Skip to content

MANEXCO

Active
Public limited companyfounded 197946 yrs activeAvenue Thomas Edison 111, 1402 Nivelles, BelgiumKBO/BCE: BE 0420.049.986
Summary

MANEXCO has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2026 annual accounts show equity of €568k and a net result of €65k. Equity is shrinking by ~25.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2028. Its solvency ranks better than 23% of 139 sector peers (fiscal year 2026). The computed 12-month bankruptcy probability is 0.5% (very low).

Checked score

Score 2026
52 / 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2025
Profitability34▲+24
Solvency51▲+1
Growth38=
Track record100
Bankruptcy probability, 12 months
0.5% Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity tight (current ratio 1.24 against 1.29 in 2025; short-term debt: 74.3% and cash: 12.5% of total assets), and 74.4% of the assets are financed with debt.
Credit advice for your own amount and term

Signals

Eight signals. The signal on the left, the evidence on the right.
lowers risk+raises riskneutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation date
Age against the risk zone
highest failure risk from 2 to 8 years 46 years 0 50 y
raises risk · Multiple establishment units
Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.
KBO · establishment units
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2026
Solvency, return and age of the figures
Solvency
25.6%
Return on assets
2.9%
Age of the figures
8 mo
lowers risk · Lower-risk legal form
Companies with this legal form statistically fail less often than a BV.
KBO · legal form
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies more bankruptcies →
raises risk · Higher-failure-rate region
In this region companies fail more often than in the rest of the country.
KBO · registered office
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 139 sector peers (2026).
NBB · sector comparison
Position among 139 sector peers
Solvency
better than 23%
← weakest strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-01-2026 was due by 31-08-2026 and was filed on 31-07-2026, 31 days ahead of the deadline.
NBB · 10 filings
Deviation from the deadline
2026
31 d early
2025
26 d early
2024
40 d early
2023
52 d early
2022
42 d early
2021
42 d early
2020
46 d early
← before the deadline after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-01-2027 and is due by 31-08-2027. Nothing is late today.
Companies Code · seven months
Position in the running window
24-09-2026 today31-01-2027 close31-08-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

Financials · fiscal year 2026, full schema

Turnover
€5.98M▼ 20.1%
2024 · €7.48M
2018: €12.28M 2021: €7.21M 2022: €8.32M 2023: €7.42M 2024: €7.48M
2018 → 2025
EBIT margin
-2.1%▲ 0.4pp
2024 · -2.5%
2018: -5.3% 2021: -12.1% 2022: -0.9% 2023: -4.9% 2024: -2.5%
2018 → 2025
Net result
€65k
2025 · €-176k
2018: €-862k 2021: €-893k 2022: €-98k 2023: €-415k 2024: €-259k 2025: €-176k
2018 → 2026
Working capital
€390k▼ 12.0%
2025 · €443k
2018: €1.94M 2021: €1.22M 2022: €1.29M 2023: €960k 2024: €731k 2025: €443k
2018 → 2026
Multi-year overview
Every figure with its change against the year before
▲ rise ▼ fall
Line20222023202420252026Trend
Turnover€8.32M-€7.42M▼ 10.7%€7.48M▲ 0.8%€5.98M▼ 20.1%
Equity€1.35M-€939k▼ 30.7%€680k▼ 27.6%€503k▼ 26.0%€568k▲ 12.8%
Operating result€-71k-€-366k▼ 413%€-189k▲ 48.4%€-125k▲ 33.6%€143k
Net result€-98k-€-415k▼ 324%€-259k▲ 37.5%€-176k▲ 32.0%€65k
Result per fiscal year
Operating resultNet result
€-600k€-400k€-200k€0€200kOperating result 2022: €-71k€-71kNet result 2022: €-98k€-98kOperating result 2023: €-366k€-366kNet result 2023: €-415k€-415kOperating result 2024: €-189k€-189kNet result 2024: €-259k€-259kOperating result 2025: €-125k€-125kNet result 2025: €-176k€-176kOperating result 2026: €143k€143kNet result 2026: €65k€65k20222023202420252026€-400k€-200k€0€200kOperating result 2024: €-189k€-189kNet result 2024: €-259k€-259kOperating result 2025: €-125k€-125kNet result 2025: €-176k€-176kOperating result 2026: €143k€143kNet result 2026: €65k€65k202420252026
The operating result returns to profit in 2026: €143k after a loss of €125k in 2025, the highest result in the available series.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €2.21M
Fixed assets €175k ▲ 192%
Current assets €2.03M ▲ 3.9%
Equity and liabilities €2.21M
Equity €568k ▲ 12.8%
Debt €1.65M ▲ 8.7%
Debt's share of the balance-sheet total falls from 75.1% to 74.4%. Equity and debt are higher.
Key figures and ratios
2026 value · change against 2025
EBITDA
€176k
2025 · €-100k
Cash flow
€97k
2025 · €-151k
Current ratio
1.24
2025 · 1.29
Quick ratio
0.82
2025 · 0.85
Debt to equity
2.90
2025 · 3.01
ROE
11.4%
2025 · -35.1%
ROA
2.9%
2025 · -8.7%
Interest coverage
1.37
2025 · -2.37
Debt ≤ 1 year
€1.64M
2025 · €1.51M
Income taxes
€1k
2025 · €1k
Staff costs
€416k
2025 · €501k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2026 against 2025 · 80 lines
Balance sheet Code20252026
Assets
Total assets20/58€2.02M€2.21M
Formation expenses20-€5k
Fixed assets21/28€60k€175k
Intangible fixed assets21€38k€156k
Tangible fixed assets22/27€8k€5k
Furniture and vehicles24€4k€4k
Other tangible fixed assets26€4k€1k
Financial fixed assets28€14k€14k=
Other financial fixed assets284/8€14k-
Amounts receivable and cash guarantees285/8€14k-
Current assets29/58€1.96M€2.03M
Stocks and contracts in progress3€678k€685k
Stocks30/36€678k€685k
Goods purchased for resale34€678k-
Amounts receivable within one year40/41€764k€993k
Trade receivables40€760k€979k
Other amounts receivable41€5k€14k
Cash at bank and in hand54/58€359k€278k
Deferred charges and accrued income490/1€156k€78k
Equity and liabilities
Total equity and liabilities10/49€2.02M€2.21M
Equity10/15€503k€568k
Contributions10/11€250k€250k=
Capital10€250k€250k=
Issued capital100€250k€250k=
Reserves13€253k€253k=
Non-distributable reserves130/1€25k€25k=
Legal reserve130€25k€25k=
Tax-exempt reserves132€211€211=
Distributable reserves133€228k€228k=
Profit (loss) carried forward14€0€65k
Amounts payable17/49€1.51M€1.65M
Amounts payable after more than one year17€0-
Financial debts170/4€0-
Credit institutions173€0-
Other amounts payable178/9€0-
Amounts payable within one year42/48€1.51M€1.64M
Current portion of amounts payable after more than one year42€18k-
Financial debts43€558k€715k
Credit institutions430/8€558k€715k
Trade debts44€821k€758k
Suppliers440/4€821k€758k
Taxes, remuneration and social security45€100k€157k
Taxes450/3€36k€117k
Remuneration and social security454/9€64k€40k
Other amounts payable47/48€18k€14k
Accrued charges and deferred income492/3€0€2k
Income statement Code20252026
Operating income70/76A€6.08M-
Turnover70€5.98M-
Other operating income74€102k-
Non-recurring operating income76A€0-
Operating charges60/66A€6.20M-
Goods for resale, raw materials and consumables60€4.50M-
Purchases600/8€3.90M-
Change in stocks: decrease (increase)609€592k-
Services and other goods61€1.14M-
Remuneration, social security and pensions62€501k€416k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€26k€33k
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€22k€102k
Provisions for liabilities and charges: additions (uses and reversals)635/8€0-
Other operating charges640/8€22k€24k
Gross operating margin9900-€718k
Operating profit (loss)9901€-125k€143k
Financial income75/76B€99k€52k
Recurring financial income75€99k€52k
Other financial income752/9€99k-
Financial charges65/66B€149k€130k
Recurring financial charges65€125k€129k
Debt charges650€42k-
Other financial charges652/9€83k-
Non-recurring financial charges66B€23k€815
Profit (loss) for the period before taxes9903€-175k€66k
Income taxes67/77€1k€1k
Taxes670/3€1k-
Profit (loss) for the period9904€-176k€65k
Profit (loss) for the period to be appropriated9905€-176k€65k
Appropriation of the result
Profit (loss) to be appropriated9906€-77k€65k
Profit (loss) brought forward from the previous period14P€99k-
Transfer from equity791/2€77k-
From reserves792€77k-
Social balance
Average headcount (FTE)90876.85.4

The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

Next filing, fiscal year 2027, expected by 31-08-2027
2026
31-07
NBB filing Annual accounts filed
fiscal year 2026 · full schema
31-01
Financial Back to profitnet €65k
Net result €65k after 6 loss-making years.
2025
05-08
NBB filing Annual accounts filed
fiscal year 2025 · full schema
2024
12-11
State Gazette act Reappointment: BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES (statutory auditor)
Appointment: Baker Tilly Audit, Comptabilité, Conseil (statutory auditor)3 facts ▸
  • General meeting, 14-10-2024
  • Auditor reappointment, BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES
  • Auditor appointment, Baker Tilly Audit, Comptabilité, Conseil (statutory auditor)
22-07
NBB filing Annual accounts filed
fiscal year 2024 · full schema
2023
10-07
NBB filing Annual accounts filed
fiscal year 2023 · full schema
2022
20-07
NBB filing Annual accounts filed
fiscal year 2022 · full schema
31-03
State Gazette act Registered office
Registered-office move2 facts ▸
  • Board meeting, 01-02-2022
  • Registered-office move, Thines (1402), Avenue Thomas Edison 111
2021
14-09
State Gazette act Reappointment: CDP DE WULF & C° (statutory auditor)
Appointment: BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES (statutory auditor) · Permanent representatives: Rodrigo ABELS and Vincent DE WULF5 facts ▸
  • General meeting, 29-06-2021
  • Auditor reappointment, CDP DE WULF & C°
  • Auditor appointment, BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES
  • Permanent representative, Rodrigo ABELS
  • Permanent representative, Vincent DE WULF
20-07
NBB filing Annual accounts filed
fiscal year 2021 · full schema
31-01
Financial Weakest financial yearnet €-893k
Net result drops to €-893k, the lowest in the series; recovery starts the following year.
2020
16-07
NBB filing Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2019
10-12
State Gazette act Resignation: IMMOBILIERE ARPAL (director)
Appointments: George VANDERPLANCKE, Jacques MANIET and MAVAJ · Permanent representative: George VANDERPLANCKE · Statutes amendment10 facts ▸
  • General meeting, 18-11-2019
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Capital, €250.000
  • Director resignation, IMMOBILIERE ARPAL (director)
  • Director appointment, George VANDERPLANCKE (director)
  • Director appointment, Jacques MANIET (director)
  • Director appointment, MAVAJ (director)
  • Permanent representative, George VANDERPLANCKE
20-11
State Gazette act Reappointment: CDP DE WULF & C (statutory auditor)
Permanent representative: Vincent DE WULF3 facts ▸
  • General meeting, 30-08-2018
  • Auditor reappointment, CDP DE WULF & C
  • Permanent representative, Vincent DE WULF
27-08
NBB filing Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
07-08
NBB filing Annual accounts filed
fiscal year 2017 · full schema · 7 days late
2017
14-07
NBB filing Annual accounts filed
fiscal year 2016 · full schema
23-06
State Gazette act Resignations: Jacques MANIET, Pascale MANIET and 2 others
Appointments: Jacques MANIET, ARPAL MANAGEMENT and Mavaj · Permanent representatives: George VANDERPLANCKE and Arnaud VANDERPLANCKE14 facts ▸
  • General meeting, 29-12-2016
  • Director resignation, Jacques MANIET (director)
  • Director resignation, Pascale MANIET (director)
  • Director resignation, Arnaud VANDERPLANCKE (director)
  • Director resignation, ARPAL MANAGEMENT (director)
  • Director appointment, Jacques MANIET (director)
  • Director appointment, ARPAL MANAGEMENT (director)
  • Director appointment, Mavaj (director)
  • Permanent representative, George VANDERPLANCKE
  • Permanent representative, Arnaud VANDERPLANCKE
  • Board meeting, 29-12-2016
  • Director resignation, Jacques MANIET (managing director)
  • +2 further facts in this act
2016
28-04
State Gazette act Reappointment: CDP DE WULF & C° (commissaire réviseur)
Permanent representative: Vincent DE WULF · Mandate compensation4 facts ▸
  • General meeting, 09-06-2015
  • Auditor reappointment, CDP DE WULF & C° (commissaire réviseur)
  • Permanent representative, Vincent DE WULF
  • Mandate compensation, Arnaud VANDERPLANCKE
2014
05-09
State Gazette act Capital & shares · Resignations & appointments · Restructuring
Merger · Accounting effect · Statutes amendment7 facts ▸
  • General meeting, 28-07-2014
  • Merger, absorption, transfert de l'intégralité du patrimoine
  • Accounting effect, 01-01-2014
  • Statutes amendment
  • Name change, MANEXCO
  • Power of attorney, Catherine Lelong
  • Power of attorney, Stéphanie Ernaelsteen
20-06
State Gazette act Restructuring · Miscellaneous
Merger · Capital · Board composition12 facts ▸
  • Merger, fusion par absorption
  • Capital, €500.000
  • Board composition, ARPAL MANAGEMENT S.A. (director)
  • Board composition, Jacques MANIET (managing director)
  • Board composition, Arnaud VANDERPLANCKE (director)
  • Board composition, Pascale MANIET (director)
  • Capital, €250.000
  • Board composition, ARPAL MANAGEMENT S.A. (director)
  • Board composition, Jacques MANIET (managing director)
  • Board composition, Arnaud VANDERPLANCKE (director)
  • Board composition, Pascale MANIET (director)
  • Accounting effect, 01-01-2014
2013
21-02
State Gazette act Resignations: CP&C CONSULTING (director) and Vera VERELST (director)
Appointments: Arnaud VANDERPLANCKE (director) and Pascale MANIET (director)5 facts ▸
  • General meeting, 30-01-2013
  • Director resignation, CP&C CONSULTING (director)
  • Director resignation, Vera VERELST (director)
  • Director appointment, Arnaud VANDERPLANCKE (director)
  • Director appointment, Pascale MANIET (director)
13-02
State Gazette act Resignation: CP&C CONSULTING (managing director)
Appointment: Jacques MANIET (managing director) · Permanent representative: Diederick VANDEKERCKHOVE · Mandate compensation5 facts ▸
  • Board meeting, 15-01-2013
  • Director resignation, CP&C CONSULTING (managing director)
  • Director appointment, Jacques MANIET (managing director)
  • Mandate compensation, Jacques MANIET
  • Permanent representative, Diederick VANDEKERCKHOVE
2012
05-12
State Gazette act Reappointment: CDP DE WULF & C° (statutory auditor)
Permanent representative: Vincent DE WULF3 facts ▸
  • General meeting, 12-06-2012
  • Auditor reappointment, CDP DE WULF & C°
  • Permanent representative, Vincent DE WULF
2011
08-09
State Gazette act Statutes amendment
Capital · Share allocation · Pledge14 facts ▸
  • General meeting, 27-07-2011
  • Capital, €250.000
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Statutes amendment
  • Share allocation, Catégorie A
  • +2 further facts in this act
07-02
State Gazette act Resignations: Jacques MANIET, Pascale MANIET and Monique FRANCOIS
Appointments: Jacques MANIET, ARPAL MANAGEMENT and 2 others · Permanent representatives: George VANDERPLANCKE and Diederick VANDEKERCKHOVE · Director discharge16 facts ▸
  • General meeting, 30-12-2010
  • Director resignation, Jacques MANIET (director and managing director)
  • Director resignation, Pascale MANIET (director)
  • Director resignation, Monique FRANCOIS (director)
  • Director discharge, Jacques MANIET
  • Director discharge, Pascale MANIET
  • Director discharge, Monique FRANCOIS
  • Director appointment, Jacques MANIET (director)
  • Director appointment, ARPAL MANAGEMENT (director)
  • Permanent representative, George VANDERPLANCKE
  • Director appointment, CP&C CONSULTING (director)
  • Permanent representative, Diederick VANDEKERCKHOVE
  • +4 further facts in this act
2010
27-07
State Gazette act Resignations & appointments
Power of attorney2 facts ▸
  • General meeting, 08-06-2010
  • Power of attorney, George VANDERPLANCKE (fondé de pouvoirs)
2007
04-01
State Gazette act Resignation: TCLM - TOELEN, CATS, MORLIE EN CO (commissaire réviseur)
Appointment: V DE WULF & CO (commissaire réviseur) · Permanent representative: Vincent DE WULF4 facts ▸
  • General meeting, 27-11-2006
  • Auditor resignation, TCLM - TOELEN, CATS, MORLIE EN CO (commissaire réviseur)
  • Auditor appointment, V DE WULF & CO (commissaire réviseur)
  • Permanent representative, Vincent DE WULF
2006
10-04
State Gazette act Resignations: Jacques MANIET, Monique FRANCOIS and Vizenco CONTI
Appointments: Jacques MANIET, Monique FRANCOIS and Vizenco CONTI · Power of attorney · Number of directors9 facts ▸
  • Director resignation, Jacques MANIET (director)
  • Director resignation, Monique FRANCOIS (director)
  • Director resignation, Vizenco CONTI (director)
  • Director appointment, Jacques MANIET (class A director)
  • Director appointment, Monique FRANCOIS (class B director)
  • Director appointment, Vizenco CONTI (class B director)
  • Director appointment, Jacques MANIET (managing director)
  • Power of attorney, George VANDERPLANCKE
  • Number of directors, 3
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors
5 directors, no change since 2019
George Vanderplancke
Director · since 18-11-2019
Not recently confirmed
Jacques MANIET
Director · since 29-12-2016
Not recently confirmed
Mavaj
Director · since 29-12-2016 · Private limited company (pre-2019) · perm. rep.: Arnaud VANDERPLANCKE
Not recently confirmed
IMMOBILIERE ARPAL
Director · since 29-12-2016 · Public limited company · perm. rep.: George VANDERPLANCKE
Not recently confirmed
CP C CONSULTING
Director · since 30-12-2010 · Legal entity · perm. rep.: Diederick VANDEKERCKHOVE
Not recently confirmed
18-11-2019 George Vanderplancke: Appointed as Director
18-11-2019 Jacques MANIET: Appointed as Director
18-11-2019 Mavaj: Appointed as Director
18-11-2019 IMMOBILIERE ARPAL: Resigned as Director
29-12-2016 Jacques MANIET: Reappointed as Director
Full history in the Timeline (32 changes) →
Location & real-estate footprint
Registered office, Nivelles · 3 establishment units since 1986
establishment 1 of 3 establishment units on the map
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Avenue Thomas Edison 1111402 Nivelles
Ground area
2.2 ha
Building footprint
1,669 m²
Parcel 25099D0012/00V011, Wallonia. Linked by address, not a title deed.
3 establishment units
MANEXCO
Atomiumsquare 1, 1020 BrusselNACE 51422
since 19862.111.599.433
MANEXCO - H.P.P.
Avenue Thomas Edison 111, 1402 NivellesNACE 51422
since 19912.111.599.631
MANEXCO
Atomiumsquare 1, 1020 BrusselNACE 5116001
since 20042.160.083.201
1 parcel
Wallonia 1 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
25099D0012/00V011 Wallonia 2.2 ha 1 · 1,669 m² -
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Statutory auditor

1 auditor
Baker Tilly Audit, Comptabilité, ConseilCurrent
Statutory auditor
14-10-2024 → present
Show 2 earlier auditors
BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES
Auditor
succeeded by Baker Tilly Audit, Comptabilité, Conseil in 2024
29-06-2021 → 14-10-2024
CDP DE WULF & C°
Auditor · represented by Vincent DE WULF
succeeded by BDO BEDRIJFSREVISOREN-BDO REVISEURS D'ENTREPRISES in 2021
27-11-2006 → 29-06-2021

Articles of association

Purpose
L'achat, la vente, la commercialisation sous toutes ses formes, tant en gros qu'en détail de tous articles de chaussures, maroquinerie, ganterie et tous accessoires de mode sans…
Full purpose

L'achat, la vente, la commercialisation sous toutes ses formes, tant en gros qu'en détail de tous articles de chaussures, maroquinerie, ganterie et tous accessoires de mode sans limitations.

Structure & network

Connections & network

2 connected companies
Linked via shared directors

Acquisitions and mergers

1 transaction
Took over:AGV
BE 0808.176.680merger by absorption · State Gazette act of 05-09-2014 (2 acts)

Capital and shareholders

Capital over the years
  1. 10-12-2019 Capital stated in 3 acts · 250,000 EUR · 1,875 shares

Recognitions · licences · registrations

Legal Entity Identifier

549300B4K5QYLFQE9451
live in the LEI register

Similar companies · same sector, comparable size

Of 199 companies in sector 46425 we hold annual accounts for 135. 98 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification
Legal formPublic limited company
Founded29-11-1979
Fiscal year end31-01
Activities, NACEBEL 2025
46425Wholesale trade
47721Retail sale of footwear
47722Retail trade
47783Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 46 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.