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MACE

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Private limited companyfounded 1997active for 29 yearsMillegemweg 15, 2531 Boechout, BelgiumKBO/BCE: BE 0460.279.846
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MACEActiveChecked score 95/100
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Financials · financial year 2026, micro format

Annual accounts 2026 filed on 13-10-2026 at the NBB all 29 filings

Turnover
≈ €32,000
Estimated: probably between €17,000 and €61,000
Total assets
€176,718▼ 48.3%
2025 · €342,116
Net result
€3,145▼ 53.1%
2025 · €6,708
Working capital
€170,054▼ 28.4%
2025 · €237,502
In the rankings #5 oldest company in Boechout, Telecoms and IT sector
Multi-year overview
2019 to 2026, 8 financial years
Operating result
€3,906
▼ 84.2% 2026
20192026
Net result
€3,145
▼ 53.1% 2026
20192026
Equity
€170,054
▲ 1.9% 2026
20192026
Total assets
€176,718
▼ 48.3% 2026
20192026
Debt
€6,665
▼ 96.2% 2026
20192026
Working capital
€170,054
▼ 28.4% 2026
20192026
Solvency
96.2%
▲ 47.4pp 2026
20192026
Current ratio
26.52
▼ 5.41 2026
20192026
Return on assets (ROA)
1.8%
▼ 0.2pp 2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line20192020202120222023202420252026
Operating result€11,844-€25,813▲ 118%€50,696▲ 96.4%€48,474▼ 4.4%€30,756▼ 36.6%€21,176▼ 31.2%€24,788▲ 17.1%€3,906▼ 84.2%
Net result-€3,155-€8,314€25,797within the sector's middle half▲ 210%€24,613within the sector's middle half▼ 4.6%€11,797within the sector's middle half▼ 52.1%€5,279within the sector's middle half▼ 55.3%€6,708within the sector's middle half▲ 27.1%€3,145▼ 53.1%
Equity€91,400-€99,714▲ 9.1%€125,511within the sector's middle half▲ 25.9%€143,124within the sector's middle half▲ 14.0%€154,922within the sector's middle half▲ 8.2%€160,201within the sector's middle half▲ 3.4%€166,909above the sector's middle half▲ 4.2%€170,054▲ 1.9%
Total assets€293,176-€293,305=€314,642above the sector's middle half▲ 7.3%€360,416above the sector's middle half▲ 14.5%€350,857above the sector's middle half▼ 2.7%€346,099above the sector's middle half▼ 1.4%€342,116above the sector's middle half▼ 1.2%€176,718▼ 48.3%
Debt€22,406-€16,348▼ 27.0%€14,112▼ 13.7%€44,597▲ 216%€25,667▼ 42.4%€18,160▼ 29.2%€175,207▲ 865%€6,665▼ 96.2%
Working capital€81,159-€113,441▲ 39.8%€116,104within the sector's middle half▲ 2.3%€111,818within the sector's middle half▼ 3.7%€153,585above the sector's middle half▲ 37.4%€187,680above the sector's middle half▲ 22.2%€237,502above the sector's middle half▲ 26.5%€170,054▼ 28.4%
Solvency31.2%-34.0%▲ 2.8pp39.9%within the sector's middle half▲ 5.9pp39.7%within the sector's middle half▼ 0.2pp44.2%within the sector's middle half▲ 4.4pp46.3%within the sector's middle half▲ 2.1pp48.8%within the sector's middle half▲ 2.5pp96.2%▲ 47.4pp
Current ratio4.90-7.94▲ 3.049.23above the sector's middle half▲ 1.294.90within the sector's middle half▼ 4.328.77above the sector's middle half▲ 3.8711.33above the sector's middle half▲ 2.5631.93above the sector's middle half▲ 20.5926.52▼ 5.41
Return on assets (ROA)-1.1%-2.8%▲ 3.9pp8.2%within the sector's middle half▲ 5.4pp6.8%within the sector's middle half▼ 1.4pp3.4%below the sector's middle half▼ 3.5pp1.5%below the sector's middle half▼ 1.8pp2.0%below the sector's middle half▲ 0.4pp1.8%▼ 0.2pp
above within below The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 84% lower than in 2025 and the lowest since 2022.

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
Equity and liabilities €176,718
Equity €170,054 ▲ 1.9%
Debt €6,665 ▼ 96.2%
Debt's share of the balance-sheet total falls from 51.2% to 3.8%. Equity is higher and debt is lower.
Key figures and ratios
2026 value · change against 2025
Debt to equity
0.04▼
2025 · 1.05
ROE
1.8%▼
2025 · 4.0%
Debt ≤ 1 year
€6,665▼
2025 · €7,679
Income taxes
€1,364▼
2025 · €3,509
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired
Item30-09-202230-09-202330-09-202430-09-202530-09-2026
Tangible fixed assets€72,323-€5,297--
Depreciation and write-downs of the year€36,285€42,442€42,507€43,323-

Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)

Annual accounts
Filed annual accounts As filed with the NBB · 2026 against 2025 · 41 lines
Balance sheet Code20252026
Assets
Total assets20/58€342,116€176,718▼
Fixed assets21/28€96,935-
Tangible fixed assets22/27€96,935-
Land and buildings22€67,816-
Plant, machinery and equipment23€2,800-
Furniture and vehicles24€26,320-
Current assets29/58€245,180€176,718▼
Amounts receivable within one year40/41€17,656€121,901▲
Trade receivables40€15,609-
Other amounts receivable41€2,047€121,901▲
Cash at bank and in hand54/58€224,149€54,817▼
Deferred charges and accrued income490/1€3,375-
Equity and liabilities
Total equity and liabilities10/49€342,116€176,718▼
Equity10/15€166,909€170,054▲
Contributions10/11€18,592€18,592=
Reserves13€148,317€151,462▲
Distributable reserves133€148,317€151,462▲
Amounts payable17/49€175,207€6,665▼
Amounts payable within one year42/48€7,679€6,665▼
Financial debts43€1,505-
Credit institutions430/8€1,505-
Trade debts44€32€6,665▲
Suppliers440/4€32€6,665▲
Taxes, remuneration and social security45€6,142-
Taxes450/3€6,142-
Accrued charges and deferred income492/3€167,528-
Income statement Code20252026
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€43,323-
Other operating charges640/8€1,197€1,940▲
Gross operating margin9900€69,309€5,846▼
Operating profit (loss)9901€24,788€3,906▼
Financial income75/76B€1,029€686▼
Recurring financial income75€1,029€686▼
Financial charges65/66B€15,599€83▼
Recurring financial charges65€15,599€83▼
Profit (loss) for the period before taxes9903€10,217€4,509▼
Income taxes67/77€3,509€1,364▼
Profit (loss) for the period9904€6,708€3,145▼
Profit (loss) for the period to be appropriated9905€6,708€3,145▼
Appropriation of the result
Profit (loss) to be appropriated9906€6,708€3,145▼
Transfer to equity691/2€6,708€3,145▼
To other reserves6921€6,708€3,145▼

The notes to these accounts have 4 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 2026 at the NBB, filed on 13-10-2026.

Line20192020202120222023202420252026Change
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€30,496€31,905€24,210€36,285€42,442€42,507€43,323--
Other operating charges640/8---€1,405€2,564€1,353€1,197€1,940▲ 62.0%
Gross operating margin9900€45,184€60,351€77,188€86,164€75,762€65,036€69,309€5,846▼ 91.6%
Operating profit (loss)9901€11,844€25,813€50,696€48,474€30,756€21,176€24,788€3,906▼ 84.2%
Financial income75/76B---€105€0€681€1,029€686▼ 33.4%
Recurring financial income75€454€593€0€105€0€681€1,029€686▼ 33.4%
Financial charges65/66B---€13,891€13,619€13,453€15,599€83▼ 99.5%
Recurring financial charges65€14,036€13,723€13,491€13,891€13,619€13,453€15,599€83▼ 99.5%
Profit (loss) for the period before taxes9903-€1,738€12,683€37,205€34,688€17,137€8,403€10,217€4,509▼ 55.9%
Income taxes67/77€1,417€4,370€11,408€10,075€5,340€3,124€3,509€1,364▼ 61.1%
Profit (loss) for the period9904-€3,155€8,314€25,797€24,613€11,797€5,279€6,708€3,145▼ 53.1%
Profit (loss) for the period to be appropriated9905-€3,155€8,314€25,797€24,613€11,797€5,279€6,708€3,145▼ 53.1%
Line20192020202120222023202420252026Change
Assets
Total assets20/58€293,176€293,305€314,642€360,416€350,857€346,099€342,116€176,718▼ 48.3%
Fixed assets21/28€191,195€163,516€184,425€219,960€177,518€140,259€96,935--
Tangible fixed assets22/27€191,145€163,467€184,376€219,911€177,468€140,259€96,935--
Land and buildings22---€132,420€110,885€89,350€67,816--
Plant, machinery and equipment23---€2,307€1,398€4,915€2,800--
Furniture and vehicles24---€85,183€65,185€45,993€26,320--
Financial fixed assets28€50€50€50€50€50----
Current assets29/58€101,982€129,789€130,217€140,455€173,339€205,840€245,180€176,718▼ 27.9%
Amounts receivable within one year40/41€28,810€44,596€39,945€34,826€35,990€19,357€17,656€121,901▲ 590%
Trade receivables40---€31,476€34,330€18,274€15,609--
Other amounts receivable41---€3,350€1,660€1,083€2,047€121,901▲ 60×
Cash at bank and in hand54/58€64,453€79,225€84,071€98,872€130,389€182,042€224,149€54,817▼ 75.5%
Deferred charges and accrued income490/1---€6,757€6,960€4,441€3,375--
Equity and liabilities
Total equity and liabilities10/49€293,176€293,305€314,642€360,416€350,857€346,099€342,116€176,718▼ 48.3%
Equity10/15€91,400€99,714€125,511€143,124€154,922€160,201€166,909€170,054▲ 1.9%
Contributions10/11€18,592--€18,592€18,592€18,592€18,592€18,592=
Reserves13€75,695€81,122€106,919€124,532€136,330€141,608€148,317€151,462▲ 2.1%
Non-distributable reserves130/1---€1,859-----
Reserves not available under the articles1311---€1,859-----
Distributable reserves133---€122,673€136,330€141,608€148,317€151,462▲ 2.1%
Profit (loss) carried forward14-€2,887--------
Provisions and deferred taxes16€179,371€177,243€175,018€172,694€170,268€167,739---
Provisions for liabilities and charges160/5---€172,694€170,268€167,739---
Other liabilities and charges164/5---€172,694€170,268€167,739---
Amounts payable17/49€22,406€16,348€14,112€44,597€25,667€18,160€175,207€6,665▼ 96.2%
Amounts payable after more than one year17€1,583--€15,960€5,913----
Financial debts170/4---€15,960€5,913----
Amounts payable within one year42/48€20,823€16,348€14,112€28,638€19,754€18,160€7,679€6,665▼ 13.2%
Current portion of amounts payable after more than one year42---€9,934€10,047€5,913---
Financial debts43------€1,505--
Credit institutions430/8------€1,505--
Trade debts44€3,311€2,018€419€1,378€1,903€2,698€32€6,665▲ 207×
Suppliers440/4---€1,378€1,903€2,698€32€6,665▲ 207×
Taxes, remuneration and social security45---€10,325€7,266€9,549€6,142--
Taxes450/3---€10,325€7,266€9,549€6,142--
Other amounts payable47/48---€7,000€538----
Accrued charges and deferred income492/3------€167,528--
Line20192020202120222023202420252026Change
Profit (loss) for the period9904-€3,155€8,314€25,797€24,613€11,797€5,279€6,708€3,145▼ 53.1%
+ Depreciation and write-downs630€30,496€31,905€24,210€36,285€42,442€42,507€43,323--
Operating cash flow (approximation)€27,341€40,219€50,007€60,899€54,239€47,786€50,032€3,145▼ 93.7%
Investment in fixed assets (approximation)--€4,227-€45,119-€71,820€0-€5,248€0--
Change in cash-€14,771€4,847€14,801€31,517€51,653€42,107-€169,332-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 17,041 companies had the same profile as MACE 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 MACE 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 MACE. 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 29 filings with the National Bank
Financial year Type Filed Reference Document
30-09-2026 micro format 13-10-2026 2026-00555041 PDF
30-09-2025 micro format 12-11-2025 2025-00565245 PDF
30-09-2024 micro format 19-03-2025 2025-00050116 PDF
30-09-2023 micro format 19-03-2024 2024-00045272 PDF
30-09-2022 micro format 17-02-2023 2023-00028380 PDF
30-09-2021 micro format 22-02-2022 2022-06000321 PDF
30-09-2020 micro format 16-03-2021 2021-07600065 PDF
30-09-2019 micro format 24-01-2020 2020-01900154 PDF
30-09-2018 micro format 21-03-2019 2019-07400217 PDF
30-09-2017 micro format 26-03-2018 2018-07600263 PDF

Show all 29 filings

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