NORMAL SITUATION

MANERCO

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Financial year 2025 · closed on 26/11/2025

Net result

10,1 k €

-97.9% YoY

Gross margin

841,7 €

-99.9% YoY

Equity

6,2 k €

-99.2% YoY

Company — Normal situation.

What does MANERCO do?

MANERCO is a company registered in Belgium.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0453.316.236

Legal form

Private company with limited liability

Contributed capital

6 200,00 €

Latest accounts

26/11/2025

Signals

ProfitablePositive cashflow

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 17 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Income statement
Gross margin	841,7 €	-99.9%	672,4 k €	+1601%	-44,8 k €	-144%	102,9 k €	+27.0%	81 k €	+8.4%	74,7 k €	+60.0%	46,7 k €	-45.4%	85,5 k €	+151%	34,1 k €	-81.4%	182,6 k €	+72.1%	106,1 k €	-18.9%	130,9 k €	+193%	44,6 k €	-12.2%	50,8 k €	-23.6%	66,5 k €	-43.5%	117,6 k €	+18.4%	99,4 k €
EBITDA	-2,5 k €	-100%	664,3 k €	+1430%	-49,9 k €	-152%	96,7 k €	+25.9%	76,8 k €	+11.2%	69,1 k €	+59.2%	43,4 k €	-48.1%	83,7 k €	+172%	30,7 k €	-82.8%	178,3 k €	+72.6%	103,3 k €	-19.3%	128,1 k €	+205%	42 k €	-12.7%	48,1 k €	-19.5%	59,8 k €	-49.0%	117,1 k €	+20.9%	96,9 k €
Operating result	-2,5 k €	-100%	664,3 k €	+1292%	-55,7 k €	-160%	92,9 k €	+37.9%	67,4 k €	+12.9%	59,6 k €	+77.6%	33,6 k €	-50.4%	67,6 k €	+336%	15,5 k €	-90.5%	163,2 k €	+78.5%	91,4 k €	-21.2%	116,1 k €	+289%	29,8 k €	-17.5%	36,1 k €	-23.4%	47,2 k €	-54.6%	104 k €	+27.2%	81,7 k €
Net result	10,1 k €	-97.9%	472,4 k €	+909%	-58,4 k €	-242%	41,1 k €	+89.2%	21,7 k €	-35.5%	33,7 k €	+94.5%	17,3 k €	-57.8%	41 k €	+4647%	864,3 €	-99.4%	152,6 k €	+148%	61,6 k €	-25.3%	82,5 k €	+199%	27,6 k €	-7.9%	30 k €	-19.5%	37,2 k €	-52.9%	79 k €	+180%	28,2 k €
Balance sheet
Equity	6,2 k €	-99.2%	749 k €	+171%	276,6 k €	-17.4%	335 k €	+14.0%	293,9 k €	+8.0%	272,2 k €	+14.1%	238,5 k €	+7.8%	221,2 k €	+22.8%	180,2 k €	+0.5%	179,3 k €	-70.3%	603,3 k €	+11.4%	541,8 k €	+18.0%	459,3 k €	-7.3%	495,7 k €	+6.4%	465,8 k €	+8.7%	428,6 k €	+1.4%	422,6 k €
Total assets	821,6 k €	-7.0%	883,8 k €	+127%	390,1 k €	-16.2%	465,2 k €	+13.4%	410,1 k €	+3.9%	394,6 k €	+8.8%	362,6 k €	-1.0%	366,1 k €	-12.5%	418,5 k €	-37.9%	673,9 k €	-7.1%	725 k €	+18.0%	614,7 k €	+19.6%	513,9 k €	-1.0%	519,1 k €	+7.0%	485,1 k €	-0.5%	487,5 k €	-5.6%	516,5 k €
Cash	442,5 k €	-44.2%	793,4 k €	+366%	170,3 k €	-35.2%	262,8 k €	-3.3%	271,8 k €	+131%	117,6 k €	-33.6%	177 k €	+21.2%	146,1 k €	-46.7%	274,3 k €	-6.1%	292,2 k €	-32.1%	430,5 k €	+65.6%	259,9 k €	-7.5%	280,9 k €	-19.3%	347,8 k €	+16.2%	299,4 k €	-4.0%	311,8 k €	+297%	78,6 k €
Debts	815,4 k €	+505%	134,8 k €	+18.8%	113,5 k €	-12.9%	130,3 k €	+12.1%	116,2 k €	-5.1%	122,5 k €	-1.3%	124,1 k €	-14.4%	144,9 k €	-39.2%	238,4 k €	-51.8%	494,6 k €	+314%	119,4 k €	+63.7%	72,9 k €	+33.6%	54,6 k €	+134%	23,3 k €	+21.0%	19,3 k €	-67.3%	58,9 k €	-37.3%	93,9 k €

Governance

Board of directors

Seen on filing of 26/11/2025 · 1 active · 3 ended

Active mandates

Franco CARMINATI

Director · since 17 septembre 1994 · until 26 novembre 2025

Active

Ended mandates

Franco CARMINATI

Director · since 17 septembre 1994

Ended

Franco CARMINATI

Manager · since 17 septembre 1994

Ended

FRANCO CARMINATI

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Abridged model	Abridged 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	26/11/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	11 months	12 months	12 months	12 months	12 months	12 months
Filing date	14/07/2026	03/07/2025	12/08/2024	05/10/2023	30/09/2022	05/09/2022
General meeting	26/11/2025	24/05/2025	31/07/2024	03/10/2023	28/05/2022	22/05/2021
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

33 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	26/11/2025	26/11/2025	14/07/2026	French	PDF
Micro model	31/12/2024	24/05/2025	03/07/2025	French	PDF
Micro model	31/12/2023	31/07/2024	12/08/2024	French	PDF
Micro model	31/12/2022	03/10/2023	05/10/2023	French	PDF
Abridged model	31/12/2021	28/05/2022	30/09/2022	French	PDF
Abridged model	31/12/2020	22/05/2021	05/09/2022	French	PDF
Abridged model	31/12/2019	23/05/2020	06/11/2020	French	PDF
Abridged model	31/12/2018	25/05/2019	10/10/2019	French	PDF
Abridged model	31/12/2017	26/05/2018	27/09/2018	French	PDF
Abridged modelCorrection	31/12/2016	27/05/2017	26/09/2017	French	PDF
Abridged model	31/12/2016	27/05/2017	31/07/2017	French	PDF
Abridged model	31/12/2015	28/05/2016	30/08/2016	French	PDF
Abridged model	31/12/2014	23/05/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	24/05/2014	28/08/2014	French	PDF
Abridged model	31/12/2012	25/05/2013	30/08/2013	French	PDF
Abridged model	31/12/2011	26/05/2012	30/08/2012	French	PDF
Abridged model	31/12/2010	28/05/2011	31/08/2011	French	PDF
Abridged model	31/12/2009	18/05/2010	30/11/2010	French	PDF
Abridged model	31/12/2008	18/05/2009	24/12/2009	French	PDF
Abridged model	31/12/2007	19/05/2008	31/12/2008	French	PDF
Abridged model	31/12/2006	20/05/2007	31/12/2007	French	PDF
Abridged model	31/12/2005	21/05/2006	29/12/2006	French	PDF
Abridged model	31/12/2004	23/05/2005	30/09/2005	French	PDF
Abridged model	31/12/2003	24/05/2004	10/11/2004	French	PDF

View all 33 filings

Estimate

Indicative valuation

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 26/11/2025 · 1 active · 3 ended

Active mandates

Franco CARMINATI

Director · since 17 septembre 1994 · until 26 novembre 2025

Active

Ended mandates

Franco CARMINATI

Director · since 17 septembre 1994

Ended

Franco CARMINATI

Manager · since 17 septembre 1994

Ended

FRANCO CARMINATI

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Dissolution19/01/2026
RUBRIQUE FIN (CESSATION, ANNULATION CESSATION, NULLITE, CONC, REORGANISATION JUDICIAIRE, ETC...) - DEMISSIONS, NOMINATIONS
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 202510,1 k €↓
2024
Annual accounts 2024472,4 k €↑
2023
Annual accounts 2023-58,4 k €↓
2022
Annual accounts 202241,1 k €↑
2021
Annual accounts 202121,7 k €↓
2020
Annual accounts 202033,7 k €↑
2019
Annual accounts 201917,3 k €↓
2018
Annual accounts 201841 k €↑
2017
Annual accounts 2017864,3 €↓
2016
Annual accounts 2016152,6 k €↑
2015
Annual accounts 201561,6 k €↓
2014
Annual accounts 201482,5 k €↑
2013
Annual accounts 201327,6 k €↓
2012
Annual accounts 201230 k €↓
2011
Annual accounts 201137,2 k €↓
2010
Annual accounts 201079 k €↑
2009
Annual accounts 200928,2 k €

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

MANERCO

Overview

What does MANERCO do?

Trend over 17 financial years

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