Equity
USD 16.3m ▲ 32.4%
MANUCHAR STEEL paid out USD 21.0m in dividends. That is 161% of the 2025 profit.
MANUCHAR STEEL
Lifetime
19 annual accounts with figures on one time axis, 21 filings since 2005peak €860.2m (2025)
€860.2m▲ 18.4%
peak €13.0m (2022)
€13.0m▲ 368%
peak €25.6m (2022)
€16.3m▲ 32.4%
€241.8m▼ 5.6%
peak 37.8 FTE (2025)
37.8 FTE▲ 24.3%
Board9 names since 2018
2 directorsM.D.R. BV and 1 other
Owners4 names in the annual accounts
86.48%Manuchar International Trade Services and 1 other
Documentsfilings and deeds
07-07-202624 days before the deadline
Key points
from the 2025 annual accountsResult
USD 13.0m ▲ 368%
The result rose in 2025: merger with BAUBUR.
Debts
USD 241.8m 94% of the balance sheet
Financial debts 12%Suppliers 78%Taxes and wages 2%Other 8%
Of this, USD 236.6m falls due within a year.
Securities
USD 191.6m
Guarantees given for others' debts, new in 2025. 11.8 times equity · not in the 2024 accounts.
Payment terms
84 days to suppliers
MANUCHAR STEEL pays its suppliers 28 days earlier than in 2024. Customers pay 38 days earlier.
Restructuring
2
2 restructurings since 2025. Latest: merger with BAUBUR.
Checked score
83
Excellent
Financially stronger than 34% of small companies in wholesale trade (NACE 46)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 4,375 companies (NACE 46, small).
About 3 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 07-2025
09-2025: 0.5%▲ +0.2 percentage points vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.5%● unchanged vs 06-2026highest value
08-2026: 0.3%▼ -0.2 percentage points vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026
11-2026: 0.3%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Equity €16.3m (6.3% of total assets)
Liquidity: current ratio 1.08, cash €11.8m
lowers risk
Founded in 2004
Size: turnover €860.2m, 37.8 FTE, total assets €258.0m
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, small). It does better than 9% of them on solvency, 5% on liquidity, 32% on profitability and 88% on growth.
The bankruptcy probability was computed on 06-11-2026 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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 6189 sector peers (2025).
NBB · sector comparisonPosition among 6189 sector peers
Solvency
better than 10%
← weakest
strongest →
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 · 10 filingsDeviation 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
84 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 monthsWhere today falls in the filing period
07-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
MD
M.D.R. BV
Director, since 01-04-2025
- Manuchar International Trade Services 86.48%score 64equity USD 12.3m (2025) · annual accounts 2025
- Aykut Ozdemir 13.52%annual accounts 2025
Shares in 3 companies, including Aceminor and Manuchar Steel Hong Kong LTD
Board & ownershipRecent changes
Capital increase · Restructuring
Capital from USD 4,238,500 to USD 4,457,621.77 · Capital from USD 4,457,621.77 to USD 5,153,010.77 · Gazette deed
Capital increase of USD 661,206 to USD 4,899,706
Capital from USD 4,238,500 to USD 4,899,706, 156 new shares · Appointment: ÖZDEMIR Aykut (director) · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0865797353
Merger: MANUCHAR STEEL takes over BAUBUR
Resignations: HUYBRECHS Philippe Louis Marie-Claire, COLLARD Barry Alfons Hortense and GEYBELS Kevin · Appointments: COLLARD Barry Alfons Hortense, GEYBELS Kevin and MATTHIAS DE RAEYMAEKER · Permanent representative: DE RAEYMAEKER Matthias Maria Jacques Michel · General meeting of 14-03-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MANUCHAR STEEL Antwerp | ≈ €761.2m | 4.2% | 6.3% | 37.8 |
| BELGARDE Essen | - | - | 98.1% | 5.8 |
| VAN HOECKE Sint-Niklaas | €133.0m | 6.7% | 75.9% | 162.8 |
| SAEY Kortrijk | €106.5m | -0.5% | 84.2% | 80.5 |
| Menouquin Nivelles | €150.7m | 1.1% | 22.7% | 47.8 |
| Oregon Tool Europe Mont-Saint-Guibert | €115.0m | 6.1% | 80.4% | 71.4 |
| MAKITA Kortenberg | €106.6m | 8.5% | 71.8% | 90.2 |
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 STEEL: wholesale trade (NACE 46841). They are comparable in size and age: total assets between €31m and €142m, founded between 1964 and 1992.
Official details
Source: KBO- Status
- Active since 16-06-2004Normal situation
- Registered office
- 15 active companies are registered at this addressSource: KBO register, as of 7 November 2026.
- Activity
- Wholesale tradeNACE 46841and 1 other
- Establishment unit
- 2.137.577.1222170 Antwerp, since 01-07-2004
- Financial year end
- 31 December
- Peppol
- Reachable since 30-12-2025
Annual accounts 2025
- USD 258.0m▼ 3.9%
- Employeeson 31-12-2025
- 40▲ 21.2%
- Filing
- Filed on 07-07-2026, 24 days before the end of the filing period
Insights on MANUCHAR STEEL
MANUCHAR STEEL has been active since 2004 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of USD 16.3m and a net result of USD 13.0m.
Its solvency ranks better than 10% of 6,189 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MANUCHAR STEEL
- What is the company number of MANUCHAR STEEL?
- The company number of MANUCHAR STEEL is 0865.797.353. The VAT number is the same number with BE in front: BE 0865.797.353.
- Where is MANUCHAR STEEL based?
- The registered office is at Rietschoorvelden 20, 2170 Antwerp.Company details
- What does MANUCHAR STEEL do?
- According to the KBO register, the main activity is wholesale trade (NACE 46841).
- What is the legal form of MANUCHAR STEEL?
- MANUCHAR STEEL is a public limited company (NV).
- When was MANUCHAR STEEL founded?
- MANUCHAR STEEL was founded on 16-06-2004.
- Is MANUCHAR STEEL still active?
- Yes, MANUCHAR STEEL is an active enterprise in the KBO register.
- How many employees does MANUCHAR STEEL have?
- MANUCHAR STEEL had an average of 37.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of MANUCHAR STEEL?
- The turnover of MANUCHAR STEEL was USD 860.2m in financial year 2025, according to the filed annual accounts.
- Is MANUCHAR STEEL profitable?
- In financial year 2025, MANUCHAR STEEL made a profit of USD 13.0m.
- Where can I find the annual accounts of MANUCHAR STEEL?
- MANUCHAR STEEL filed 21 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MANUCHAR STEEL due?
- MANUCHAR STEEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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