M18X
Annual accounts 2025
micro format, filed on 31-08-2026, 31 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €200,000. Estimated: probably between €180,000 and €240,000.
Balance sheet
balance sheet total €173,544 on 31-12-2025Change in equityin euro
Change in cashin euro
Position in the sector
Solvency33.4%
Higher than 29% of 21,166 companies in 2025.
Current ratio0.65
Higher than 8% of 20,529 companies in 2025.
Return on assets48.7%
Higher than 85% of 20,705 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
Total assets20/58 |
173,544 | 154,401 | 331,747 | 279,489 | 144,939 | |
Fixed assets21/28 |
98,532 | 106,193 | 102,151 | 80,636 | 5,195 | |
Tangible fixed assets22/27 |
98,532 | 106,193 | 102,151 | 80,636 | 5,195 | |
Land and buildings22 |
75,377 | 78,064 | 80,752 | 73,500 | - | |
Plant, machinery and equipment23 |
702 | 945 | 1,189 | - | - | |
Furniture and vehicles24 |
15,884 | 19,793 | 12,000 | 7,136 | 5,195 | |
Other tangible fixed assets26 |
6,569 | 7,390 | 8,211 | - | - | |
Current assets29/58 |
75,012 | 48,208 | 229,596 | 198,852 | 139,744 | |
Amounts receivable within one year40/41 |
26,679 | 23,480 | 2,495 | 22,869 | 23,061 | |
Trade receivables40 |
19,800 | 11,863 | - | 22,869 | 22,893 | |
Other amounts receivable41 |
6,879 | 11,617 | 2,495 | - | 167 | |
Cash at bank and in hand54/58 |
36,466 | 13,841 | 226,323 | 174,849 | 116,684 | |
Deferred charges and accrued income490/1 |
11,867 | 10,888 | 777 | 1,134 | - | |
| Balance sheet: equity and liabilities | ||||||
Total equity and liabilities10/49 |
173,544 | 154,401 | 331,747 | 279,489 | 144,939 | |
Equity10/15 |
57,925 | 143,351 | 275,893 | 160,043 | 78,694 | |
Contributions10/11 |
1,500 | 1,500 | 1,500 | 1,500 | 1,500 | |
Reserves13 |
56,425 | 141,851 | 274,393 | 158,543 | 77,194 | |
Distributable reserves133 |
56,425 | 141,851 | 274,393 | 158,543 | 77,194 | |
Amounts payable17/49 |
115,620 | 11,050 | 55,854 | 119,446 | 66,245 | |
Amounts payable within one year42/48 |
115,620 | 11,050 | 55,854 | 119,446 | 66,245 | |
Trade debts44 |
627 | 11,050 | 129 | 50,367 | 33,225 | |
Suppliers440/4 |
627 | 11,050 | 129 | 50,367 | 33,225 | |
Taxes, remuneration and social security45 |
11,589 | - | 37,400 | 42,593 | 30,718 | |
Taxes450/3 |
11,589 | - | 37,400 | 42,593 | 30,718 | |
Other amounts payable47/48 |
103,403 | - | 18,325 | 26,485 | 2,301 | |
| Income statement | ||||||
Gross operating margin9900 |
127,341 | 160,584 | 156,581 | 110,105 | 100,141 | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
9,868 | 8,983 | 2,508 | 1,620 | 844 | |
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 |
- | - | - | 3,940 | - | |
Other operating charges640/8 |
745 | 939 | 784 | 132 | 347 | |
Operating profit (loss)9901 |
116,729 | 150,661 | 153,290 | 104,413 | 98,949 | |
Financial income75/76B |
365 | 395 | 94 | 0 | 15 | |
Recurring financial income75 |
365 | 395 | 94 | 0 | 15 | |
Financial charges65/66B |
4,185 | 2,677 | 2,535 | 2,673 | 1,770 | |
Recurring financial charges65 |
4,185 | 2,677 | 2,535 | 2,673 | 1,770 | |
Profit (loss) for the period before taxes9903 |
112,909 | 148,380 | 150,850 | 101,740 | 97,194 | |
Income taxes67/77 |
28,335 | 30,921 | 35,000 | 20,391 | 20,000 | |
Profit (loss) for the period9904 |
84,574 | 117,458 | 115,850 | 81,349 | 77,194 | |
Profit (loss) for the period to be appropriated9905 |
84,574 | 117,458 | 115,850 | 81,349 | 77,194 | |
| Appropriation of the result | ||||||
Profit (loss) to be appropriated9906 |
84,574 | 117,458 | 115,850 | 81,349 | 77,194 | |
Transfer from equity791/2 |
140,000 | 250,000 | - | - | - | |
Transfer to equity691/2 |
54,574 | 117,458 | 115,850 | 81,349 | 77,194 | |
To other reserves6921 |
54,574 | 117,458 | 115,850 | 81,349 | 77,194 | |
Profit to be distributed694/7 |
170,000 | 250,000 | - | - | - | |
Return on contributions (dividend)694 |
170,000 | 250,000 | - | - | - | |
| Document | ||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00494625.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00494625 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00348123 | |
| 31-12-2023 | micro format | 30-06-2024 | 2024-00190877 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00369579 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20406242 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| EBITDA | 126,597 | 159,645 | 155,797 | 106,033 | 99,793 | |
| Cash flow | 94,442 | 126,442 | 118,357 | 82,969 | 78,038 | |
| Investment in fixed assets | 2,207 | 13,025 | 24,022 | 77,061 | 6,039 | |
| Change in cash | 22,625 | -212,483 | 51,474 | 58,165 | - | |
| Working capital | -40,607 | 37,158 | 173,741 | 79,407 | 73,499 | |
| Solvency | 33.4% | 92.8% | 83.2% | 57.3% | 54.3% | |
| Current ratio | 0.65 | 4.36 | 4.11 | 1.66 | 2.11 | |
| Debt to equity | 2.00 | 0.08 | 0.20 | 0.75 | 0.84 | |
| ROE | 146.0% | 81.9% | 42.0% | 50.8% | 98.1% | |
| ROA | 48.7% | 76.1% | 34.9% | 29.1% | 53.3% | |
| Interest coverage | 30.25 | 59.63 | 61.47 | 39.66 | 56.37 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,207 | €13,025 | €24,022 | €77,061 | €6,039 |
| Depreciation and write-downs of the year | €9,868 | €8,983 | €2,508 | €1,620 | €844 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on M18X
The operating result for 2025 is 23% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Debt's share of the balance-sheet total rises from 7.2% to 66.6%. Equity is lower and debt is higher.