ACTIVE

BU MA SER

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Financial year 2025 · closed on 31/12/2025

Net result

-340,3 k €

-1127.1% YoY

Revenue

9,5 M €

-12.9% YoY

Equity

6,4 M €

-7.8% YoY

Workforce

3,0 ETP

0.0% YoY

What does BU MA SER do?

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

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	9,5 M €	-12.9%	10,9 M €	-34.1%	16,6 M €	+4.8%	15,8 M €	+24.0%	12,8 M €	+12.8%	11,3 M €	+19.6%	9,5 M €	+13.0%	8,4 M €	-2.7%	8,6 M €	-9.4%	9,5 M €	+12.2%	8,5 M €	-9.1%	9,3 M €	+14.6%	8,1 M €	-30.5%	11,7 M €	+11.9%	10,5 M €	+7.5%	9,7 M €	-36.9%	15,4 M €	-19.7%	19,2 M €		–
EBITDA	-1,4 k €	-100%	399,2 k €	-75.8%	1,7 M €	-11.9%	1,9 M €	+71.3%	1,1 M €	+174%	399,6 k €	+0.9%	395,9 k €	+565%	-85,2 k €	-122%	384,9 k €	+2522%	-15,9 k €	-103%	492,8 k €	+258%	137,7 k €	+1062%	11,8 k €	-98.2%	641,4 k €	+120%	291 k €	+93.8%	150,2 k €	-83.7%	921 k €	-41.9%	1,6 M €	+45.8%	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 €	+183%	380,7 k €	+2.5%	371,3 k €	+436%	-110,6 k €	-133%	333,5 k €	+174%	121,6 k €	-70.5%	411,9 k €	+134%	176 k €	+503%	-43,7 k €	-108%	580,3 k €	+150%	232,5 k €	+119%	106 k €	-87.8%	868,8 k €	-43.7%	1,5 M €	+48.2%	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 €	+193%	251,1 k €	-6.9%	269,8 k €	+230%	-207,7 k €	-250%	138,2 k €	+43.0%	96,7 k €	-62.3%	256,3 k €	+140%	107 k €	-55.5%	240,3 k €	+42.6%	168,5 k €	+21.8%	138,3 k €	+97.5%	70 k €	-88.2%	594,8 k €	-15.4%	702,9 k €	+25.8%	558,7 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 €	+13.5%	4,5 M €	+3.3%	4,3 M €	+6.6%	4,1 M €	-4.9%	4,3 M €	+1.5%	4,2 M €	+2.4%	4,1 M €	+2.4%	4 M €	+2.7%	3,9 M €	+6.6%	3,7 M €	+4.8%	3,5 M €	+4.1%	3,4 M €	+2.1%	3,3 M €	+22.1%	2,7 M €	+35.3%	2 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 €	+28.0%	7 M €	-5.3%	7,4 M €	+5.2%	7,1 M €	+6.4%	6,6 M €	+6.8%	6,2 M €	+6.6%	5,8 M €	+6.8%	5,5 M €	-8.1%	5,9 M €	-15.5%	7 M €	+4.7%	6,7 M €	+17.9%	5,7 M €	+0.5%	5,7 M €	+3.6%	5,5 M €	+34.0%	4,1 M €
Cash	551,6 k €	-41.6%	944,7 k €	-38.2%	1,5 M €	+28.4%	1,2 M €	+351%	263,8 k €	-31.1%	382,7 k €	+92.3%	199 k €	+45.2%	137 k €	+24.8%	109,8 k €	-79.7%	540,7 k €	-31.3%	787,3 k €	+265%	215,4 k €	-32.1%	317,4 k €	+2.5%	309,7 k €	+2222%	13,3 k €	-95.9%	324,3 k €	+12.6%	288 k €	+1080%	24,4 k €	-77.0%	105,9 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 €	+57.1%	2,5 M €	-19.4%	3,1 M €	+3.4%	3 M €	+27.3%	2,3 M €	+18.3%	2 M €	+23.6%	1,6 M €	+14.7%	1,4 M €	-31.3%	2 M €	-39.6%	3,4 M €	+4.6%	3,2 M €	+37.6%	2,3 M €	-1.8%	2,4 M €	-14.3%	2,8 M €	+32.7%	2,1 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	-27.0%	3,7 ETP	0.0%	3,7 ETP	0.0%	3,7 ETP	+37.0%	2,7 ETP	+3.8%	2,6 ETP	-7.1%	2,8 ETP	+55.6%	1,8 ETP	-25.0%	2,4 ETP	+9.1%	2,2 ETP	0.0%	2,2 ETP	0.0%	2,2 ETP	+37.5%	1,6 ETP	0.0%	1,6 ETP	0.0%	1,6 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 27 ended

Active mandates

ALFONSO MARTINEZ CARNICER

Director · since 22 mai 2026 · until 25 mai 2032

Active

Christian FRANCOIS

Director · since 22 mai 2026 · until 22 mai 2032

Active

Ignacio-Ari RABELLA MARTI

Director · since 29 novembre 2023 · until 28 novembre 2029

Active

Manuel MARTINEZ CARNICER

Managing director · since 29 novembre 2023 · until 28 novembre 2029

Active

Michel CORDONNIER

Director · since 29 novembre 2023 · until 22 mai 2026

Active

Ended mandates

Ignacio-Ari RABELLA MARTI

Director · since 29 novembre 2023 · until 29 novembre 2029

Ended

Michel CORDONNIER

Director · since 29 novembre 2023 · until 28 novembre 2029

Ended

Ignacio-Ari RABELLA MARTI

Director · since 21 mars 2019 · until 20 mars 2025

Ended

Manuel MARTINEZ CARNICER

Managing director · since 21 mars 2019 · until 20 mars 2025

Ended

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	01/01/2025	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

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	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

Estimate

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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 27 ended

Active mandates

ALFONSO MARTINEZ CARNICER

Director · since 22 mai 2026 · until 25 mai 2032

Active

Christian FRANCOIS

Director · since 22 mai 2026 · until 22 mai 2032

Active

Ignacio-Ari RABELLA MARTI

Director · since 29 novembre 2023 · until 28 novembre 2029

Active

Manuel MARTINEZ CARNICER

Managing director · since 29 novembre 2023 · until 28 novembre 2029

Active

Michel CORDONNIER

Director · since 29 novembre 2023 · until 22 mai 2026

Active

Ended mandates

Ignacio-Ari RABELLA MARTI

Director · since 29 novembre 2023 · until 29 novembre 2029

Ended

Michel CORDONNIER

Director · since 29 novembre 2023 · until 28 novembre 2029

Ended

Ignacio-Ari RABELLA MARTI

Director · since 21 mars 2019 · until 20 mars 2025

Ended

Manuel MARTINEZ CARNICER

Managing director · since 21 mars 2019 · until 20 mars 2025

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other22/09/2026
—
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

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 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

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

BU MA SER

Overview

What does BU MA SER do?

Trend over 19 financial years

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