ACTIVE

BU MA SER

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Financial year 2025 · Closed on 31/12/2025

Net result-340,3 k €-1 127,1 %over 1 year

Revenue9,5 M €-12,9 %over 1 year

Equity6,4 M €-7,8 %over 1 year

Workforce3,0 ETP0,0 %over 1 year

Identity

Source · BCE/KBO

BU MA SER is a Public limited company incorporated in 1989. Its main activity is: Wholesale of beverages. Its registered office is in Asse. It employs on average 3,0 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0437.553.736
Incorporation: 30/05/1989
Legal form: Public limited company
Registered office: Z. 5 Mollem 550
1730 Asse · FlandreSee on map
Contributed capital: 353 248,27 €
Latest accounts: 31/12/2025
Average workforce: 3,0 ETP

Activities (NACE)

46341Wholesale of beverages· main 46341Wholesale of beverages 70200Management consultancy activities 70220Business and other management consultancy activities 74142Specialised design activities

Joint committees (2)

Signals

Solid equityLow riskGood liquidityHealthy social debtsHigh revenue

Financials

Source · NBB, 21 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	9,5 M €	-12.9%	10,9 M €	-34.1%	16,6 M €	+4.8%	15,8 M €	+24.0%	12,8 M €
EBITDA	-1,4 k €	-100%	399,2 k €	-75.8%	1,7 M €	-11.9%	1,9 M €	+71.3%	1,1 M €
Operating result	19,1 k €	-92.6%	257,1 k €	-84.1%	1,6 M €	-10.3%	1,8 M €	+67.8%	1,1 M €
Net result	-340,3 k €	-1127%	33,1 k €	-96.8%	1 M €	-14.9%	1,2 M €	+65.3%	734,8 k €
Balance sheet
Equity	6,4 M €	-7.8%	6,9 M €	+0.5%	6,9 M €	+17.7%	5,8 M €	+15.1%	5,1 M €
Total assets	11,3 M €	-6.9%	12,1 M €	+2.5%	11,8 M €	+2.6%	11,5 M €	+27.7%	9 M €
Cash	551,6 k €	-41.6%	944,7 k €	-38.2%	1,5 M €	+28.4%	1,2 M €	+351%	263,8 k €
Debts	4,2 M €	-14.3%	4,8 M €	+3.5%	4,7 M €	-4.1%	4,9 M €	+25.1%	3,9 M €
Other
Workforce	3,0 ETP	0.0%	3,0 ETP	+20.0%	2,5 ETP	-7.4%	2,7 ETP	0.0%	2,7 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
ALFONSO MARTINEZ CARNICER	Director22/05/2026 → 25/05/2032Managing director15/03/2007 → 2011 accountsended
Christian FRANCOIS	Director22/05/2026 → 22/05/2032
Ignacio-Ari RABELLA MARTI	Director28/04/2016 → 29/11/2029
Manuel MARTINEZ CARNICER	Managing director21/03/2013 → 28/11/2029Director15/03/2007 → 2011 accountsended
Michel CORDONNIER	Director23/03/2018 → 28/11/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alfonso MARTINEZ-CARNICER	Managing director21/03/2013 → 2016 accounts
Gordon STEWART	Director21/03/2013 → 2016 accounts

Full financial information

Source · NBB

	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	01/01/2025	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	27/07/2026	17/09/2025	30/09/2024	09/06/2023	23/06/2022	30/07/2021
General meeting	19/05/2026	20/05/2025	21/05/2024	05/06/2023	03/06/2022	14/05/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 21 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	19/05/2026	27/07/2026	Dutch	PDF
Full modelCorrection	31/12/2024	20/05/2025	17/09/2025	Dutch	PDF
Full model	31/12/2024	20/05/2025	16/06/2025	Dutch	PDF
Full model	31/12/2023	21/05/2024	30/09/2024	Dutch	PDF
Full model	31/12/2022	05/06/2023	09/06/2023	Dutch	PDF
Full model	31/12/2021	03/06/2022	23/06/2022	Dutch	PDF
Full model	31/12/2020	14/05/2021	30/07/2021	Dutch	PDF
Full model	31/12/2019	09/04/2020	31/08/2020	Dutch	PDF
Full model	31/12/2018	21/03/2019	22/07/2019	Dutch	PDF
Full model	31/12/2017	23/03/2018	31/05/2018	Dutch	PDF
Full model	31/12/2016	22/05/2017	21/06/2017	Dutch	PDF
Full model	31/12/2015	17/03/2016	14/07/2016	Dutch	PDF
Full model	31/12/2014	19/03/2015	21/05/2015	Dutch	PDF
Full model	31/12/2013	20/03/2014	08/04/2014	Dutch	PDF
Full model	31/12/2012	21/03/2013	04/04/2013	Dutch	PDF
Full model	31/12/2011	27/03/2012	28/03/2012	Dutch	PDF
Full model	31/12/2010	17/03/2011	25/03/2011	Dutch	PDF
Full model	31/12/2009	18/03/2010	22/03/2010	Dutch	PDF
Full model	31/12/2008	12/03/2009	26/03/2009	Dutch	PDF
Abridged model	31/12/2007	13/03/2008	25/03/2008	Dutch	PDF
Abridged model	31/12/2006	15/03/2007	20/03/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 k€

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.

Board of directors

Source · NBB, accounts to 31/12/2025

5 active · 5 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
ALFONSO MARTINEZ CARNICER	Director22/05/2026 → 25/05/2032Managing director15/03/2007 → 2011 accountsended
Christian FRANCOIS	Director22/05/2026 → 22/05/2032
Ignacio-Ari RABELLA MARTI	Director28/04/2016 → 29/11/2029
Manuel MARTINEZ CARNICER	Managing director21/03/2013 → 28/11/2029Director15/03/2007 → 2011 accountsended
Michel CORDONNIER	Director23/03/2018 → 28/11/2029

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Alfonso MARTINEZ-CARNICER	Managing director21/03/2013 → 2016 accounts
Gordon STEWART	Director21/03/2013 → 2016 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates22/09/2026
Herbenoeming commissaris, benoeming bestuurders, ontslag bestuurder
PDF
Mandates06/12/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING
PDF
Mandates25/06/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/07/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/06/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/12/2017
ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/07/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates09/01/2015
ONTSLAGEN - BENOEMINGEN
PDF

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

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Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings19 filings

Mandates

Christian FRANCOIS

ALFONSO MARTINEZ CARNICER

Michel CORDONNIER

Manuel MARTINEZ CARNICER

Ignacio-Ari RABELLA MARTI

Manuel MARNIZER-CARNICER

Alfonso MARTINEZ-CARNICER

Manuel MARTINEZ-CARNICER

Gordon STEWART

Manuel MARTNIEZ-CARNICER

19891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026202720282029203020312032

BU MA SER

Z. 5 Mollem 550, 1730 Asse

Director

DirectorManaging director

Director

Managing directorDirector

Director

Managing director

Managing directorDirector

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Z. 5 Mollem 550, 1730 AsseCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00334366

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
BU MA SERCurrent	accounts 2021 → 2025	Accounts 2025 · 2026-00334366

Events

2025
Annual accounts 2025-340,3 k €↓
2024
Annual accounts 202433,1 k €↓
2023
Annual accounts 20231 M €↓
2022
Annual accounts 20221,2 M €↑
2021
Annual accounts 2021734,8 k €↑
2020
Annual accounts 2020251,1 k €↓
2019
Annual accounts 2019269,8 k €↑
2018
Annual accounts 2018-207,7 k €↓
2017
Annual accounts 2017138,2 k €↑
2016
Annual accounts 201696,7 k €↓
2015
Annual accounts 2015256,3 k €↑
2014
Annual accounts 2014107 k €↓
2013
Annual accounts 2013240,3 k €↑
2012
Annual accounts 2012168,5 k €↑
2011
Annual accounts 2011138,3 k €↑
2010
Annual accounts 201070 k €↓
2009
Annual accounts 2009594,8 k €↓
2008
Annual accounts 2008702,9 k €↑
2007
Annual accounts 2007558,7 k €
30/05/1989
IncorporationPublic limited company

BU MA SER

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

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

Timeline

Registered offices

Company names

Events