MAC RYAN
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 18-09-2026 at the NBB all 43 filings
Turnover
≈ €540,000
Estimated: probably between €380,000 and €780,000
Total assets
€350,759▼ 9.9%
2025 · €389,419
Net result
€994▼ 98.4%
2025 · €63,393
Working capital
€171,135▼ 23.3%
2025 · €223,144
In the rankings
#4 oldest company in the province of Antwerp, Clothing sector
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€2,123
▼ 97.6%
2026
20192026
Net result
€994
▼ 98.4%
2026
20192026
Equity
€233,057
▼ 17.0%
2026
20192026
Total assets
€350,759
▼ 9.9%
2026
20192026
Debt
€117,702
▲ 8.3%
2026
20192026
Working capital
€171,135
▼ 23.3%
2026
20192026
Solvency
66.4%
▼ 5.7pp
2026
20192026
Current ratio
2.50
▼ 0.62
2026
20192026
Return on assets (ROA)
0.3%
▼ 16.0pp
2026
20192026
Staff (FTE)
4
▼ 2.4%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€8,503--€6,444€13,864€22,497▲ 62.3%€47,739▲ 112%-€2,795€89,198€2,123▼ 97.6%
Net result€6,043--€6,899€9,389within the sector's middle half€15,263within the sector's middle half▲ 62.6%€33,756above the sector's middle half▲ 121%-€2,744within the sector's middle half€63,393above the sector's middle half€994▼ 98.4%
Equity€177,605-€170,707▼ 3.9%€180,095above the sector's middle half▲ 5.5%€195,358above the sector's middle half▲ 8.5%€220,114above the sector's middle half▲ 12.7%€217,370above the sector's middle half▼ 1.2%€280,763above the sector's middle half▲ 29.2%€233,057▼ 17.0%
Total assets€265,442-€240,854▼ 9.3%€234,940within the sector's middle half▼ 2.5%€244,056within the sector's middle half▲ 3.9%€294,716above the sector's middle half▲ 20.8%€275,114within the sector's middle half▼ 6.7%€389,419above the sector's middle half▲ 41.5%€350,759▼ 9.9%
Debt€87,837-€70,147▼ 20.1%€54,845▼ 21.8%€48,698▼ 11.2%€74,602▲ 53.2%€57,745▼ 22.6%€108,657▲ 88.2%€117,702▲ 8.3%
Working capital€100,968-€125,746▲ 24.5%€124,002above the sector's middle half▼ 1.4%€161,084above the sector's middle half▲ 29.9%€195,858above the sector's middle half▲ 21.6%€149,064above the sector's middle half▼ 23.9%€223,144above the sector's middle half▲ 49.7%€171,135▼ 23.3%
Solvency66.9%-70.9%▲ 4.0pp76.7%above the sector's middle half▲ 5.8pp80.0%above the sector's middle half▲ 3.4pp74.7%above the sector's middle half▼ 5.4pp79.0%above the sector's middle half▲ 4.3pp72.1%above the sector's middle half▼ 6.9pp66.4%▼ 5.7pp
Current ratio2.80-6.60▲ 3.793.83above the sector's middle half▼ 2.775.18above the sector's middle half▲ 1.354.00above the sector's middle half▼ 1.183.68above the sector's middle half▼ 0.323.12above the sector's middle half▼ 0.572.50▼ 0.62
Return on assets (ROA)2.3%--2.9%▼ 5.1pp4.0%within the sector's middle half▲ 6.9pp6.3%within the sector's middle half▲ 2.3pp11.5%above the sector's middle half▲ 5.2pp-1.0%within the sector's middle half▼ 12.5pp16.3%above the sector's middle half▲ 17.3pp0.3%▼ 16.0pp
Staff (FTE)4.8-4.9▲ 2.1%4.9=4.2▼ 14.3%4.7▲ 11.9%4.4▼ 6.4%4.1▼ 6.8%4▼ 2.4%
above
within
below
The sector band is the middle half of the companies in Manufacture of wearing apparel (NACE 14). 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 2026 is 98% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €350,759
Fixed assets
€65,191 ▲ 7.1%
Current assets
€285,567 ▼ 13.1%
Equity and liabilities €350,759
Equity
€233,057 ▼ 17.0%
Debt
€117,702 ▲ 8.3%
Debt's share of the balance-sheet total rises from 27.9% to 33.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16,921▼
2025 · €101,514
Cash flow
€15,792▼
2025 · €75,709
Quick ratio
2.26▼
2025 · 2.92
Debt to equity
0.51▲
2025 · 0.39
ROE
0.4%▼
2025 · 22.6%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€114,433▲
2025 · €105,402
Income taxes
€1,710▼
2025 · €26,287
Staff costs
€249,748▼
2025 · €251,868
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 6 | 5 | 5 | 5 |
| full-time | 3 | 2 | 2 | 3 | 3 |
| part-time | 3 | 4 | 3 | 2 | 2 |
| in full-time equivalents | 4.7 | 4.5 | 4 | 4.2 | 4 |
| Average over the year, in full-time equivalents | 4.2 | 4.7 | 4.4 | 4.1 | 4 |
| On a permanent contract | 5 | 5 | 4 | 4 | 5 |
| Joined | 1 | - | 0 | - | - |
| Left | 1 | - | 1 | - | - |
| Training hours | 23 | - | - | - | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,376 | €46,566 | €2,710 | €19,116 |
| Depreciation and write-downs of the year | €22,650 | €12,228 | €9,664 | €12,316 | €14,797 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €3,129 awarded · €3,129 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €1,598 | €1,598 |
| 2022 | 1 | €1,531 | €1,531 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €1,000 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €192,731 | €204,065 | €207,768 | €251,868 | €249,748 | ▼ 0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,946 | €27,059 | €27,015 | €22,650 | €12,228 | €9,664 | €12,316 | €14,797 | ▲ 20.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€1,464 | - | - | - |
| Other operating charges640/8 | - | - | - | €2,047 | €1,996 | €3,715 | €2,531 | €2,539 | ▲ 0.3% |
| Gross operating margin9900 | €262,458 | €259,582 | €216,413 | €239,925 | €266,029 | €216,888 | €355,914 | €269,208 | ▼ 24.4% |
| Operating profit (loss)9901 | €8,503 | -€6,444 | €13,864 | €22,497 | €47,739 | -€2,795 | €89,198 | €2,123 | ▼ 97.6% |
| Financial income75/76B | - | - | - | €250 | €578 | €216 | €628 | €709 | ▲ 12.8% |
| Recurring financial income75 | €910 | €941 | €32 | €250 | €578 | €216 | €628 | €709 | ▲ 12.8% |
| Financial charges65/66B | - | - | - | €578 | €223 | €110 | €146 | €128 | ▼ 12.7% |
| Recurring financial charges65 | €1,944 | €1,337 | €2,165 | €578 | €223 | €110 | €146 | €128 | ▼ 12.7% |
| Profit (loss) for the period before taxes9903 | €7,469 | -€6,840 | €11,731 | €22,169 | €48,094 | -€2,689 | €89,680 | €2,704 | ▼ 97.0% |
| Income taxes67/77 | €1,427 | €58 | €2,342 | €6,906 | €14,338 | €55 | €26,287 | €1,710 | ▼ 93.5% |
| Profit (loss) for the period9904 | €6,043 | -€6,899 | €9,389 | €15,263 | €33,756 | -€2,744 | €63,393 | €994 | ▼ 98.4% |
| Profit (loss) for the period to be appropriated9905 | €6,043 | -€6,899 | €9,389 | €15,263 | €33,756 | -€2,744 | €63,393 | €994 | ▼ 98.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €265,442 | €240,854 | €234,940 | €244,056 | €294,716 | €275,114 | €389,419 | €350,759 | ▼ 9.9% |
| Fixed assets21/28 | €108,444 | €92,636 | €67,111 | €44,461 | €33,609 | €70,511 | €60,873 | €65,191 | ▲ 7.1% |
| Tangible fixed assets22/27 | €108,412 | €92,604 | €67,079 | €44,430 | €33,578 | €70,479 | €60,873 | €65,191 | ▲ 7.1% |
| Plant, machinery and equipment23 | - | - | - | €42,291 | €32,233 | €69,886 | €58,567 | €63,510 | ▲ 8.4% |
| Furniture and vehicles24 | - | - | - | €2,138 | €1,345 | €593 | €2,306 | €1,682 | ▼ 27.1% |
| Financial fixed assets28 | €32 | €32 | €32 | €32 | €32 | €32 | - | - | - |
| Current assets29/58 | €156,999 | €148,218 | €167,830 | €199,595 | €261,106 | €204,604 | €328,546 | €285,567 | ▼ 13.1% |
| Stocks and contracts in progress3 | €20,989 | €20,972 | €21,477 | €20,758 | €21,363 | €21,017 | €21,283 | €26,779 | ▲ 25.8% |
| Stocks30/36 | - | - | - | €20,758 | €21,363 | €21,017 | €21,283 | €21,515 | ▲ 1.1% |
| Contracts in progress37 | - | - | - | - | - | - | - | €5,264 | - |
| Amounts receivable within one year40/41 | €37,985 | €51,064 | €39,736 | €35,455 | €40,776 | €63,182 | €123,192 | €77,557 | ▼ 37.0% |
| Trade receivables40 | - | - | - | €33,221 | €40,036 | €52,191 | €123,192 | €64,218 | ▼ 47.9% |
| Other amounts receivable41 | - | - | - | €2,234 | €740 | €10,991 | - | €13,338 | - |
| Current investments50/53 | €12,000 | €18,000 | €24,000 | €30,139 | €36,321 | €42,429 | €68,632 | €76,145 | ▲ 10.9% |
| Cash at bank and in hand54/58 | €78,377 | €55,395 | €78,949 | €110,999 | €160,398 | €75,633 | €112,992 | €101,994 | ▼ 9.7% |
| Deferred charges and accrued income490/1 | - | - | - | €2,243 | €2,248 | €2,343 | €2,447 | €3,093 | ▲ 26.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €265,442 | €240,854 | €234,940 | €244,056 | €294,716 | €275,114 | €389,419 | €350,759 | ▼ 9.9% |
| Equity10/15 | €177,605 | €170,707 | €180,095 | €195,358 | €220,114 | €217,370 | €280,763 | €233,057 | ▼ 17.0% |
| Contributions10/11 | €35,945 | - | - | €35,945 | €35,945 | €35,945 | €35,945 | €35,945 | = |
| Reserves13 | €59,529 | €59,529 | €68,829 | €83,829 | €108,579 | €108,579 | €171,929 | €124,129 | ▼ 27.8% |
| Non-distributable reserves130/1 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Reserves not available under the articles1311 | - | - | - | €3,594 | €3,594 | €3,594 | €3,594 | €3,594 | = |
| Tax-exempt reserves132 | - | - | - | €5,957 | €5,957 | €5,957 | €5,957 | €5,957 | = |
| Distributable reserves133 | - | - | - | €74,277 | €99,027 | €99,027 | €162,377 | €114,577 | ▼ 29.4% |
| Profit (loss) carried forward14 | €82,132 | €75,233 | €75,322 | €75,585 | €75,590 | €72,846 | €72,889 | €72,984 | ▲ 0.1% |
| Amounts payable17/49 | €87,837 | €70,147 | €54,845 | €48,698 | €74,602 | €57,745 | €108,657 | €117,702 | ▲ 8.3% |
| Amounts payable after more than one year17 | €29,700 | €29,700 | €8,100 | €8,100 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,100 | - | - | - | - | - |
| Amounts payable within one year42/48 | €56,030 | €22,472 | €43,828 | €38,511 | €65,248 | €55,540 | €105,402 | €114,433 | ▲ 8.6% |
| Financial debts43 | - | - | - | - | - | - | - | €6 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €6 | - |
| Trade debts44 | €24,891 | €6,728 | €16,490 | €19,236 | €26,599 | €28,221 | €15,373 | €34,915 | ▲ 127% |
| Suppliers440/4 | - | - | - | €19,236 | €26,599 | €28,221 | €15,373 | €34,915 | ▲ 127% |
| Taxes, remuneration and social security45 | - | - | - | €17,171 | €28,111 | €16,643 | €79,477 | €31,394 | ▼ 60.5% |
| Taxes450/3 | - | - | - | €3,097 | €3,148 | €5,580 | €30,533 | €2,902 | ▼ 90.5% |
| Remuneration and social security454/9 | - | - | - | €14,075 | €24,962 | €11,063 | €48,944 | €28,492 | ▼ 41.8% |
| Other amounts payable47/48 | - | - | - | €2,103 | €10,538 | €10,675 | €10,552 | €48,118 | ▲ 356% |
| Accrued charges and deferred income492/3 | - | - | - | €2,087 | €9,354 | €2,205 | €3,255 | €3,269 | ▲ 0.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,043 | -€6,899 | €9,389 | €15,263 | €33,756 | -€2,744 | €63,393 | €994 | ▼ 98.4% |
| + Depreciation and write-downs630 | €24,946 | €27,059 | €27,015 | €22,650 | €12,228 | €9,664 | €12,316 | €14,797 | ▲ 20.1% |
| Operating cash flow (approximation) | €30,989 | €20,160 | €36,404 | €37,912 | €45,984 | €6,920 | €75,709 | €15,792 | ▼ 79.1% |
| Investment in fixed assets (approximation) | - | -€11,251 | -€1,490 | €0 | -€1,376 | -€46,566 | -€2,679 | -€19,116 | ▼ 614% |
| Change in cash | - | -€22,982 | €23,554 | €32,050 | €49,398 | -€84,765 | €37,359 | -€10,998 | - |
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, 17,041 companies had the same profile as MAC RYAN has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAC RYAN 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 17,041 companies, not a prediction for MAC RYAN. 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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 18-09-2026 | 2026-00516000 | |
| 31-03-2025 | micro format | 01-10-2025 | 2025-00521020 | |
| 31-03-2024 | micro format | 19-09-2024 | 2024-00465244 | |
| 31-03-2023 | micro format | 02-10-2023 | 2023-00463941 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20475114 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-75800201 | |
| 31-03-2020 | micro format | 08-10-2020 | 2020-60300023 | |
| 31-03-2019 | micro format | 28-10-2019 | 2019-71900228 | |
| 31-03-2018 | micro format | 28-11-2018 | 2018-73100123 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68600180 |