M I K E
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 48 days after the deadline Filed on 17 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00516362.
Annual accounts 2025 filed on 17-09-2026 at the NBB all 26 filings
Turnover
€1,000▼ 97.0%
2019 · €33,420
EBIT margin
-43.2%▼ 102.7pp
2019 · 59.5%
Net result
€14,298▲ 236%
2024 · €4,250
Working capital
€39,801▲ 91.8%
2024 · €20,746
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€21,614
▼ 23.9%
2025
20182025
Net result
€14,298
▲ 236%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€68,364
▲ 26.4%
2025
middle half of the sector
20182025
Total assets
€143,455
▲ 17.0%
2025
middle half of the sector
20182025
Debt
€75,091
▲ 9.6%
2025
20182025
Working capital
€39,801
▲ 91.8%
2025
middle half of the sector
20182025
Solvency
47.7%
▲ 3.6pp
2025
middle half of the sector
20182025
Current ratio
1.57
▲ 0.19
2025
middle half of the sector
20182025
Return on assets (ROA)
10.0%
▲ 6.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€33,420€1,000▼ 97.0%
Operating result€188,097-€19,872▼ 89.4%-€432€6,247-€248€982€28,407▲ 29×€21,614▼ 23.9%
Net result€188,399-€19,384▼ 89.7%-€4,967below the sector's middle half€3,220within the sector's middle half-€871below the sector's middle half€198below the sector's middle half€4,250within the sector's middle half▲ 21×€14,298within the sector's middle half▲ 236%
EBIT margin59.5%-43.2%▼ 102.7pp
Equity€32,851-€52,235▲ 59.0%€47,269within the sector's middle half▼ 9.5%€50,489within the sector's middle half▲ 6.8%€49,617within the sector's middle half▼ 1.7%€49,815within the sector's middle half▲ 0.4%€54,066within the sector's middle half▲ 8.5%€68,364within the sector's middle half▲ 26.4%
Total assets€170,710-€201,840▲ 18.2%€143,741within the sector's middle half▼ 28.8%€145,488within the sector's middle half▲ 1.2%€135,155within the sector's middle half▼ 7.1%€130,412within the sector's middle half▼ 3.5%€122,590within the sector's middle half▼ 6.0%€143,455within the sector's middle half▲ 17.0%
Debt€137,859-€149,605▲ 8.5%€96,472▼ 35.5%€95,000▼ 1.5%€85,538▼ 10.0%€80,597▼ 5.8%€68,524▼ 15.0%€75,091▲ 9.6%
Working capital€14,475-€28,547▲ 97.2%€20,853within the sector's middle half▼ 26.9%€24,693within the sector's middle half▲ 18.4%€22,249within the sector's middle half▼ 9.9%€22,423within the sector's middle half▲ 0.8%€20,746within the sector's middle half▼ 7.5%€39,801within the sector's middle half▲ 91.8%
Solvency19.2%-25.9%▲ 6.6pp32.9%within the sector's middle half▲ 7.0pp34.7%within the sector's middle half▲ 1.8pp36.7%within the sector's middle half▲ 2.0pp38.2%within the sector's middle half▲ 1.5pp44.1%within the sector's middle half▲ 5.9pp47.7%within the sector's middle half▲ 3.6pp
Current ratio1.23-1.32▲ 0.091.44within the sector's middle half▲ 0.121.45within the sector's middle half▲ 0.011.41within the sector's middle half▼ 0.041.39within the sector's middle half▼ 0.021.38within the sector's middle half▼ 0.011.57within the sector's middle half▲ 0.19
Return on assets (ROA)110.4%-9.6%▼ 100.8pp-3.5%below the sector's middle half▼ 13.1pp2.2%within the sector's middle half▲ 5.7pp-0.6%below the sector's middle half▼ 2.9pp0.2%below the sector's middle half▲ 0.8pp3.5%within the sector's middle half▲ 3.3pp10.0%within the sector's middle half▲ 6.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 24% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €143,455
Fixed assets
€33,816 ▼ 28.8%
Current assets
€109,639 ▲ 46.0%
Equity and liabilities €143,455
Equity
€68,364 ▲ 26.4%
Debt
€75,091 ▲ 9.6%
Debt's share of the balance-sheet total falls from 55.9% to 52.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€31,773▼
2024 · €38,432
Cash flow
€24,457▲
2024 · €14,276
Debt to equity
1.10▼
2024 · 1.27
ROE
20.9%▲
2024 · 7.9%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€69,838▲
2024 · €54,327
Debt > 1 year
€5,253▼
2024 · €14,198
Income taxes
€7,125▼
2024 · €23,882
Staff costs
€83,041▼
2024 · €112,405
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 | - | €2,500 | €1,277 | €7,085 | - |
| Depreciation and write-downs of the year | €9,476 | €9,643 | €10,044 | €10,025 | €10,159 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €33,420 | €1,000 | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €4,226 | €42,190 | €112,405 | €83,041 | ▼ 26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,609 | €9,231 | €9,231 | €9,476 | €9,643 | €10,044 | €10,025 | €10,159 | ▲ 1.3% |
| Other operating charges640/8 | - | - | - | €3,724 | €3,658 | €64 | €4,431 | €4,744 | ▲ 7.1% |
| Gross operating margin9900 | €218,353 | €32,891 | €9,497 | €19,447 | €17,279 | €53,280 | €155,267 | €119,558 | ▼ 23.0% |
| Operating profit (loss)9901 | €188,097 | €19,872 | -€432 | €6,247 | -€248 | €982 | €28,407 | €21,614 | ▼ 23.9% |
| Recurring financial income75 | €3,465 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €424 | €339 | €609 | €275 | €191 | ▼ 30.4% |
| Recurring financial charges65 | €3,164 | €488 | -€251 | €424 | €339 | €609 | €275 | €191 | ▼ 30.4% |
| Profit (loss) for the period before taxes9903 | €188,399 | €19,384 | -€181 | €5,823 | -€587 | €373 | €28,132 | €21,423 | ▼ 23.8% |
| Income taxes67/77 | - | - | €4,786 | €2,603 | €284 | €175 | €23,882 | €7,125 | ▼ 70.2% |
| Profit (loss) for the period9904 | €188,399 | €19,384 | -€4,967 | €3,220 | -€871 | €198 | €4,250 | €14,298 | ▲ 236% |
| Profit (loss) for the period to be appropriated9905 | €188,399 | €19,384 | -€4,967 | €3,220 | -€871 | €198 | €4,250 | €14,298 | ▲ 236% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €170,710 | €201,840 | €143,741 | €145,488 | €135,155 | €130,412 | €122,590 | €143,455 | ▲ 17.0% |
| Fixed assets21/28 | €94,306 | €85,075 | €75,844 | €66,368 | €59,225 | €50,457 | €47,517 | €33,816 | ▼ 28.8% |
| Tangible fixed assets22/27 | €94,306 | €85,075 | €75,844 | €66,368 | €59,225 | €50,457 | €47,517 | €33,816 | ▼ 28.8% |
| Land and buildings22 | - | - | - | €66,368 | €56,892 | €47,416 | €44,981 | €31,785 | ▼ 29.3% |
| Furniture and vehicles24 | - | - | - | - | - | €959 | €704 | €448 | ▼ 36.3% |
| Other tangible fixed assets26 | - | - | - | - | €2,333 | €2,083 | €1,833 | €1,583 | ▼ 13.6% |
| Current assets29/58 | €76,404 | €116,765 | €67,896 | €79,120 | €75,930 | €79,955 | €75,073 | €109,639 | ▲ 46.0% |
| Amounts receivable within one year40/41 | €27,000 | €82,484 | €50,000 | €63,794 | €60,890 | €76,750 | €65,898 | €96,788 | ▲ 46.9% |
| Trade receivables40 | - | - | - | €13,794 | €10,890 | €26,750 | €65,898 | €89,922 | ▲ 36.5% |
| Other amounts receivable41 | - | - | - | €50,000 | €50,000 | €50,000 | - | €6,866 | - |
| Cash at bank and in hand54/58 | €19,108 | €33,984 | €17,896 | €15,326 | €15,040 | €3,205 | €9,174 | €12,851 | ▲ 40.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €170,710 | €201,840 | €143,741 | €145,488 | €135,155 | €130,412 | €122,590 | €143,455 | ▲ 17.0% |
| Equity10/15 | €32,851 | €52,235 | €47,269 | €50,489 | €49,617 | €49,815 | €54,066 | €68,364 | ▲ 26.4% |
| Contributions10/11 | €32,226 | €32,226 | €32,226 | €32,226 | €32,226 | €32,226 | €32,226 | €32,226 | = |
| Reserves13 | - | - | - | - | - | €198 | €4,448 | €18,746 | ▲ 321% |
| Distributable reserves133 | - | - | - | - | - | €198 | €4,448 | €18,746 | ▲ 321% |
| Profit (loss) carried forward14 | €625 | €20,009 | €15,043 | €18,262 | €17,391 | €17,391 | €17,391 | €17,391 | = |
| Amounts payable17/49 | €137,859 | €149,605 | €96,472 | €95,000 | €85,538 | €80,597 | €68,524 | €75,091 | ▲ 9.6% |
| Amounts payable after more than one year17 | €74,029 | €59,029 | €49,429 | €40,572 | €31,857 | €23,065 | €14,198 | €5,253 | ▼ 63.0% |
| Financial debts170/4 | - | - | - | €40,572 | €31,857 | €23,065 | €14,198 | €5,253 | ▼ 63.0% |
| Amounts payable within one year42/48 | €61,930 | €88,219 | €47,043 | €54,427 | €53,681 | €57,532 | €54,327 | €69,838 | ▲ 28.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,857 | €8,716 | €8,791 | €8,868 | €8,944 | ▲ 0.9% |
| Trade debts44 | €1,250 | €3,662 | €2,067 | €4,925 | €88 | €3,678 | €9,183 | €4,145 | ▼ 54.9% |
| Suppliers440/4 | - | - | - | €4,925 | €88 | €3,678 | €9,183 | €4,145 | ▼ 54.9% |
| Taxes, remuneration and social security45 | - | - | - | €10,302 | €9,778 | €9,550 | €18,229 | €26,035 | ▲ 42.8% |
| Taxes450/3 | - | - | - | €10,302 | €9,778 | €5,549 | €12,330 | €14,013 | ▲ 13.6% |
| Remuneration and social security454/9 | - | - | - | - | - | €4,000 | €5,899 | €12,022 | ▲ 104% |
| Other amounts payable47/48 | - | - | - | €30,344 | €35,099 | €35,513 | €18,047 | €30,714 | ▲ 70.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €188,399 | €19,384 | -€4,967 | €3,220 | -€871 | €198 | €4,250 | €14,298 | ▲ 236% |
| + Depreciation and write-downs630 | €23,609 | €9,231 | €9,231 | €9,476 | €9,643 | €10,044 | €10,025 | €10,159 | ▲ 1.3% |
| Operating cash flow (approximation) | €212,007 | €28,615 | €4,264 | €12,696 | €8,772 | €10,242 | €14,276 | €24,457 | ▲ 71.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€2,500 | -€1,277 | -€7,085 | €3,542 | - |
| Change in cash | - | €14,877 | -€16,088 | -€2,570 | -€286 | -€11,836 | €5,970 | €3,676 | ▼ 38.4% |
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, 31,368 companies had the same profile as M I K E has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M I K E itself: 0.2% 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 31,368 companies, not a prediction for M I K E. 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 | micro format | 17-09-2026 | 2026-00516362 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00355051 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00157531 | |
| 31-12-2022 | micro format | 09-08-2023 | 2023-00328633 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20271635 | |
| 31-12-2020 | micro format | 09-11-2021 | 2021-77100012 | |
| 31-12-2019 | micro format | 02-09-2020 | 2020-51100054 | |
| 31-12-2018 | micro format | 11-09-2019 | 2019-64000028 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-39300439 | |
| 31-12-2016 | micro format | 23-06-2017 | 2017-21400442 |