ACTIVE

Manuchar

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Financial year 2025 · closed on 31/12/2025

Net result

-9,5 M €

-836.1% YoY

Revenue

570,5 M €

+9.3% YoY

Equity

182,7 M €

-5.0% YoY

Workforce

206,7 ETP

-0.3% YoY

What does Manuchar do?

Manuchar is a Public limited company incorporated in 1970. Its main activity is: Agents involved in the sale of fuels, ores, metals and industrial chemicals. Its registered office is in Antwerpen. It employs on average 206,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0407.045.751

Incorporation

25/02/1970

Legal form

Public limited company

Registered office

Rietschoorvelden 20
2170 Antwerpen · FlandreSee on map

Contributed capital

1 004 021,84 €

Latest accounts

31/12/2025

Average workforce

206,7 ETP

Activities (NACE)

46120Agents involved in the sale of fuels, ores, metals and industrial chemicals· main 46120Agents involved in the sale of fuels, ores, metals and industrial chemicals 46751Wholesale of chemical products 46851Wholesale trade, except of motor vehicles and motorcycles 51120Passenger air transport 63111Data processing, hosting and related activities+7

Joint committees (1)

Signals

Solid equityLow riskHealthy social debtsHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Revenue	570,5 M €	+9.3%	521,7 M €	+2.8%	507,8 M €	-54.4%	1,1 Md €	+45.2%	767,7 M €	+54.7%	496,3 M €	-6.9%	533 M €	+6.4%	500,8 M €	+19.6%	418,8 M €	+25.6%	333,3 M €	-13.1%	383,6 M €	+23.4%	310,9 M €	+6.2%	292,8 M €	-2.2%	299,2 M €	+15.5%	259,2 M €	+25.6%	206,4 M €	+54.7%	133,4 M €	-45.0%	242,5 M €	+68.1%	144,3 M €
EBITDA	-4,5 M €	-806%	638,1 k €	-89.8%	6,3 M €	-87.2%	48,8 M €	+276%	13 M €	+97.8%	6,6 M €	-50.4%	13,2 M €	+1.1%	13,1 M €	+58.4%	8,3 M €	+75.5%	4,7 M €	+25.7%	3,7 M €	-16.2%	4,5 M €	-49.0%	8,8 M €	+27.5%	6,9 M €	+131%	3 M €	-14.0%	3,5 M €	-36.7%	5,5 M €	-50.1%	11 M €	+96.0%	5,6 M €
Operating result	-10,7 M €	-184%	-3,8 M €	-177%	4,9 M €	-89.3%	46,1 M €	+291%	11,8 M €	+122%	5,3 M €	-55.3%	11,9 M €	-6.7%	12,8 M €	+63.5%	7,8 M €	+7129%	-111,2 k €	-106%	1,9 M €	+267%	-1,1 M €	-119%	5,9 M €	+80.5%	3,3 M €	+21.8%	2,7 M €	-14.2%	3,1 M €	-39.0%	5,2 M €	-51.5%	10,6 M €	+99.6%	5,3 M €
Net result	-9,5 M €	-836%	-1 M €	-101%	77,2 M €	-23.8%	101,4 M €	+620%	14,1 M €	+520%	2,3 M €	+426%	-697,9 k €	+90.7%	-7,5 M €	+32.1%	-11,1 M €	-2232%	-474,4 k €	-115%	3,1 M €	+201%	-3,1 M €	-122%	14 M €	+511%	2,3 M €	-56.6%	5,3 M €	-20.6%	6,7 M €	+14.4%	5,8 M €	-12.8%	6,7 M €	+388%	1,4 M €
Balance sheet
Equity	182,7 M €	-5.0%	192,2 M €	+9.6%	175,3 M €	+43.3%	122,3 M €	+485%	20,9 M €	+206%	6,8 M €	-9.6%	7,6 M €	-32.8%	11,3 M €	-40.0%	18,8 M €	-37.1%	29,8 M €	-11.0%	33,5 M €	+2.8%	32,6 M €	-13.8%	37,8 M €	+50.3%	25,1 M €	+10.0%	22,8 M €	+15.9%	19,7 M €	+25.6%	15,7 M €	+20.4%	13 M €	+66.2%	7,8 M €
Total assets	479,3 M €	+5.4%	454,6 M €	+32.3%	343,7 M €	-32.2%	506,8 M €	+57.1%	322,6 M €	+36.2%	236,8 M €	-18.5%	290,7 M €	-4.0%	302,7 M €	+20.4%	251,3 M €	+0.1%	251,1 M €	-7.4%	271,3 M €	+1.5%	267,3 M €	+8.6%	246,2 M €	+3.5%	238 M €	-1.0%	240,4 M €	+45.5%	165,2 M €	+60.9%	102,7 M €	-19.3%	127,2 M €	+51.8%	83,8 M €
Cash	10,6 M €	+754%	1,2 M €	-93.7%	19,8 M €	+1905%	988 k €	-61.3%	2,6 M €	+395%	514,8 k €	+1.3%	508 k €	+59.8%	317,8 k €	-86.2%	2,3 M €	-22.4%	3 M €	+122%	1,3 M €	-65.0%	3,8 M €	+862%	398,1 k €	-82.2%	2,2 M €	-69.2%	7,3 M €	+438%	1,4 M €	-39.7%	2,2 M €	+15.3%	1,9 M €	-5.3%	2,1 M €
Debts	286,6 M €	+11.1%	258 M €	+58.0%	163,2 M €	-56.3%	373,5 M €	+27.0%	294,2 M €	+29.9%	226,5 M €	-19.2%	280,2 M €	-2.8%	288,4 M €	+25.4%	230,1 M €	+4.7%	219,7 M €	-7.0%	236,2 M €	+1.0%	233,9 M €	+13.0%	206,9 M €	-2.6%	212,3 M €	-2.0%	216,7 M €	+49.6%	144,9 M €	+67.3%	86,6 M €	-23.9%	113,8 M €	+51.8%	75 M €
Other
Workforce	206,7 ETP	-0.3%	207,4 ETP	-20.1%	259,6 ETP	-0.9%	262,0 ETP	+16.5%	224,8 ETP	+8.8%	206,6 ETP	+3.4%	199,9 ETP	+7.0%	186,8 ETP	+2.1%	182,9 ETP	+0.4%	182,2 ETP	+6.7%	170,8 ETP	+11.6%	153,1 ETP	+10.1%	139,1 ETP	+8.8%	127,9 ETP	+13.0%	113,2 ETP	+11.0%	102,0 ETP	+8.4%	94,1 ETP	+17.8%	79,9 ETP	+330%	18,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 51 ended

Active mandates

Guto

Director · since 01 avril 2025 · until 01 avril 2031 · 0785.349.117

Represented by Sofie Beernaert

Active

Hucar

Director · since 01 avril 2025 · until 01 avril 2031 · 1018.371.524

Represented by Laurent Pasqualini

Active

MATTHIAS DE RAEYMAEKER

Director · since 01 avril 2025 · until 01 avril 2031 · 0822.840.805

Represented by Matthias De Raeymaeker

Active

Ended mandates

Guto

Director · since 01 avril 2025 · until 01 avril 2031 · 0785.349.117

Represented by Sofie Beernaert

Ended

Anthony Maas

Director · since 13 avril 2023 · until 20 avril 2028

Ended

Dragonfly Invest

Director · since 30 juin 2022 · until 20 avril 2028 · 0787.276.348

Represented by Anthony Maas

Ended

MATTHIAS DE RAEYMAEKER

Director · since 30 juin 2022 · until 20 avril 2028 · 0822.840.805

Represented by Matthias De Raeymaeker

Ended

At this address

Other companies at this address

Company	CBE no.
Chemical Distribution BE Pillar 2 Group● Active	1014.116.489
Corvida investments● Active	0787.276.150
Dragonfly Invest● Active	0787.276.348
Flamengo investments● Active	0787.267.638
International Trade Services Group● Active	1019.628.663
LDI INTERNATIONAL● Active	0472.156.309
LSF XI Magpie Finco● Active	0785.953.881
Manuchar Europe● Active	0793.709.923
MANUCHAR GROUP● Active	0777.879.622
Manuchar International Trade Services● Active	0799.443.514
Manuchar Pulp & Paper● Active	0799.443.316
MANUCHAR STEEL● Active	0865.797.353
PPLS Invest● Active	0787.267.737
UNIT ONE● Active	0449.634.887

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	m120-f-p
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	07/07/2026	31/07/2025	23/05/2024	22/05/2023	29/03/2022	12/05/2021
General meeting	30/06/2026	29/07/2025	18/04/2024	20/04/2023	03/03/2022	22/04/2021
Currency of the financial year	USD	USD	EUR	EUR	EUR	USD
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

39 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	30/06/2026	07/07/2026	Dutch	PDF
Full model	31/12/2024	29/07/2025	31/07/2025	Dutch	PDF
Full model	31/12/2023	18/04/2024	23/05/2024	Dutch	PDF
Full model	31/12/2022	20/04/2023	22/05/2023	Dutch	PDF
m120-f-p	31/12/2022	20/04/2023	13/06/2023	Dutch	PDF
Full model	31/12/2021	03/03/2022	29/03/2022	Dutch	PDF
m120-f-p	31/12/2021	01/01/9999	29/03/2022	Dutch	PDF
Full model	31/12/2020	15/04/2021	28/04/2021	Dutch	PDF
m120-f-p	31/12/2020	22/04/2021	12/05/2021	Dutch	PDF
Full model	31/12/2019	16/04/2020	13/05/2020	Dutch	PDF
m120-f-p	31/12/2019	16/04/2020	14/05/2020	Dutch	PDF
Full model	31/12/2018	18/04/2019	23/05/2019	Dutch	PDF
m120-f-p	31/12/2018	18/04/2019	23/05/2019	Dutch	PDF
Full model	31/12/2017	16/04/2018	15/05/2018	Dutch	PDF
m120-f-p	31/12/2017	16/04/2018	14/05/2018	Dutch	PDF
Full model	31/12/2016	06/06/2017	21/06/2017	Dutch	PDF
m120-f-p	31/12/2016	06/06/2017	22/06/2017	Dutch	PDF
Full model	31/12/2015	06/06/2016	06/06/2016	Dutch	PDF
m120-f-p	31/12/2015	06/06/2016	06/06/2016	Dutch	PDF
Full model	31/12/2014	11/06/2015	16/06/2015	Dutch	PDF
m120-f-p	31/12/2014	11/06/2015	28/07/2015	Dutch	PDF
Full model	31/12/2013	19/05/2014	27/05/2014	Dutch	PDF
m120-f-p	31/12/2013	19/05/2014	17/06/2014	Dutch	PDF
Full model	31/12/2012	21/03/2013	14/06/2013	Dutch	PDF

View all 39 filings

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 51 ended

Active mandates

Guto

Director · since 01 avril 2025 · until 01 avril 2031 · 0785.349.117

Represented by Sofie Beernaert

Active

Hucar

Director · since 01 avril 2025 · until 01 avril 2031 · 1018.371.524

Represented by Laurent Pasqualini

Active

MATTHIAS DE RAEYMAEKER

Director · since 01 avril 2025 · until 01 avril 2031 · 0822.840.805

Represented by Matthias De Raeymaeker

Active

Ended mandates

Guto

Director · since 01 avril 2025 · until 01 avril 2031 · 0785.349.117

Represented by Sofie Beernaert

Ended

Anthony Maas

Director · since 13 avril 2023 · until 20 avril 2028

Ended

Dragonfly Invest

Director · since 30 juin 2022 · until 20 avril 2028 · 0787.276.348

Represented by Anthony Maas

Ended

MATTHIAS DE RAEYMAEKER

Director · since 30 juin 2022 · until 20 avril 2028 · 0822.840.805

Represented by Matthias De Raeymaeker

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/06/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring10/09/2025
DOEL - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates05/08/2025
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring17/06/2025
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates31/03/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates20/11/2024
ONTSLAGEN - BENOEMINGEN
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

17/02/2026
nominationBLACKBUCK BV — lid van het Management Board
17/02/2026
nominationStephan Van Den Eynde — lid van het Management Board
2025
Annual accounts 2025-9,5 M €↓
27/10/2025
nominationOlivera Vujnovié — lid van het Management Board
11/07/2025
nominationPNO HR CONSULTING BV — lid van het Management Board
01/04/2025
nominationMATTHIAS DE RAEYMAEKER — gewone bestuurder
01/04/2025
nominationHUCAR — gewone bestuurder
01/04/2025
nominationGUTO — gewone bestuurder
14/03/2025
nominationHUCAR BV — Management Board
14/03/2025
nominationM.D.R BV — Management Board
14/03/2025
nominationGET2BLUE BV — Management Board
14/03/2025
nominationGUTO CommV — Management Board
14/03/2025
nominationStefan Van Loock — Management Board
14/03/2025
nominationSTE MANAGEMENT CommV — Management Board
14/03/2025
nominationAndré Schommer — Management Board
14/03/2025
nominationNEXUM BV — Management Board
14/03/2025
nominationINTEGRITY LEGAL & COMPLIANCE SERVICES SRL — Management Board
14/03/2025
autre
2024
Annual accounts 2024-1 M €↓
13/08/2024
nominationInge de Winne — lid executief comité
13/08/2024
nominationAndré Schommer — lid executief comité
01/04/2024
apport
2023
Annual accounts 202377,2 M €↓
01/10/2023
nominationRodrigo Cunha — lid van het executief comité
31/05/2023
split
31/05/2023
reduction_capital
15/05/2023
demissionBart Troubleyn — lid van het executief comité
15/05/2023
demissionMatthias De Raeymaeker — lid van het executief comité
15/05/2023
nominationMatthias De Raeymaeker BV — lid van het executief comité
15/05/2023
nominationSabri Tektas — lid van het executief comité
15/05/2023
nominationStephan Van den Eynde — lid van het executief comité
13/04/2023
nominationAnthony Maas — bestuurder
2022
Annual accounts 2022101,4 M €↑
30/06/2022
nominationM.D.R. BV — bestuurder
30/06/2022
nominationPhilippe Huybrechs — bestuurder
30/06/2022
nominationDragonfly Invest BV — bestuurder
28/04/2022
nominationPatrick Putman — lid van het executief comité
2021
Annual accounts 202114,1 M €↑
2020
Annual accounts 20202,3 M €↑
2019
Annual accounts 2019-697,9 k €↑
2018
Annual accounts 2018-7,5 M €↑
2017
Annual accounts 2017-11,1 M €↓
2016
Annual accounts 2016-474,4 k €↓
2015
Annual accounts 20153,1 M €↑
2014
Annual accounts 2014-3,1 M €↓
2013
Annual accounts 201314 M €↑
2012
Annual accounts 20122,3 M €↓
2011
Annual accounts 20115,3 M €↓
2010
Annual accounts 20106,7 M €↑
2009
Annual accounts 20095,8 M €↓
2008
Annual accounts 20086,7 M €↑
2007
Annual accounts 20071,4 M €
25/02/1970
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Manuchar

Overview

What does Manuchar do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline