M.V. lec
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 22 filings
Turnover
€139,432▼ 52.3%
2023 · €292,569
EBIT margin
0.7%▼ 59.1pp
2023 · 59.8%
Net result
-€9,966▼ 2,410%
2024 · -€397
Working capital
€184,307▼ 1.4%
2024 · €186,979
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€10,342
2025
20182025
Net result
-€9,966
▼ 2,410%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€131,889
▼ 7.0%
2025
middle half of the sector
20182025
Total assets
€272,543
▼ 12.1%
2025
middle half of the sector
20182025
Debt
€140,654
▼ 16.4%
2025
20182025
Working capital
€184,307
▼ 1.4%
2025
middle half of the sector
20182025
Solvency
48.4%
▲ 2.6pp
2025
middle half of the sector
20182025
Current ratio
5.53
▲ 1.72
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-3.7%
▼ 3.5pp
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
Turnover€113,812-€66,504▼ 41.6%€111,090▲ 67.0%€102,672▼ 7.6%€88,716▼ 13.6%€292,569▲ 230%€139,432▼ 52.3%
Operating result-€16,266--€29,043▼ 78.6%-€925▲ 96.8%-€7,127▼ 670%-€8,078▼ 13.3%€174,968€1,040▼ 99.4%-€10,342
Net result-€6,866--€32,260▼ 370%-€2,390below the sector's middle half▲ 92.6%-€9,434below the sector's middle half▼ 295%-€9,862below the sector's middle half▼ 4.5%€138,766above the sector's middle half-€397below the sector's middle half-€9,966below the sector's middle half▼ 2,410%
EBIT margin-14.3%--43.7%▼ 29.4pp-0.8%▲ 42.8pp-6.9%▼ 6.1pp-9.1%▼ 2.2pp59.8%▲ 68.9pp0.7%▼ 59.1pp
Equity€153,348-€120,571▼ 21.4%€118,181within the sector's middle half▼ 2.0%€108,747within the sector's middle half▼ 8.0%€98,885within the sector's middle half▼ 9.1%€142,251within the sector's middle half▲ 43.9%€141,854within the sector's middle half▼ 0.3%€131,889within the sector's middle half▼ 7.0%
Total assets€278,783-€244,830▼ 12.2%€230,115within the sector's middle half▼ 6.0%€210,398within the sector's middle half▼ 8.6%€200,624below the sector's middle half▼ 4.6%€305,772within the sector's middle half▲ 52.4%€310,068below the sector's middle half▲ 1.4%€272,543within the sector's middle half▼ 12.1%
Debt€125,435-€124,259▼ 0.9%€111,934▼ 9.9%€101,651▼ 9.2%€101,739▲ 0.1%€163,521▲ 60.7%€168,214▲ 2.9%€140,654▼ 16.4%
Working capital-€716--€31,517▼ 4,302%€15,204within the sector's middle half€7,995below the sector's middle half▼ 47.4%€4,540below the sector's middle half▼ 43.2%€209,556within the sector's middle half▲ 46×€186,979within the sector's middle half▼ 10.8%€184,307within the sector's middle half▼ 1.4%
Solvency55.0%-49.2%▼ 5.8pp51.4%within the sector's middle half▲ 2.1pp51.7%within the sector's middle half▲ 0.3pp49.3%within the sector's middle half▼ 2.4pp46.5%within the sector's middle half▼ 2.8pp45.7%within the sector's middle half▼ 0.8pp48.4%within the sector's middle half▲ 2.6pp
Current ratio0.99-0.52▼ 0.461.67within the sector's middle half▲ 1.151.27within the sector's middle half▼ 0.401.11below the sector's middle half▼ 0.164.75above the sector's middle half▲ 3.643.81above the sector's middle half▼ 0.955.53above the sector's middle half▲ 1.72
Return on assets (ROA)-2.5%--13.2%▼ 10.7pp-1.0%below the sector's middle half▲ 12.1pp-4.5%below the sector's middle half▼ 3.4pp-4.9%below the sector's middle half▼ 0.4pp45.4%above the sector's middle half▲ 50.3pp-0.1%below the sector's middle half▼ 45.5pp-3.7%below the sector's middle half▼ 3.5pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €10,342, after a profit of €1,040 in 2024. It is the lowest result since 2019.
Large changes and their cause
- 2023 Total assets +52% on 2022. Capital increase of €95,400 (Official Gazette 06-12-2023).
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €272,543
Fixed assets
€47,582 ▼ 15.8%
Current assets
€224,961 ▼ 11.3%
Equity and liabilities €272,543
Equity
€131,889 ▼ 7.0%
Debt
€140,654 ▼ 16.4%
Debt's share of the balance-sheet total falls from 54.3% to 51.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1,390▼
2024 · €9,940
Cash flow
-€1,013▼
2024 · €8,503
Quick ratio
5.38▲
2024 · 3.75
Debt to equity
1.07▼
2024 · 1.19
ROE
-7.6%▼
2024 · -0.3%
Interest coverage
-0.84▼
2024 · 4.83
Debt ≤ 1 year
€40,654▼
2024 · €66,555
Debt > 1 year
€100,000▼
2024 · €101,659
Income taxes
€112▼
2024 · €161
Staff costs
€21,362
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 | - | €1,136 | - | €25,026 | - |
| Depreciation and write-downs of the year | €19,325 | €19,244 | €5,500 | €8,900 | €8,952 |
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 | €113,812 | €66,504 | €111,090 | €102,672 | €88,716 | €292,569 | €139,432 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €82,436 | €73,403 | €98,376 | €127,346 | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €21,362 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,192 | €19,579 | €19,115 | €19,325 | €19,244 | €5,500 | €8,900 | €8,952 | ▲ 0.6% |
| Other operating charges640/8 | - | - | - | €8,038 | €4,147 | €13,725 | €2,146 | €2,343 | ▲ 9.2% |
| Gross operating margin9900 | €15,933 | -€5,114 | €22,238 | €20,236 | €15,313 | €194,193 | €12,086 | €22,315 | ▲ 84.6% |
| Operating profit (loss)9901 | -€16,266 | -€29,043 | -€925 | -€7,127 | -€8,078 | €174,968 | €1,040 | -€10,342 | - |
| Financial income75/76B | - | - | - | €134 | €336 | €616 | €781 | €2,140 | ▲ 174% |
| Recurring financial income75 | €5,673 | €707 | €1,371 | €134 | €336 | €616 | €781 | €2,140 | ▲ 174% |
| Financial charges65/66B | - | - | - | €1,991 | €1,592 | €1,750 | €2,057 | €1,652 | ▼ 19.7% |
| Recurring financial charges65 | €3,746 | €2,802 | €2,608 | €1,991 | €1,592 | €1,750 | €2,057 | €1,652 | ▼ 19.7% |
| Profit (loss) for the period before taxes9903 | -€14,339 | -€31,138 | -€2,162 | -€8,984 | -€9,334 | €173,834 | -€236 | -€9,854 | ▼ 4,075% |
| Income taxes67/77 | -€7,473 | €1,122 | €228 | €450 | €528 | €35,068 | €161 | €112 | ▼ 30.7% |
| Profit (loss) for the period9904 | -€6,866 | -€32,260 | -€2,390 | -€9,434 | -€9,862 | €138,766 | -€397 | -€9,966 | ▼ 2,410% |
| Profit (loss) for the period to be appropriated9905 | -€6,866 | -€32,260 | -€2,390 | -€9,434 | -€9,862 | €138,766 | -€397 | -€9,966 | ▼ 2,410% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €278,783 | €244,830 | €230,115 | €210,398 | €200,624 | €305,772 | €310,068 | €272,543 | ▼ 12.1% |
| Formation expenses20 | - | - | - | - | - | - | - | €0 | - |
| Fixed assets21/28 | €230,176 | €210,547 | €192,276 | €172,951 | €154,843 | €40,408 | €56,534 | €47,582 | ▼ 15.8% |
| Tangible fixed assets22/27 | €230,126 | €210,547 | €192,276 | €172,951 | €154,843 | €40,408 | €56,534 | €47,582 | ▼ 15.8% |
| Land and buildings22 | - | - | - | €163,076 | €153,542 | €39,388 | €36,009 | €32,631 | ▼ 9.4% |
| Plant, machinery and equipment23 | - | - | - | €492 | €434 | €134 | €581 | €317 | ▼ 45.5% |
| Furniture and vehicles24 | - | - | - | €9,383 | €867 | €886 | €19,944 | €14,634 | ▼ 26.6% |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €0 | - |
| Financial fixed assets28 | €50 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €48,607 | €34,283 | €37,839 | €37,447 | €45,781 | €265,364 | €253,534 | €224,961 | ▼ 11.3% |
| Stocks and contracts in progress3 | €6,716 | €5,498 | €3,923 | €5,101 | €4,868 | €3,642 | €3,830 | €6,220 | ▲ 62.4% |
| Stocks30/36 | - | - | - | €5,101 | €4,868 | €3,642 | €3,830 | €6,220 | ▲ 62.4% |
| Amounts receivable within one year40/41 | €14,649 | €16,572 | €8,484 | €2,991 | €6,454 | €30,503 | €31,205 | €7,222 | ▼ 76.9% |
| Trade receivables40 | - | - | - | €2,029 | €6,454 | €2,083 | €4,248 | €5,918 | ▲ 39.3% |
| Other amounts receivable41 | - | - | - | €962 | - | €28,420 | €26,957 | €1,304 | ▼ 95.2% |
| Cash at bank and in hand54/58 | €27,242 | €12,213 | €24,162 | €29,152 | €32,605 | €228,957 | €214,691 | €208,716 | ▼ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | €203 | €1,854 | €2,262 | €3,808 | €2,803 | ▼ 26.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €278,783 | €244,830 | €230,115 | €210,398 | €200,624 | €305,772 | €310,068 | €272,543 | ▼ 12.1% |
| Equity10/15 | €153,348 | €120,571 | €118,181 | €108,747 | €98,885 | €142,251 | €141,854 | €131,889 | ▼ 7.0% |
| Contributions10/11 | €102,840 | €102,840 | €102,840 | €102,840 | €102,840 | €7,440 | €7,440 | €7,440 | = |
| Reserves13 | €56,826 | €56,826 | €56,826 | €56,826 | €56,826 | €126,826 | €126,826 | €126,826 | = |
| Non-distributable reserves130/1 | - | - | - | €11,400 | €11,400 | €11,400 | €11,400 | €11,400 | = |
| Reserves not available under the articles1311 | - | - | - | €11,400 | €11,400 | €11,400 | €11,400 | €11,400 | = |
| Distributable reserves133 | - | - | - | €45,426 | €45,426 | €115,426 | €115,426 | €115,426 | = |
| Profit (loss) carried forward14 | -€6,835 | -€39,095 | -€41,485 | -€50,919 | -€60,781 | €7,985 | €7,588 | -€2,378 | - |
| Amounts payable17/49 | €125,435 | €124,259 | €111,934 | €101,651 | €101,739 | €163,521 | €168,214 | €140,654 | ▼ 16.4% |
| Amounts payable after more than one year17 | €76,112 | €58,459 | €89,299 | €72,199 | €60,498 | €107,713 | €101,659 | €100,000 | ▼ 1.6% |
| Financial debts170/4 | - | - | - | €32,199 | €20,498 | €7,713 | €1,659 | - | - |
| Other amounts payable178/9 | - | - | - | €40,000 | €40,000 | €100,000 | €100,000 | €100,000 | = |
| Amounts payable within one year42/48 | €49,323 | €65,800 | €22,635 | €29,452 | €41,241 | €55,808 | €66,555 | €40,654 | ▼ 38.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,304 | €9,297 | €6,320 | €6,591 | €1,122 | ▼ 83.0% |
| Financial debts43 | - | - | - | €2,307 | €2,405 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €2,307 | €2,405 | - | - | - | - |
| Trade debts44 | €4,851 | €5,088 | €4,210 | €2,811 | €7,677 | €4,562 | €9,286 | €6,312 | ▼ 32.0% |
| Suppliers440/4 | - | - | - | €2,811 | €7,677 | €4,562 | €9,286 | €6,312 | ▼ 32.0% |
| Taxes, remuneration and social security45 | - | - | - | €6,398 | €10,528 | €2,000 | €4,411 | €5,803 | ▲ 31.6% |
| Taxes450/3 | - | - | - | €2,398 | €2,528 | €2,000 | €2,411 | €2,425 | ▲ 0.6% |
| Remuneration and social security454/9 | - | - | - | €4,000 | €8,000 | - | €2,000 | €3,378 | ▲ 68.9% |
| Other amounts payable47/48 | - | - | - | €6,632 | €11,334 | €42,926 | €46,267 | €27,416 | ▼ 40.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,866 | -€32,260 | -€2,390 | -€9,434 | -€9,862 | €138,766 | -€397 | -€9,966 | ▼ 2,410% |
| + Depreciation and write-downs630 | €26,192 | €19,579 | €19,115 | €19,325 | €19,244 | €5,500 | €8,900 | €8,952 | ▲ 0.6% |
| Operating cash flow (approximation) | €19,326 | -€12,681 | €16,725 | €9,891 | €9,382 | €144,266 | €8,503 | -€1,013 | - |
| Investment in fixed assets (approximation) | - | €50 | -€844 | €0 | -€1,136 | €108,935 | -€25,026 | -€0 | ▲ 100.0% |
| Change in cash | - | -€15,029 | €11,949 | €4,990 | €3,453 | €196,352 | -€14,266 | -€5,975 | ▲ 58.1% |
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, 12,322 companies had the same profile as M.V. lec has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M.V. lec itself: 0.1% 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 12,322 companies, not a prediction for M.V. lec. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00381469 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00334056 | |
| 31-12-2023 | full format | 13-08-2024 | 2024-00345108 | |
| 31-12-2022 | full format | 08-08-2023 | 2023-00321662 | |
| 31-12-2021 | full format | 04-08-2022 | 2022-20268931 | |
| 31-12-2020 | full format | 05-08-2021 | 2021-46500459 | |
| 31-12-2019 | full format | 04-09-2020 | 2020-51200375 | |
| 31-12-2018 | full format | 21-08-2019 | 2019-48800335 | |
| 31-12-2017 | full format | 22-08-2018 | 2018-49000401 | |
| 31-12-2016 | full format | 12-08-2017 | 2017-43600007 |