ACTIVE

MANUTAN (SA)

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Financial year 2025 · closed on 30/09/2025

Net result

6,3 M €

-11.7% YoY

Revenue

59,3 M €

-3.8% YoY

Equity

15,8 M €

+10.4% YoY

Workforce

49,4 ETP

-2.0% YoY

What does MANUTAN do?

MANUTAN is a Public limited company incorporated in 1974. Its registered office is in Anderlecht. It employs on average 49,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0414.642.831

Incorporation

26/11/1974

Legal form

Public limited company

Registered office

Chaussée de Mons 1424
1070 Anderlecht · BruxellesSee on map

Contributed capital

967 988,30 €

Latest accounts

30/09/2025

Average workforce

49,4 ETP

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2013		2012		2011		2009
Income statement
Revenue	59,3 M €	-3.8%	61,7 M €	+4.6%	59 M €	+8.3%	54,4 M €	+16.2%	46,8 M €	+0.3%	46,7 M €	+0.8%	46,3 M €	+6.1%	43,7 M €	+3.9%	42 M €	+6.5%	39,5 M €	+10.1%	35,8 M €	+13.4%	31,6 M €	-6.2%	33,7 M €	-3.0%	34,7 M €	+7.5%	32,3 M €
EBITDA	8 M €	-8.4%	8,8 M €	-6.3%	9,4 M €	+10.1%	8,5 M €	+11.9%	7,6 M €	+5.8%	7,2 M €	+0.5%	7,2 M €	+25.8%	5,7 M €	-28.9%	8 M €	+58.9%	5 M €	+73.4%	2,9 M €	-26.1%	3,9 M €	-4.4%	4,1 M €	-9.5%	4,5 M €	+103%	2,2 M €
Operating result	8 M €	-9.7%	8,9 M €	-6.6%	9,5 M €	+10.9%	8,6 M €	+14.7%	7,5 M €	+8.0%	6,9 M €	-2.7%	7,1 M €	+28.3%	5,5 M €	-30.2%	8 M €	+54.7%	5,1 M €	+70.7%	3 M €	-25.2%	4 M €	+1.7%	4 M €	-10.9%	4,4 M €	+108%	2,1 M €
Net result	6,3 M €	-11.7%	7,1 M €	-3.4%	7,4 M €	+16.8%	6,3 M €	+14.4%	5,5 M €	+15.0%	4,8 M €	-2.8%	4,9 M €	+37.3%	3,6 M €	-30.8%	5,2 M €	+54.1%	3,4 M €	+64.8%	2 M €	-20.5%	2,6 M €	+3.3%	2,5 M €	-11.7%	2,8 M €	+110%	1,3 M €
Balance sheet
Equity	15,8 M €	+10.4%	14,3 M €	+2.5%	14 M €	-5.0%	14,7 M €	+4.5%	14,1 M €	+4.1%	13,5 M €	+3.7%	13,1 M €	-0.0%	13,1 M €	+7.0%	12,2 M €	+11.6%	10,9 M €	-9.4%	12,1 M €	+37.0%	8,8 M €	+6.9%	8,2 M €	+6.3%	7,7 M €	+41.6%	5,5 M €
Total assets	30 M €	-2.7%	30,8 M €	-6.8%	33,1 M €	+10.3%	30 M €	+2.0%	29,4 M €	+14.3%	25,7 M €	+4.3%	24,7 M €	-2.7%	25,3 M €	+2.6%	24,7 M €	+11.6%	22,1 M €	+3.0%	21,5 M €	+73.0%	12,4 M €	-7.3%	13,4 M €	+1.3%	13,2 M €	+20.0%	11 M €
Cash	424,4 k €	+13.0%	375,5 k €	-92.8%	5,2 M €	+6.8%	4,9 M €	-7.3%	5,2 M €	+87.8%	2,8 M €	+72.4%	1,6 M €	-22.4%	2,1 M €	+12.9%	1,8 M €	+6.0%	1,7 M €	-71.5%	6,1 M €	+1276%	445 k €	-47.3%	844,9 k €	-27.5%	1,2 M €	+152%	462,8 k €
Debts	14,2 M €	-14.2%	16,5 M €	-13.7%	19,1 M €	+25.5%	15,2 M €	-0.3%	15,3 M €	+26.0%	12,1 M €	+5.3%	11,5 M €	-5.4%	12,2 M €	-2.4%	12,5 M €	+13.9%	10,9 M €	+22.7%	8,9 M €	+178%	3,2 M €	-28.2%	4,5 M €	-13.8%	5,2 M €	+16.1%	4,5 M €
Other
Workforce	49,4 ETP	-2.0%	50,4 ETP	+7.5%	46,9 ETP	+4.5%	44,9 ETP	-8.7%	49,2 ETP	-4.7%	51,6 ETP	-6.0%	54,9 ETP	-5.2%	57,9 ETP	+8.0%	53,6 ETP	-0.7%	54,0 ETP	+0.2%	53,9 ETP	+2.3%	52,7 ETP	-3.3%	54,5 ETP	+3.0%	52,9 ETP	-14.1%	61,6 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 30/09/2025 · 3 active · 20 ended

Active mandates

Boris Vildosola Bustos

Manager · since 01 octobre 2025 · until 30 septembre 2031

Active

Pierre-Olivier Brial

Director · since 01 décembre 2021 · until 30 novembre 2027

Active

Xavier Guichard

Director · since 01 décembre 2021 · until 30 novembre 2027

Active

Ended mandates

Ramon Kok

Managing director · since 01 décembre 2021 · until 30 novembre 2027

Ended

Pierre-Olivier Brial

Director · since 16 février 2021 · until 16 février 2026

Ended

Ramon Kok

Managing director · since 16 février 2021 · until 16 février 2026

Ended

Xavier Guichard

Director · since 16 février 2021 · until 16 février 2026

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	12/03/2026	13/03/2025	29/03/2024	22/05/2023	19/05/2022	18/05/2021
General meeting	16/02/2026	17/02/2025	19/02/2024	20/02/2023	21/02/2022	15/02/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	30/09/2025	16/02/2026	12/03/2026	Dutch	PDF
Full model	30/09/2024	17/02/2025	13/03/2025	Dutch	PDF
Full model	30/09/2023	19/02/2024	29/03/2024	Dutch	PDF
Full model	30/09/2022	20/02/2023	22/05/2023	Dutch	PDF
Full model	30/09/2021	21/02/2022	19/05/2022	Dutch	PDF
Full model	30/09/2020	15/02/2021	18/05/2021	Dutch	PDF
Full model	30/09/2019	21/02/2020	10/07/2020	Dutch	PDF
Full model	30/09/2018	18/02/2019	22/02/2019	Dutch	PDF
Full model	30/09/2017	19/02/2018	03/04/2018	Dutch	PDF
Full model	30/09/2016	20/02/2017	28/03/2017	Dutch	PDF
Full model	30/09/2015	15/02/2016	29/02/2016	Dutch	PDF
Full model	30/09/2014	23/03/2015	15/04/2015	Dutch	PDF
Full model	30/09/2013	24/03/2014	27/05/2014	Dutch	PDF
Full modelCorrection	30/09/2012	28/02/2013	04/07/2013	Dutch	PDF
Full model	30/09/2012	28/02/2013	06/05/2013	Dutch	PDF
Full model	30/09/2011	20/02/2012	19/04/2012	Dutch	PDF
Full model	30/09/2010	21/02/2011	12/07/2011	Dutch	PDF
Full model	30/09/2009	15/02/2010	21/04/2010	Dutch	PDF
Full model	30/09/2008	16/02/2009	09/04/2009	Dutch	PDF
Full model	30/09/2007	18/02/2008	25/03/2008	Dutch	PDF
Full model	30/09/2006	19/02/2007	28/02/2007	Dutch	PDF

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 30/09/2025 · 3 active · 20 ended

Active mandates

Boris Vildosola Bustos

Manager · since 01 octobre 2025 · until 30 septembre 2031

Active

Pierre-Olivier Brial

Director · since 01 décembre 2021 · until 30 novembre 2027

Active

Xavier Guichard

Director · since 01 décembre 2021 · until 30 novembre 2027

Active

Ended mandates

Ramon Kok

Managing director · since 01 décembre 2021 · until 30 novembre 2027

Ended

Pierre-Olivier Brial

Director · since 16 février 2021 · until 16 février 2026

Ended

Ramon Kok

Managing director · since 16 février 2021 · until 16 février 2026

Ended

Xavier Guichard

Director · since 16 février 2021 · until 16 février 2026

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates28/01/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates16/04/2025
ONTSLAGEN - BENOEMINGEN
PDF
Other13/01/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - DIVERSEN
PDF
Mandates27/04/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates29/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates17/08/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/04/2018
ONTSLAGEN - BENOEMINGEN
PDF
Registered office07/11/2017
MAATSCHAPPELIJKE ZETEL
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

2025
Annual accounts 20256,3 M €↓
2024
Annual accounts 20247,1 M €↓
2023
Annual accounts 20237,4 M €↑
2022
Annual accounts 20226,3 M €↑
2021
Annual accounts 20215,5 M €↑
2020
Annual accounts 20204,8 M €↓
2019
Annual accounts 20194,9 M €↑
2018
Annual accounts 20183,6 M €↓
2017
Annual accounts 20175,2 M €↑
2016
Annual accounts 20163,4 M €↑
2015
Annual accounts 20152 M €↓
2013
Annual accounts 20132,6 M €↑
2012
Annual accounts 20122,5 M €↓
2011
Annual accounts 20112,8 M €↑
2009
Annual accounts 20091,3 M €
26/11/1974
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

MANUTAN (SA)

Overview

What does MANUTAN do?

Trend over 15 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