MACAN DEVELOPMENT
ActiveSummary
MACAN DEVELOPMENT has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €9.3m and a net result of -€4.7m. Equity is shrinking by ~2.8% per year across the filed fiscal years. Its solvency ranks better than 49% of 4838 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability0▼-12
Solvency55▼-11
Growth35▼-17
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21,000 at 30 days acceptable
Liquidity short (current ratio 0.82 against 0.59 in 2023; short-term debt: 14% and cash: 1.5% of total assets), and 70.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
29.7%
Return on assets
-15.1%
Age of the figures
21 mo
raises risk · Persistent losses
Two consecutive loss-making years (2023 and 2024); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2024Net result per financial year
18192021222324
2018 to 2024 · latest year -€4.7m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
34 d early
2023
13 d early
2022
32 d early
2021
37 d late
2020
4 d late
2019
111 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 12 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
Turnover
€214,220▲ 223%
2023 · €66,275
EBIT margin
-406.3%▲ 2155.2pp
2023 · -2561.5%
Net result
-€4.7m▼ 1,655%
2023 · -€268,669
Working capital
-€800,960▲ 73.9%
2023 · -€3.1m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€4.9m€504,114▼ 89.8%€66,275▼ 86.9%€214,220▲ 223%
Operating result-€1.7m€1.8m-€1.8m-€1.7m▲ 7.7%-€870,383▲ 48.7%
Net result-€3.5mbelow the sector's middle half€3.6mabove the sector's middle half-€3.9mbelow the sector's middle half-€268,669below the sector's middle half▲ 93.0%-€4.7mbelow the sector's middle half▼ 1,655%
EBIT margin35.7%-364.8%▼ 400.5pp-2561.5%▼ 2196.7pp-406.3%▲ 2155.2pp
Equity€15.1mabove the sector's middle half▼ 18.8%€18.1mabove the sector's middle half▲ 20.1%€14.3mabove the sector's middle half▼ 21.3%€14.0mabove the sector's middle half▼ 1.9%€9.3mabove the sector's middle half▼ 33.7%
Total assets€35.8mabove the sector's middle half▼ 3.6%€28.1mabove the sector's middle half▼ 21.4%€34.1mabove the sector's middle half▲ 21.3%€34.5mabove the sector's middle half▲ 1.3%€31.3mabove the sector's middle half▼ 9.4%
Debt€20.7m▲ 11.7%€10.0m▼ 51.6%€19.8m▲ 98.3%€20.5m▲ 3.5%€22.0m▲ 7.2%
Working capital-€7.4mbelow the sector's middle half▼ 398%€1.4mabove the sector's middle half-€1.2mbelow the sector's middle half-€3.1mbelow the sector's middle half▼ 159%-€800,960below the sector's middle half▲ 73.9%
Solvency42.2%within the sector's middle half▼ 7.9pp64.4%above the sector's middle half▲ 22.3pp41.8%within the sector's middle half▼ 22.6pp40.5%within the sector's middle half▼ 1.3pp29.7%within the sector's middle half▼ 10.9pp
Current ratio0.57within the sector's middle half▼ 0.331.21within the sector's middle half▲ 0.640.79within the sector's middle half▼ 0.420.59within the sector's middle half▼ 0.200.82within the sector's middle half▲ 0.23
Return on assets (ROA)-9.8%below the sector's middle half▼ 54.0pp12.6%above the sector's middle half▲ 22.4pp-11.3%below the sector's middle half▼ 24.0pp-0.8%within the sector's middle half▲ 10.5pp-15.1%below the sector's middle half▼ 14.3pp
Staff (FTE)2.4within the sector's middle half▼ 50.0%3.3within the sector's middle half▲ 37.5%4.8within the sector's middle half▲ 45.5%4.8within the sector's middle half=1within the sector's middle half▼ 79.2%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €870,383 in 2024 against €1.7m in 2023; the loss shrinks.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €31.3m
Fixed assets
€27.7m ▼ 8.0%
Current assets
€3.6m ▼ 18.7%
Equity and liabilities €31.3m
Equity
€9.3m ▼ 33.7%
Debt
€22.0m ▲ 7.2%
Debt's share of the balance-sheet total rises from 59.5% to 70.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€833,220▲
2023 · -€1.6m
Cash flow
-€4.7m▼
2023 · -€214,161
Quick ratio
0.40▲
2023 · 0.32
Debt to equity
2.37▲
2023 · 1.47
ROE
-50.8%▼
2023 · -1.9%
Interest coverage
-1.07▲
2023 · -2.39
Debt ≤ 1 year
€4.4m▼
2023 · €7.5m
Debt > 1 year
€17.3m▲
2023 · €12.8m
Income taxes
€158▼
2023 · €1,231
Staff costs
€152,255▼
2023 · €176,514
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €3.9m | €1.1m | €371,974 | €537,993 | ▲ 44.6% |
| Turnover70 | - | €4.9m | €504,114 | €66,275 | €214,220 | ▲ 223% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | -€5.9m | -€111,446 | - | - | - |
| Other operating income74 | - | €458,222 | €732,201 | €294,954 | €307,815 | ▲ 4.4% |
| Non-recurring operating income76A | - | €4.4m | - | €10,745 | €15,958 | ▲ 48.5% |
| Operating charges60/66A | - | €2.1m | €3.0m | €2.1m | €1.4m | ▼ 32.0% |
| Goods for resale, raw materials and consumables60 | - | - | €389,945 | €57,165 | €0 | ▼ 100% |
| Purchases600/8 | - | - | €443,196 | €71,691 | €12,163 | ▼ 83.0% |
| Change in stocks: decrease (increase)609 | - | - | -€53,251 | -€14,527 | -€12,163 | ▲ 16.3% |
| Services and other goods61 | - | €1.6m | €1.9m | €1.7m | €1.0m | ▼ 41.4% |
| Remuneration, social security and pensions62 | - | €256,752 | €401,992 | €176,514 | €152,255 | ▼ 13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €99,372 | €115,490 | €49,526 | €54,508 | €37,163 | ▼ 31.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €175,000 | - |
| Other operating charges640/8 | - | €138,769 | €153,089 | €52,805 | €28,483 | ▼ 46.1% |
| Non-recurring operating charges66A | - | €26,261 | €59,059 | - | €1,729 | - |
| Gross operating margin9900 | -€1.2m | - | - | - | - | - |
| Operating profit (loss)9901 | -€1.7m | €1.8m | -€1.8m | -€1.7m | -€870,383 | ▲ 48.7% |
| Financial income75/76B | - | €2.1m | €532,190 | €2.2m | €685,400 | ▼ 68.5% |
| Recurring financial income75 | €113,019 | €98,535 | €439,496 | €713,058 | €685,300 | ▼ 3.9% |
| Income from financial fixed assets750 | - | - | €439,496 | €594,310 | €626,523 | ▲ 5.4% |
| Income from current assets751 | - | €81,676 | - | €65,779 | - | - |
| Other financial income752/9 | - | €16,860 | €0 | €52,968 | €58,777 | ▲ 11.0% |
| Non-recurring financial income76B | - | €2.0m | €92,695 | €1.5m | €100 | ▼ 100.0% |
| Financial charges65/66B | - | €154,565 | €2.6m | €746,552 | €4.5m | ▲ 507% |
| Recurring financial charges65 | €248,520 | €154,565 | €830,000 | €746,552 | €841,599 | ▲ 12.7% |
| Debt charges650 | - | €142,183 | €409,142 | €686,083 | €775,191 | ▲ 13.0% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | €337,827 | - | - | - |
| Other financial charges652/9 | - | €12,382 | €83,031 | €60,469 | €66,408 | ▲ 9.8% |
| Non-recurring financial charges66B | - | - | €1.7m | - | €3.7m | - |
| Profit (loss) for the period before taxes9903 | -€3.5m | €3.7m | -€3.9m | -€267,438 | -€4.7m | ▼ 1,663% |
| Income taxes67/77 | €1,000 | €145,260 | -€2,033 | €1,231 | €158 | ▼ 87.2% |
| Taxes670/3 | - | €145,260 | €121,077 | €1,231 | €158 | ▼ 87.2% |
| Tax adjustments and reversals of tax provisions77 | - | - | €123,110 | - | - | - |
| Profit (loss) for the period9904 | -€3.5m | €3.6m | -€3.9m | -€268,669 | -€4.7m | ▼ 1,655% |
| Profit (loss) for the period to be appropriated9905 | -€3.5m | €3.6m | -€3.9m | -€268,669 | -€4.7m | ▼ 1,655% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €35.8m | €28.1m | €34.1m | €34.5m | €31.3m | ▼ 9.4% |
| Fixed assets21/28 | €25.9m | €20.3m | €29.6m | €30.1m | €27.7m | ▼ 8.0% |
| Intangible fixed assets21 | €32,268 | €89,508 | €69,387 | €47,793 | €26,200 | ▼ 45.2% |
| Tangible fixed assets22/27 | €2.7m | €112,016 | €138,747 | €107,922 | €90,623 | ▼ 16.0% |
| Plant, machinery and equipment23 | - | - | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | €61,036 | €61,127 | €34,437 | €21,274 | ▼ 38.2% |
| Other tangible fixed assets26 | - | €50,980 | €77,620 | €73,485 | €69,349 | ▼ 5.6% |
| Financial fixed assets28 | €23.2m | €20.1m | €29.4m | €30.0m | €27.6m | ▼ 7.9% |
| Affiliated companies280/1 | - | €20.0m | €29.4m | €30.0m | €27.6m | ▼ 7.9% |
| Participating interests280 | - | €14.1m | €13.3m | €13.3m | €9.6m | ▼ 27.6% |
| Amounts receivable281 | - | €5.9m | €16.1m | €16.7m | €18.0m | ▲ 7.7% |
| Other financial fixed assets284/8 | - | €103,774 | €700 | €700 | €700 | = |
| Amounts receivable and cash guarantees285/8 | - | €103,774 | €700 | €700 | €700 | = |
| Current assets29/58 | €9.9m | €7.9m | €4.5m | €4.4m | €3.6m | ▼ 18.7% |
| Amounts receivable after more than one year29 | - | €1.6m | €1.1m | €27,087 | €27,087 | = |
| Trade receivables290 | - | - | €9,458 | - | - | - |
| Other amounts receivable291 | - | €1.6m | €1.1m | €27,087 | €27,087 | = |
| Stocks and contracts in progress3 | €2.6m | €2.1m | €2.0m | €2.0m | €1.8m | ▼ 8.1% |
| Stocks30/36 | - | €2.1m | €2.0m | €2.0m | €1.8m | ▼ 8.1% |
| Property held for sale35 | - | €2.1m | €2.0m | €2.0m | €1.8m | ▼ 8.1% |
| Amounts receivable within one year40/41 | €5.4m | €3.7m | €1.0m | €944,048 | €889,372 | ▼ 5.8% |
| Trade receivables40 | - | €503,010 | €718,782 | €528,591 | €398,738 | ▼ 24.6% |
| Other amounts receivable41 | - | €3.2m | €284,738 | €415,457 | €490,634 | ▲ 18.1% |
| Cash at bank and in hand54/58 | €99,385 | €350,240 | €333,949 | €1.1m | €466,556 | ▼ 57.3% |
| Deferred charges and accrued income490/1 | - | €66,299 | €110,516 | €345,362 | €362,895 | ▲ 5.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €35.8m | €28.1m | €34.1m | €34.5m | €31.3m | ▼ 9.4% |
| Equity10/15 | €15.1m | €18.1m | €14.3m | €14.0m | €9.3m | ▼ 33.7% |
| Contributions10/11 | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Capital10 | - | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Issued capital100 | - | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Reserves13 | - | €177,884 | €177,884 | €177,884 | €177,884 | = |
| Non-distributable reserves130/1 | - | €177,884 | €177,884 | €177,884 | €177,884 | = |
| Legal reserve130 | - | €177,884 | €177,884 | €177,884 | €177,884 | = |
| Profit (loss) carried forward14 | €9.5m | €12.3m | €8.5m | €8.2m | €3.5m | ▼ 57.4% |
| Amounts payable17/49 | €20.7m | €10.0m | €19.8m | €20.5m | €22.0m | ▲ 7.2% |
| Amounts payable after more than one year17 | €3.4m | €3.4m | €14.0m | €12.8m | €17.3m | ▲ 35.6% |
| Financial debts170/4 | - | €3.4m | €13.2m | €10.9m | €11.5m | ▲ 5.4% |
| Subordinated loans170 | - | - | €125,927 | €125,927 | €125,927 | = |
| Unsubordinated bonds171 | - | €3.4m | €3.5m | - | - | - |
| Credit institutions173 | - | - | €9.6m | €10.8m | €11.3m | ▲ 5.4% |
| Other amounts payable178/9 | - | - | €771,384 | €1.9m | €5.9m | ▲ 208% |
| Amounts payable within one year42/48 | €17.3m | €6.5m | €5.7m | €7.5m | €4.4m | ▼ 41.3% |
| Current portion of amounts payable after more than one year42 | - | - | €375,000 | €3.9m | €1.2m | ▼ 70.2% |
| Financial debts43 | - | €3.8m | €3.8m | €2.7m | €2.2m | ▼ 19.0% |
| Credit institutions430/8 | - | €3.8m | €3.8m | €2.7m | €2.2m | ▼ 19.0% |
| Trade debts44 | €2.2m | €520,459 | €652,664 | €818,045 | €963,062 | ▲ 17.7% |
| Suppliers440/4 | - | €520,459 | €652,664 | €818,045 | €963,062 | ▲ 17.7% |
| Taxes, remuneration and social security45 | - | €42,788 | €64,695 | €18,795 | €20,664 | ▲ 9.9% |
| Taxes450/3 | - | €11,081 | €51,050 | €2,517 | - | - |
| Remuneration and social security454/9 | - | €31,708 | €13,645 | €16,277 | €20,664 | ▲ 27.0% |
| Other amounts payable47/48 | - | €2.1m | €827,231 | €22,436 | €30,537 | ▲ 36.1% |
| Accrued charges and deferred income492/3 | - | €119,819 | €158,483 | €283,305 | €295,342 | ▲ 4.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3.5m | €3.6m | -€3.9m | -€268,669 | -€4.7m | ▼ 1,655% |
| + Depreciation and write-downs630 | €99,372 | €115,490 | €49,526 | €54,508 | €37,163 | ▼ 31.8% |
| Operating cash flow (approximation) | -€3.4m | €3.7m | -€3.8m | -€214,161 | -€4.7m | ▼ 2,085% |
| Investment in fixed assets (approximation) | - | €5.6m | -€9.4m | -€602,278 | €2.4m | ▲ 494% |
| Change in cash | - | €250,855 | -€16,290 | €757,912 | -€625,306 | ▼ 183% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
15-09
State Gazette act
General meeting · Director resignation
Director appointment · Board meeting
15-09
State Gazette act
General meeting · Director resignation
Director appointment · Board meeting
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€4.7m
Net result drops to -€4.7m, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
06-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 37 days late
2021
31-12
Financial
Back to profitnet €3.6m
Net result €3.6m after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 1.21
Current ratio from 0.57 to 1.21; short-term debt falls from €17.3m to €6.5m.
04-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 4 days late
2020
19-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 111 days late
2019
31-12
Financial
Back to profitnet €16.4m
Net result €16.4m after one loss-making year.
Show earlier events
31-12
Financial
Equity above €10mEq €18.6m ▲760%
Equity rises from €2.2m to €18.6m.
25-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 56 days late
20-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 232 days late
2018
15-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 168 days late
2016
05-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 66 days late
2013
09-04
State Gazette act
General meeting · Registered-office move
Director resignation · Director discharge
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 12 acts read
About the unread acts
We know of 12 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
12 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2012
Ground area
1,574 m²
Building footprint
1,579 m²
Volume, LiDAR
46,471 m³
Parcel 21807G0135/00T003, Brussels · tallest building 46.6 m, ±13 floors. Linked by address, not a title deed.
284
companies at this address
See who is registered here
1 establishment unit
Louizalaan 251, 1050 Elsene
since 20122.216.944.502
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0135/00T003 | Brussels | 1,574 m² | 1 · 1,579 m² | 46.6 m · 13 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
3 owners · 7 holdingsChain of control
- MACAN PROPERTIES
- MACAN DEVELOPMENT
Highest known parent: MACAN PROPERTIES. The sources do not say who stands above it.
Owners 3
- MACAN PROPERTIESparent99.96%
- MACAN.GROUPparent99.87%
-
0.13%
Holdings 7
-
100%
-
100%
-
100%
- SAULES INVESTsubsidiaryEquity -€99,785Result -€6,328100%
- SILICONE MARCHEsubsidiaryEquity -€621,352Result -€349,221100%
- IMMO BERVOETSsubsidiaryEquity -€335,763Result -€254,68799%
-
50%
Stated earlier (1)
An older source named these holdings; newer accounts no longer list them.
-
50%
According to the 2024 annual accounts of MACAN DEVELOPMENT and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
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Identification & contact
Identification
Legal formPublic limited company
Founded03-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0508869423
Registered
05-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.