M&N Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 7 filings
Turnover
≈ €110,000
Estimated: probably between €70,000 and €140,000
Total assets
€139,503▲ 42.7%
2024 · €97,745
Net result
€64,828▲ 21.7%
2024 · €53,256
Working capital
€79,772▼ 2.4%
2024 · €81,722
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€49,052
▲ 51.9%
2025
20192025
Net result
€64,828
▲ 21.7%
2025
highest quarter of the sector
20192025
Equity
€85,428
▼ 3.3%
2025
middle half of the sector
20192025
Total assets
€139,503
▲ 42.7%
2025
middle half of the sector
20192025
Debt
€54,075
▲ 477%
2025
20192025
Working capital
€79,772
▼ 2.4%
2025
middle half of the sector
20192025
Solvency
61.2%
▼ 29.2pp
2025
middle half of the sector
20192025
Current ratio
2.51
▼ 7.21
2025
middle half of the sector
20192025
Return on assets (ROA)
46.5%
▼ 8.0pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€21,141--€7,660€16,368-€5,675€31,794€32,292▲ 1.6%€49,052▲ 51.9%
Net result€15,126--€7,662within the sector's middle half€12,849within the sector's middle half-€6,568within the sector's middle half€24,773within the sector's middle half€53,256above the sector's middle half▲ 115%€64,828above the sector's middle half▲ 21.7%
Equity€21,326-€13,663below the sector's middle half▼ 35.9%€26,512within the sector's middle half▲ 94.0%€32,344within the sector's middle half▲ 22.0%€57,117within the sector's middle half▲ 76.6%€88,374within the sector's middle half▲ 54.7%€85,428within the sector's middle half▼ 3.3%
Total assets€37,106-€23,315below the sector's middle half▼ 37.2%€32,867below the sector's middle half▲ 41.0%€48,372below the sector's middle half▲ 47.2%€69,469below the sector's middle half▲ 43.6%€97,745below the sector's middle half▲ 40.7%€139,503within the sector's middle half▲ 42.7%
Debt€15,780-€9,651▼ 38.8%€6,355▼ 34.2%€16,028▲ 152%€12,351▼ 22.9%€9,372▼ 24.1%€54,075▲ 477%
Working capital€22,581-€13,358within the sector's middle half▼ 40.8%€25,301within the sector's middle half▲ 89.4%€37,567within the sector's middle half▲ 48.5%€52,572within the sector's middle half▲ 39.9%€81,722within the sector's middle half▲ 55.4%€79,772within the sector's middle half▼ 2.4%
Solvency57.5%-58.6%within the sector's middle half▲ 1.1pp80.7%above the sector's middle half▲ 22.1pp66.9%above the sector's middle half▼ 13.8pp82.2%above the sector's middle half▲ 15.4pp90.4%above the sector's middle half▲ 8.2pp61.2%within the sector's middle half▼ 29.2pp
Current ratio2.57-2.58within the sector's middle half▲ 0.024.98above the sector's middle half▲ 2.408.00above the sector's middle half▲ 3.015.31above the sector's middle half▼ 2.699.72above the sector's middle half▲ 4.412.51within the sector's middle half▼ 7.21
Return on assets (ROA)40.8%--32.9%below the sector's middle half▼ 73.6pp39.1%above the sector's middle half▲ 72.0pp-13.6%below the sector's middle half▼ 52.7pp35.7%above the sector's middle half▲ 49.2pp54.5%above the sector's middle half▲ 18.8pp46.5%above the sector's middle half▼ 8.0pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 52% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €139,503
Fixed assets
€7,014 ▲ 5.5%
Current assets
€132,489 ▲ 45.4%
Equity and liabilities €139,503
Equity
€85,428 ▼ 3.3%
Debt
€54,075 ▲ 477%
Debt's share of the balance-sheet total rises from 9.6% to 38.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€50,524▲
2024 · €33,281
Cash flow
€66,300▲
2024 · €54,245
Debt to equity
0.63▲
2024 · 0.11
ROE
75.9%▲
2024 · 60.3%
Interest coverage
18.13▼
2024 · 55.17
Debt ≤ 1 year
€52,717▲
2024 · €9,372
Income taxes
€10,614▲
2024 · €7,980
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 | - | €2,224 | - | €2,950 | €18,698 |
| Financial fixed assets | - | €2,450 | - | - | - |
| Depreciation and write-downs of the year | €300 | €450 | €745 | €989 | €1,472 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,007 awarded · €1,007 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €89 | €300 | €450 | €745 | €989 | €1,472 | ▲ 48.8% |
| Other operating charges640/8 | - | - | €386 | €616 | €916 | €725 | €673 | ▼ 7.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,602 | - |
| Gross operating margin9900 | €21,239 | -€7,487 | €17,054 | -€4,609 | €33,454 | €34,007 | €52,799 | ▲ 55.3% |
| Operating profit (loss)9901 | €21,141 | -€7,660 | €16,368 | -€5,675 | €31,794 | €32,292 | €49,052 | ▲ 51.9% |
| Financial income75/76B | - | - | €24 | €59 | €551 | €29,547 | €29,176 | ▼ 1.3% |
| Recurring financial income75 | €37 | €1 | €24 | €59 | €551 | €29,547 | €29,176 | ▼ 1.3% |
| Financial charges65/66B | - | - | €717 | €822 | €722 | €603 | €2,786 | ▲ 362% |
| Recurring financial charges65 | €18 | €4 | €717 | €822 | €722 | €603 | €2,786 | ▲ 362% |
| Profit (loss) for the period before taxes9903 | €21,160 | -€7,662 | €15,675 | -€6,438 | €31,623 | €61,236 | €75,442 | ▲ 23.2% |
| Income taxes67/77 | €6,034 | - | €2,827 | €131 | €6,849 | €7,980 | €10,614 | ▲ 33.0% |
| Profit (loss) for the period9904 | €15,126 | -€7,662 | €12,849 | -€6,568 | €24,773 | €53,256 | €64,828 | ▲ 21.7% |
| Profit (loss) for the period to be appropriated9905 | €15,126 | -€7,662 | €12,849 | -€6,568 | €24,773 | €53,256 | €64,828 | ▲ 21.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €37,106 | €23,315 | €32,867 | €48,372 | €69,469 | €97,745 | €139,503 | ▲ 42.7% |
| Fixed assets21/28 | €100 | €1,511 | €1,211 | €5,435 | €4,690 | €6,651 | €7,014 | ▲ 5.5% |
| Tangible fixed assets22/27 | - | €1,411 | €1,111 | €2,885 | €2,140 | €4,101 | €4,464 | ▲ 8.8% |
| Land and buildings22 | - | - | - | €2,074 | €1,630 | €3,891 | €4,464 | ▲ 14.7% |
| Furniture and vehicles24 | - | - | €1,111 | €811 | €511 | €211 | €0 | ▼ 100.0% |
| Financial fixed assets28 | €100 | €100 | €100 | €2,550 | €2,550 | €2,550 | €2,550 | = |
| Current assets29/58 | €37,007 | €21,804 | €31,656 | €42,937 | €64,778 | €91,094 | €132,489 | ▲ 45.4% |
| Amounts receivable within one year40/41 | €9,481 | €10,698 | €11,351 | €24,695 | €30,342 | €11,291 | €29,212 | ▲ 159% |
| Trade receivables40 | - | - | €11,351 | €24,668 | €30,229 | €10,944 | €28,297 | ▲ 159% |
| Other amounts receivable41 | - | - | - | €27 | €113 | €347 | €915 | ▲ 164% |
| Cash at bank and in hand54/58 | €27,525 | €10,984 | €19,928 | €17,872 | €30,589 | €37,423 | €63,681 | ▲ 70.2% |
| Deferred charges and accrued income490/1 | - | - | €377 | €370 | €3,848 | €42,380 | €39,595 | ▼ 6.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €37,106 | €23,315 | €32,867 | €48,372 | €69,469 | €97,745 | €139,503 | ▲ 42.7% |
| Equity10/15 | €21,326 | €13,663 | €26,512 | €32,344 | €57,117 | €88,374 | €85,428 | ▼ 3.3% |
| Contributions10/11 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €15,126 | €15,126 | €20,312 | €15,312 | €38,517 | €69,774 | €66,828 | ▼ 4.2% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €18,452 | €13,452 | €38,517 | €69,774 | €66,828 | ▼ 4.2% |
| Profit (loss) carried forward14 | - | -€7,662 | - | -€1,568 | - | - | - | - |
| Amounts payable17/49 | €15,780 | €9,651 | €6,355 | €16,028 | €12,351 | €9,372 | €54,075 | ▲ 477% |
| Amounts payable within one year42/48 | €14,426 | €8,446 | €6,355 | €5,370 | €12,207 | €9,372 | €52,717 | ▲ 463% |
| Trade debts44 | €1,329 | €624 | €1,355 | €1,174 | €3,325 | - | €329 | - |
| Suppliers440/4 | - | - | €1,355 | €1,174 | €3,325 | - | €329 | - |
| Taxes, remuneration and social security45 | - | - | €4,957 | €2,837 | €8,209 | €4,570 | €4,461 | ▼ 2.4% |
| Taxes450/3 | - | - | €4,957 | €2,837 | €8,209 | €4,570 | €4,461 | ▼ 2.4% |
| Other amounts payable47/48 | - | - | €43 | €1,360 | €672 | €4,801 | €47,927 | ▲ 898% |
| Accrued charges and deferred income492/3 | - | - | - | €10,658 | €145 | - | €1,358 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,126 | -€7,662 | €12,849 | -€6,568 | €24,773 | €53,256 | €64,828 | ▲ 21.7% |
| + Depreciation and write-downs630 | - | €89 | €300 | €450 | €745 | €989 | €1,472 | ▲ 48.8% |
| Operating cash flow (approximation) | €15,126 | -€7,573 | €13,149 | -€6,118 | €25,518 | €54,245 | €66,300 | ▲ 22.2% |
| Investment in fixed assets (approximation) | - | -€1,500 | €0 | -€4,674 | €0 | -€2,950 | -€1,834 | ▲ 37.8% |
| Change in cash | - | -€16,541 | €8,944 | -€2,056 | €12,717 | €6,834 | €26,259 | ▲ 284% |
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, 26,972 companies had the same profile as M&N Projects has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of M&N Projects itself is lower: < 0.1% within 12 months. It rests on far more data about M&N Projects than the profile alone.
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 26,972 companies, not a prediction for M&N Projects. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00361203 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00302462 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00272996 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00275184 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20233311 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-54600318 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-65700120 |