M2
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.
Balance sheet
balance sheet total €65,305 on 31-12-2025in euro
in euro
Position in the sector
89.0%
Higher than 88% of 39,376 companies in 2025.
7.02
Higher than 85% of 38,058 companies in 2025.
-58.2%
Lower than 95% of 38,530 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
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 | ||||||
20/58 |
65,305 | 115,087 | 129,308 | 147,026 | 92,023 | |
21/28 |
14,928 | 21,332 | 16,685 | 20,167 | 4,345 | |
22/27 |
14,928 | 21,332 | 16,685 | 20,167 | 4,345 | |
23 |
7,355 | 9,523 | 11,783 | 14,286 | 743 | |
24 |
2,841 | 4,463 | - | - | - | |
26 |
4,732 | 7,346 | 4,901 | 5,882 | 3,601 | |
29/58 |
50,377 | 93,755 | 112,624 | 126,859 | 87,678 | |
3 |
15,122 | 14,434 | 15,862 | 15,266 | 9,747 | |
30/36 |
15,122 | 14,434 | 15,862 | 15,266 | 9,747 | |
40/41 |
7,211 | 10,134 | 15,016 | 20,847 | 13,608 | |
40 |
2,649 | 8,382 | 15,016 | 20,847 | 13,608 | |
41 |
4,562 | 1,752 | - | - | - | |
54/58 |
27,338 | 68,485 | 81,745 | 88,301 | 62,079 | |
490/1 |
707 | 702 | - | 2,445 | 2,244 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
65,305 | 115,087 | 129,308 | 147,026 | 92,023 | |
10/15 |
58,131 | 97,828 | 98,902 | 92,698 | 52,956 | |
10/11 |
1,000 | 1,000 | 1,000 | 1,000 | 1,000 | |
13 |
97,750 | 97,750 | 97,750 | 90,000 | 50,000 | |
133 |
97,750 | 97,750 | 97,750 | 90,000 | 50,000 | |
14 |
-40,619 | -922 | 152 | 1,698 | 1,956 | |
17/49 |
7,173 | 17,259 | 30,407 | 54,329 | 39,066 | |
42/48 |
7,173 | 17,259 | 30,407 | 54,329 | 34,786 | |
44 |
5,250 | 10,870 | 18,716 | 29,779 | 7,948 | |
440/4 |
5,250 | 10,870 | 18,716 | 29,779 | 7,948 | |
45 |
257 | 3,592 | 7,921 | 21,362 | 25,238 | |
450/3 |
257 | 3,592 | 7,921 | 21,362 | 25,238 | |
47/48 |
1,666 | 2,797 | 3,770 | 3,188 | 1,600 | |
492/3 |
- | - | - | - | 4,280 | |
| Income statement | ||||||
9900 |
-27,320 | 15,329 | 18,051 | 62,529 | 79,897 | |
630 |
6,404 | 5,552 | 4,185 | 3,168 | 2,411 | |
640/8 |
1,055 | 5,285 | 1,223 | 1,643 | 1,427 | |
9901 |
-34,779 | 4,491 | 12,643 | 57,718 | 76,058 | |
75/76B |
135 | 0 | 7 | 0 | 14 | |
75 |
135 | 0 | 7 | 0 | 14 | |
65/66B |
3,132 | 2,599 | 362 | 721 | 910 | |
65 |
3,132 | 2,599 | 362 | 721 | 910 | |
9903 |
-37,777 | 1,892 | 12,288 | 56,998 | 75,162 | |
67/77 |
253 | 1,248 | 3,384 | 15,657 | 20,106 | |
9904 |
-38,030 | 644 | 8,904 | 41,341 | 55,056 | |
9905 |
-38,030 | 644 | 8,904 | 41,341 | 55,056 | |
| Appropriation of the result | ||||||
9906 |
-38,953 | 796 | 10,602 | 43,298 | 55,056 | |
14P |
-922 | 152 | 1,698 | 1,956 | - | |
691/2 |
- | - | 7,750 | 40,000 | 50,000 | |
6921 |
- | - | 7,750 | 40,000 | 50,000 | |
694/7 |
1,666 | 1,718 | 2,700 | 1,600 | 3,100 | |
694 |
1,666 | 1,718 | 1,600 | 1,600 | 1,600 | |
695 |
- | - | 1,100 | - | 1,500 | |
| 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, 2026-00468120.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00468120 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00398793 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00181762 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00149356 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20249119 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -28,375 | 10,044 | 16,828 | 60,886 | 78,470 | ||
| -31,626 | 6,196 | 13,089 | 44,509 | 57,468 | ||
| 0 | 10,199 | 702 | 18,990 | 5,616 | ||
| -41,147 | -13,260 | -6,556 | 26,222 | - | ||
| 43,204 | 76,496 | 82,217 | 72,530 | 52,892 | ||
| 89.0% | 85.0% | 76.5% | 63.0% | 57.5% | ||
| 7.02 | 5.43 | 3.70 | 2.34 | 2.52 | ||
| 4.91 | 4.60 | 3.18 | 2.05 | 2.24 | ||
| 0.12 | 0.18 | 0.31 | 0.59 | 0.74 | ||
| -65.4% | 0.7% | 9.0% | 44.6% | 104.0% | ||
| -58.2% | 0.6% | 6.9% | 28.1% | 59.8% | ||
| -9.06 | 3.86 | 46.53 | 84.49 | 86.21 |
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 | - | €10,199 | €702 | €18,990 | €5,616 |
| €6,404 | €5,552 | €4,185 | €3,168 | €2,411 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on M2
The operating result for 2025 is a loss of €34,779, after a profit of €4,491 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total falls from 15.0% to 11.0%. Equity and debt are lower.