MANUCHAR GROUP is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of USD 387.01M and a net result of USD -46.72M. Its solvency ranks better than 35% of 2377 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit advice for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
○neutral
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 02-06-2026, 59 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
59 d early
2024
36 d early
2023
68 d early
2022
70 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema, statutory
Amounts retain their source currency, without conversion. Different currencies are not compared or combined in one chart; mixed amounts within a fiscal year are withheld.
Equity
USD 387.01M▼ 10.8%
2024 · USD 433.74M
Net result
USD -46.72M▼ 240%
2024 · USD -13.76M
Total assets
USD 888.28M▲ 8.6%
2024 · USD 817.95M
Solvency
43.6%▼ 9.5pp
2024 · 53.0%
2022: 54.2%
2023: 54.3%
2024: 53.0%
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€440.94M-USD 447.50MUSD 433.74M▼ 3.1%USD 387.01M▼ 10.8%
Operating result€-50k-USD -129kUSD -281k▼ 118%USD -896k▼ 219%
Net result€-29.08M-USD -18.82MUSD -13.76M▲ 26.9%USD -46.72M▼ 240%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets USD 888.28M
Fixed assets
USD 537.11M=
Current assets
USD 351.18M▲ 25.0%
Equity and liabilities USD 888.28M
Equity
USD 387.01M▼ 10.8%
Debt
USD 501.27M▲ 30.5%
The debt ratio rises from 47.0% to 56.4%. Equity is lower and debt is higher.
Key figures and ratios
Solvency
43.6%▼
2024 · 53.0%
ROE
-12.1%▼
2024 · -3.2%
ROA
-5.3%▼
2024 · -1.7%
Debt
USD 501.27M▲
2024 · USD 384.22M
Debt ≤ 1 year
USD 2.37M▼
2024 · USD 14.73M
Debt > 1 year
USD 496.78M▲
2024 · USD 369.36M
Income taxes
USD 284k▲
2024 · USD 185k
A ratio outside any meaningful range has been withheld (balance sheet total USD 888.28M, equity USD 387.01M).
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58USD 817.95MUSD 888.28M▲
Fixed assets21/28USD 537.11MUSD 537.11M=
Financial fixed assets28USD 537.11MUSD 537.11M=
Affiliated companies280/1USD 537.11MUSD 537.11M=
Participating interests280USD 537.11MUSD 537.11M=
Current assets29/58USD 280.85MUSD 351.18M▲
Amounts receivable after more than one year29USD 184.07MUSD 151.90M▼
Other amounts receivable291USD 184.07MUSD 151.90M▼
Amounts receivable within one year40/41USD 88.60MUSD 171.02M▲
Other amounts receivable41USD 88.60MUSD 171.02M▲
Current investments50/53-USD 9.50M
Other investments51/53-USD 9.50M
Cash at bank and in hand54/58USD 692kUSD 840k▲
Deferred charges and accrued income490/1USD 7.48MUSD 17.92M▲
Equity and liabilities
Total equity and liabilities10/49USD 817.95MUSD 888.28M▲
Equity10/15USD 433.74MUSD 387.01M▼
Contributions10/11USD 495.40MUSD 495.40M=
Profit (loss) carried forward14USD -61.66MUSD -108.38M▼
Amounts payable17/49USD 384.22MUSD 501.27M▲
Amounts payable after more than one year17USD 369.36MUSD 496.78M▲
Financial debts170/4USD 369.36MUSD 496.78M▲
Unsubordinated bonds171USD 369.36MUSD 496.78M▲
Amounts payable within one year42/48USD 14.73MUSD 2.37M▼
Trade debts44USD 17kUSD 1.83M▲
Suppliers440/4USD 17kUSD 1.83M▲
Taxes, remuneration and social security45USD 189kUSD 498k▲
Taxes450/3USD 189kUSD 498k▲
Other amounts payable47/48USD 14.53MUSD 42k▼
Accrued charges and deferred income492/3USD 130kUSD 2.12M▲
Income statement
Code20242025
Operating charges60/66AUSD 281kUSD 896k▲
Services and other goods61USD 280kUSD 325k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-USD 569k
Other operating charges640/8USD 1kUSD 2k▲
Operating profit (loss)9901USD -281kUSD -896k▼
Financial income75/76BUSD 25.17MUSD 26.51M▲
Recurring financial income75USD 25.17MUSD 26.51M▲
Income from current assets751USD 24.98MUSD 24.41M▼
Other financial income752/9USD 191kUSD 2.10M▲
Financial charges65/66BUSD 38.47MUSD 72.05M▲
Recurring financial charges65USD 37.51MUSD 57.64M▲
Debt charges650USD 35.47MUSD 39.80M▲
Other financial charges652/9USD 2.05MUSD 17.84M▲
Non-recurring financial charges66BUSD 956kUSD 14.41M▲
Profit (loss) for the period before taxes9903USD -13.58MUSD -46.44M▼
Income taxes67/77USD 185kUSD 284k▲
Taxes670/3USD 189kUSD 284k▲
Tax adjustments and reversals of tax provisions77USD 4k-
Profit (loss) for the period9904USD -13.76MUSD -46.72M▼
Profit (loss) for the period to be appropriated9905USD -13.76MUSD -46.72M▼
Appropriation of the result
Profit (loss) to be appropriated9906USD -61.66MUSD -108.38M▼
Profit (loss) brought forward from the previous period14PUSD -47.90MUSD -61.66M▼
The notes to these accounts (39 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-08
State Gazette act
Resignations & appointmentsGeneral meeting · Director resignation2 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director resignation2 facts ▸
- General meeting, 2026-06-16
- Director resignation, Andre Schommer (dagelijks bestuurder)
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-46.72M
Net result drops to €-46.72M, the lowest in the series.
31-12
Financial
Liquidity times 8current ratio 148.12
Current ratio from 19.06 to 148.12; short-term debt falls from €14.73M to €2.37M.
26-11
State Gazette act
Resignations & appointmentsBoard meeting · Director appointment · Permanent representative11 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director appointment · Permanent representative11 facts ▸
- Board meeting, 27/10/2025
- Director appointment, OV STRATEGIC PARTNERS BV (lid van het Management Board)
- Permanent representative, Olivera Vujnović
- Permanent representative, Laurent Pasqualini
- Director appointment, Laurent Pasqualini (Voorzitter)
- 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
05-08
State Gazette act
Resignations & appointmentsBoard meeting · Director resignation · Director appointment12 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director resignation · Director appointment12 facts ▸
- Board meeting, 11/07/2025
- Director resignation, GET2BLUE BV (lid van het Management Board)
- Director appointment, PNO HR CONSULTING BV (lid van het Management Board)
- Permanent representative, Inge de Winne
- Permanent representative, Pieter Nobels
- Permanent representative, Laurent Pasqualini
- Director appointment, Laurent Pasqualini (Voorzitter)
- Permanent representative, Matthias De Raeymaeker
- Permanent representative, Sofie Beernaert
- Permanent representative, Sabri Tektas
- Permanent representative, Ben De Voecht
- Permanent representative, Rodrigo Cunha
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · consolidated
25-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
31-03
State Gazette act
Statutes amendment · Resignations & appointmentsGeneral meeting · Statutes amendment · Director resignation27 facts ▸
State Gazette act
Statutes amendment · Resignations & appointments
General meeting · Statutes amendment · Director resignation27 facts ▸
- General meeting, 14/03/2025
- Statutes amendment
- Director resignation, HUYBRECHS Philippe Louis Marie-Claire (bestuurder)
- Director resignation, MAAS Anthony Gerald Suzanne Berthe (bestuurder)
- Director resignation, MAAS Anthony Gerald Suzanne Berthe (gedelegeerd bestuurder)
- Director appointment, HUCAR (bestuurder)
- Permanent representative, PASQUALINI Laurent Armando Franco
- Director appointment, GUTO (bestuurder)
- Permanent representative, BEERNAERT Sofie
- Permanent representative, DE RAEYMAEKER Matthias Maria Jacques Michel
- Board meeting, 11/03/2025
- Director resignation, MANUCHAR GROUP (leden van het executief comité)
- +15 further facts in this act
2024
18-11
State Gazette act
Resignations & appointmentsBoard meeting · Director appointment · Permanent representative17 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director appointment · Permanent representative17 facts ▸
- Board meeting, 13/08/2024
- Director appointment, Inge de Winne (Lid executief comité)
- Director appointment, André Schommer (Lid executief comité)
- Director appointment, Philippe Huybrechs (Voorzitter executief comité)
- Director appointment, Anthony Maas (Lid executief comité)
- Director appointment, Patrick Putman (Lid executief comité)
- Director appointment, Matthias De Raeymaeker BV (Lid executief comité)
- Permanent representative, Matthias De Raeymaeker
- Director appointment, Ben De Voecht (Lid executief comité)
- Director appointment, Barry Collard (Lid executief comité)
- Director appointment, Dirk Aerts (Lid executief comité)
- Director appointment, Stefan Van Loock (Lid executief comité)
- +5 further facts in this act
04-06
NBB filing
Annual accounts filed
fiscal year 2023 · consolidated
24-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
13-11
State Gazette act
Resignations & appointmentsBoard meeting · Director appointment · Permanent representative15 facts ▸
State Gazette act
Resignations & appointments
Board meeting · Director appointment · Permanent representative15 facts ▸
- Board meeting, 2023-09-28
- Director appointment, Rodrigo Cunha (lid van het executief comité)
- Director appointment, Philippe Huybrechs (voorzitter executief comité)
- Director appointment, Anthony Maas (lid van het executief comité)
- Director appointment, Patrick Putman (lid van het executief comité)
- Director appointment, M.D.R. BV (lid van het executief comité)
- Permanent representative, Matthias De Raeymaeker
- Director appointment, Ben De Voecht (lid van het executief comité)
- Director appointment, Barry Collard (lid van het executief comité)
- Director appointment, Dirk Aerts (lid van het executief comité)
- Director appointment, Stefan Van Loock (lid van het executief comité)
- Director appointment, Mark Jacobs (lid van het executief comité)
- +3 further facts in this act
11-09
State Gazette act
Resignations & appointmentsGeneral meeting · Board meeting · Auditor appointment19 facts ▸
State Gazette act
Resignations & appointments
General meeting · Board meeting · Auditor appointment19 facts ▸
- General meeting, 27/04/2023
- Board meeting, 28/07/2023
- Auditor appointment, RSM Interaudit
- Auditor appointment, EY Bedrijfsrevisoren (commissaris)
- Permanent representative, Christoph Oris
- Director resignation, Bart Troubleyn (lid van het executief comité)
- Director appointment, Anthony Maas (lid van het executief comité)
- Director appointment, Matthias De Raeymaeker BV (lid van het executief comité)
- Permanent representative, Matthias De Raeymaeker
- Permanent representative, Sabri Tektas
- Permanent representative, Stephan Van den Eynde
- Director appointment, Philippe Huybrechs (voorzitter executief comité)
- +7 further facts in this act
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
22-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
01-03
State Gazette act
Statutes amendment · Resignations & appointmentsGeneral meeting · Capital increase · Statutes amendment10 facts ▸
State Gazette act
Statutes amendment · Resignations & appointments
General meeting · Capital increase · Statutes amendment10 facts ▸
- General meeting, 21-02-2023
- Capital increase, USD 25.376.446,49
- Statutes amendment
- Statutes amendment
- Director resignation, DRAGONFLY INVEST (bestuurder)
- Director resignation, DRAGONFLY INVEST (gedelegeerd bestuurder)
- Director appointment, MAAS Anthony Gerald Suzanne Berthe (gewone bestuurder)
- Auditor appointment, RSM INTERAUDIT (commissaris)
- Permanent representative, Kurt CONINX
- Director appointment, MAAS Anthony Gerald Suzanne Berthe (gedelegeerd bestuurder)
2022
16-12
State Gazette act
Statutes amendmentGeneral meeting · Name change · Statutes amendment7 facts ▸
State Gazette act
Statutes amendment
General meeting · Name change · Statutes amendment7 facts ▸
- General meeting, 24-11-2022
- Name change, Manuchar Group
- Statutes amendment
- Statutes amendment
- Corporate purpose, (a) uitsluitend in eigen naam en voor eigen rekening: het aanleggen, het uitbouwen en het beheren van een onroerend vermogen; alle, al dan niet aan BTW onderwor…
- Share issue, 446.654.304
- Registered-office move, Vlaams Gewest
14-12
State Gazette act
Registered officeGeneral meeting · Registered-office move2 facts ▸
State Gazette act
Registered office
General meeting · Registered-office move2 facts ▸
- General meeting, 24/11/2022
- Registered-office move, à 2170 Antwerpen (district Merksem), Rietschoorvelden 20
01-08
State Gazette act
Resignations & appointmentsGeneral meeting · Director resignation · Director appointment36 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director resignation · Director appointment36 facts ▸
- General meeting, 30/06/2022
- Director resignation, Vincent Bonnewijn (administrateur)
- Director resignation, Paul Pasalic (administrateur)
- Director appointment, M.D.R. BV (administrateur)
- Director appointment, Philippe Huybrechs (administrateur)
- Director appointment, Dragonfly Invest BV (administrateur)
- Permanent representative, Matthias De Raeymaeker
- Permanent representative, Anthony Maas
- Mandate compensation, M.D.R. BV
- Mandate compensation, Philippe Huybrechs
- Mandate compensation, Dragonfly Invest BV
- Board meeting, 01/07/2022
- +24 further facts in this act
15-07
State Gazette act
Capital & shares · Statutes amendmentGeneral meeting · Capital increase · Statutes amendment5 facts ▸
State Gazette act
Capital & shares · Statutes amendment
General meeting · Capital increase · Statutes amendment5 facts ▸
- General meeting, 01/07/2022
- Capital increase, €100.980.627,21
- Statutes amendment, 5
- Statutes amendment, 12
- Statutes amendment, 14
08-07
State Gazette act
Capital & shares · Statutes amendmentGeneral meeting · Capital increase · Share issue4 facts ▸
State Gazette act
Capital & shares · Statutes amendment
General meeting · Capital increase · Share issue4 facts ▸
- General meeting, 29/06/2022
- Capital increase, €369.039.385,14
- Share issue, 349436024, 1 EUR
- Statutes amendment
08-03
State Gazette act
Statutes amendmentGeneral meeting · Statutes amendment2 facts ▸
State Gazette act
Statutes amendment
General meeting · Statutes amendment2 facts ▸
- General meeting, 02/03/2022
- Statutes amendment
14-01
State Gazette act
MiscellaneousBoard meeting1 fact ▸
State Gazette act
Miscellaneous
Board meeting1 fact ▸
- Board meeting, 29/12/2021
2021
23-12
State Gazette act
MiscellaneousStatutes amendment1 fact ▸
State Gazette act
Miscellaneous
Statutes amendment1 fact ▸
- Statutes amendment
02-12
State Gazette act
IncorporationIncorporation · Founder · Founding capital9 facts ▸
State Gazette act
Incorporation
Incorporation · Founder · Founding capital9 facts ▸
- Incorporation, 30/11/2021
- Founder, Lone Star Capital Investments S.à r.l.
- Founding capital, €1
- Corporate purpose, L'objet de la société, tant en Belgique qu'à l'étranger, est de (a) exclusivement en son nom et pour son propre compte la construction, le développement et la g…
- Director appointment, BONNEWIJN Vincent (administrateur non statutaire)
- Director appointment, PALASIC Paul Ivan (administrateur non statutaire)
- Mandate compensation, BONNEWIJN Vincent
- Mandate compensation, PALASIC Paul Ivan
- First fiscal year, 31/12/2022, 30/11/2021
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
30 directors, no change since 2026
OV STRATEGIC PARTNERS BV
CurrentLid van het management board · since 27-10-2025 · Legal entity · perm. rep.: Olivera Vujnović
Laurent Pasqualini
CurrentChair · since 11-07-2025
PNO HR CONSULTING BV
CurrentLid van het management board · since 11-07-2025 · Legal entity · perm. rep.: Pieter Nobels
Guto
CurrentDirector · since 01-04-2025 · Limited partnership · perm. rep.: BEERNAERT Sofie
Hucar
CurrentDirector · since 01-04-2025 · Private limited company · perm. rep.: PASQUALINI Laurent Armando Franco
Inge de Winne
CurrentLid executief comité · since 13-08-2024
+ 16 not shown in this overview
16-06-2026
André Schommer: Resigned as Dagelijks bestuurder
27-10-2025
OV STRATEGIC PARTNERS BV: Appointed as Lid van het management board
27-10-2025
Laurent Pasqualini: Appointed as Chair
11-07-2025
Laurent Pasqualini: Appointed as Chair
11-07-2025
PNO HR CONSULTING BV: Appointed as Lid van het management board
11-07-2025
GET2BLUE BV: Resigned as Lid van het management board
01-04-2025
Guto: Appointed as Director
01-04-2025
Hucar: Appointed as Director
01-04-2025
HUYBRECHS Philippe Louis Marie-Claire: Resigned as Director
01-04-2025
MAAS Anthony Gerald Suzanne Berthe: Resigned as Managing director
01-04-2025
MAAS Anthony Gerald Suzanne Berthe: Resigned as Director
13-08-2024
Inge de Winne: Appointed as Lid executief comité
13-08-2024
Matthias De Raeymaeker BV: Appointed as Lid executief comité
13-08-2024
Rodrigo Cunha: Appointed as Lid executief comité
13-08-2024
Sabri Tektas: Appointed as Lid executief comité
13-08-2024
Stephan Van Den Eynde: Appointed as Lid executief comité
13-08-2024
MAAS Anthony: Appointed as Lid executief comité
13-08-2024
Barry Collard: Appointed as Lid executief comité
13-08-2024
BEERNAERT Sofie: Appointed as Lid executief comité
13-08-2024
Ben De Voecht: Appointed as Lid executief comité
13-08-2024
Dirk Aerts: Appointed as Lid executief comité
13-08-2024
Mark Jacobs: Appointed as Lid executief comité
13-08-2024
Patrick Putman: Appointed as Lid executief comité
13-08-2024
Stefan Van Loock: Appointed as Lid executief comité
+ 50 not shown in this overview
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2021
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rietschoorvelden 202170 AntwerpenGround area
1.3 ha
Parcel 11028A0138/00E002, Flanders. Linked by address, not a title deed.
1 establishment unit
Manuchar Group
since 20212.325.205.707
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11028A0138/00E002 | Flanders | 1.3 ha | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Statutory auditor
2 auditors| EY BedrijfsrevisorenCurrent Statutory auditor · represented by Christoph Oris | 11-09-2023 → present |
| RSM INTERAUDITCurrent Auditor | 01-03-2023 → present |
Structure & network
Connections & network
2 connected companiesNetwork connections
Shared corporate director
→
Shared corporate director
→
Ownership & control
4 partiesControl over this companysits on this company's board4
2 subsidiaries · 1 location
1 subsidiary · 1 location
1 subsidiary · 1 location
1 subsidiary · 1 location
controls
MANUCHAR GROUPBE 0777.879.622
Capital and shareholders
Capital increase of 25,376,446.49 USD
Capital increase of 100,980,627.21 EUR · 97,218,279 new shares
Capital increase of 369,039,385.14 EUR · 349,436,024 new shares
Founding capital 1 EUR · 1 share
founder: Lone Star Capital Investments S.à r.l. (BE 0630.702.413)
Recognitions · licences · registrations
Legal Entity Identifier
2549001MEFA4EOZSYR71
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Of 24,726 companies in sector 64210 we hold annual accounts for 19,747. 752 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-11-2021
Fiscal year end31-12
Activities, NACEBEL
64210Activities of holding companies
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.