ACTIVE

M&NB

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Financial year 2025 · closed on 31/12/2025

Net result

-508,2 k €

-13079.6% YoY

Revenue

3,7 M €

-10.7% YoY

Equity

158,7 k €

-76.2% YoY

What does M&NB do?

M&NB is a Public limited company incorporated in 2011. Its main activity is: Construction of buildings. Its registered office is in Evere.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0837.089.907

Incorporation

20/06/2011

Legal form

Public limited company

Registered office

Rue du Tilleul 323
1140 Evere · BruxellesSee on map

Contributed capital

62 000,00 €

Latest accounts

31/12/2025

Activities (NACE)

41001Construction of buildings· main 43341Painting and glazing 43341Painting and glazing 43110Demolition 43110Demolition 43350Building completion and finishing+1

Joint committees (3)

Signals

Healthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 14 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012
Income statement
Revenue	3,7 M €	-10.7%	4,2 M €	+10.2%	3,8 M €	+33.0%	2,8 M €	+16.6%	2,4 M €	+21.1%	2 M €	+3.9%	1,9 M €	+9.8%	1,8 M €		–		–		777,9 k €	+122%	349,9 k €	+134%	149,4 k €		–
EBITDA	-48,8 k €	-111%	441,7 k €	+81.3%	243,6 k €	+46.1%	166,7 k €	-13.9%	193,6 k €	+26.3%	153,3 k €	-6.8%	164,4 k €	-6.1%	175,1 k €	-10.3%	195,2 k €	+35.6%	144 k €	+308%	35,3 k €	+4.4%	33,8 k €	+10.2%	30,7 k €	+377%	-11,1 k €
Operating result	118,5 k €	-70.5%	402 k €	+352%	89 k €	-28.4%	124,4 k €	-1.1%	125,8 k €	+45.3%	86,6 k €	-0.6%	87,1 k €	-5.3%	91,9 k €	-38.9%	150,5 k €	+19.8%	125,7 k €	+441%	23,2 k €	-21.1%	29,4 k €	-2.5%	30,2 k €	+364%	-11,4 k €
Net result	-508,2 k €	-13080%	3,9 k €	-95.4%	84,3 k €	+14.8%	73,4 k €	-11.0%	82,5 k €	+93.7%	42,6 k €	+16.9%	36,4 k €	+53.5%	23,7 k €	-74.5%	93,1 k €	-18.2%	113,8 k €	+919%	11,2 k €	-48.5%	21,7 k €	-26.8%	29,6 k €	+358%	-11,5 k €
Balance sheet
Equity	158,7 k €	-76.2%	667 k €	+0.6%	663 k €	+14.6%	578,7 k €	+14.5%	505,3 k €	+19.5%	422,7 k €	+11.2%	380,1 k €	+10.6%	343,6 k €	+7.4%	319,9 k €	+41.1%	226,8 k €	+101%	113 k €	+11.0%	101,8 k €	+27.1%	80,1 k €	+58.6%	50,5 k €
Total assets	1,7 M €	+8.5%	1,6 M €	+3.4%	1,5 M €	+46.4%	1 M €	-4.6%	1,1 M €	+34.6%	802,4 k €	-35.4%	1,2 M €	+30.6%	950,5 k €	+12.2%	847,2 k €	+41.1%	600,3 k €	+74.9%	343,1 k €	+90.4%	180,2 k €	+68.8%	106,8 k €	+110%	50,9 k €
Cash	95,7 k €	+69.6%	56,4 k €	-66.6%	168,9 k €	-6.6%	180,9 k €	+822%	19,6 k €	+377%	4,1 k €	-89.2%	38,1 k €	+235%	11,4 k €	-44.3%	20,4 k €	-79.5%	99,5 k €	+655%	13,2 k €	+33.3%	9,9 k €		–		3,1 k €
Debts	1,5 M €	+115%	713,5 k €	+2.5%	696 k €	+53.9%	452,2 k €	-21.4%	575,1 k €	+51.5%	379,7 k €	-55.9%	861,6 k €	+42.0%	606,9 k €	+15.1%	527,3 k €	+41.2%	373,5 k €	+62.3%	230,1 k €	+194%	78,4 k €	+194%	26,6 k €	+6639%	395,4 €
Other
Workforce	–		–		7,0 ETP	+112%	3,3 ETP	+50.0%	2,2 ETP	+29.4%	1,7 ETP	+240%	0,5 ETP		–		0,7 ETP	-58.8%	1,7 ETP	-15.0%	2,0 ETP	0.0%	2,0 ETP	+33.3%	1,5 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 11 ended

Active mandates

ADNAN VARDAR

Mandate

Active

Ended mandates

Feride Top

Director · since 01 avril 2018 · until 31 mars 2024

Ended

Rogert Gheorghe Casandroiu

Director · since 01 novembre 2017 · until 01 avril 2018

Ended

Adnan Vardar

Managing director · since 22 juin 2017 · until 21 juin 2023

Ended

Bahri Hasan

Director · since 31 juillet 2015 · until 01 novembre 2017

Ended

At this address

Other companies at this address

Company	CBE no.
Association des copropriétaires de la Résidence Rue du Tilleul 323 à Evere, rue du Tilleul, 323● Active	0837.224.222
B.B.V. GROUP● Active	0818.357.425

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged 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	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	16/07/2026	22/08/2025	18/09/2024	14/09/2023	29/09/2022	04/10/2021
General meeting	12/06/2026	13/06/2025	14/06/2024	09/06/2023	10/06/2022	12/06/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	12/06/2026	16/07/2026	French	PDF
Abridged model	31/12/2024	13/06/2025	22/08/2025	French	PDF
Abridged model	31/12/2023	14/06/2024	18/09/2024	French	PDF
Abridged model	31/12/2022	09/06/2023	14/09/2023	French	PDF
Abridged model	31/12/2021	10/06/2022	29/09/2022	French	PDF
Abridged model	31/12/2020	12/06/2021	04/10/2021	French	PDF
Abridged model	31/12/2019	12/06/2020	07/10/2020	French	PDF
Abridged model	31/12/2018	21/06/2019	13/09/2019	French	PDF
Abridged model	31/12/2017	21/06/2018	25/10/2018	French	PDF
Abridged model	31/12/2016	21/06/2017	21/06/2017	French	PDF
Abridged model	31/12/2015	21/06/2016	07/10/2016	French	PDF
Abridged model	31/12/2014	21/06/2015	09/10/2015	French	PDF
Abridged model	31/12/2013	21/06/2014	04/11/2014	French	PDF
Abridged model	31/12/2012	21/06/2013	22/11/2013	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 1 active · 11 ended

Active mandates

ADNAN VARDAR

Mandate

Active

Ended mandates

Feride Top

Director · since 01 avril 2018 · until 31 mars 2024

Ended

Rogert Gheorghe Casandroiu

Director · since 01 novembre 2017 · until 01 avril 2018

Ended

Adnan Vardar

Managing director · since 22 juin 2017 · until 21 juin 2023

Ended

Bahri Hasan

Director · since 31 juillet 2015 · until 01 novembre 2017

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Capital / shares17/02/2022
CAPITAL, ACTIONS
PDF
Registered office17/02/2022
SIEGE SOCIAL
PDF
Capital / shares23/04/2021
CAPITAL, ACTIONS
PDF
Capital / shares16/04/2021
CAPITAL, ACTIONS
PDF
Capital / shares16/04/2021
CAPITAL, ACTIONS
PDF
Mandates29/03/2021
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS
PDF
Capital / shares24/09/2020
CAPITAL, ACTIONS
PDF
Mandates20/08/2020
CAPITAL, ACTIONS - 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 2025-508,2 k €↓
2024
Annual accounts 20243,9 k €↓
2023
Annual accounts 202384,3 k €↑
2022
Annual accounts 202273,4 k €↓
2021
Annual accounts 202182,5 k €↑
2020
Annual accounts 202042,6 k €↑
2019
Annual accounts 201936,4 k €↑
2018
Annual accounts 201823,7 k €↓
2017
Annual accounts 201793,1 k €↓
2016
Annual accounts 2016113,8 k €↑
2015
Annual accounts 201511,2 k €↓
2014
Annual accounts 201421,7 k €↓
2013
Annual accounts 201329,6 k €↑
2012
Annual accounts 2012-11,5 k €
20/06/2011
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

M&NB

Overview

What does M&NB do?

Trend over 14 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