Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 35 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MAN WEST-VLAANDEREN from Torhout, company number BE0871058416, closed financial year 2025 with a result of € 456,205 after tax. For that financial year MAN WEST-VLAANDEREN recorded revenue of € 39.9 million and equity of € 3.6 million. Compared with financial year 2024, the result moved from € 778,672 to € 456,205. The company is profitable. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 6, 2026.
€ 3.6 million
▲ 6% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 456,205
▼ 41% vs 2024
Profit after tax over the fiscal year.
€ 333,706
▲ 21% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 256,615 paid out
56 % of the profit went to the shareholders, mostly to Immovac (50 % of the shares). That is where the money ends up.
People and assets in 2025
21.4
▼ 0.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 1.8 million
▲ 4% vs 2024
€ 85,700 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 88,830
▼ 27% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 2.1 million
▼ 7% vs 2024
€ 162,187 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 9.6 million
▼ 17% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 93 days on average.
€ 386,918
▲ 3% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 26,775,047 | € 44,087,130 | € 39,483,405 | € 39,852,355 | ▲ 1% |
| Profit after taxes | € 178,258 | € 1,490,387 | € 778,672 | € 456,205 | ▼ 41% |
| Equity | € 1,484,430 | € 2,710,523 | € 3,375,516 | € 3,575,106 | ▲ 6% |
| Total debts | € 23,975,726 | € 18,446,710 | € 19,878,912 | € 18,099,876 | ▼ 9% |
| Cash | € 6,120,932 | € 192,435 | € 275,121 | € 333,706 | ▲ 21% |
| Retained profit | € 234,430 | € 1,460,523 | € 2,125,516 | € 2,325,106 | ▲ 9% |
| Dividend | € 100,270 | € 264,293 | € 113,679 | € 256,615 | ▲ 126% |
| Bank debt | € 652,395 | € 639,383 | € 2,251,090 | € 2,094,787 | ▼ 7% |
| Balance sheet total | € 25,473,766 | € 21,169,798 | € 23,294,746 | € 21,715,300 | ▼ 7% |
| Employees (FTE) | 23.2 | 22 | 21.5 | 21.4 | ▼ 0.1 |
Key figures of MAN WEST-VLAANDEREN, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MAN WEST-VLAANDEREN?
What happened at MAN WEST-VLAANDEREN in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- BRAEM INVEST NV stepped down as director. NBB
- IMMOVAC NV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 456,205 (▼ 41% vs 2024). Source: NBB ↗
- BRAEM INVEST NV became a director. NBB
- IMMOVAC NV became a director. NBB
- New establishment in Torhout. KBO
- Start of the company according to the CBE. KBO
In short
From € 178,258 profit in 2022 to € 456,205 profit in 2025.
Paid € 873,943 in corporate taxes since 2022.
Best year ever: 2023, with € 1.5 million profit.
Paid out € 734,858 in dividends to the owners in total.
Management
The stake of Immovac, Braem Invest comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MAN WEST-VLAANDERENThe shares are held by Immovac (50%) and Braem Invest (50%).
Directors
According to the 2025 annual accounts
Managing director · represented by JOHAN BRAEM
Also active at: BRAEM, IMBRACO, MAN Brugge, Van & Truck Rental, TSE TRUCK SERVICE EUROPE, IMMO WEST-VLAANDEREN
since 2023 · until 2029
Managing director · represented by CLAIRE HOSTE
Also active at: BRAEM, IMBRACO, MAN Brugge, Van & Truck Rental, TSE TRUCK SERVICE EUROPE, IMMO WEST-VLAANDEREN
since 2023 · until 2029
Shareholders
50%
50%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Noordlaan 1
8820 Torhout
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0871.058.416
- VAT number
- BE 0871.058.416
- Registered office
- Noordlaan 1, 8820 Torhout
- Names & denominations
- MAN WEST-VLAANDEREN
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 7 January 2005
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Groothandel in andere motorvoertuigen (> 3,5 ton)
Detailhandel in auto's en lichte bestelwagens (<= 3,5 ton)
Detailhandel in motorvoertuigen
Detailhandel in auto's en lichte bestelwagens (= 3,5 ton)
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (<= 3,5 ton)
Onderhoud en reparatie van auto's
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (= 3,5 ton)