MAC-SQUARE
ActiveSummary
MAC-SQUARE has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.1m and a net result of €164,103, of which €250,000 non-recurring income. Equity has been growing by about 54% per year since 2020. Its solvency ranks better than 54% of 10,818 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 10-12-2019 Normal situation
- Activity
- Business and other management consultancy NACE 70200and 1 other
- Establishment units
- 2.296.739.472 1050 Brussel, since 10-12-2019
- 2.347.168.188 1380 Lasne, since 01-07-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 22-05-2025
Board and ownership
- WAHBA ATEFDirector
- NAGUI MANAGEMENT GROUP5%· score 912025 annual accounts of NAGUI MANAGEMENT GROUP
- Holdings
- Shares in 2 companies LCL - XL and LCL-DOX
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.5%
- Gross margin
- €614,376
- ▼ 12.4%
- Turnover
- ≈ €930,000
- estimated
- Profit
- €164,103
- ▼ 86.0%
- Equity
- €3.1m
- ▲ 5.5%
- Total assets
- €5.5m
- ▼ 39.8%
- Employees on 31-12-2025
- 6
- ▼ 33.3%
Score breakdownraises riskLiquidity: current ratio 0.14, cash €109,800, halvedlowers riskSector: Activities of head offices; management consultancy activities (NACE 70)Figures for financial year 2025 (filed on 09-07-2026)Equity €3.1m (56.8% of total assets)Show the evidence
Checked score
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 52% of them on solvency, 17% on liquidity, 15% on profitability and 51% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 13 days after the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 6 filings
Every figure per financial year
The operating result for 2025 is a loss of €144,424, after a profit of €182,076 in 2024. It is the lowest result since 2021.
- 2025 Net result -86% on 2024. The accounts now follow the abbreviated format, last year the full format.
- 2022 Net result -58% on 2021. The accounts now follow the full format, last year the micro format.
- 2021 Net result +228% on 2020. The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 8 | 7 | 9 | 6 |
| full-time | 5 | 7 | 5 | 7 | 4 |
| part-time | 1 | 1 | 2 | 2 | 2 |
| in full-time equivalents | 5.5 | 7.5 | 6.1 | 8.2 | 5.2 |
| Average over the year, in full-time equivalents | 5.2 | 6.3 | 7.1 | 7.1 | 8.2 |
| On a permanent contract | 4 | 4 | 5 | 7 | 5 |
| Joined | 4 | 3 | 3 | 3 | 0 |
| Left | 2 | 1 | 4 | 1 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | €3.0m | - | - | - | - |
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 | €4,099 | €27,593 | €2,469 | - | €3,282 |
| Financial fixed assets | - | €5.2m | - | - | - |
| Depreciation and write-downs of the year | €1,069 | €2,332 | €8,352 | €7,917 | €7,466 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €0.3m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €304 | €0.001m | €0.002m | €0.008m | €0.008m | €0.007m | ▼ 5.7% |
| Other operating charges640/8 | - | - | €57 | €85 | €85 | €0.3m | ▲ 3,018× |
| Gross operating margin9900 | €0.2m | €0.7m | €0.4m | €0.7m | €0.7m | €0.6m | ▼ 12.4% |
| Operating profit (loss)9901 | €0.1m | €0.4m | -€0.02m | €0.2m | €0.2m | -€0.1m | - |
| Financial income75/76B | - | €280 | €0.2m | €1.4m | €1.1m | €0.6m | ▼ 45.0% |
| Recurring financial income75 | €80 | €280 | €0.2m | €1.4m | €1.1m | €0.4m | ▼ 67.9% |
| Non-recurring financial income76B | - | - | - | - | - | €0.3m | - |
| Financial charges65/66B | - | €0.02m | €0.08m | €0.09m | €0.08m | €0.3m | ▲ 276% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.08m | €0.09m | €0.08m | €0.01m | ▼ 84.8% |
| Non-recurring financial charges66B | - | - | - | - | - | €0.3m | - |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.4m | €0.1m | €1.5m | €1.2m | €0.2m | ▼ 85.7% |
| Income taxes67/77 | €0.03m | €0.1m | €315 | €0.008m | €0.03m | €0.007m | ▼ 73.2% |
| Profit (loss) for the period9904 | €0.09m | €0.3m | €0.1m | €1.5m | €1.2m | €0.2m | ▼ 86.0% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.3m | €0.1m | €1.5m | €1.2m | €0.2m | ▼ 86.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €3.8m | €3.7m | €9.4m | €9.7m | €9.2m | €5.5m | ▼ 39.8% |
| Fixed assets21/28 | €3.0m | €3.0m | €8.3m | €8.3m | €8.3m | €5.3m | ▼ 36.6% |
| Tangible fixed assets22/27 | €0.001m | €0.004m | €0.03m | €0.02m | €0.02m | €0.01m | ▼ 26.7% |
| Plant, machinery and equipment23 | - | - | €0.003m | €0.002m | €0.002m | €0.001m | ▼ 34.0% |
| Furniture and vehicles24 | - | €0.004m | €0.03m | €0.02m | €0.01m | €0.01m | ▼ 25.8% |
| Financial fixed assets28 | €3.0m | €3.0m | €8.3m | €8.3m | €8.3m | €5.2m | ▼ 36.6% |
| Current assets29/58 | €0.8m | €0.7m | €1.1m | €1.4m | €0.9m | €0.3m | ▼ 69.9% |
| Amounts receivable after more than one year29 | - | €0.3m | €0.3m | €0.3m | €0.3m | - | - |
| Trade receivables290 | - | - | €0.3m | €0.3m | - | - | - |
| Other amounts receivable291 | - | €0.3m | - | - | €0.3m | - | - |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.1m | €0.4m | €0.3m | €0.1m | ▼ 49.8% |
| Trade receivables40 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 29.3% |
| Other amounts receivable41 | - | €0.2m | €0.1m | €0.4m | €0.3m | €0.1m | ▼ 51.1% |
| Cash at bank and in hand54/58 | €0.3m | €0.1m | €0.4m | €0.6m | €0.3m | €0.1m | ▼ 61.2% |
| Deferred charges and accrued income490/1 | - | - | €0.2m | €0.02m | €0.02m | €0.02m | ▼ 10.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €3.8m | €3.7m | €9.4m | €9.7m | €9.2m | €5.5m | ▼ 39.8% |
| Equity10/15 | €0.1m | €0.4m | €0.5m | €2.0m | €3.0m | €3.1m | ▲ 5.5% |
| Contributions10/11 | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | €0.09m | €0.4m | €0.5m | €2.0m | €3.0m | €3.1m | ▲ 5.5% |
| Amounts payable17/49 | €3.7m | €3.3m | €8.9m | €7.7m | €6.2m | €2.4m | ▼ 61.6% |
| Amounts payable after more than one year17 | €3.2m | €2.7m | €6.2m | €5.2m | €4.1m | €0.5m | ▼ 88.2% |
| Financial debts170/4 | - | €1.7m | €1.4m | €1.0m | €0.7m | - | - |
| Other amounts payable178/9 | - | €1.0m | €4.9m | €4.1m | €3.4m | €0.5m | ▼ 85.8% |
| Amounts payable within one year42/48 | €0.5m | €0.6m | €2.6m | €2.5m | €2.1m | €1.9m | ▼ 9.8% |
| Current portion of amounts payable after more than one year42 | - | €0.3m | €1.1m | €1.1m | €1.1m | €0.9m | ▼ 12.1% |
| Financial debts43 | - | €0.03m | - | €0.03m | - | €0.05m | - |
| Credit institutions430/8 | - | €0.03m | - | €0.03m | - | €0.05m | - |
| Trade debts44 | €0.07m | €0.08m | €0.2m | €0.08m | €0.07m | €0.05m | ▼ 23.8% |
| Suppliers440/4 | - | €0.08m | €0.2m | €0.08m | €0.07m | €0.05m | ▼ 23.8% |
| Taxes, remuneration and social security45 | - | €0.2m | €0.07m | €0.05m | €0.1m | €0.06m | ▼ 36.8% |
| Taxes450/3 | - | €0.1m | €0.03m | €0.006m | €0.04m | €0.03m | ▼ 33.5% |
| Remuneration and social security454/9 | - | €0.03m | €0.04m | €0.05m | €0.06m | €0.03m | ▼ 39.1% |
| Other amounts payable47/48 | - | - | €1.3m | €1.3m | €0.9m | €0.8m | ▼ 8.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.09m | €0.3m | €0.1m | €1.5m | €1.2m | €0.2m | ▼ 86.0% |
| + Depreciation and write-downs630 | €304 | €0.001m | €0.002m | €0.008m | €0.008m | €0.007m | ▼ 5.7% |
| Operating cash flow (approximation) | €0.09m | €0.3m | €0.1m | €1.5m | €1.2m | €0.2m | ▼ 85.4% |
| Investment in fixed assets (approximation) | - | -€0.004m | -€5.3m | -€0.002m | €0 | €3.0m | - |
| Change in cash | - | -€0.2m | €0.3m | €0.2m | -€0.4m | -€0.2m | ▲ 50.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 09-07-2026 | 2026-00272710 | |
| 31-12-2024 | full format | 29-08-2025 | 2025-00435617 | |
| 31-12-2023 | full format | 12-08-2024 | 2024-00347103 | |
| 31-12-2022 | full format | 01-09-2023 | 2023-00407998 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20363693 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-40900029 |
Board & ownership
Directors
Owners and capital
Shareholders
1 ownerOwners 1
- Equity €1.7m Profit of €197,163 in 2025 (profit of €385,109 in 2024) Checked score 915%
Network & group
Holdings and subsidiaries
2 holdingsHoldings 2
Source for every holding own accounts 2025
Companies at the same address
6 other companies- KHATER STUDIO Registered office · since 2025 1018372019
- Namour Clinic Registered office · since 2020 0748584929
- LCL-DOX Registered office · since 2016 0656509658
- QUID NOVI Establishment · since 1996 0456588896
- NAGUI MANAGEMENT GROUP Registered office · since 1988 0432176075
- Carrières de Biesmerée Lepoivre et Consorts Registered office · since 1941 0401404707
Connections & network
1 current directorThe network starts from the directors of MAC-SQUARE. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25076G0521/00C000 | Wallonia | 8,527 m² | 1 · 168 m² | 9.3 m · 3 |
| 21822R0492/00E000 | Brussels | 1,974 m² | 1 · 457 m² | 19.4 m · 5 |