balance-sheet total rises from 57.7% to 61.9%. Equity is lower and debt is higher.

Large changes and their cause

Board & ownership

Board

4 directors, 1 auditor, last change in June 2026
Guto CommV
Director, permanent representative BEERNAERT Sofie
since 01-04-2025 6-year term from 2025
listed in the 2025 annual accounts, filed on 07-07-2026
Director, permanent representative PASQUALINI Laurent Armando Franco
since 01-04-2025 6-year term from 2025
also on the board of 1 other company
listed in the 2025 annual accounts, filed on 07-07-2026
Director
since 01-04-2025 term until 01-04-2031
listed in the 2025 annual accounts, filed on 07-07-2026
Director and member of the executive committee, permanent representative DE RAEYMAEKER Matthias Maria Jacques Michel
director in office according to the deed of 31-03-2025 member of the executive committee appointed by deed of 11-09-2023 6-year term from 2025
also on the board of 6 other companies
Statutory auditor, permanent representative Christoph Oris
appointed by deed of 11-09-2023
Member of the executive committee
appointed by deed of 09-06-2022
Member of the executive committee
appointed by deed of 11-09-2023
Member of the executive committee
appointed by deed of 11-09-2023
Member of the executive committee
appointed by deed of 13-11-2023
Member of the executive committee
appointed by deed of 20-11-2024
Signing authorityThe articles say who may bind the company, for example by signing a contract.
“• OV STRATEGIC PARTNERS BV, vast vertegenwoordigd door Olivera Vujnovic • BLACKBUCK BV, vast vertegenwoordigd door Stephan Van Den Eynde…”
deed of 16-07-2026
Permanent representatives 3
BEERNAERT Sofie
Permanent representative, for Guto
appointed by deed of 31-03-2025
Permanent representative, for MATTHIAS DE RAEYMAEKER BV
in office according to the deed of 31-03-2025
PASQUALINI Laurent Armando Franco
Permanent representative, for Hucar
appointed by deed of 31-03-2025

Office holders in the KBO →

Mandates through the years

22 names, the dashed line is today
Show
M.D.R. BV
Director
MATTHIAS DE RAEYMAEKER BV
Member of the executive committee, Director
Guto
Director
Hucar
Director
EY Bedrijfsrevisoren
Statutory auditor
Patrick Putman
Member of the executive committee
Sabri Tektas
Member of the executive committee
Stephan Van den Eynde
Member of the executive committee
Rodrigo Cunha
Member of the executive committee
Inge de Winne
Member of the executive committee
Andre Schommer
Day-to-day manager
MAAS Anthony
Director
RSM INTERAUDIT CVBA
Statutory auditor
Bart Troubleyn
Member of the executive committee
Copem NV
Director
Manuxim BV
Director
Bart De Schutter
Member of the executive committee
BoardOther functionEarlierRest of the termmandate already running before its first mentionend not dated
Mandates as a list
  • M.D.R. BV
    • Director, from 30-06-2022 to date
  • MATTHIAS DE RAEYMAEKER BV
    • Director, until 08-08-2022
    • Member of the executive committee, appointed by deed of 11-09-2023, still in office
    • Director, since before 01-04-2025
  • Guto
    • Director, since before 31-12-2024
  • Hucar
    • Director, since before 31-12-2024
  • EY Bedrijfsrevisoren
    • Statutory auditor, from 13-04-2023 to date
  • Patrick Putman
    • Member of the executive committee, appointed by deed of 09-06-2022, still in office
  • Sabri Tektas
    • Member of the executive committee, appointed by deed of 11-09-2023, still in office
  • Stephan Van den Eynde
    • Member of the executive committee, appointed by deed of 11-09-2023, still in office
  • Rodrigo Cunha
    • Member of the executive committee, appointed by deed of 13-11-2023, still in office
  • Inge de Winne
    • Member of the executive committee, appointed by deed of 20-11-2024, still in office
  • Andre Schommer
    • Member of the executive committee, appointed by deed of 20-11-2024, ended, last mentioned on 20-11-2024
    • Day-to-day manager, until 16-06-2026
  • HUYBRECHS Philippe Louis Marie-Claire
    • Director, until 31-03-2025
  • MAAS Anthony
    • Director, from 13-04-2023 to 31-03-2025
  • Matthias De Raeymaeker
    • Member of the executive committee, appointed by deed of 03-10-2019, until 15-05-2023
    • Director, appointed by deed of 08-08-2022, until 31-03-2025
  • Dragonfly Invest
    • Director, appointed by deed of 08-08-2022, until 11-09-2023
  • RSM INTERAUDIT CVBA
    • Statutory auditor, from 16-04-2020 to 11-09-2023
  • Bart Troubleyn
    • Member of the executive committee, until 15-05-2023
  • Copem NV
    • Director, until 08-08-2022
  • John-Eric BERTRAND
    • Director, from before 08-06-2020 to 08-08-2022
  • Manuxim BV
    • Director, from 30-06-2022 to 08-08-2022
  • Philippe Huybrechs
    • Chair of the board, appointed by deed of 08-08-2022, ended, last mentioned on 08-08-2022
    • Director, appointed by deed of 08-08-2022, until 08-08-2022
  • Bart De Schutter
    • Member of the executive committee, until 09-06-2022

See the board, name and registered office on a given date →

Control

Parent
Equity USD 387.0m
Loss USD 46.7m in 2025 (loss USD 13.8m in 2024)
100%
This company
Manuchar
Equity €182.7m
Loss €9.5m in 2025

and 1 other shareholder

Capital

Capital
€1,004,021.84
Shares
35,522
Contribution per share
€28.26
Equity per share
€5,143 in 2025
Source
2025 annual accounts

Owners through the years

as the annual accounts name them
35% until 2021
30% until 2021
26.6% until 2013
Owners as a list

Source: lists of holdings in the owners' accounts

Articles of association

deed of 08-07-2022 (in Dutch)
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
Board ruleThese rules set how the board is made up, meets and takes decisions.
At least 3 directors
“Raad kan voorzitter benoemen onder leden, raad van bestuur”
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Thursday of April at 14:00
Dissolution ruleThe articles set when and by whom the company can be dissolved.
“Ontbonden in bij wet bepaalde gevallen, te allen tijde ontbonden door besluit algemene vergadering die beraadslaagt op wijze door wet…”
Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
“Alle machten genoemd in artikel 2:87 Wetboek van vennootschappen en verenigingen zonder bijzondere machtiging algemene vergadering, algemene…”

Shareholders

2 owners

Owners 2

Capital transactions

Capital over time
  1. 11-07-2023 Capital reduction of €198,390 · to €803,099.84 · “zonder vernietiging van aandelen”, “door vermindering van fractiewaarde van bestaande aandelen”
  2. 08-07-2022 Capital stated in the deed · €1,001,489.84 · 35,522 shares

Network & group

Holdings

own 2025 accounts, the bar shows equity in euros
This companyManuchar45 holdings, 38 countries 2025 accounts

Belgium 3 Equity Result

Europe 5 Equity Result

  • FR Disachim Sa25% €1.3m result €1
  • ES Manuchar Andina €1 result €1
  • GR Manuchar Hellas -€518,690 result -€105,733
  • TR Manuchar Kimya Sanayi (Turkey) -USD 96,722 result -USD 895,276
  • RO Manuchar Romania -RON 4.0m result -RON 2.6m

North America 7 Equity Result

  • CA Manuchar Canada80% CAD 2.2m result CAD 270,785
  • DO Manuchar Dominicana SA83.33% DOP 403.8m result DOP 64.0m
  • SV Manuchar El Salvador80% USD 4.9m result USD 411,611
  • GT Manuchar Guatemala80% GTQ 11.6m result GTQ 2.5m
  • HN Manuchar Honduras Sa de Cv80.01% HNL 2.8m result -HNL 15.7m
  • MX Manuchar International SA de CV MXN 98.7m result -MXN 42.4m
  • TT Manuchar Trinidadvia 80% TTD 14.9m result TTD 790,847

South America 12 Equity Result

  • AR Manuchar Argentina Sociedad Anonima99.99% USD 16.4m result -USD 1.2m
  • CO Manuchar Colombia cia Ltda75% USD 30.6m result USD 5.2m
  • BR Manuchar Comércio Exterior Ltda USD 42.2m result USD 6.2m
  • EC Manuchar Ecuador (Mapriplastec)50% USD 2.0m result USD 591,179
  • BR Manuchar Logistica do Brasil Ltda1% -BRL 3.2m result -BRL 1.9m
  • PE Manuchar Logistica Peru6.35% -USD 3.5m result -USD 3.1m
  • BO Manuchar Logistics Bolivia50% -USD 93,187 result -USD 16,180
  • PY Manuchar Paraguay99% USD 94,947 result -USD 22,331
  • PE Manuchar Peru (Cusa) USD 15.2m result USD 476,834
  • VE Manuchar Venezuela75% VEF 1 result VEF 1
  • CL Proquiel Manuchar SpA70% USD 14.3m result USD 5.1m
  • EC Quimica Industrial Montalvo SA51% USD 39.9m result USD 5.9m

Africa 8 Equity Result

  • ZA Manuchar Namibia €1 result €1
  • ZA Crystal Ball South Africa ZAR 15.1m result ZAR 2.5m
  • DZ Manuchar Algerie49% DZD 108.1m result -DZD 21.0m
  • EG Manuchar Chemical Trading70% EGP 18.6m result EGP 1
  • CI Manuchar Cote d'Ivoire XOF 2.32bn result XOF 651.5m
  • KE Manuchar Kenya80% KES 307.8m result KES 63.6m
  • ZA Manuchar South-Africa ZAR 145.7m result ZAR 13.0m
  • NG Manuchar Trading House -USD 3.6m result USD 848,998

Asia and Oceania 10 Equity Result

  • SA Kanoo Manuchar Saudi Arabia50% SAR 38.0m result SAR 1.6m
  • BD Manuchar Bangladesh99.9% -BDT 1.3m result BDT 1
  • AE Manuchar Chemical & Steel Trading49% -AED 573,412 result -AED 1.3m
  • HK Manuchar Hong Kong LTD USD 21.8m result -USD 611,980
  • IN Manuchar India99.95% INR 14.6m result INR 4.5m
  • ID Manuchar Indonesia52.74% IDR 93.16bn result -IDR 9.96bn
  • MY Manuchar Malaysia SDN. BHD. -MYR 446,522 result -MYR 291,967
  • PK Manuchar Pakistan PKR 208.8m result PKR 7.8m
  • PH Manuchar Philippines Inc89.84% PHP 140.1m result PHP 27.7m
  • TH Manuchar Thailand LTD THB 99.4m result THB 5.6m

Source: list of holdings in its own 2025 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.

Part of the group MANUCHAR GROUP Group, risk and exposure

Parent

MANUCHAR GROUP
0777.879.622 · 100% of the shares · equity USD 387.0m · loss USD 46.7m (2025)

At the same address

Rietschoorvelden 20, 2170 Antwerp · 14 other companies
MANUCHAR GROUP
registered office since 30-11-2021 · founded in 2021
total assets €888.3m (2025)
0777.879.622
MANUCHAR STEEL
registered office since 01-07-2004 · founded in 2004 · group Manuchar International Trade Services
turnover €761.2m (2025)
0865.797.353
Manuchar International Trade Services
registered office since 13-03-2023 · founded in 2023
30 FTE (2025)
0799.443.514
Manuchar Pulp & Paper
registered office since 13-03-2023 · founded in 2023 · group Manuchar International Trade Services
16 FTE (2025)
0799.443.316
Manuchar Europe
registered office since 17-11-2022 · founded in 2022 · group MANUCHAR GROUP
19 FTE (2025)
0793.709.923
Dragonfly Invest
registered office since 15-06-2022 · founded in 2022
total assets €36.2m (2025)
0787.276.348
PPLS Invest
registered office since 14-06-2022 · founded in 2022
total assets €32.9m (2025)
0787.267.737
Flamengo investments
registered office since 14-06-2022 · founded in 2022
total assets €22.1m (2025)
0787.267.638
Corvida investments
registered office since 15-06-2022 · founded in 2022
total assets €12.6m (2025)
0787.276.150
LDI INTERNATIONAL
registered office since 17-07-2000 · founded in 2000 · group MANUCHAR GROUP
total assets €6.7m (2025)
0472.156.309
and 4 more

Earlier ties

April Beauty Belgium
via Matthias De Raeymaeker, no longer at April Beauty Belgium · Director · deed of 04-08-2016
founded in 1971 · negative equity (2025)
250 FTE (2025)
FEDERATION BELGE DU COMMERCE ET DES SERVICES
via Matthias De Raeymaeker, no longer at FEDERATION BELGE DU COMMERCE ET DES SERVICES · Director · deed of 24-11-2016
founded in 1941 · accounts filed late
59 FTE (2024)
OncoDNA
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 20-12-2019
founded in 2012 · negative equity (2025)
21 FTE (2025)
DELEN PRIVATE BANK
via John-Eric BERTRAND, at Manuchar until 2022 · (niet uitvoerend) b bestuurder · deed of 18-03-2025
founded in 1994 · group ACKERMANS & VAN HAAREN
total assets €3.48bn (2025)
DREDGING, ENVIRONMENTAL & MARINE ENGINEERING
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 14-07-2020
founded in 1930 · group ACKERMANS & VAN HAAREN
turnover €21.7m (2025)
Société Financière des Sucres
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 12-11-2025
founded in 1929
turnover €16.3m (2023)
Show 17 more earlier ties
COMPAGNIE D'ENTREPRISES CFE
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 09-06-2021
founded in 1880 · group ACKERMANS & VAN HAAREN
54 FTE (2025)
SIPEF
via John-Eric BERTRAND, at Manuchar until 2022 · Non-executive director · deed of 29-07-2026
founded in 1919
turnover €288.6m (2025)
AvH Growth Capital
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 03-07-2025
founded in 1988 · group ACKERMANS & VAN HAAREN
total assets €223.7m (2025)
BPC Group
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 02-07-2015
founded in 1983 · group ACKERMANS & VAN HAAREN
301 FTE (2025)
Mediahuis Partners
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 24-06-2026
founded in 1976 · group Capstone Partners
total assets €180.3m (2025)
DI
via Matthias De Raeymaeker, no longer at DI · Director · deed of 10-01-2019
founded in 1986
310 FTE (2025)
Dematic
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 16-07-2010
founded in 1947
144 FTE (2025)
AGIDENS INTERNATIONAL
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 05-12-2023
founded in 1999 · group ACKERMANS & VAN HAAREN
34 FTE (2025)
ALURAL BELGIUM
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 05-02-2010
founded in 1982 · group REYNAERS ALUMINIUM
137 FTE (2025)
DELSHOP
via Matthias De Raeymaeker, no longer at DELSHOP · Director · deed of 04-08-2016
founded in 1984
total assets €10.3m (2025)
BAARBEEK IMMO
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 23-06-2021
founded in 2016 · group ACKERMANS & VAN HAAREN
total assets €7.1m (2025)
Alfa Park
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 05-04-2013
founded in 2011 · group EFFIA Belgium
24 FTE (2025)
MATTHIAS DE RAEYMAEKER
via Matthias De Raeymaeker, no longer at MATTHIAS DE RAEYMAEKER · Permanent representative · deed of 14-04-2025
founded in 2010
total assets €4.1m (2025)
IMMONI
via Matthias De Raeymaeker, no longer at IMMONI · Director · deed of 14-11-2014
founded in 1985
total assets €2.9m (2025)
BANK J.VAN BREDA & C°
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 08-07-2026
founded in 1930
Belgian Finance Center
via John-Eric BERTRAND, at Manuchar until 2022 · Director · deed of 26-10-2023
founded in 2012
MANUCHAR WOOD
via MATTHIAS DE RAEYMAEKER, no longer at MANUCHAR WOOD · Director · deed of 15-03-2023
No longer active
0.7 FTE (2024)

Holdings and subsidiaries

45 in the list of holdings, 3 from the LEI register

Holdings 48

  • MANUCHAR HONG KONG LIMITEDHKsubsidiary
    consolidated
  • MANUCHAR PAKISTAN (PRIVATE) LIMITEDPKsubsidiary
    consolidated
  • Equity €249,728 Loss of €7,924 in 2025 (profit of €9,821 in 2024) Checked score 94
    consolidated
Share, source and own figures per holding (45)

Source for every holding own accounts 2025

  • Crystal Ball South AfricaZAsubsidiary
    Equity ZAR 15.1mResult ZAR 2.5m
    100%
  • Equity USD 3.3m Profit of USD 2.8m in 2025 (loss of USD 521,861 in 2024) Checked score 97
    100%
  • Manuchar AndinaESsubsidiary
    Equity €1Result €1
    100%
  • Manuchar Comércio Exterior LtdaBRsubsidiary
    Equity USD 42.2mResult USD 6.2m
    100%
  • Manuchar Cote d'IvoireCIsubsidiary
    Equity XOF 2.32bnResult XOF 651.5m
    100%
  • Manuchar Europesubsidiary
    Equity €3.4m Loss of €286,298 in 2025 (profit of €1.0m in 2024) Checked score 53
    100%
  • Manuchar HellasGRsubsidiary
    Equity -€518,690Result -€105,733
    100%
  • Manuchar Hong Kong LTDHKsubsidiary
    Equity USD 21.8mResult -USD 611,980
    100%
  • Manuchar International SA de CVMXsubsidiary
    Equity MXN 98.7mResult -MXN 42.4m
    100%
  • Manuchar Kimya Sanayi (Turkey)TRsubsidiary
    Equity -USD 96,722Result -USD 895,276
    100%
  • Manuchar Malaysia SDN. BHD.MYsubsidiary
    Equity -MYR 446,522Result -MYR 291,967
    100%
  • Manuchar NamibiaZAsubsidiary
    Equity €1Result €1
    100%
  • Manuchar PakistanPKsubsidiary
    Equity PKR 208.8mResult PKR 7.8m
    100%
  • Manuchar Peru (Cusa)PEsubsidiary
    Equity USD 15.2mResult USD 476,834
    100%
  • Manuchar RomaniaROsubsidiary
    Equity -RON 4.0mResult -RON 2.6m
    100%
  • Manuchar South-AfricaZAsubsidiary
    Equity ZAR 145.7mResult ZAR 13.0m
    100%
  • Manuchar Thailand LTDTHsubsidiary
    Equity THB 99.4mResult THB 5.6m
    100%
  • Manuchar Trading HouseNGsubsidiary
    Equity -USD 3.6mResult USD 848,998
    100%
  • UNIT ONEsubsidiary
    Equity €192,106 Profit of €2,112 in 2025 (profit of €4,136 in 2024) Checked score 91
    100%
  • Manuchar Argentina Sociedad AnonimaARsubsidiary
    Equity USD 16.4mResult -USD 1.2m
    99.99%+ 0.01% via subsidiaries
  • Manuchar IndiaINsubsidiary
    Equity INR 14.6mResult INR 4.5m
    99.95%+ 0.05% via subsidiaries
  • Manuchar BangladeshBDsubsidiary
    Equity -BDT 1.3mResult BDT 1
    99.9%+ 0.1% via subsidiaries
  • Manuchar ParaguayPYsubsidiary
    Equity USD 94,947Result -USD 22,331
    99%
  • Manuchar Philippines IncPHsubsidiary
    Equity PHP 140.1mResult PHP 27.7m
    89.84%+ 10.16% via subsidiaries
  • Manuchar Dominicana SADOsubsidiary
    Equity DOP 403.8mResult DOP 64.0m
    83.33%
  • Manuchar Honduras Sa de CvHNsubsidiary
    Equity HNL 2.8mResult -HNL 15.7m
    80.01%
  • Manuchar CanadaCAsubsidiary
    Equity CAD 2.2mResult CAD 270,785
    80%
  • Manuchar El SalvadorSVsubsidiary
    Equity USD 4.9mResult USD 411,611
    80%
  • Manuchar GuatemalaGTsubsidiary
    Equity GTQ 11.6mResult GTQ 2.5m
    80%
  • Manuchar KenyaKEsubsidiary
    Equity KES 307.8mResult KES 63.6m
    80%
  • Manuchar Colombia cia LtdaCOsubsidiary
    Equity USD 30.6mResult USD 5.2m
    75%
  • Manuchar VenezuelaVEsubsidiary
    Equity VEF 1Result VEF 1
    75%
  • Manuchar Chemical TradingEGsubsidiary
    Equity EGP 18.6mResult EGP 1
    70%
  • Proquiel Manuchar SpACLsubsidiary
    Equity USD 14.3mResult USD 5.1m
    70%
  • Manuchar IndonesiaIDsubsidiary
    Equity IDR 93.16bnResult -IDR 9.96bn
    52.74%+ 42.21% via subsidiaries
  • Quimica Industrial Montalvo SAECsubsidiary
    Equity USD 39.9mResult USD 5.9m
    51%
  • Manuchar TrinidadTT
    Equity TTD 14.9mResult TTD 790,847
    80%via subsidiaries
  • Kanoo Manuchar Saudi ArabiaSA
    Equity SAR 38.0mResult SAR 1.6m
    50%
  • Manuchar Ecuador (Mapriplastec)EC
    Equity USD 2.0mResult USD 591,179
    50%+ 50% via subsidiaries
  • Manuchar Logistics BoliviaBO
    Equity -USD 93,187Result -USD 16,180
    50%
  • Manuchar AlgerieDZ
    Equity DZD 108.1mResult -DZD 21.0m
    49%
  • Equity -AED 573,412Result -AED 1.3m
    49%
  • Disachim SaFR
    Equity €1.3mResult €1
    25%
  • Manuchar Logistica PeruPE
    Equity -USD 3.5mResult -USD 3.1m
    6.35%
  • Manuchar Logistica do Brasil LtdaBR
    Equity -BRL 3.2mResult -BRL 1.9m
    1%+ 99% via subsidiaries
Holdings through the years 2007 to 2025
Holdings through the years
Name2007200820092010201120122013201420152016201720182019202020212022202320242025
Crystal Ball South AfricaZA 100%
LDI INTERNATIONAL 98.46%100%
Manuchar AndinaES 100%
Manuchar Comércio Exterior LtdaBR 80%100%
Manuchar Cote d'IvoireCI 100%
Manuchar Europe 100%
Manuchar HellasGR 90%100%
Manuchar Hong Kong LTDHK 100%
Manuchar International SA de CVMX 80%96.9%97.89%95%100%
Manuchar Kimya Sanayi (Turkey)TR 100%
Manuchar Malaysia SDN. BHD.MY 100%
Manuchar NamibiaZA 100%
Manuchar PakistanPK 100%
Manuchar Peru (Cusa)PE 50%49.99%100%
Manuchar RomaniaRO 100%
Manuchar South-AfricaZA 100%50%100%
Manuchar Thailand LTDTH 99.99%100%
Manuchar Trading HouseNG 99.97%99.99%100%
UNIT ONE 50%99%100%
Manuchar Argentina Sociedad AnonimaAR 90%95%99.12%99.8%99.99%
Manuchar IndiaIN 1%99.9%100%99.95%
Manuchar BangladeshBD 49.9%99.9%
Manuchar ParaguayPY 99%
Manuchar Philippines IncPH 90%89.84%
Manuchar Dominicana SADO 33.33%33.07%66.67%68.33%84.73%83.33%
Manuchar Honduras Sa de CvHN 70%80%80.01%
Manuchar CanadaCA 80%
Manuchar El SalvadorSV 80%
Manuchar GuatemalaGT 80%
Manuchar KenyaKE 100%80%
Manuchar TrinidadTT 1%80%via 80%
Manuchar Colombia cia LtdaCO 50%75%
Manuchar VenezuelaVE 99.92%100%75%
Manuchar Chemical TradingEG 70%
Proquiel Manuchar SpACL 70%
Manuchar IndonesiaID 90%52.79%52.74%
Quimica Industrial Montalvo SAEC 50%51%
Kanoo Manuchar Saudi ArabiaSA 50%
Manuchar Ecuador (Mapriplastec)EC 99.99%50%
Manuchar Logistics BoliviaBO 50%
Manuchar AlgerieDZ 70%100%49%
Manuchar Chemical & Steel TradingAE 100%49%
Disachim SaFR 25%
Manuchar Logistica PeruPE 6.35%
Manuchar Logistica do Brasil LtdaBR 100%1%
Manuchar IncUS 100%
Manuchar ChiliCL 99.99%
Manuchar Agro PeruPE 99.9%
Saturn Capital Corp S.A.C.PE 37.64%68.84%68.8%96.88%
Parana Servicios LogisticsAR 95.81%
EXPAN CHEMICALS 66%
Rossiya Belgium Manuchar ChemicalsRU 100%
Manuchar Chemicals Materials StorehouseAE 100%
BAUBUR 99.98%
PARTS TRADING COMPANY 99.96%
MANUCHAR STEEL 99.9%
Fédèle André BoisFR 100%
Somin MineraMX 50%
Manuchar Zuid-AfrikaZA 100%
Manuchar AustraliaAU 100%
Manuchar Middle East FzeAE 100%
Fertilizantes Santa CatarinaBR 75%
Manuchar GhanaGH 100%
Quimica Aliadas SRLBO 50%
Manuchar KazakhstanKZ 100%
Manuchar Ukraine LTDUA 100%
LinsumatPE 50%
Pt Jasa Iron MiningID 50%
Manuchar Comércio Exterior LtdaBR 80%

Source: list of holdings in its own accounts

Acquisitions and mergers

5 transactions
Took over:EXPAN CHEMICALS
BE 0827.561.141fusie · Gazette deed of 10-09-2025 (4 deeds)
Contributed a branch of activity to:MANUCHAR EUROPE
BE 0793.709.923proposal · Gazette deed of 29-02-2024 (2 deeds)
BE 0799.443.514partial demerger · Gazette deed of 11-07-2023 (4 deeds)
BE 0799.443.316partial demerger · Gazette deed of 11-07-2023 (5 deeds)
Split off to:Manuchar Wood
BE 0799.443.118partial demerger · Gazette deed of 11-07-2023 (5 deeds) · effective 31-05-2023

Connections & network

6 connected companies
Linked via shared directors
ACTIVIOR
via MATTHIAS DE RAEYMAEKER · Director · deed of 23-12-2022
Founded in 2015 · total assets €851,446 (2025) · negative equity
→
MANUCHAR STEEL
via MATTHIAS DE RAEYMAEKER · Director · deed of 14-04-2025
Founded in 2004 · turnover €761.2m (2025) · group Manuchar International Trade Services
→
Manuchar International Trade Services
via Guto, MATTHIAS DE RAEYMAEKER and Hucar · Director · deed of 31-03-2025
Founded in 2023 · 30 FTE (2025)
→
Bogart Beauty Retail
via MATTHIAS DE RAEYMAEKER and Matthias De Raeymaeker (no longer at Bogart Beauty Retail) · deeds of 07-02-2019 and 15-02-2016
Founded in 2007 · 34 FTE (2025)
→
Show 2 more companies with a shared director
Manuchar Pulp & Paper
via Guto, MATTHIAS DE RAEYMAEKER and Hucar · Director · deed of 31-03-2025
Founded in 2023 · 16 FTE (2025) · group Manuchar International Trade Services
→
Flamengo investments
via Hucar · Director · deed of 31-08-2026
Founded in 2022 · total assets €22.1m (2025)
→

Timeline

Timeline

101 events since 1970

Deadline for the 2026 accounts: 31-07-2027

2026
1 director resigningAndre Schommer (day-to-day manager) · Permanent representatives: Laurent Pasqualini, Matthias De Raeymaeker, Sofie Beernaert, Sabri Tektas, Ben De Voecht, Rodrigo Cunha and 3 others · Board meeting of 16-06-202621 points ▸
  • Board meeting, 16-06-2026
  • Director resignation, Andre Schommer (day-to-day manager)
  • Board composition, HUCAR BV (management board)
  • Permanent representative, Laurent Pasqualini
  • Board composition, M.D.R BV (management board)
  • Permanent representative, Matthias De Raeymaeker
  • Board composition, GUTO CommV (management board)
  • Permanent representative, Sofie Beernaert
  • Board composition, Stefan Van Loock (management board)
  • Board composition, STE MANAGEMENT CommV (management board)
  • Permanent representative, Sabri Tektas
  • Board composition, NEXUM BV (management board)
  • Permanent representative, Ben De Voecht
  • Board composition, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL (management board)
  • Permanent representative, Rodrigo Cunha
  • Board composition, PNO HR CONSULTING BV (management board)
  • Permanent representative, Pieter Nobels
  • Board composition, OV STRATEGIC PARTNERS BV (management board)
  • Permanent representative, Olivera Vujnovic
  • Board composition, BLACKBUCK BV (management board)
  • Permanent representative, Stephan Van Den Eynde

Open the deed in the Belgian Official Gazette

Annual accounts 2025 filed NBBfull format · 24 days before the deadline
Powers of attorney: Sofie Beernaert, Karel Raemaekers and 2 othersBoard composition: HUCAR BV (lid van het management board) · Board composition: M.D.R BV (lid van het management board) · Board composition: GUTO CommV (lid van het management board) · Board meeting of 17-02-202615 points ▸
  • Board meeting, 17-02-2026
  • Board composition, HUCAR BV (lid van het management board)
  • Board composition, M.D.R BV (lid van het management board)
  • Board composition, GUTO CommV (lid van het management board), mentioned twice in the deed
  • Board composition, STE MANAGEMENT CommV (lid van het management board)
  • Board composition, André Schommer (lid van het management board)
  • Board composition, NEXUM BV (lid van het management board)
  • Board composition, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL (lid van het management board)
  • Board composition, PNO HR CONSULTING BV (lid van het management board)
  • Board composition, OV STRATEGIC PARTNERS BV (lid van het management board)
  • Board composition, BLACKBUCK BV (lid van het management board)
  • Power of attorney, Sofie Beernaert
  • Power of attorney, Karel Raemaekers
  • Power of attorney, Valerica Voinea
  • Power of attorney, Hayat Sakande
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Powers of attorney: Sofie Beernaert, Karel Raemaekers and 2 othersBoard composition: HUCAR BV (lid van het management board) · Board composition: M.D.R BV (lid van het management board) · Board composition: GUTO CommV (lid van het management board) · Board meeting of 17-02-202616 points ▸
  • Board meeting, 17-02-2026
  • Board composition, HUCAR BV (lid van het management board)
  • Board composition, M.D.R BV (lid van het management board)
  • Board composition, GUTO CommV (lid van het management board)
  • Board composition, Stefan Van Loock (lid van het management board)
  • Board composition, STE MANAGEMENT CommV (lid van het management board)
  • Board composition, André Schommer (lid van het management board)
  • Board composition, NEXUM BV (lid van het management board)
  • Board composition, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL (lid van het management board)
  • Board composition, PNO HR CONSULTING BV (lid van het management board)
  • Board composition, OV STRATEGIC PARTNERS BV (lid van het management board)
  • Board composition, BLACKBUCK BV (lid van het management board)
  • Power of attorney, Sofie Beernaert
  • Power of attorney, Karel Raemaekers
  • Power of attorney, Valerica Voinea
  • Power of attorney, Hayat Sakande
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Environmental permit granted OmgevingsloketNieuwbouw of aanleggen, Nieuwbouw van bijgebouwen en niet overdekte lage constructie · Antwerpen
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0407045751
Permanent representatives: Olivera Vujnović, Laurent Pasqualini, Matthias De Raeymaeker, Sofie Beernaert, Sabri Tektas, Ben De Voecht and 2 othersBoard meeting of 27-10-202519 points ▸
  • Board meeting, 27-10-2025
  • Board composition, HUCAR BV (chair)
  • Board composition, M.D.R BV (lid van het management board)
  • Board composition, GUTO CommV (lid van het management board)
  • Board composition, Stefan Van Loock (lid van het management board)
  • Board composition, STE MANAGEMENT CommV (lid van het management board)
  • Board composition, André Schommer (lid van het management board)
  • Board composition, NEXUM BV (lid van het management board)
  • Board composition, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL (lid van het management board)
  • Board composition, PNO HR CONSULTING BV (lid van het management board)
  • Board composition, OV STRATEGIC PARTNERS BV (lid van het management board)
  • Permanent representative, Olivera Vujnović
  • Permanent representative, Laurent Pasqualini
  • Permanent representative, Matthias De Raeymaeker
  • Permanent representative, Sofie Beernaert
  • Permanent representative, Sabri Tektas
  • Permanent representative, Ben De Voecht
  • Permanent representative, Rodrigo Cunha
  • Permanent representative, Pieter Nobels
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Merger: MANUCHAR takes over EXPAN CHEMICALSThe company holds all the shares of EXPAN CHEMICALS7 points ▸
  • The company holds all the shares of EXPAN CHEMICALS
  • Power of attorney, Sofie Beernaert
  • Power of attorney, Valerica Voinea
  • Power of attorney, Pieter Nobels
  • Power of attorney, Danny Melis
  • Power of attorney, Zeppo Janssens
  • Power of attorney, Pieter Lammertyn
  • The deed holds 4 more points.

Open the deed in the Belgian Official Gazette

Permanent representatives: Inge de Winne, Pieter Nobels, Laurent Pasqualini, Matthias De Raeymaeker, Sofie Beernaert, Sabri Tektas and 2 othersBoard meeting of 11-07-202518 points ▸
  • Board meeting, 11-07-2025
  • Permanent representative, Inge de Winne
  • Permanent representative, Pieter Nobels
  • Board composition, HUCAR BV (chair)
  • Board composition, M.D.R BV (lid van het management board)
  • Board composition, GUTO CommV (lid van het management board)
  • Board composition, Stefan Van Loock (lid van het management board)
  • Board composition, STE MANAGEMENT CommV (lid van het management board)
  • Board composition, André Schommer (lid van het management board)
  • Board composition, NEXUM BV (lid van het management board)
  • Board composition, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL (lid van het management board)
  • Board composition, PNO HR CONSULTING BV (lid van het management board)
  • Permanent representative, Laurent Pasqualini
  • Permanent representative, Matthias De Raeymaeker
  • Permanent representative, Sofie Beernaert
  • Permanent representative, Sabri Tektas
  • Permanent representative, Ben De Voecht
  • Permanent representative, Rodrigo Cunha
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2024 filed PDFfull format · on the deadline day
Merger proposal: Manuchar takes over EXPAN CHEMICALS“uitgebreid met: Zij mag zich borgstellen voor derden evenals hypotheken verstrekken in voordeel van derden.…” (deed in Dutch) · The company holds all the shares of EXPAN CHEMICALS3 points ▸
  • The company holds all the shares of EXPAN CHEMICALS
  • Purpose change, “uitgebreid met: Zij mag zich borgstellen voor derden evenals hypotheken verstrekken in voordeel van derden. Zij mag ook de functie van zaakvoerder, bestuurder o…” (deed in Dutch)
  • Power of attorney, Deckers notarissen, mentioned twice in the deed
  • The deed holds 4 more points.

Open the deed in the Belgian Official Gazette

2 directors appointed, 3 resignations, 1 reappointmentResignations: HUYBRECHS Philippe Louis Marie-Claire, DE RAEYMAEKER Matthias Maria Jacques Michel and MAAS Anthony Gerald Suzanne Berthe · Permanent representatives: DE RAEYMAEKER Matthias Maria Jacques Michel, PASQUALINI Laurent Armando Franco, BEERNAERT Sofie, Inge de Winne, Sabri Tektas, Ben De Voecht and 1 other · Reappointment: MATTHIAS DE RAEYMAEKER · Board meeting of 11-03-202526 points ▸
  • General meeting, 14-03-2025
  • Amendment of the articles, article 5
  • Amendment of the articles, article 12
  • Director resignation, HUYBRECHS Philippe Louis Marie-Claire
  • Director resignation, DE RAEYMAEKER Matthias Maria Jacques Michel
  • Director resignation, MAAS Anthony Gerald Suzanne Berthe
  • Permanent representative, DE RAEYMAEKER Matthias Maria Jacques Michel
  • Director reappointment, MATTHIAS DE RAEYMAEKER
  • Director appointment, HUCAR
  • Director appointment, GUTO
  • Permanent representative, PASQUALINI Laurent Armando Franco
  • Permanent representative, BEERNAERT Sofie
  • Board meeting, 11-03-2025
  • Power of attorney, HUCAR
  • Power of attorney, MATTHIAS DE RAEYMAEKER
  • Power of attorney, GET2BLUE BV
  • Power of attorney, GUTO
  • Power of attorney, Stefan Van Loock
  • Power of attorney, STE MANAGEMENT CommV
  • Power of attorney, André Schommer
  • Power of attorney, NEXUM BV
  • Power of attorney, INTEGRITY LEGAL & COMPLIANCE SERVICES SRL
  • Permanent representative, Inge de Winne
  • Permanent representative, Sabri Tektas
  • Permanent representative, Ben De Voecht
  • Permanent representative, Rodrigo Cunha
  • The deed holds 3 more points.

Open the deed in the Belgian Official Gazette

2024
2 directors appointedInge de Winne (member of the executive committee) and André Schommer (member of the executive committee) · Permanent representative: Matthias De Raeymaeker · Board meeting of 13-08-202419 points ▸
  • Board meeting, 13-08-2024
  • Director appointment, Inge de Winne (member of the executive committee)
  • Director appointment, André Schommer (member of the executive committee)
  • Board composition, Philippe Huybrechs (chair)
  • Board composition, Anthony Maas (member of the executive committee)
  • Board composition, Patrick Putman (member of the executive committee)
  • Board composition, Matthias De Raeymaeker BV (member of the executive committee)
  • Board composition, Ben De Voecht (member of the executive committee)
  • Board composition, Barry Collard (member of the executive committee)
  • Board composition, Dirk Aerts (member of the executive committee)
  • Board composition, Stefan Van Loock (member of the executive committee)
  • Board composition, Mark Jacobs (member of the executive committee)
  • Board composition, Sabri Tektas (member of the executive committee)
  • Board composition, Stephan Van den Eynde (member of the executive committee)
  • Board composition, Sofie Beernaert (member of the executive committee)
  • Board composition, Rodrigo Cunha (member of the executive committee)
  • Board composition, Inge de Winne (member of the executive committee)
  • Board composition, André Schommer (member of the executive committee)
  • Permanent representative, Matthias De Raeymaeker
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Annual accounts 2023 filed PDFfull format · 69 days before the deadline
Transfer proposal: Manuchar NV transfers a branch of activity to Manuchar Europe NVBoard meeting of 07-02-20243 points ▸
  • Board meeting, 07-02-2024, mentioned twice in the deed
  • Net-asset statement, 31-12-2023
  • Accounting effect, 01-01-2024
  • The deed holds 11 more points.

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2023
Permanent representative: Matthias De RaeymaekerAppointment: Rodrigo Cunha (member of the executive committee) · Board meeting of 28-09-202319 points ▸
  • Board meeting, 28-09-2023
  • Board composition, Philippe Huybrechs (director)
  • Board composition, Anthony Maas (director)
  • Board composition, M.D.R. BV (director)
  • Permanent representative, Matthias De Raeymaeker, mentioned twice in the deed
  • Director appointment, Rodrigo Cunha (member of the executive committee)
  • Board composition, Philippe Huybrechs (chair)
  • Board composition, Anthony Maas (member of the executive committee)
  • Board composition, Patrick Putman (member of the executive committee)
  • Board composition, Matthias De Raeymaeker BV (member of the executive committee)
  • Board composition, Ben De Voecht (member of the executive committee)
  • Board composition, Barry Collard (member of the executive committee)
  • Board composition, Dirk Aerts (member of the executive committee)
  • Board composition, Stefan Van Loock (member of the executive committee)
  • Board composition, Mark Jacobs (member of the executive committee)
  • Board composition, Sabri Tektas (member of the executive committee)
  • Board composition, Stephan Van den Eynde (member of the executive committee)
  • Board composition, Sofie Beernaert (member of the executive committee)
  • Board composition, Rodrigo Cunha (member of the executive committee)

Open the deed in the Belgian Official Gazette

4 directors appointed, 1 statutory auditor appointed, 3 resignationsResignations: Dragonfly Invest BV, Bart Troubleyn (member of the executive committee) and Matthias De Raeymaeker (member of the executive committee) · Permanent representatives: Anthony Maas, Christoph Oris and Matthias De Raeymaeker · Appointments: Anthony Maas, Matthias De Raeymaeker BV (member of the executive committee), Sabri Tektas (member of the executive committee), Stephan Van den Eynde (member of the executive committee) and EY Bedrijfsrevisoren (statutory auditor) · Board meeting of 26-05-202316 points ▸
  • General meeting, 13-04-2023
  • Director resignation, Dragonfly Invest BV
  • Permanent representative, Anthony Maas
  • Director appointment, Anthony Maas
  • Permanent representative, Christoph Oris
  • Board meeting, 26-05-2023
  • Board composition, Philippe Huybrechs (director)
  • Board composition, Anthony Maas (director)
  • Board composition, M.D.R. BV (director)
  • Permanent representative, Matthias De Raeymaeker, mentioned twice in the deed
  • Director resignation, Bart Troubleyn (member of the executive committee)
  • Director resignation, Matthias De Raeymaeker (member of the executive committee)
  • Director appointment, Matthias De Raeymaeker BV (member of the executive committee)
  • Director appointment, Sabri Tektas (member of the executive committee)
  • Director appointment, Stephan Van den Eynde (member of the executive committee)
  • Auditor appointment, EY Bedrijfsrevisoren (statutory auditor)
  • The deed holds 1 more point.

Open the deed in the Belgian Official Gazette

Demerger: MANUCHAR splits off to Manuchar WoodCapital decrease of €198,390 to €803,099.84 · Capital from €1,001,489.84 to €803,099.843 points ▸
  • Accounting effect, 01-01-2023
  • Capital decrease, €198,390
  • Amendment of the articles, article 5
  • The deed holds 2 more points.

Open the deed in the Belgian Official Gazette

Consolidated accounts 2022 filed PDF
Annual accounts 2022 filed PDFfull format · 70 days before the deadline
Demerger proposal: Manuchar splits off to Manuchar WoodAppointment: RSM Interaudit (statutory auditor) · Board meeting of 31-03-20234 points ▸
  • Board meeting, 31-03-2023
  • Accounting effect, 01-01-2023
  • Auditor appointment, RSM Interaudit
  • General meeting, 30-05-2023, mentioned twice in the deed
  • The deed holds 10 more points.

Open the deed in the Belgian Official Gazette

Demerger proposal: Manuchar splits off to Manuchar International Trade ServicesBoard meeting of 31-03-20233 points ▸
  • Board meeting, 31-03-2023
  • Accounting effect, 01-01-2023
  • General meeting, 30-05-2023
  • The deed holds 14 more points.

Open the deed in the Belgian Official Gazette

Demerger proposal: Manuchar splits off to Manuchar Pulp & PaperAppointment: RSM Interaudit (bedrijfsrevisor voor controleverslag artikel 7:179 §1 tweede lid wvv) · Board meeting of 31-03-20234 points ▸
  • Board meeting, 31-03-2023
  • Accounting effect, 01-01-2023
  • Auditor appointment, RSM Interaudit (bedrijfsrevisor voor controleverslag artikel 7:179 §1 tweede lid wvv)
  • General meeting, 30-05-2023
  • The deed holds 9 more points.

Open the deed in the Belgian Official Gazette

2022
Highest result from 2007 to 2025 net €101.4m ▲620% The operating result of €46.1m and the net result of €101.4m are both a record.
Liquidity more than doubled current ratio 2.61 The current ratio rises from 0.95 to 2.61. Short-term debt falls from €250.8m to €150.6m.
Equity above €100m equity €122.3m ▲485% After 3 profitable years in a row, equity reaches €122.3m.
2 directors appointed, 4 resignationsPermanent representatives: Anthony Maas, Philippe Huybrechs and Matthias De Raeymaeker · Change of role: Philippe Huybrechs, from director to chair of the board · Appointments: Matthias De Raeymaeker and Dragonfly Invest BV · General meeting of 30-06-202214 points ▸

Open the deed in the Belgian Official Gazette

Amendment of the articlesGeneral meeting of 30-06-20223 points ▸
  • General meeting, 30-06-2022
  • Capital, €1,001,489.84, 35,522 shares
  • Power of attorney, Peter VAN MELKEBEKE
  • The deed holds 2 more points.

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New member of the executive committeePatrick Putman appointed, Bart De Schutter resigned · Board meeting of 29-04-202214 points ▸
  • Board meeting, 29-04-2022
  • Director appointment, Patrick Putman (member of the executive committee)
  • Director resignation, Bart De Schutter (member of the executive committee)
  • Board composition, Philippe Huybrechs (member of the executive committee)
  • Board composition, Matthias De Raeymaeker (member of the executive committee)
  • Board composition, Anthony Maas (member of the executive committee)
  • Board composition, Ben De Voecht (member of the executive committee)
  • Board composition, Bart Troubleyn (member of the executive committee)
  • Board composition, Barry Collard (member of the executive committee)
  • Board composition, Stefan Van Loock (member of the executive committee)
  • Board composition, Dirk Aerts (member of the executive committee)
  • Board composition, Mark Jacobs (member of the executive committee)
  • Board composition, Patrick Putman (member of the executive committee)
  • Board composition, Sofie Beernaert (member of the executive committee)

Open the deed in the Belgian Official Gazette

Consolidated accounts 2021 filed PDF
Annual accounts 2021 filed PDFfull format · 124 days before the deadline
2021
Consolidated accounts 2020 filed PDF
Annual accounts 2020 filed PDFfull format · 94 days before the deadline
2020
Back to profit net €2.3m The net result is €2.3m, after 4 loss-making years.
Permanent representative: Anthony MaasBoard meeting of 21-09-20202 points ▸
  • Board meeting, 21-09-2020
  • Permanent representative, Anthony Maas

Open the deed in the Belgian Official Gazette

Reappointments: RSM Interaudit CVBA (statutory auditor) and John-Eric Bertrand (director)General meeting of 16-04-20203 points ▸

Open the deed in the Belgian Official Gazette

Consolidated accounts 2019 filed PDF
Annual accounts 2019 filed PDFfull format
2019
Appointment: Matthias De Raeymaeker (member of the executive committee)Board meeting of 30-08-201913 points ▸
  • Board meeting, 30-08-2019
  • Director appointment, Matthias De Raeymaeker (member of the executive committee)
  • Board composition, Philippe Huybrechs (chair)
  • Board composition, Bart Troubleyn (member of the executive committee)
  • Board composition, Barry Collard (member of the executive committee)
  • Board composition, Ben De Voecht (member of the executive committee)
  • Board composition, Anthony Maas (member of the executive committee)
  • Board composition, Dirk Aerts (member of the executive committee)
  • Board composition, Stefan Van Loock (member of the executive committee)
  • Board composition, Bart-De Schutter (member of the executive committee)
  • Board composition, Mark Jacobs (member of the executive committee)
  • Board composition, Matthias De Raeymaeker (member of the executive committee)
  • Board composition, Sofie Beernaert (member of the executive committee)

Open the deed in the Belgian Official Gazette

Consolidated accounts 2018 filed PDF
Annual accounts 2018 filed PDFfull format · 69 days before the deadline
2018
Annual accounts 2017 filed PDFfull format · 77 days before the deadline
Consolidated accounts 2017 filed PDF
2017
Weakest financial year net -€11.1m The net result drops to -€11.1m, the lowest from 2007 to 2025. It recovers the following year.
Consolidated accounts 2016 filed PDF
Annual accounts 2016 filed PDFfull format · 40 days before the deadline
2016
Consolidated accounts 2015 filed PDF
Annual accounts 2015 filed PDFfull format · 55 days before the deadline
2015
Back to profit net €3.1m The net result is €3.1m, after one loss-making year.
Consolidated accounts 2014 filed PDF
Annual accounts 2014 filed PDFfull format · 45 days before the deadline
2014
Consolidated accounts 2013 filed PDF
Annual accounts 2013 filed PDFfull format · 65 days before the deadline
2013
Consolidated accounts 2012 filed PDF
Annual accounts 2012 filed PDFfull format · 47 days before the deadline
2012
Equity above €25m equity €25.1m ▲10% With a profit in every financial year since 2007, equity grows to €25.1m.
Consolidated accounts 2011 filed PDF
Annual accounts 2011 filed PDFfull format · 123 days before the deadline
2011
Consolidated accounts 2010 filed PDF
Annual accounts 2010 filed PDFfull format · 123 days before the deadline
2010
Consolidated accounts 2009 filed PDF
Annual accounts 2009 filed PDFfull format · 99 days before the deadline
2009
Consolidated accounts 2008 filed PDF
Annual accounts 2008 filed PDFfull format · 93 days before the deadline
2008
Equity above €10m equity €13.0m ▲66.2% With a profit in every financial year since 2007, equity grows to €13.0m.
Consolidated accounts 2007 filed PDF
Annual accounts 2007 filed PDFfull format · 64 days before the deadline
2007
Annual accounts 2006 filed PDFfull format · 60 days before the deadline
2006
Annual accounts 2005 filed PDFfull format
2005
Annual accounts 2004 filed PDFunclassified schema
2004
Annual accounts 2003 filed PDFunclassified schema
2003
Annual accounts 2002 filed PDFunclassified schema
2002
Annual accounts 2001 filed PDFunclassified schema
2001
Consolidated accounts 2000 filed PDF
Annual accounts 2000 filed PDFunclassified schema
2000
Consolidated accounts 1999 filed PDF
Annual accounts 1999 filed PDFunclassified schema
1999
Annual accounts 1998 filed PDFunclassified schema
1998
Annual accounts 1997 filed PDFunclassified schema
1997
Annual accounts 1996 filed PDFunclassified schema
1996
Annual accounts 1995 filed PDFunclassified schema
1995
Annual accounts 1994 filed PDFunclassified schema
1994
Annual accounts 1993 filed PDFunclassified schema
1993
Annual accounts 1992 filed PDFunclassified schema
1992
Annual accounts 1991 filed PDFunclassified schema
1991
Annual accounts 1990 filed PDFunclassified schema
1990
Annual accounts 1989 filed PDFunclassified schema
1989
Annual accounts 1988 filed PDFunclassified schema
1988
Annual accounts 1987 filed PDFunclassified schema
1987
Annual accounts 1986 filed PDFunclassified schema
1986
Annual accounts 1985 filed PDFunclassified schema
1985
First establishment Rietschoorvelden 20, Antwerp
Annual accounts 1984 filed PDFfull format
1984
Annual accounts 1983 filed PDFunclassified schema
1983
Annual accounts 1982 filed PDFunclassified schema
1982
Annual accounts 1981 filed PDFunclassified schema
1981
Annual accounts 1980 filed PDFunclassified schema
1980
Annual accounts 1979 filed PDFunclassified schema
1979
Annual accounts 1978 filed PDFunclassified schema
1978
Annual accounts 1977 filed PDFunclassified schema
1970
Incorporation KBO

Financial milestones sit on the financial year-end date, not the filing date.

Sources: Publications in the Belgian Official GazetteFilings with the National Bank

History

Manuchar was incorporated on 25 February 1970.1 In 2025 the company absorbed EXPAN CHEMICALS by merger.2 The company has filed 67 sets of annual accounts, the latest for financial year 2025.3

  1. 1KBO register
  2. 2Belgian Official Gazette, 10-09-2025
  3. 3National Bank, annual accounts 2025

Company details

Identity

Enterprise number
0407.045.751
VAT number
BE 0407.045.751
Peppol ID
0208:0407045751
LEI code
549300FLR1EUBYCDGT49 live in the LEI register
Legal form
Public limited company
Status
Active, normal situation
Founded
25-02-1970
Financial year
ends on 31 December
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
Third Thursday of April at 14:00
deed of 08-07-2022 (in Dutch)
Peppol
Reachable since 30-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
Name
Manuchar in Dutch
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 08-07-2022 (in Dutch)
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 08-07-2022 (in Dutch)

Activities

NACEBEL 2025
VAT activities
Social security (RSZ) activities
46120 Wholesale trade main activity
Joint committees annual accounts 2025
JC 226 White-collar workers in international trade, transport and logistics
Codes under NACEBEL 2008
VAT activities
46751 Wholesale trade main activity
Social security (RSZ) activities
46120 Wholesale trade main activity
Codes under NACEBEL 2003
51120 main activity
PurposeThe purpose describes the activities the company may carry out under its articles.
“Alle behandeling van goederen en zaken, laden, lossen, meten, wegen, verpakken, consignatie, opslag, overslag, stockage, zowel voor eigen…”
7 activities
  1. Alle behandeling van goederen en zaken, laden, lossen, meten, wegen, verpakken, consignatie, opslag, overslag, stockage, zowel voor eigen rekening als voor rekening van derden.
  2. De invoer en uitvoer van diverse goederen, voornamelijk landbouwproducten en producten van de voedingsnijverheid, producten van de chemische industrie, textielproducten, producten van de metaalnijverheid en alles wat hiermede direct of indirect verband houdt, en bovendien de import en export van alle andere goederen zowel voor eigen rekening als voor rekening van derden.
  3. De aankoop, verkoop en uitbating van rivierboten; het transport in het algemeen, zowel voor eigen rekening als voor derden langs rivieren, zeeën, spoorwegen, banen, en de lucht.
  4. De handel in het algemeen van alle wagens, automobielen, vrachtwagens, bestelwagens, moto's, scooters, motorfietsen en alle soorten motorvoertuigen zelfs tweedehands, uitbating van garages en parkings, constructie, assemblage enzovoort van voormelde tuigen; handel in vervangingsstukken, brandstoffen en oliën en alle benodigdheden en bijhorigheden voor deze voertuigen.
  5. De handel in cement, derivaten en bijhorende producten.
  6. Zij kan alle hoegenaamde handels-, nijverheids-, financiële, roerende en onroerende verrichtingen uitvoeren, die rechtstreeks of onrechtstreeks in verband staan met haar voorwerp of van die aard zijn, dit te begunstigen; zo kan zij onder meer, een belang nemen in iedere onderneming waarvan het voorwerp gelijkaardig, overeenkomstig of verwant is met het hare.
  7. Zij kan zich ten gunste van dezelfde vennootschappen borgstellen of haar aval verlenen, optreden als haar agent of vertegenwoordiger, voorschotten toestaan, kredieten verlenen, hypothecaire of andere zekerheden verstrekken.
deed of 17-06-2025 (in Dutch)

Registered office and establishments

1 establishment
Establishment Since Unit numberFASFC approval
Rietschoorvelden 20 registered office 2170 Antwerp 15-10-1985 2.028.009.385 Wholesaler of additives (approval)
Wholesaler of raw materials
Food wholesaler
Wholesaler of fertilizers

Buildings and parcels at the address

Ground area
1.3 ha

Environmental permits

2 applications in Flanders since 2025 · 1 granted
13-03-2026 Granted Nieuwbouw of aanleggen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 24-11-2025 · project 2025126203 Antwerpen
16-10-2025 Discontinued Nieuwbouw of aanleggen submitted 20-06-2025 · project 2025071358 Antwerpen

Source: Omgevingsloket Vlaanderen.

Location

registered office establishment The establishment unit on the map
15 companies at this address See who is registered here

Parcels

Cadastral parcelArea Buildings Height / floors
11028A0138/00E0021.3 ha - -

Recognitions

Food safety, FASFC

1 site
Antwerpunit number 2.028.009.385
4 permissions
Approval · Wholesaler of additives (approval) · since 20-06-2012
Wholesaler of raw materials · since 24-02-2012
Authorisation · Food wholesaler · since 10-08-2010
and 1 more

Source: FAVV-AFSCA, open data, updated on 02-11-2026