MAC
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 30 filings
Turnover
≈ €520,000
Estimated: probably between €500,000 and €650,000
EBIT margin
Not included in this filing
Net result
€1.0m▲ 26×
2024 · €38,831
Working capital
€2.4m▲ 71.2%
2024 · €1.4m
In the rankings
#2 company by equity in Overijse, Real estate sector#4 company by total assets in Overijse, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€164,174
▲ 4.0%
2025
20182025
Net result
€1.0m
▲ 26×
2025
highest quarter of the sector
20182025
Equity
€5.1m
▲ 25.1%
2025
highest quarter of the sector
20182025
Total assets
€6.3m
▼ 1.5%
2025
middle half of the sector
20182025
Debt
€1.2m
▼ 47.6%
2025
20182025
Working capital
€2.4m
▲ 71.2%
2025
highest quarter of the sector
20182025
Solvency
80.6%
▲ 17.1pp
2025
highest quarter of the sector
20182025
Current ratio
18.02
▲ 15.81
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.1%
▲ 15.5pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.3m▼ 6.8%€0.2m▼ 12.5%€0.1m▼ 49.1%€0.2m▲ 116%€0.2m▼ 28.8%€0.2m▼ 8.1%€0.2m▲ 4.0%
Net result€0.1m-€0.09m▼ 12.7%€0.07mwithin the sector's middle half▼ 19.4%-€0.01mbelow the sector's middle half€0.09mwithin the sector's middle half€1.4mabove the sector's middle half▲ 16×€0.04mwithin the sector's middle half▼ 97.3%€1.0mabove the sector's middle half▲ 26×
Equity€2.4m-€2.5m▲ 3.7%€2.5mabove the sector's middle half▲ 2.9%€2.5mabove the sector's middle half▼ 0.5%€2.6mabove the sector's middle half▲ 3.6%€4.0mabove the sector's middle half▲ 54.1%€4.1mabove the sector's middle half▲ 1.0%€5.1mabove the sector's middle half▲ 25.1%
Total assets€5.6m-€5.5m▼ 1.2%€5.5mabove the sector's middle half▼ 0.6%€5.3mabove the sector's middle half▼ 2.8%€5.5mabove the sector's middle half▲ 2.4%€6.6mabove the sector's middle half▲ 20.2%€6.4mabove the sector's middle half▼ 2.3%€6.3mwithin the sector's middle half▼ 1.5%
Debt€3.1m-€3.0m▼ 5.0%€2.9m▼ 0.8%€2.8m▼ 4.8%€2.8m▲ 1.4%€2.5m▼ 11.0%€2.3m▼ 7.5%€1.2m▼ 47.6%
Working capital€0.1m-€0.1m▼ 22.9%€0.1mwithin the sector's middle half▼ 2.5%-€0.03mwithin the sector's middle half€0.1mwithin the sector's middle half€1.5mabove the sector's middle half▲ 11×€1.4mabove the sector's middle half▼ 4.8%€2.4mabove the sector's middle half▲ 71.2%
Solvency42.5%-44.7%▲ 2.1pp46.2%within the sector's middle half▲ 1.6pp47.3%within the sector's middle half▲ 1.1pp47.9%within the sector's middle half▲ 0.5pp61.4%within the sector's middle half▲ 13.5pp63.4%above the sector's middle half▲ 2.1pp80.6%above the sector's middle half▲ 17.1pp
Current ratio1.12-1.09▼ 0.031.09within the sector's middle half▼ 0.010.98within the sector's middle half▼ 0.111.10within the sector's middle half▲ 0.132.27within the sector's middle half▲ 1.172.21within the sector's middle half▼ 0.0618.02above the sector's middle half▲ 15.81
Return on assets (ROA)1.8%-1.6%▼ 0.2pp1.3%within the sector's middle half▼ 0.3pp-0.3%within the sector's middle half▼ 1.5pp1.7%within the sector's middle half▲ 1.9pp21.5%above the sector's middle half▲ 19.9pp0.6%within the sector's middle half▼ 20.9pp16.1%above the sector's middle half▲ 15.5pp
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 4% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2025 Net result +2,524% on 2024. The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.3m
Fixed assets
€3.8m ▼ 2.1%
Current assets
€2.5m ▼ 0.7%
Equity and liabilities €6.3m
Equity
€5.1m ▲ 25.1%
Debt
€1.2m ▼ 47.6%
Debt's share of the balance-sheet total falls from 36.6% to 19.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€243,530▲
2024 · €237,166
Cash flow
€1.1m▲
2024 · €118,187
Debt to equity
0.24▼
2024 · 0.58
ROE
20.0%▲
2024 · 1.0%
Interest coverage
4.12▲
2024 · 2.07
Debt ≤ 1 year
€140,731▼
2024 · €1.2m
Debt > 1 year
€731,161▼
2024 · €764,494
Income taxes
€31,363▲
2024 · €12,944
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €833,333 | €633,333 | €433,333 | €233,333 | €33,333 |
| Mortgages, amount registered | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m |
| Carrying value of the mortgaged assets | €2.2m | €1.8m | €1.7m | €1.6m | €1.5m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Other operating charges640/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 2.5% |
| Gross operating margin9900 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 2.6% |
| Operating profit (loss)9901 | €0.3m | €0.3m | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 4.0% |
| Financial income75/76B | - | - | - | - | - | €1.4m | €0.009m | €0.9m | ▲ 108× |
| Recurring financial income75 | €43 | €0 | - | - | - | €1.4m | €0.009m | €0.9m | ▲ 108× |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | ▼ 48.5% |
| Recurring financial charges65 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.06m | ▼ 48.5% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.1m | €0.09m | -€0.01m | €0.1m | €1.5m | €0.05m | €1.1m | ▲ 20× |
| Income taxes67/77 | €0.04m | €0.04m | €0.02m | €86 | €0.03m | €0.06m | €0.01m | €0.03m | ▲ 142% |
| Profit (loss) for the period9904 | €0.1m | €0.09m | €0.07m | -€0.01m | €0.09m | €1.4m | €0.04m | €1.0m | ▲ 26× |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.09m | €0.07m | -€0.01m | €0.09m | €1.4m | €0.04m | €1.0m | ▲ 26× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €5.6m | €5.5m | €5.5m | €5.3m | €5.5m | €6.6m | €6.4m | €6.3m | ▼ 1.5% |
| Fixed assets21/28 | €4.4m | €4.3m | €4.2m | €4.1m | €4.1m | €3.9m | €3.9m | €3.8m | ▼ 2.1% |
| Tangible fixed assets22/27 | €2.9m | €2.8m | €2.7m | €2.7m | €2.6m | €2.5m | €2.4m | €2.4m | ▼ 3.3% |
| Land and buildings22 | - | - | - | €2.7m | €2.6m | €2.5m | €2.4m | €2.4m | ▼ 3.3% |
| Financial fixed assets28 | €1.5m | €1.5m | €1.5m | €1.5m | €1.5m | €1.4m | €1.4m | €1.4m | = |
| Current assets29/58 | €1.2m | €1.2m | €1.3m | €1.2m | €1.4m | €2.6m | €2.6m | €2.5m | ▼ 0.7% |
| Amounts receivable within one year40/41 | €0.02m | €0.003m | €0.02m | €0.04m | €0.01m | €1.3m | €0.03m | €0.05m | ▲ 52.5% |
| Trade receivables40 | - | - | - | - | - | - | - | €378 | - |
| Other amounts receivable41 | - | - | - | €0.04m | €0.01m | €1.3m | €0.03m | €0.04m | ▲ 51.3% |
| Cash at bank and in hand54/58 | €1.2m | €1.2m | €1.2m | €1.1m | €1.4m | €1.4m | €2.5m | €2.5m | ▼ 1.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | €0.001m | €0.004m | €0.005m | €0.009m | ▲ 96.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €5.6m | €5.5m | €5.5m | €5.3m | €5.5m | €6.6m | €6.4m | €6.3m | ▼ 1.5% |
| Equity10/15 | €2.4m | €2.5m | €2.5m | €2.5m | €2.6m | €4.0m | €4.1m | €5.1m | ▲ 25.1% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €1.8m | €1.8m | €1.9m | €1.9m | €2.0m | €3.4m | €3.4m | €4.5m | ▲ 29.6% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €1.8m | €1.9m | €3.3m | €3.4m | €4.4m | ▲ 30.1% |
| Provisions and deferred taxes16 | €0.08m | €0.08m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €3.1m | €3.0m | €2.9m | €2.8m | €2.8m | €2.5m | €2.3m | €1.2m | ▼ 47.6% |
| Amounts payable after more than one year17 | €2.0m | €1.8m | €1.6m | €1.4m | €1.2m | €1.0m | €0.8m | €0.7m | ▼ 4.4% |
| Financial debts170/4 | - | - | - | €0.6m | €0.4m | €0.2m | €0.03m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Amounts payable within one year42/48 | €1.1m | €1.1m | €1.2m | €1.2m | €1.3m | €1.2m | €1.2m | €0.1m | ▼ 87.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.03m | ▼ 83.3% |
| Trade debts44 | €360 | €0.001m | €0.001m | €416 | €0.001m | €0.001m | €470 | €0 | ▼ 100% |
| Suppliers440/4 | - | - | - | €416 | €0.001m | €0.001m | €470 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.06m | €0.003m | €0.03m | ▲ 768% |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €0.06m | €0.003m | €0.03m | ▲ 768% |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.1m | €0.9m | €1.0m | €0.08m | ▼ 91.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 16.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.09m | €0.07m | -€0.01m | €0.09m | €1.4m | €0.04m | €1.0m | ▲ 26× |
| + Depreciation and write-downs630 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Operating cash flow (approximation) | €0.2m | €0.2m | €0.2m | €0.07m | €0.2m | €1.5m | €0.1m | €1.1m | ▲ 829% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0.04m | €0 | €0 | - |
| Change in cash | - | €0.05m | €0.004m | -€0.1m | €0.3m | -€0.02m | €1.1m | -€0.04m | - |
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, 1,579 companies had the same profile as MAC has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of MAC 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 1,579 companies, not a prediction for MAC. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00369312 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00318819 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00286215 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00277143 | |
| 31-12-2021 | abbreviated format | 22-07-2022 | 2022-20212357 | |
| 31-12-2020 | abbreviated format | 23-07-2021 | 2021-38500548 | |
| 31-12-2019 | abbreviated format | 23-07-2020 | 2020-33800397 | |
| 31-12-2018 | abbreviated format | 25-07-2019 | 2019-37100478 | |
| 31-12-2017 | abbreviated format | 19-07-2018 | 2018-34400361 | |
| 31-12-2016 | abbreviated format | 25-07-2017 | 2017-34600530 |