M & C
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-04-2026 PDF all 23 filings
Amounts without an identifiable currency are taken as euros.
Equity
€555,761▼ 19.6%
2024 · €691,674
Total assets
€1.1m▼ 2.7%
2024 · €1.2m
Net result
-€135,914
2024 · €42,562
Working capital
-€347,240▼ 71.5%
2024 · -€202,520
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€123,183
2025
20182025
Net result
-€135,914
2025
lowest quarter of the sector
20182025
Equity
€555,761
▼ 19.6%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▼ 2.7%
2025
middle half of the sector
20182025
Debt
€577,642
▲ 22.0%
2025
20182025
Working capital
-€347,240
▼ 71.5%
2025
lowest quarter of the sector
20182025
Solvency
49.0%
▼ 10.3pp
2025
middle half of the sector
20182025
Current ratio
0.24
▼ 0.17
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-12.0%
▼ 15.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.06m-€0.1m▲ 66.4%-€0.05m€0.1m€0.03m▼ 73.8%€0.04m▲ 48.7%€0.07m▲ 57.8%-€0.1m
Net result€0.09m-€0.06m▼ 29.6%€0.007mwithin the sector's middle half▼ 89.6%-€0.01mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 837%€0.2mabove the sector's middle half€0.04mwithin the sector's middle half▼ 74.0%-€0.1mbelow the sector's middle half
Equity€0.5m-€0.6m▲ 12.2%€0.6mwithin the sector's middle half▲ 1.1%€0.6mwithin the sector's middle half▼ 1.7%€0.5mwithin the sector's middle half▼ 16.7%€0.6mabove the sector's middle half▲ 33.7%€0.7mwithin the sector's middle half▲ 6.6%€0.6mabove the sector's middle half▼ 19.6%
Total assets€1.6m-€1.8m▲ 9.8%€1.6mabove the sector's middle half▼ 8.2%€1.6mabove the sector's middle half▼ 2.2%€1.1mwithin the sector's middle half▼ 29.8%€1.2mwithin the sector's middle half▲ 2.8%€1.2mwithin the sector's middle half▲ 1.2%€1.1mwithin the sector's middle half▼ 2.7%
Debt€1.1m-€1.2m▲ 8.7%€1.0m▼ 12.8%€1.0m▼ 2.5%€0.6m▼ 37.3%€0.5m▼ 20.8%€0.5m▼ 5.7%€0.6m▲ 22.0%
Working capital-€0.2m--€0.3m▼ 101%-€0.1mbelow the sector's middle half▲ 62.6%-€0.3mbelow the sector's middle half▼ 105%-€0.1mbelow the sector's middle half▲ 54.9%-€0.1mbelow the sector's middle half▼ 10.9%-€0.2mbelow the sector's middle half▼ 58.8%-€0.3mbelow the sector's middle half▼ 71.5%
Solvency32.4%-33.0%▲ 0.7pp36.4%within the sector's middle half▲ 3.4pp36.6%within the sector's middle half▲ 0.2pp43.4%within the sector's middle half▲ 6.8pp56.4%within the sector's middle half▲ 13.0pp59.4%within the sector's middle half▲ 3.0pp49.0%within the sector's middle half▼ 10.3pp
Current ratio0.25-0.39▲ 0.140.65below the sector's middle half▲ 0.260.41below the sector's middle half▼ 0.240.44below the sector's middle half▲ 0.030.50below the sector's middle half▲ 0.060.41below the sector's middle half▼ 0.080.24below the sector's middle half▼ 0.17
Return on assets (ROA)5.6%-3.6%▼ 2.0pp0.4%within the sector's middle half▼ 3.2pp-0.6%below the sector's middle half▼ 1.1pp-8.7%below the sector's middle half▼ 8.0pp14.2%above the sector's middle half▲ 22.9pp3.7%within the sector's middle half▼ 10.6pp-12.0%below the sector's middle half▼ 15.6pp
Staff (FTE)0-00below the sector's middle half0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €123,183, after a profit of €68,078 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€1.0m ▼ 0.2%
Current assets
€112,643 ▼ 20.6%
Equity and liabilities €1.1m
Equity
€555,761 ▼ 19.6%
Debt
€577,642 ▲ 22.0%
Debt's share of the balance-sheet total rises from 40.6% to 51.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€120,804▼
2024 · €70,726
Cash flow
-€133,535▼
2024 · €45,210
Debt to equity
1.04▲
2024 · 0.68
ROE
-24.5%▼
2024 · 6.2%
Interest coverage
-6.95▼
2024 · 4.12
Debt ≤ 1 year
€459,882▲
2024 · €344,372
Debt > 1 year
€115,000▼
2024 · €126,186
Income taxes
€141▼
2024 · €13,623
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,699 | - | - | €29,177 | - |
| Depreciation and write-downs of the year | €2,673 | €2,878 | €3,034 | €2,648 | €2,379 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €402 awarded · €402 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,617 | €6,225 | €6,009 | €2,673 | €2,878 | €3,034 | €2,648 | €2,379 | ▼ 10.2% |
| Other operating charges640/8 | - | - | - | €5,438 | €14,851 | €5,677 | €5,258 | €4,823 | ▼ 8.3% |
| Non-recurring operating charges66A | - | - | - | - | €41,719 | €0 | - | €32,176 | - |
| Gross operating margin9900 | €90,064 | €118,001 | -€39,772 | €118,997 | €88,460 | €51,855 | €75,984 | -€83,805 | - |
| Operating profit (loss)9901 | €62,840 | €104,565 | -€50,470 | €110,886 | €29,012 | €43,144 | €68,078 | -€123,183 | - |
| Financial income75/76B | - | - | - | €3,814 | €2,479 | €154,886 | €5,281 | €4,787 | ▼ 9.4% |
| Recurring financial income75 | €62,062 | €20,775 | €83,990 | €3,814 | €2,479 | €1,631 | €5,281 | €4,787 | ▼ 9.4% |
| Non-recurring financial income76B | - | - | - | - | - | €153,255 | €0 | - | - |
| Financial charges65/66B | - | - | - | €124,906 | €127,275 | €19,405 | €17,175 | €17,377 | ▲ 1.2% |
| Recurring financial charges65 | €22,599 | €25,610 | €26,235 | €30,623 | €25,782 | €19,405 | €17,175 | €17,377 | ▲ 1.2% |
| Non-recurring financial charges66B | - | - | - | €94,283 | €101,493 | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €102,302 | €99,731 | €7,286 | -€10,206 | -€95,783 | €178,625 | €56,184 | -€135,773 | - |
| Income taxes67/77 | €12,016 | €36,143 | €651 | €146 | €1,232 | €15,142 | €13,623 | €141 | ▼ 99.0% |
| Profit (loss) for the period9904 | €90,286 | €63,587 | €6,634 | -€10,352 | -€97,015 | €163,483 | €42,562 | -€135,914 | - |
| Profit (loss) for the period to be appropriated9905 | €90,286 | €63,587 | €6,634 | -€10,352 | -€97,015 | €163,483 | €42,562 | -€135,914 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.6m | €1.8m | €1.6m | €1.6m | €1.1m | €1.2m | €1.2m | €1.1m | ▼ 2.7% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.6m | €1.6m | €1.4m | €1.4m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 0.2% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.4m | €0.006m | €0.01m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 11.9% |
| Land and buildings22 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.003m | €0.002m | €0.001m | €146 | ▼ 81.3% |
| Financial fixed assets28 | €1.2m | €1.6m | €1.4m | €1.4m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Current assets29/58 | €0.05m | €0.2m | €0.2m | €0.2m | €0.09m | €0.1m | €0.1m | €0.1m | ▼ 20.6% |
| Amounts receivable after more than one year29 | - | - | - | €0.09m | €0 | - | - | - | - |
| Trade receivables290 | - | - | - | €0.03m | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.06m | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €0.002m | €0.002m | €0.002m | €0.002m | €0 | - | - | - | - |
| Stocks30/36 | - | - | - | €0.002m | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €0.05m | €0.2m | €0.2m | €0.07m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 14.7% |
| Trade receivables40 | - | - | - | €0.04m | €0.006m | €0.005m | €0.007m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.06m | €0.1m | €0.1m | €0.1m | ▼ 9.5% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.001m | €0.06m | €441 | €0.006m | €0.01m | €0.001m | €80 | €62 | ▼ 22.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.005m | €0.009m | €0.02m | €0.005m | ▼ 67.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.6m | €1.8m | €1.6m | €1.6m | €1.1m | €1.2m | €1.2m | €1.1m | ▼ 2.7% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.6m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 19.6% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 6.6% |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.6m | ▼ 6.6% |
| Profit (loss) carried forward14 | -€0.002m | -€0.002m | €0 | -€0.01m | -€0.1m | €0 | - | -€0.09m | - |
| Amounts payable17/49 | €1.1m | €1.2m | €1.0m | €1.0m | €0.6m | €0.5m | €0.5m | €0.6m | ▲ 22.0% |
| Amounts payable after more than one year17 | €0.9m | €0.6m | €0.7m | €0.6m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 8.9% |
| Financial debts170/4 | - | - | - | €0.6m | €0.4m | €0.2m | €0.1m | €0.1m | ▼ 8.9% |
| Amounts payable within one year42/48 | €0.2m | €0.5m | €0.4m | €0.4m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 33.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.01m | ▼ 90.9% |
| Financial debts43 | - | - | - | €0.05m | €0.006m | €0.02m | €0.02m | €0.02m | ▼ 9.0% |
| Credit institutions430/8 | - | - | - | €0.05m | €0.006m | €0.02m | €0.02m | €0.02m | ▼ 9.0% |
| Trade debts44 | €0.006m | €0.02m | €0.07m | €0.2m | €0.01m | €0.03m | €0.04m | €0.03m | ▼ 29.1% |
| Suppliers440/4 | - | - | - | €0.2m | €0.01m | €0.03m | €0.04m | €0.03m | ▼ 29.1% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.05m | €0.1m | €0.4m | ▲ 214% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.009m | €0.02m | €0.04m | €0.01m | ▼ 72.2% |
| Taxes450/3 | - | - | - | €0.002m | €0.009m | €0.02m | €0.03m | €0.006m | ▼ 81.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.004m | €0.004m | €0.004m | ▲ 3.3% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.06m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.03m | €0 | €0.003m | €0.003m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €90,286 | €63,587 | €6,634 | -€10,352 | -€97,015 | €163,483 | €42,562 | -€135,914 | - |
| + Depreciation and write-downs630 | €20,617 | €6,225 | €6,009 | €2,673 | €2,878 | €3,034 | €2,648 | €2,379 | ▼ 10.2% |
| Operating cash flow (approximation) | €110,904 | €69,813 | €12,643 | -€7,679 | -€94,137 | €166,517 | €45,210 | -€133,535 | - |
| Investment in fixed assets (approximation) | - | -€6,502 | €158,286 | -€17,699 | €380,892 | €0 | €0 | €0 | - |
| Change in cash | - | €54,103 | -€54,751 | €5,383 | €8,932 | -€14,202 | -€475 | -€18 | ▲ 96.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-04-2026 | 2026-00082706 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00437184 | |
| 31-12-2023 | abbreviated format | 02-08-2024 | 2024-00322913 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00394779 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20398153 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-63000254 | |
| 31-12-2019 | abbreviated format | 07-10-2020 | 2020-59600318 | |
| 31-12-2018 | abbreviated format | 23-08-2019 | 2019-49100198 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-52900538 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-26100228 |