MAC QUEEN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 37 filings
Turnover
≈ €140,000
Estimated: probably between €75,000 and €270,000
EBIT margin
Not included in this filing
Net result
-€1,883
2024 · €8,268
Working capital
€86,761▼ 34.5%
2024 · €132,369
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,689
▼ 75.4%
2025
20182025
Net result
-€1,883
2025
20182025
Equity
€719,191
▼ 0.3%
2025
20182025
Total assets
€931,948
▼ 0.1%
2025
20182025
Debt
€212,757
▲ 0.6%
2025
20182025
Working capital
€86,761
▼ 34.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.04m▲ 26.0%€0.006m▼ 82.6%€0.003m▼ 47.6%€0.03m▲ 895%€0.02m▼ 35.0%€0.02m▼ 12.1%€0.005m▼ 75.4%
Net result€0.02m-€0.02m▲ 27.4%€0.004m▼ 82.0%€0.003m▼ 36.3%€0.02m▲ 830%€0.01m▼ 41.4%€0.008m▼ 42.0%-€0.002m
Equity€1.2m-€1.2m▲ 1.9%€1.2m▲ 0.3%€0.7m▼ 45.5%€0.7m▲ 3.6%€0.7m▲ 2.0%€0.7m▲ 1.2%€0.7m▼ 0.3%
Total assets€1.3m-€1.3m▲ 0.8%€1.3m▲ 1.7%€1.3m▲ 1.6%€0.8m▼ 41.6%€0.9m▲ 15.3%€0.9m▲ 4.9%€0.9m▼ 0.1%
Debt€0.06m-€0.05m▼ 21.0%€0.06m▲ 39.1%€0.6m▲ 909%€0.07m▼ 88.8%€0.2m▲ 143%€0.2m▲ 19.9%€0.2m▲ 0.6%
Working capital€0.5m-€0.5m▲ 1.3%€0.5m▲ 0.1%-€0.04m-€0.03m▲ 37.9%€0.1m€0.1m▼ 9.8%€0.09m▼ 34.5%
The operating result for 2025 is 75% lower than in 2024. It is the third fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €931,948
Fixed assets
€795,094 ▲ 3.1%
Current assets
€136,854 ▼ 15.3%
Equity and liabilities €931,948
Equity
€719,191 ▼ 0.3%
Debt
€212,757 ▲ 0.6%
Debt's share of the balance-sheet total rises from 22.7% to 22.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11,300▼
2024 · €21,635
Cash flow
€4,728▼
2024 · €10,872
Current ratio
2.73▼
2024 · 5.54
Debt to equity
0.30▲
2024 · 0.29
ROE
-0.3%▼
2024 · 1.1%
ROA
-0.2%▼
2024 · 0.9%
Interest coverage
1.20▼
2024 · 2.42
Debt ≤ 1 year
€50,093▲
2024 · €29,170
Debt > 1 year
€162,664▼
2024 · €181,031
Income taxes
€206▼
2024 · €3,589
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 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €495,787 | €495,787 | €495,787 |
| Carrying value of the mortgaged assets | - | - | €158,798 | €158,798 | €158,798 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €46,350 | €30,763 |
| Financial fixed assets | - | - | €2,000 | - | - |
| Depreciation and write-downs of the year | €625 | €625 | €625 | €2,605 | €6,611 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,524 | €625 | €625 | €625 | €625 | €625 | €2,605 | €6,611 | ▲ 154% |
| Other operating charges640/8 | - | - | - | €16,600 | €17,392 | €20,741 | €18,283 | €28,451 | ▲ 55.6% |
| Gross operating margin9900 | €49,940 | €54,710 | €23,481 | €20,575 | €51,345 | €43,027 | €39,918 | €39,751 | ▼ 0.4% |
| Operating profit (loss)9901 | €29,095 | €36,668 | €6,391 | €3,350 | €33,327 | €21,661 | €19,030 | €4,689 | ▼ 75.4% |
| Financial income75/76B | - | - | - | €924 | €594 | - | €1,767 | €3,086 | ▲ 74.6% |
| Recurring financial income75 | €381 | €753 | €723 | €924 | €594 | - | €1,767 | €3,086 | ▲ 74.6% |
| Financial charges65/66B | - | - | - | €800 | €606 | €1,809 | €8,941 | €9,453 | ▲ 5.7% |
| Recurring financial charges65 | €2,425 | €4,183 | €824 | €800 | €606 | €1,809 | €8,941 | €9,453 | ▲ 5.7% |
| Profit (loss) for the period before taxes9903 | €27,052 | €33,238 | €6,290 | €3,475 | €33,316 | €19,852 | €11,857 | -€1,677 | - |
| Income taxes67/77 | €9,132 | €10,412 | €2,176 | €856 | €8,954 | €5,588 | €3,589 | €206 | ▼ 94.3% |
| Profit (loss) for the period9904 | €17,919 | €22,827 | €4,114 | €2,619 | €24,362 | €14,264 | €8,268 | -€1,883 | - |
| Profit (loss) for the period to be appropriated9905 | €17,919 | €22,827 | €4,114 | €2,619 | €24,362 | €14,264 | €8,268 | -€1,883 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.3m | €1.3m | €1.3m | €0.8m | €0.9m | €0.9m | €0.9m | ▼ 0.1% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 3.1% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 4.1% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 4.1% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €0.5m | €0.6m | €0.6m | €0.6m | €0.05m | €0.2m | €0.2m | €0.1m | ▼ 15.3% |
| Amounts receivable within one year40/41 | €0.5m | €0.5m | €0.6m | €0.6m | €0.04m | €0.2m | €0.2m | €0.1m | ▼ 16.0% |
| Other amounts receivable41 | - | - | - | €0.6m | €0.04m | €0.2m | €0.2m | €0.1m | ▼ 16.0% |
| Cash at bank and in hand54/58 | €0.01m | €0.001m | €136 | €0.002m | €0.007m | €0.002m | €9 | €0.001m | ▲ 116× |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.3m | €1.3m | €1.3m | €0.8m | €0.9m | €0.9m | €0.9m | ▼ 0.1% |
| Equity10/15 | €1.2m | €1.2m | €1.2m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 0.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.9m | €0.9m | €1.0m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.4% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 0.5% |
| Amounts payable17/49 | €0.06m | €0.05m | €0.06m | €0.6m | €0.07m | €0.2m | €0.2m | €0.2m | ▲ 0.6% |
| Amounts payable after more than one year17 | €0.04m | €0.02m | €0.02m | €0.008m | - | €0.2m | €0.2m | €0.2m | ▼ 10.1% |
| Financial debts170/4 | - | - | - | €0.008m | - | €0.2m | €0.2m | €0.2m | ▼ 10.1% |
| Amounts payable within one year42/48 | €0.02m | €0.02m | €0.05m | €0.6m | €0.07m | €0.02m | €0.03m | €0.05m | ▲ 71.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.008m | €0.01m | €0.03m | €0.03m | ▲ 23.7% |
| Trade debts44 | €0.003m | €0.001m | €0.01m | €0.001m | €0.001m | €0.002m | €0.001m | €0.005m | ▲ 701% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.002m | €0.001m | €0.005m | ▲ 701% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.001m | - |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.06m | - | €0.003m | €0.01m | ▲ 318% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.001m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,919 | €22,827 | €4,114 | €2,619 | €24,362 | €14,264 | €8,268 | -€1,883 | - |
| + Depreciation and write-downs630 | €1,524 | €625 | €625 | €625 | €625 | €625 | €2,605 | €6,611 | ▲ 154% |
| Operating cash flow (approximation) | €19,444 | €23,452 | €4,739 | €3,244 | €24,987 | €14,889 | €10,872 | €4,728 | ▼ 56.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€2,000 | -€46,350 | -€30,763 | ▲ 33.6% |
| Change in cash | - | -€9,087 | -€767 | €1,842 | €4,909 | -€4,831 | -€2,047 | €1,040 | - |
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, 8,617 companies had the same profile as MAC QUEEN has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAC QUEEN 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 8,617 companies, not a prediction for MAC QUEEN. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00176310 | |
| 31-12-2024 | abbreviated format | 19-06-2025 | 2025-00162115 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00294743 | |
| 31-12-2022 | abbreviated format | 13-06-2023 | 2023-00124650 | |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20227685 | |
| 31-12-2020 | abbreviated format | 28-05-2021 | 2021-15500379 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-36000209 | |
| 31-12-2018 | abbreviated format | 21-10-2019 | 2019-70700395 | |
| 31-12-2017 | abbreviated format | 26-07-2018 | 2018-37600520 | |
| 31-12-2016 | abbreviated format | 22-05-2017 | 2017-13000159 |