ACTIVE

MANEX

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Financial year 2025 · closed on 31/12/2025
Net result
49,9 k €
-49.1% YoY
Revenue
2,3 M €
-22.6% YoY
Equity
168 k €
-0.1% YoY
Workforce
23,3 ETP
-17.7% YoY

What does MANEX do?

MANEX is a Public limited company incorporated in 2008. Its main activity is: Other software publishing. Its registered office is in Liège. It employs on average 23,3 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0896.428.864
Incorporation
13/03/2008
Legal form
Public limited company
Registered office
Rue Saint-Laurent 54
4000 Liège · WallonieSee on map
Contributed capital
130 847,35 €
Latest accounts
31/12/2025
Average workforce
23,3 ETP
Activities (NACE)
58290Other software publishing· main58290Other software publishing62020Computer consultancy activities62200Computer programming, consultancy and related activities58210Publishing of computer games58210Publishing of computer games+4
Joint committees (2)
  • 200
  • 218
Signals
ProfitableLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 18 financial years

202520242023202220212020201920182017201620152015201420132012201120102009
Income statement
Revenue2,3 M €3 M €2,9 M €5,9 M €11,1 M €11,3 M €12,6 M €12,5 M €10,1 M €6,5 M €4,1 M €5,2 M €––––––
EBITDA117,2 k €182 k €158,5 k €308,8 k €452,3 k €778,6 k €256,9 k €459,9 k €56,5 k €40,2 k €248,1 k €902,9 k €1,3 M €533,7 k €442,3 k €347,4 k €181,4 k €-8,1 k €
Operating result117,2 k €182 k €158,5 k €308,8 k €452,3 k €778,6 k €255,3 k €456,8 k €52,8 k €23,1 k €231,1 k €849,1 k €1,2 M €475,8 k €411,1 k €326,4 k €163 k €-43,3 k €
Net result49,9 k €98,1 k €81,3 k €190,6 k €294,3 k €579,7 k €145,4 k €236 k €4,6 k €-101,6 k €117,2 k €545,8 k €773,8 k €305,3 k €280 k €240,4 k €104,3 k €-35,1 k €
Balance sheet
Equity168 k €168,1 k €168,1 k €159,8 k €157 k €262,7 k €583 k €662,9 k €758,4 k €769,1 k €870,7 k €753,5 k €204,1 k €204,1 k €198,8 k €168,8 k €130,7 k €92,1 k €
Total assets775,8 k €927 k €1 M €964,5 k €2,2 M €2,6 M €2,3 M €2,9 M €2,8 M €2,2 M €1,9 M €2,5 M €1,5 M €870,7 k €671,5 k €465 k €458,8 k €302,2 k €
Cash363,9 k €485,4 k €622,5 k €224,8 k €642,3 k €1,5 M €127,8 k €974,4 k €1,5 M €1,1 M €489,4 k €38,7 k €811,6 k €246,6 k €188,8 k €134,1 k €140,5 k €85,5 k €
Debts607,8 k €758,8 k €874,8 k €800,8 k €2,1 M €2,4 M €1,7 M €2,3 M €2,1 M €1,4 M €983,6 k €1,8 M €1,3 M €666,6 k €472,7 k €296,2 k €328,1 k €210,1 k €
Other
Workforce23,3 ETP28,3 ETP28,2 ETP35,5 ETP38,8 ETP38,5 ETP34,1 ETP37,8 ETP30,0 ETP21,7 ETP17,0 ETP21,2 ETP14,0 ETP8,2 ETP5,5 ETP4,8 ETP3,3 ETP1,9 ETP
Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 24 ended

Active mandates

Olivier GREINER

Director · since 05 novembre 2025 · until 28 juin 2029

Active
Michel GRANDJEAN

Director · since 14 mai 2025 · until 27 juin 2030

Active
José-Ignacio SANZ SAIZ

Director · since 31 août 2023 · until 05 novembre 2025

Active

Ended mandates

José-Ignacio SANZ SAIZ

Director · since 01 septembre 2023 · until 28 juin 2029

Ended
José-Ignacio SANZ SAIZ

Director · since 31 août 2023 · until 28 juin 2029

Ended
OAKFIN

Director · since 29 juin 2023 · until 14 mai 2024 · 0544.881.068

Represented by Michel GRANDJEAN

Ended
Marc BENSADOUN

Director · since 24 juin 2021 · until 31 août 2023

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date25/06/202615/07/202504/07/202417/07/202302/08/202202/08/2022
General meeting25/06/202626/06/202527/06/202422/06/202323/06/202224/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202525/06/202625/06/2026FrenchPDF
Full model31/12/202426/06/202515/07/2025FrenchPDF
Full model31/12/202327/06/202404/07/2024FrenchPDF
Full model31/12/202222/06/202317/07/2023FrenchPDF
Full model31/12/202123/06/202202/08/2022FrenchPDF
Full modelCorrection31/12/202024/06/202102/08/2022FrenchPDF
Full model31/12/202024/06/202127/07/2021FrenchPDF
Full model31/12/201915/07/202029/07/2020FrenchPDF
Full model31/12/201827/06/201905/07/2019FrenchPDF
Full model31/12/201728/06/201805/07/2018FrenchPDF
Full modelCorrection31/12/201622/06/201728/09/2017FrenchPDF
Full model31/12/201622/06/201711/07/2017FrenchPDF
Full model31/12/201523/06/201601/07/2016FrenchPDF
Full model31/03/201526/10/201502/11/2015FrenchPDF
Abridged model31/03/201430/06/201427/08/2014FrenchPDF
Abridged model31/03/201330/06/201310/07/2013FrenchPDF
Abridged model31/03/201229/06/201230/07/2012FrenchPDF
Abridged model31/03/201109/08/201119/08/2011FrenchPDF
Abridged model31/03/201009/08/201019/08/2010FrenchPDF
Abridged model31/03/200905/09/200902/10/2009FrenchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 3 active · 24 ended

Active mandates

Olivier GREINER

Director · since 05 novembre 2025 · until 28 juin 2029

Active
Michel GRANDJEAN

Director · since 14 mai 2025 · until 27 juin 2030

Active
José-Ignacio SANZ SAIZ

Director · since 31 août 2023 · until 05 novembre 2025

Active

Ended mandates

José-Ignacio SANZ SAIZ

Director · since 01 septembre 2023 · until 28 juin 2029

Ended
José-Ignacio SANZ SAIZ

Director · since 31 août 2023 · until 28 juin 2029

Ended
OAKFIN

Director · since 29 juin 2023 · until 14 mai 2024 · 0544.881.068

Represented by Michel GRANDJEAN

Ended
Marc BENSADOUN

Director · since 24 juin 2021 · until 31 août 2023

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Annual accounts17/08/2026
    Examen et approbation des comptes annuels pour l'exercice social clôturé
    PDF
  • Mandates04/03/2026
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates04/12/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates08/08/2025
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates30/07/2024
    DEMISSIONS, NOMINATIONS - DIVERS
    PDF
  • Other14/02/2024
    STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, …)
    PDF
  • Mandates28/11/2023
    DEMISSIONS, NOMINATIONS
    PDF
  • Mandates21/11/2022
    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

Timeline

  1. 2025
    Annual accounts 202549,9 k €↓
  2. 2024
    Annual accounts 202498,1 k €↑
  3. 2023
    Annual accounts 202381,3 k €↓
  4. 2022
    Annual accounts 2022190,6 k €↓
  5. 2021
    Annual accounts 2021294,3 k €↓
  6. 2020
    Annual accounts 2020579,7 k €↑
  7. 2019
    Annual accounts 2019145,4 k €↓
  8. 2018
    Annual accounts 2018236 k €↑
  9. 2017
    Annual accounts 20174,6 k €↑
  10. 2016
    Annual accounts 2016-101,6 k €↓
  11. 2015
    Annual accounts 2015117,2 k €↓
  12. 2015
    Annual accounts 2015545,8 k €↓
  13. 2014
    Annual accounts 2014773,8 k €↑
  14. 2013
    Annual accounts 2013305,3 k €↑
  15. 2012
    Annual accounts 2012280 k €↑
  16. 2011
    Annual accounts 2011240,4 k €↑
  17. 2010
    Annual accounts 2010104,3 k €↑
  18. 2009
    Annual accounts 2009-35,1 k €
  19. 13/03/2008
    IncorporationPublic limited company