MABEV
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 4 filings
Turnover
≈ €460,000
Estimated: probably between €390,000 and €810,000
Total assets
€821,673▲ 40.9%
2024 · €583,164
Net result
€239,459▲ 46.2%
2024 · €163,804
Working capital
€641,447▲ 39.1%
2024 · €461,161
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€315,270
▲ 34.3%
2025
20222025
Net result
€239,459
▲ 46.2%
2025
highest quarter of the sector
20222025
Equity
€713,395
▲ 50.5%
2025
highest quarter of the sector
20222025
Total assets
€821,673
▲ 40.9%
2025
highest quarter of the sector
20222025
Debt
€108,278
▼ 0.9%
2025
20222025
Working capital
€641,447
▲ 39.1%
2025
highest quarter of the sector
20222025
Solvency
86.8%
▲ 5.6pp
2025
highest quarter of the sector
20222025
Current ratio
6.92
▲ 1.70
2025
highest quarter of the sector
20222025
Return on assets (ROA)
29.1%
▲ 1.1pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€216,103-€193,698▼ 10.4%€234,797▲ 21.2%€315,270▲ 34.3%
Net result€155,394above the sector's middle half-€129,738above the sector's middle half▼ 16.5%€163,804above the sector's middle half▲ 26.3%€239,459above the sector's middle half▲ 46.2%
Equity€180,394within the sector's middle half-€310,132above the sector's middle half▲ 71.9%€473,936above the sector's middle half▲ 52.8%€713,395above the sector's middle half▲ 50.5%
Total assets€260,699within the sector's middle half-€396,932within the sector's middle half▲ 52.3%€583,164above the sector's middle half▲ 46.9%€821,673above the sector's middle half▲ 40.9%
Debt€80,304-€86,800▲ 8.1%€109,228▲ 25.8%€108,278▼ 0.9%
Working capital€168,147above the sector's middle half-€296,437above the sector's middle half▲ 76.3%€461,161above the sector's middle half▲ 55.6%€641,447above the sector's middle half▲ 39.1%
Solvency69.2%within the sector's middle half-78.1%above the sector's middle half▲ 8.9pp81.3%above the sector's middle half▲ 3.1pp86.8%above the sector's middle half▲ 5.6pp
Current ratio3.09within the sector's middle half-4.42within the sector's middle half▲ 1.325.22above the sector's middle half▲ 0.816.92above the sector's middle half▲ 1.70
Return on assets (ROA)59.6%above the sector's middle half-32.7%above the sector's middle half▼ 26.9pp28.1%within the sector's middle half▼ 4.6pp29.1%within the sector's middle half▲ 1.1pp
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 34% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.
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 €821,673
Fixed assets
€71,947 ▲ 463%
Current assets
€749,726 ▲ 31.4%
Equity and liabilities €821,673
Equity
€713,395 ▲ 50.5%
Debt
€108,278 ▼ 0.9%
Debt's share of the balance-sheet total falls from 18.7% to 13.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€322,669▲
2024 · €237,703
Cash flow
€246,858▲
2024 · €166,709
Debt to equity
0.15▼
2024 · 0.23
ROE
33.6%▼
2024 · 34.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€108,278▼
2024 · €109,228
Income taxes
€111,441▲
2024 · €71,820
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €15,156 | €4,486 | €1,985 | €66,571 |
| Depreciation and write-downs of the year | €2,909 | €3,038 | €2,905 | €7,399 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,909 | €3,038 | €2,905 | €7,399 | ▲ 155% |
| Other operating charges640/8 | €695 | €516 | €528 | €1,299 | ▲ 146% |
| Gross operating margin9900 | €219,707 | €197,251 | €238,230 | €323,968 | ▲ 36.0% |
| Operating profit (loss)9901 | €216,103 | €193,698 | €234,797 | €315,270 | ▲ 34.3% |
| Financial income75/76B | €18 | €14 | €2,712 | €38,191 | ▲ 14× |
| Recurring financial income75 | €18 | €14 | €2,712 | €38,191 | ▲ 14× |
| Financial charges65/66B | €171 | €246 | €1,885 | €2,561 | ▲ 35.8% |
| Recurring financial charges65 | €171 | €246 | €1,885 | €2,561 | ▲ 35.8% |
| Profit (loss) for the period before taxes9903 | €215,951 | €193,466 | €235,624 | €350,900 | ▲ 48.9% |
| Income taxes67/77 | €60,556 | €63,728 | €71,820 | €111,441 | ▲ 55.2% |
| Profit (loss) for the period9904 | €155,394 | €129,738 | €163,804 | €239,459 | ▲ 46.2% |
| Profit (loss) for the period to be appropriated9905 | €155,394 | €129,738 | €163,804 | €239,459 | ▲ 46.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €260,699 | €396,932 | €583,164 | €821,673 | ▲ 40.9% |
| Fixed assets21/28 | €12,247 | €13,696 | €12,775 | €71,947 | ▲ 463% |
| Tangible fixed assets22/27 | €12,247 | €13,696 | €12,775 | €71,947 | ▲ 463% |
| Land and buildings22 | €2,127 | €6,556 | €8,384 | €9,110 | ▲ 8.7% |
| Furniture and vehicles24 | €10,120 | €7,140 | €4,391 | €38,957 | ▲ 787% |
| Other tangible fixed assets26 | - | - | - | €23,881 | - |
| Current assets29/58 | €248,452 | €383,237 | €570,389 | €749,726 | ▲ 31.4% |
| Amounts receivable within one year40/41 | €2,035 | €12,786 | €167 | - | - |
| Trade receivables40 | - | €12,100 | - | - | - |
| Other amounts receivable41 | €2,035 | €686 | €167 | - | - |
| Current investments50/53 | - | - | €200,666 | €451,415 | ▲ 125% |
| Cash at bank and in hand54/58 | €245,125 | €369,720 | €368,790 | €297,491 | ▼ 19.3% |
| Deferred charges and accrued income490/1 | €1,292 | €730 | €766 | €820 | ▲ 7.0% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €260,699 | €396,932 | €583,164 | €821,673 | ▲ 40.9% |
| Equity10/15 | €180,394 | €310,132 | €473,936 | €713,395 | ▲ 50.5% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €155,394 | €285,132 | €448,936 | €688,395 | ▲ 53.3% |
| Distributable reserves133 | €155,394 | €285,132 | €448,936 | €688,395 | ▲ 53.3% |
| Amounts payable17/49 | €80,304 | €86,800 | €109,228 | €108,278 | ▼ 0.9% |
| Amounts payable within one year42/48 | €80,304 | €86,800 | €109,228 | €108,278 | ▼ 0.9% |
| Trade debts44 | €4,856 | €4,502 | €5,244 | €8,477 | ▲ 61.7% |
| Suppliers440/4 | €4,856 | €4,502 | €5,244 | €8,477 | ▲ 61.7% |
| Taxes, remuneration and social security45 | €75,448 | €82,298 | €103,984 | €99,746 | ▼ 4.1% |
| Taxes450/3 | €75,448 | €82,298 | €103,984 | €99,746 | ▼ 4.1% |
| Other amounts payable47/48 | - | - | - | €55 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €155,394 | €129,738 | €163,804 | €239,459 | ▲ 46.2% |
| + Depreciation and write-downs630 | €2,909 | €3,038 | €2,905 | €7,399 | ▲ 155% |
| Operating cash flow (approximation) | €158,304 | €132,776 | €166,709 | €246,858 | ▲ 48.1% |
| Investment in fixed assets (approximation) | - | -€4,486 | -€1,985 | -€66,571 | ▼ 3,254% |
| Change in cash | - | €124,595 | -€930 | -€71,298 | ▼ 7,564% |
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, 6,782 companies had the same profile as MABEV has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MABEV 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 6,782 companies, not a prediction for MABEV. 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.