MACAN DEVELOPMENT

Active Public limited companyfounded 2013active for 13 yearsLouizalaan 251, 1050 IxellesKBO/BCE: BE 0508.869.423 subsidiary of MACAN PROPERTIES

MACAN DEVELOPMENT

Financial year 2025

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Annual accounts 2025

full format, filed on 08-10-2026, 69 days late

€4.8m

▲ 22×

€2.3m

▲ €3.2m

€2.3m

▲ €3.2m

€1.0m

▲ €5.7m

33.2%

▲ 3.6 percentage points

1.81

▲ 1.00

Money flows

of every €100 of turnover, €21.05 remains as profit in 2025

Balance sheet

balance sheet total €31.0m on 31-12-2025

What the company ownsHow it is paid for

in €m

Position in the sector

Compare with sector

33.2%

Higher than 46% of 5,810 companies in 2025.

1.81

Higher than 60% of 5,561 companies in 2025.

3.3%

Higher than 69% of 5,784 companies in 2025.

MACAN DEVELOPMENT Middle half of the sector 80% of the sector Full accounts in real estate (NACE 68)

Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half

Staff

Men and women

Not in that year's accounts.

€189,466

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Balance sheet: assets
`20/58`	31.0m	31.3m	34.5m	34.1m	28.1m	35.8m	37.1m	38.5m	38.0m	33.1m	17.5m	20.5m	14.7m
`21/28`	25.6m	27.7m	30.1m	29.6m	20.3m	25.9m	24.0m	24.3m	17.3m	21.7m	13.0m	13.3m	13.2m
`21`	5,214	26,200	47,793	69,387	89,508	32,268	8,689	14,831	24,805	17,803	17,376	17,986	3,549
`22/27`	75,698	90,623	107,922	138,747	112,016	2.7m	2.8m	2.8m	2.9m	2.9m	89,565	840,679	801,215
`22`	-	-	-	-	-	-	-	-	-	-	-	795,091	761,258
`23`	0	0	0	0	-	-	79	521	964	1,406	1,454	-	-
`24`	10,484	21,274	34,437	61,127	61,036	61,143	78,998	28,372	43,025	22,263	37,132	45,588	39,957
`26`	65,214	69,349	73,485	77,620	50,980	2.7m	2.7m	2.8m	2.9m	2.9m	50,980	-	-
`28`	25.5m	27.6m	30.0m	29.4m	20.1m	23.2m	21.2m	21.4m	14.4m	18.7m	12.9m	12.4m	12.4m
`280/1`	25.5m	27.6m	30.0m	29.4m	20.0m	-	-	-	-	-	-	-	-
`280`	7.4m	9.6m	13.3m	13.3m	14.1m	-	-	-	-	-	-	-	-
`281`	18.1m	18.0m	16.7m	16.1m	5.9m	-	-	-	-	-	-	-	-
`284/8`	700	700	700	700	103,774	-	-	-	-	-	-	-	-
`285/8`	700	700	700	700	103,774	-	-	-	-	-	-	-	-
`29/58`	5.4m	3.6m	4.4m	4.5m	7.9m	9.9m	13.1m	14.2m	20.7m	11.3m	4.5m	7.3m	1.5m
`29`	27,087	27,087	27,087	1.1m	1.6m	1.7m	1.2m	1.1m	1.1m	1.0m	-	-	-
`290`	-	-	-	9,458	-	-	-	-	-	-	-	-	-
`291`	27,087	27,087	27,087	1.1m	1.6m	1.7m	1.2m	1.1m	1.1m	1.0m	-	-	-
`3`	28,292	1.8m	2.0m	2.0m	2.1m	2.6m	4.2m	7.1m	6.6m	4.7m	924,478	448,666	224,333
`30/36`	28,292	1.8m	2.0m	2.0m	2.1m	2.6m	4.2m	7.1m	6.6m	4.7m	924,478	448,666	224,333
`35`	28,292	1.8m	2.0m	2.0m	2.1m	-	-	-	-	-	-	-	-
`40/41`	742,185	889,372	944,048	1.0m	3.7m	5.4m	6.9m	5.6m	13.0m	4.3m	3.6m	6.7m	1.3m
`40`	478,843	398,738	528,591	718,782	503,010	1.3m	1.7m	1.7m	1.5m	438,859	439,555	193,662	60,104
`41`	263,342	490,634	415,457	284,738	3.2m	4.1m	5.2m	3.9m	11.5m	3.9m	3.2m	6.5m	1.2m
`50/53`	3.9m	-	-	-	-	-	-	-	-	-	-	-	-
`51/53`	3.9m	-	-	-	-	-	-	-	-	-	-	-	-
`54/58`	378,831	466,556	1.1m	333,949	350,240	99,385	876,601	268,787	24,022	1.2m	7,378	106,827	19,448
`490/1`	355,237	362,895	345,362	110,516	66,299	8,042	13,806	70,912	5,131	4,058	985	1,200	-
Balance sheet: equity and liabilities
`10/49`	31.0m	31.3m	34.5m	34.1m	28.1m	35.8m	37.1m	38.5m	38.0m	33.1m	17.5m	20.5m	14.7m
`10/15`	10.3m	9.3m	14.0m	14.3m	18.1m	15.1m	18.6m	2.2m	-1.4m	-888,740	1.1m	-338,376	609,155
`10/11`	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	1.5m	1.5m	1.5m	1.5m	1.5m
`10`	5.6m	5.6m	5.6m	5.6m	5.6m	-	-	-	-	-	-	-	-
`100`	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	5.6m	1.5m	1.5m	1.5m	1.5m	1.5m
`13`	228,387	177,884	177,884	177,884	177,884	-	-	-	-	-	-	-	-
`130/1`	228,387	177,884	177,884	177,884	177,884	-	-	-	-	-	-	-	-
`130`	228,387	177,884	177,884	177,884	177,884	-	-	-	-	-	-	-	-
`14`	4.5m	3.5m	8.2m	8.5m	12.3m	9.5m	13.0m	-3.4m	-2.9m	-2.4m	-424,362	-1.8m	-890,845
`17/49`	20.7m	22.0m	20.5m	19.8m	10.0m	20.7m	18.5m	36.3m	39.4m	33.9m	16.4m	20.9m	14.1m
`17`	17.3m	17.3m	12.8m	14.0m	3.4m	3.4m	3.8m	7.5m	6.7m	6.5m	9.0m	11.0m	11.0m
`170/4`	11.2m	11.5m	10.9m	13.2m	3.4m	3.4m	3.8m	7.5m	6.7m	6.5m	3.0m	3.0m	3.0m
`170`	125,927	125,927	125,927	125,927	-	-	-	-	-	-	-	-	-
`171`	-	-	-	3.5m	3.4m	-	-	-	-	-	-	-	-
`173`	11.1m	11.3m	10.8m	9.6m	-	-	-	-	-	-	-	-	-
`178/9`	6.1m	5.9m	1.9m	771,384	-	-	-	-	-	-	6.0m	8.0m	8.0m
`42/48`	3.0m	4.4m	7.5m	5.7m	6.5m	17.3m	14.6m	28.8m	32.6m	27.4m	7.2m	9.7m	3.1m
`42`	1.6m	1.2m	3.9m	375,000	-	-	-	-	-	-	-	-	-
`43`	29,430	2.2m	2.7m	3.8m	3.8m	4.3m	8.3m	8.6m	11.6m	8.5m	-	925,286	863,539
`430/8`	29,430	2.2m	2.7m	3.8m	3.8m	4.3m	4.7m	8.6m	11.6m	8.5m	-	925,286	863,539
`439`	-	-	-	-	-	-	3.7m	-	-	-	-	-	-
`44`	999,734	963,062	818,045	652,664	520,459	2.2m	2.0m	935,866	1.0m	348,213	489,023	250,383	29,882
`440/4`	999,734	963,062	818,045	652,664	520,459	2.2m	2.0m	935,866	1.0m	348,213	489,023	250,383	29,882
`45`	280,916	20,664	18,795	64,695	42,788	27,040	72,758	61,243	64,097	42,053	11,969	6,746	650
`450/3`	233,430	-	2,517	51,050	11,081	13,195	22,164	5,610	1,262	30,946	520	-	650
`454/9`	47,486	20,664	16,277	13,645	31,708	13,845	50,594	55,633	62,835	11,107	11,450	6,746	-
`47/48`	52,241	30,537	22,436	827,231	2.1m	10.8m	4.2m	19.2m	19.9m	18.6m	6.7m	8.5m	2.2m
`492/3`	405,939	295,342	283,305	158,483	119,819	57,302	96,794	47,682	22,036	3,186	278,422	155,606	77,461
Income statement
`70/76A`	5.1m	537,993	371,974	1.1m	3.9m	-	-	-	-	-	-	-	-
`70`	4.8m	214,220	66,275	504,114	4.9m	-	-	-	-	-	-	-	-
`71`	-	-	-	-111,446	-5.9m	-	-	-	-	-	-	-	-
`74`	311,508	307,815	294,954	732,201	458,222	-	-	-	-	-	-	-	-
`76A`	-	15,958	10,745	-	4.4m	1,781	2.7m	-	876,298	-	2.4m	7,230	-
`9900`	-	-	-	-	-	-1.2m	3.3m	1.6m	-57,179	-578,718	-321,810	-537,677	-455,089
`60/66A`	2.8m	1.4m	2.1m	3.0m	2.1m	-	-	-	-	-	-	-	-
`60`	2.0m	0	57,165	389,945	-	-	-	-	-	-	-	-	-
`600/8`	-	12,163	71,691	443,196	-	-	-	-	-	-	-	-	-
`609`	2.0m	-12,163	-14,527	-53,251	-	-	-	-	-	-	-	-	-
`61`	739,907	1.0m	1.7m	1.9m	1.6m	-	-	-	-	-	-	-	-
`62`	189,466	152,255	176,514	401,992	256,752	293,533	430,197	424,640	374,197	152,982	149,066	60,016	34,195
`630`	35,911	37,163	54,508	49,526	115,490	99,372	102,665	93,609	95,715	91,718	21,804	39,780	30,394
`631/4`	-175,000	175,000	-	-	-	-	-	-	-	-	-	-	-
`640/8`	32,548	28,483	52,805	153,089	138,769	135,671	7,707	246,649	15,489	486,021	37,720	5,509	75,987
`66A`	1,495	1,729	-	59,059	26,261	1.8m	140,072	741,975	58,533	407,559	3,000	302	-
`9901`	2.3m	-870,383	-1.7m	-1.8m	1.8m	-1.7m	2.7m	73,723	-601,113	-1.7m	-530,400	-642,982	-595,664
`75/76B`	669,538	685,400	2.2m	532,190	2.1m	266,647	14.2m	25,666	893,454	13,311	8,676	9	-
`75`	669,538	685,300	713,058	439,496	98,535	113,019	39,109	25,666	17,155	13,311	8,676	9	-
`750`	650,917	626,523	594,310	439,496	-	-	-	-	-	-	-	-	-
`751`	-	-	65,779	-	81,676	-	-	-	-	-	-	-	-
`752/9`	18,621	58,777	52,968	0	16,860	-	-	-	-	-	-	-	-
`76B`	-	100	1.5m	92,695	2.0m	153,628	14.1m	-	876,298	-	-	-	-
`65/66B`	1.9m	4.5m	746,552	2.6m	154,565	2.1m	444,286	646,855	792,604	260,254	419,949	311,485	295,181
`65`	850,947	841,599	746,552	830,000	154,565	248,520	304,214	646,855	792,604	260,254	419,949	311,485	295,181
`650`	830,798	775,191	686,083	409,142	142,183	-	-	-	-	-	-	-	-
`651`	-	-	-	337,827	-	-	-	-	-	-	-	-	-
`652/9`	20,149	66,408	60,469	83,031	12,382	-	-	-	-	-	-	-	-
`66B`	1.0m	3.7m	-	1.7m	-	1.8m	140,072	-	-	-	-	-	-
`9903`	1.1m	-4.7m	-267,438	-3.9m	3.7m	-3.5m	16.4m	-547,466	-500,263	-2.0m	1.4m	-947,530	-890,845
`67/77`	89,490	158	1,231	-2,033	145,260	1,000	1,701	-	1,262	437	244	-	-
`670/3`	90,242	158	1,231	121,077	145,260	-	-	-	-	-	-	-	-
`77`	752	-	-	123,110	-	-	-	-	-	-	-	-	-
`9904`	1.0m	-4.7m	-268,669	-3.9m	3.6m	-3.5m	16.4m	-547,466	-501,525	-2.0m	1.4m	-947,530	-890,845
`9905`	1.0m	-4.7m	-268,669	-3.9m	3.6m	-3.5m	16.4m	-547,466	-501,525	-2.0m	1.4m	-947,530	-890,845
Appropriation of the result
`9906`	4.5m	3.5m	8.2m	8.5m	13.1m	9.5m	13.0m	-3.4m	-2.9m	-2.4m	-424,362	-1.8m	-890,845
`14P`	3.5m	8.2m	8.5m	12.3m	9.5m	-	-	-	-	-	-	-	-
`691/2`	50,503	-	-	-	177,884	-	-	-	-	-	-	-	-
`6920`	50,503	-	-	-	177,884	-	-	-	-	-	-	-	-
`694/7`	-	-	-	-	525,000	-	-	-	-	-	-	-	-
`695`	-	-	-	-	525,000	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	1	1	4.8	4.8	3.3	2.4	4.8	4.6	3.7	2	1.9	0.8	1
Men (FTE)`1003`	1	1	1	3.9	2.5	-	-	-	-	-	-	-	-
Women (FTE)`1003`	-	-	-	0.9	0.8	-	-	-	-	-	-	-	-
Agency workers`1501`	-	-	-	-	0.8	-	-	-	-	-	-	-	-
Hours worked`1013`	1,736	1,776	1,764	8,298	5,418	3,610	7,914	8,080	6,195	3,592	2,881	1,368	1,280
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 69 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 08-10-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 69 days after the deadline. Filed on 8 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00555961.

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	08-10-2026	2026-00555961	PDF
31-12-2024	full format	27-06-2025	2025-00188936	PDF
31-12-2023	full format	18-07-2024	2024-00266511	PDF
31-12-2022	full format	29-06-2023	2023-00174118	PDF
31-12-2021	full format	06-09-2022	2022-20425991	PDF
31-12-2020	full format	04-08-2021	2021-46400286	PDF
31-12-2019	full format	19-11-2020	2020-71700561	PDF
31-12-2018	full format	25-09-2019	2019-65900297	PDF
31-12-2017	full format	20-03-2019	2019-07500029	PDF
31-12-2016	full format	15-01-2018	2018-01400108	PDF
31-12-2015	full format	05-10-2016	2016-64600468	PDF
31-12-2014	full format	30-09-2015	2015-62900553	PDF
31-12-2013	full format	11-02-2015	2015-04100169	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
2.3m	-833,220	-1.6m	-1.8m	1.9m	-1.6m	2.8m	167,332	-505,398	-1.6m	-508,597	-603,202	-565,271
1.0m	-4.7m	-214,161	-3.8m	3.7m	-3.4m	16.5m	-453,857	-405,810	-1.9m	1.4m	-907,750	-860,451
-2.1m	-2.4m	1,198	837,686	12.8m	2.1m	27.5m	7.0m	65,404	8.8m	643,249	93,681	14.7m
-87,725	-625,306	757,912	-16,290	250,855	-777,216	607,814	244,765	-1.2m	1.2m	-99,449	87,378	-
2.4m	-800,960	-3.1m	-1.2m	1.4m	-7.4m	-1.5m	-14.6m	-11.9m	-16.1m	-2.6m	-2.4m	-1.5m
47.9%	-	-	-	35.7%	-	-	-	-	-	-	-	-
33.2%	29.7%	40.5%	41.8%	64.4%	42.2%	50.1%	5.6%	-3.7%	-2.7%	6.1%	-1.6%	4.1%
1.81	0.82	0.59	0.79	1.21	0.57	0.90	0.49	0.63	0.41	0.63	0.75	0.50
1.80	0.40	0.32	0.44	0.89	0.42	0.61	0.25	0.43	0.24	0.51	0.70	0.43
2.01	2.37	1.47	1.39	0.55	1.37	1.00	16.79	-	-	15.29	-	23.20
9.8%	-50.8%	-1.9%	-27.0%	19.6%	-23.2%	88.4%	-25.3%	-	-	131.5%	-	-146.2%
3.3%	-15.1%	-0.8%	-11.3%	12.6%	-9.8%	44.3%	-1.4%	-1.3%	-5.9%	8.1%	-4.6%	-6.0%
2.81	-1.07	-2.39	-4.37	13.25	-	-	-	-	-	-	-	-
36 days	679 days	2911 days	520 days	37 days	-	-	-	-	-	-	-	-
134 days	347 days	167 days	104 days	118 days	-	-	-	-	-	-	-	-

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Revenue breakdown

as filed

By activity 2022

Projet €497,114100.0%

Revenue in the income statement €504,114

Source: 2022 accounts, page 23, filing 2023-00174118

All years (2020 to 2022)

By activity	2020	2021	2022
Projet	€11,297	€3,917,858	€497,114

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	1	1	1	1	6
full-time	1	1	1	1	5
part-time	-	-	-	-	1
in full-time equivalents	1	1	1	1	5.1
	1	1	1	4.8	3.3
On a permanent contract	1	1	1	1	5
Joined	-	-	-	2	10
Left	-	-	-	7	5
Agency workers, average number	-	-	-	-	0.8

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€3.5m	€13.0m	€13.9m	€13.8m	€3.8m
Mortgages, amount registered	-	€25,000	€25,000	€25,000	€25,000
	-	€2.5m	€2.5m	€2.5m	-
Carrying value of the mortgaged assets	-	€1.8m	€2.0m	€2.0m	€2.0m
Pledge on other assets, amount secured	-	-	-	-	€1.7m
Carrying value of the other pledged assets	€10,000	€1.2m	€1.4m	€1.4m	€2.3m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	-	-	€1,198	€54,696	€61,406
Intangible fixed assets	-	-	-	€1,440	€77,224
Financial fixed assets	-	-	-	€781,550	€12.7m
	€35,911	€37,163	€54,508	€49,526	€115,490

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees

Item	2025	2024	2023	2022	2021
Fee for the audit	€5,400	€6,000	€6,000	€6,000	-

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Insights on MACAN DEVELOPMENT

The operating result for 2025 is a profit of €2.3m, after a loss of €870,383 in 2024. It is the highest result since 2019.

Debt's share of the balance-sheet total falls from 70.3% to 66.8%. Equity is higher and debt is lower.

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Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency33.2%

Current ratio1.81

Return on assets3.3%

Staff

Men and women

Staff cost per FTE€189,466

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Revenue breakdown

By activity 2022

Social balance sheet

Securities and guarantees

Investments

Auditor

Insights on MACAN DEVELOPMENT

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in €m

in €m

33.2%

1.81

3.3%

€189,466