M & D
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 26 filings
Turnover
≈ €880,000
Estimated: probably between €670,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€7,045▼ 95.5%
2024 · €157,326
Working capital
€197,118▲ 9.6%
2024 · €179,862
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,430
2025
20182025
Net result
€7,045
▼ 95.5%
2025
middle half of the sector
20182025
Equity
€265,953
▲ 2.7%
2025
middle half of the sector
20182025
Total assets
€1.0m
▲ 4.3%
2025
middle half of the sector
20182025
Debt
€761,049
▲ 4.8%
2025
20182025
Working capital
€197,118
▲ 9.6%
2025
middle half of the sector
20182025
Solvency
25.9%
▼ 0.4pp
2025
middle half of the sector
20182025
Current ratio
1.26
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▼ 15.3pp
2025
middle half of the sector
20182025
Staff (FTE)
1
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€0.03m--€0.02m€0.03m€0.002m▼ 95.2%€0.1m▲ 75×€0.4m▲ 220%€0.2m▼ 57.2%-€0.007m
Net result€0.03m--€0.002m€0.04mwithin the sector's middle half€0.005mbelow the sector's middle half▼ 88.6%€0.1mwithin the sector's middle half▲ 20×€0.3mabove the sector's middle half▲ 221%€0.2mabove the sector's middle half▼ 50.5%€0.007mwithin the sector's middle half▼ 95.5%
Equity-€0.2m--€0.2m▼ 0.9%-€0.2mbelow the sector's middle half▲ 21.7%-€0.2mbelow the sector's middle half▲ 3.2%-€0.06mbelow the sector's middle half▲ 63.8%€0.2mwithin the sector's middle half€0.3mabove the sector's middle half▲ 60.2%€0.3mwithin the sector's middle half▲ 2.7%
Total assets€0.3m-€0.5m▲ 54.7%€0.6mwithin the sector's middle half▲ 19.7%€0.5mwithin the sector's middle half▼ 16.6%€0.6mwithin the sector's middle half▲ 10.1%€0.8mwithin the sector's middle half▲ 34.2%€1.0mabove the sector's middle half▲ 27.1%€1.0mwithin the sector's middle half▲ 4.3%
Debt€0.5m-€0.7m▲ 34.6%€0.8m▲ 8.1%€0.7m▼ 13.8%€0.6m▼ 6.8%€0.6m▼ 3.2%€0.7m▲ 18.4%€0.8m▲ 4.8%
Working capital-€0.3m--€0.3m▼ 12.0%-€0.2mbelow the sector's middle half▲ 12.0%-€0.2mbelow the sector's middle half▲ 8.7%-€0.1mbelow the sector's middle half▲ 44.6%€0.1mwithin the sector's middle half€0.2mabove the sector's middle half▲ 76.9%€0.2mwithin the sector's middle half▲ 9.6%
Solvency-59.7%--39.0%▲ 20.8pp-25.5%below the sector's middle half▲ 13.5pp-29.6%below the sector's middle half▼ 4.1pp-9.7%below the sector's middle half▲ 19.9pp20.9%within the sector's middle half▲ 30.6pp26.3%within the sector's middle half▲ 5.4pp25.9%within the sector's middle half▼ 0.4pp
Current ratio0.53-0.61▲ 0.080.69below the sector's middle half▲ 0.070.67below the sector's middle half▼ 0.020.80below the sector's middle half▲ 0.131.17within the sector's middle half▲ 0.361.25within the sector's middle half▲ 0.081.26within the sector's middle half▲ 0.01
Return on assets (ROA)8.3%--0.4%▼ 8.7pp7.1%within the sector's middle half▲ 7.4pp1.0%below the sector's middle half▼ 6.1pp17.2%above the sector's middle half▲ 16.2pp41.0%above the sector's middle half▲ 23.9pp16.0%above the sector's middle half▼ 25.0pp0.7%within the sector's middle half▼ 15.3pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=0▼ 100%1below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €7,430, after a profit of €159,611 in 2024. It is the lowest result since 2019.
Large changes and their cause
- 2025 Net result -96% on 2024. The accounts now follow the full format, last year the micro format.
- 2024 Net result -50% on 2023. The accounts now follow the micro format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€68,836 ▼ 12.9%
Current assets
€958,167 ▲ 5.8%
Equity and liabilities €1.0m
Equity
€265,953 ▲ 2.7%
Debt
€761,049 ▲ 4.8%
Debt's share of the balance-sheet total rises from 73.7% to 74.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2,281▼
2024 · €168,513
Cash flow
€16,755▼
2024 · €166,227
Debt to equity
2.86▲
2024 · 2.80
ROE
2.6%▼
2024 · 60.8%
Interest coverage
0.10▼
2024 · 64.26
Debt ≤ 1 year
€761,049▲
2024 · €725,926
Income taxes
€5,652▼
2024 · €34,723
Staff costs
€2,846▼
2024 · €6,640
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | 0 | 0 | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | - | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €8,232 | €3,040 | €26,524 | - |
| Financial fixed assets | - | - | - | €500 | - |
| Depreciation and write-downs of the year | €18,024 | €9,348 | €7,399 | €8,901 | €9,710 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €9,917 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2,837 | €4,224 | €2,707 | €6,640 | €2,846 | ▼ 57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,980 | €24,339 | €24,001 | €18,024 | €9,348 | €7,399 | €8,901 | €9,710 | ▲ 9.1% |
| Other operating charges640/8 | - | - | - | €1,412 | €2,120 | €1,221 | €2,030 | €4,911 | ▲ 142% |
| Non-recurring operating charges66A | - | - | - | - | - | €5,000 | €0 | €145,144 | - |
| Gross operating margin9900 | €161,650 | €52,251 | €77,605 | €23,826 | €132,265 | €389,502 | €177,182 | €155,181 | ▼ 12.4% |
| Operating profit (loss)9901 | €26,661 | -€15,229 | €32,316 | €1,553 | €116,573 | €373,176 | €159,611 | -€7,430 | - |
| Financial income75/76B | - | - | - | €26,777 | €26,428 | €22,379 | €35,060 | €43,410 | ▲ 23.8% |
| Recurring financial income75 | €2,856 | €21,805 | €27,845 | €26,777 | €26,428 | €22,379 | €35,060 | €43,410 | ▲ 23.8% |
| Financial charges65/66B | - | - | - | €7,410 | €5,844 | €1,192 | €2,622 | €23,284 | ▲ 788% |
| Recurring financial charges65 | €1,054 | €8,286 | €7,184 | €7,410 | €5,844 | €1,192 | €2,622 | €23,284 | ▲ 788% |
| Profit (loss) for the period before taxes9903 | €28,462 | -€1,710 | €52,976 | €20,920 | €137,157 | €394,362 | €192,049 | €12,697 | ▼ 93.4% |
| Income taxes67/77 | €303 | €169 | €8,469 | €15,860 | €38,123 | €76,689 | €34,723 | €5,652 | ▼ 83.7% |
| Profit (loss) for the period9904 | €28,159 | -€1,880 | €44,507 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| Profit (loss) for the period to be appropriated9905 | €28,159 | -€1,880 | €44,507 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.5m | €0.6m | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | ▲ 4.3% |
| Fixed assets21/28 | €0.05m | €0.08m | €0.09m | €0.07m | €0.07m | €0.06m | €0.08m | €0.07m | ▼ 12.9% |
| Intangible fixed assets21 | - | - | €0.001m | €0.001m | €0.001m | €281 | €15 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €0.05m | €0.08m | €0.06m | €0.04m | €0.04m | €0.03m | €0.05m | €0.04m | ▼ 19.5% |
| Plant, machinery and equipment23 | - | - | - | €463 | €0.001m | €0.003m | €0.004m | €0.003m | ▼ 26.4% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.009m | €0.004m | €0.003m | €0.002m | ▼ 42.6% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.03m | €0.02m | €0.04m | €0.04m | ▼ 17.2% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 1.7% |
| Current assets29/58 | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 5.8% |
| Stocks and contracts in progress3 | €0.002m | €0.02m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.2m | €0.4m | €0.5m | €0.4m | €0.5m | €0.7m | €0.9m | €1.0m | ▲ 6.1% |
| Trade receivables40 | - | - | - | €0.06m | €0.05m | €0.08m | €0.02m | €0.03m | ▲ 45.0% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.6m | €0.9m | €0.9m | ▲ 5.1% |
| Cash at bank and in hand54/58 | €0.06m | €0.01m | €0.002m | €0.004m | €0.04m | €0.002m | €0.001m | €208 | ▼ 78.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.004m | €0.003m | €0.002m | €0.002m | ▼ 7.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.5m | €0.6m | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | ▲ 4.3% |
| Equity10/15 | -€0.2m | -€0.2m | -€0.2m | -€0.2m | -€0.06m | €0.2m | €0.3m | €0.3m | ▲ 2.7% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.2m | ▲ 33× |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | - | - | - | - | €0.2m | - |
| Profit (loss) carried forward14 | -€0.3m | -€0.3m | -€0.2m | -€0.2m | -€0.1m | €0.09m | €0.2m | €0 | ▼ 100% |
| Amounts payable17/49 | €0.5m | €0.7m | €0.8m | €0.7m | €0.6m | €0.6m | €0.7m | €0.8m | ▲ 4.8% |
| Amounts payable within one year42/48 | €0.5m | €0.7m | €0.8m | €0.7m | €0.6m | €0.6m | €0.7m | €0.8m | ▲ 4.8% |
| Financial debts43 | - | - | - | €0.05m | €0 | €0.01m | €0.06m | €0.06m | ▲ 8.4% |
| Credit institutions430/8 | - | - | - | €0.05m | €0 | €0.01m | €0.06m | €0.06m | ▲ 8.4% |
| Trade debts44 | €0.5m | €0.6m | €0.7m | €0.6m | €0.6m | €0.5m | €0.08m | €0.2m | ▲ 156% |
| Suppliers440/4 | - | - | - | €0.6m | €0.6m | €0.5m | €0.08m | €0.2m | ▲ 156% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.05m | €0.03m | €0.004m | €0.01m | ▲ 132% |
| Taxes450/3 | - | - | - | €0.01m | €0.05m | €0.03m | €0.004m | €0.01m | ▲ 134% |
| Remuneration and social security454/9 | - | - | - | €23 | €0 | - | €32 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.02m | €0.1m | €0.6m | €0.5m | ▼ 16.0% |
| Accrued charges and deferred income492/3 | - | - | - | €74 | €0.001m | €0.001m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,159 | -€1,880 | €44,507 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| + Depreciation and write-downs630 | €18,980 | €24,339 | €24,001 | €18,024 | €9,348 | €7,399 | €8,901 | €9,710 | ▲ 9.1% |
| Operating cash flow (approximation) | €47,138 | €22,460 | €68,508 | €23,084 | €108,382 | €325,072 | €166,227 | €16,755 | ▼ 89.9% |
| Investment in fixed assets (approximation) | - | -€53,534 | -€31,430 | €0 | -€8,232 | €1,526 | -€27,024 | €500 | - |
| Change in cash | - | -€42,798 | -€10,646 | €1,922 | €40,709 | -€42,216 | -€1,529 | -€744 | ▲ 51.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,984 companies had the same profile as M & D has now. Two years later, 96.5% were still going and 1.1% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.5%
was still going
2.3%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of M & D itself: 1.3% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,984 companies, not a prediction for M & D. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 06-07-2026 | 2026-00254719 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00509677 | |
| 31-12-2023 | abbreviated format | 31-08-2024 | 2024-00456419 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00438800 | |
| 31-12-2021 | abbreviated format | 26-09-2022 | 2022-20435153 | |
| 31-12-2020 | abbreviated format | 04-10-2021 | 2021-70400267 | |
| 31-12-2019 | abbreviated format | 27-10-2020 | 2020-63200326 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-39100495 | |
| 31-12-2017 | abbreviated format | 17-08-2018 | 2018-46100319 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-52300407 |