MACELLARIUS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 73 days after the deadline Filed on 12 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00558904.
Annual accounts 2025 filed on 12-10-2026 at the NBB all 13 filings
Turnover
≈ €1.1m
Estimated: probably between €690,000 and €1.7m
Total assets
€368,020▼ 8.2%
2024 · €400,802
Net result
€2,770▼ 92.0%
2024 · €34,784
Working capital
€60,457▼ 7.6%
2024 · €65,449
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,270
2025
20182025
Net result
€2,770
▼ 92.0%
2025
middle half of the sector
20182025
Equity
€107,710
▲ 2.6%
2025
middle half of the sector
20182025
Total assets
€368,020
▼ 8.2%
2025
highest quarter of the sector
20182025
Debt
€260,310
▼ 12.0%
2025
20182025
Working capital
€60,457
▼ 7.6%
2025
middle half of the sector
20182025
Solvency
29.3%
▲ 3.1pp
2025
middle half of the sector
20182025
Current ratio
1.23
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
0.8%
▼ 7.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€7,136--€9,394▼ 31.6%€80,908€15,417▼ 80.9%€29,575▲ 91.8%€20,100▼ 32.0%€64,111▲ 219%-€5,270
Net result-€24,830--€27,297▼ 9.9%€68,517above the sector's middle half€1,301within the sector's middle half▼ 98.1%€7,089within the sector's middle half▲ 445%€13,274within the sector's middle half▲ 87.2%€34,784above the sector's middle half▲ 162%€2,770within the sector's middle half▼ 92.0%
Equity€7,271--€20,026€48,492within the sector's middle half€49,793within the sector's middle half▲ 2.7%€56,882within the sector's middle half▲ 14.2%€70,156within the sector's middle half▲ 23.3%€104,940within the sector's middle half▲ 49.6%€107,710within the sector's middle half▲ 2.6%
Total assets€231,353-€200,587▼ 13.3%€209,138within the sector's middle half▲ 4.3%€394,377above the sector's middle half▲ 88.6%€357,544above the sector's middle half▼ 9.3%€447,033above the sector's middle half▲ 25.0%€400,802above the sector's middle half▼ 10.3%€368,020above the sector's middle half▼ 8.2%
Debt€224,082-€220,612▼ 1.5%€160,646▼ 27.2%€344,584▲ 114%€300,662▼ 12.7%€376,877▲ 25.3%€295,862▼ 21.5%€260,310▼ 12.0%
Working capital-€136,494--€135,639▲ 0.6%-€9,497within the sector's middle half▲ 93.0%€16,578within the sector's middle half€31,521within the sector's middle half▲ 90.1%€22,276within the sector's middle half▼ 29.3%€65,449within the sector's middle half▲ 194%€60,457within the sector's middle half▼ 7.6%
Solvency3.1%--10.0%▼ 13.1pp23.2%within the sector's middle half▲ 33.2pp12.6%within the sector's middle half▼ 10.6pp15.9%within the sector's middle half▲ 3.3pp15.7%within the sector's middle half▼ 0.2pp26.2%within the sector's middle half▲ 10.5pp29.3%within the sector's middle half▲ 3.1pp
Current ratio0.38-0.38=0.94within the sector's middle half▲ 0.561.05within the sector's middle half▲ 0.111.11within the sector's middle half▲ 0.061.06within the sector's middle half▼ 0.051.22within the sector's middle half▲ 0.161.23within the sector's middle half▲ 0.01
Return on assets (ROA)-10.7%--13.6%▼ 2.9pp32.8%above the sector's middle half▲ 46.4pp0.3%within the sector's middle half▼ 32.4pp2.0%within the sector's middle half▲ 1.7pp3.0%within the sector's middle half▲ 1.0pp8.7%within the sector's middle half▲ 5.7pp0.8%within the sector's middle half▼ 7.9pp
Staff (FTE)5.4-6.5▲ 20.4%6.8above the sector's middle half▲ 4.6%6.8=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2025 is a loss of €5,270, after a profit of €64,111 in 2024. It is the lowest result since 2021.
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
2025 in colour, 2024 as the grey bar beneath
Assets €368,020
Fixed assets
€47,253 ▲ 19.7%
Current assets
€320,767 ▼ 11.2%
Equity and liabilities €368,020
Equity
€107,710 ▲ 2.6%
Debt
€260,310 ▼ 12.0%
Debt's share of the balance-sheet total falls from 73.8% to 70.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€123▼
2024 · €83,268
Cash flow
€8,164▼
2024 · €53,940
Quick ratio
1.14=
2024 · 1.14
Debt to equity
2.42▼
2024 · 2.82
ROE
2.6%▼
2024 · 33.1%
Interest coverage
0.00▼
2024 · 3.49
Debt ≤ 1 year
€260,310▼
2024 · €295,862
Income taxes
-€6,343▼
2024 · €8,197
Staff costs
€179,863▼
2024 · €201,314
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Employees at the balance-sheet date | 9 |
| full-time | 5 |
| part-time | 4 |
| in full-time equivalents | 7 |
| Average over the year, in full-time equivalents | 6.8 |
| On a permanent contract | 9 |
| Joined | 7 |
| Left | 6 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €44,145 | - | €50,227 | €3,959 | €41,778 |
| Intangible fixed assets | - | €2,757 | - | - | - |
| Depreciation and write-downs of the year | €38,451 | €19,610 | €14,316 | €19,156 | €5,394 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €165,445 | €188,663 | €180,411 | €201,314 | €179,863 | ▼ 10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,239 | €29,763 | €30,997 | €38,451 | €19,610 | €14,316 | €19,156 | €5,394 | ▼ 71.8% |
| Other operating charges640/8 | - | - | - | €3,372 | €1,375 | €5,177 | €2,275 | €33,647 | ▲ 15× |
| Gross operating margin9900 | €197,760 | €209,895 | €280,122 | €222,685 | €239,223 | €220,004 | €286,856 | €213,633 | ▼ 25.5% |
| Operating profit (loss)9901 | -€7,136 | -€9,394 | €80,908 | €15,417 | €29,575 | €20,100 | €64,111 | -€5,270 | - |
| Financial income75/76B | - | - | - | €252 | €177 | €2,716 | €2,723 | €50,603 | ▲ 19× |
| Recurring financial income75 | €293 | €1,080 | €1,419 | €252 | €177 | €2,716 | €2,723 | €50,603 | ▲ 19× |
| Financial charges65/66B | - | - | - | €14,368 | €16,320 | €9,221 | €23,854 | €48,905 | ▲ 105% |
| Recurring financial charges65 | €17,632 | €18,983 | €13,810 | €14,368 | €16,320 | €9,221 | €23,854 | €48,905 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | -€24,475 | -€27,297 | €68,517 | €1,301 | €13,432 | €13,595 | €42,981 | -€3,573 | - |
| Income taxes67/77 | €355 | - | - | - | €6,343 | €321 | €8,197 | -€6,343 | - |
| Profit (loss) for the period9904 | -€24,830 | -€27,297 | €68,517 | €1,301 | €7,089 | €13,274 | €34,784 | €2,770 | ▼ 92.0% |
| Profit (loss) for the period to be appropriated9905 | -€24,830 | -€27,297 | €68,517 | €1,301 | €7,089 | €13,274 | €34,784 | €2,770 | ▼ 92.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €231,353 | €200,587 | €209,138 | €394,377 | €357,544 | €447,033 | €400,802 | €368,020 | ▼ 8.2% |
| Fixed assets21/28 | €146,292 | €117,502 | €60,077 | €65,770 | €48,917 | €54,689 | €39,491 | €47,253 | ▲ 19.7% |
| Intangible fixed assets21 | €19,633 | €14,517 | €8,046 | €1,575 | €2,564 | €2,293 | €1,190 | €639 | ▼ 46.3% |
| Tangible fixed assets22/27 | €72,859 | €50,685 | €48,731 | €60,895 | €43,053 | €49,096 | €35,001 | €43,314 | ▲ 23.7% |
| Plant, machinery and equipment23 | - | - | - | €9,585 | €6,759 | €3,932 | €1,370 | €1,746 | ▲ 27.4% |
| Furniture and vehicles24 | - | - | - | €39,477 | €30,165 | €41,180 | €31,792 | €41,232 | ▲ 29.7% |
| Other tangible fixed assets26 | - | - | - | €11,832 | €6,129 | €3,984 | €1,839 | €336 | ▼ 81.8% |
| Financial fixed assets28 | €53,800 | €52,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | €3,300 | = |
| Current assets29/58 | €85,061 | €83,085 | €149,061 | €328,606 | €308,627 | €392,344 | €361,310 | €320,767 | ▼ 11.2% |
| Stocks and contracts in progress3 | €29,842 | €28,765 | €22,635 | €24,540 | €24,540 | €24,540 | €24,540 | €24,556 | ▲ 0.1% |
| Stocks30/36 | - | - | - | €24,540 | €24,540 | €24,540 | €24,540 | €24,556 | ▲ 0.1% |
| Amounts receivable within one year40/41 | €43,840 | €40,460 | €45,459 | €267,175 | €239,436 | €362,845 | €331,263 | €292,600 | ▼ 11.7% |
| Trade receivables40 | - | - | - | €132,200 | €69,202 | €55,000 | €37,192 | €21,724 | ▼ 41.6% |
| Other amounts receivable41 | - | - | - | €134,976 | €170,234 | €307,845 | €294,071 | €270,877 | ▼ 7.9% |
| Cash at bank and in hand54/58 | €7,346 | €9,674 | €72,473 | €14,522 | €42,324 | €2,213 | €4,753 | €3,611 | ▼ 24.0% |
| Deferred charges and accrued income490/1 | - | - | - | €22,369 | €2,327 | €2,746 | €754 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €231,353 | €200,587 | €209,138 | €394,377 | €357,544 | €447,033 | €400,802 | €368,020 | ▼ 8.2% |
| Equity10/15 | €7,271 | -€20,026 | €48,492 | €49,793 | €56,882 | €70,156 | €104,940 | €107,710 | ▲ 2.6% |
| Contributions10/11 | €150,000 | €150,000 | - | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Profit (loss) carried forward14 | -€142,729 | -€170,026 | -€101,508 | -€100,208 | -€93,118 | -€79,844 | -€45,060 | -€42,290 | ▲ 6.1% |
| Amounts payable17/49 | €224,082 | €220,612 | €160,646 | €344,584 | €300,662 | €376,877 | €295,862 | €260,310 | ▼ 12.0% |
| Amounts payable after more than one year17 | - | - | - | €29,436 | €18,205 | €6,809 | - | - | - |
| Financial debts170/4 | - | - | - | €29,436 | €18,205 | €6,809 | - | - | - |
| Amounts payable within one year42/48 | €221,556 | €218,724 | €158,558 | €312,028 | €277,106 | €370,068 | €295,862 | €260,310 | ▼ 12.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,028 | €14,395 | €11,645 | €9,708 | - | - |
| Financial debts43 | - | - | - | €19,929 | €39,483 | €39,711 | €11,307 | €10,759 | ▼ 4.8% |
| Credit institutions430/8 | - | - | - | €19,929 | €39,026 | €39,711 | €11,307 | €10,759 | ▼ 4.8% |
| Other loans439 | - | - | - | - | €457 | - | - | - | - |
| Trade debts44 | €163,166 | €160,375 | €114,288 | €166,542 | €166,999 | €195,904 | €185,973 | €149,754 | ▼ 19.5% |
| Suppliers440/4 | - | - | - | €166,542 | €166,999 | €195,904 | €185,973 | €149,754 | ▼ 19.5% |
| Advances received on contracts in progress46 | - | - | - | €1,102 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Taxes, remuneration and social security45 | - | - | - | €26,954 | €47,248 | €73,040 | €70,673 | €86,021 | ▲ 21.7% |
| Taxes450/3 | - | - | - | €58 | €13,245 | €14,322 | €28,485 | €30,580 | ▲ 7.4% |
| Remuneration and social security454/9 | - | - | - | €26,896 | €34,002 | €58,718 | €42,188 | €55,442 | ▲ 31.4% |
| Other amounts payable47/48 | - | - | - | €86,474 | €7,981 | €48,768 | €17,201 | €12,776 | ▼ 25.7% |
| Accrued charges and deferred income492/3 | - | - | - | €3,120 | €5,352 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,830 | -€27,297 | €68,517 | €1,301 | €7,089 | €13,274 | €34,784 | €2,770 | ▼ 92.0% |
| + Depreciation and write-downs630 | €30,239 | €29,763 | €30,997 | €38,451 | €19,610 | €14,316 | €19,156 | €5,394 | ▼ 71.8% |
| Operating cash flow (approximation) | €5,409 | €2,466 | €99,515 | €39,752 | €26,700 | €27,590 | €53,940 | €8,164 | ▼ 84.9% |
| Investment in fixed assets (approximation) | - | -€973 | €26,428 | -€44,145 | -€2,757 | -€20,088 | -€3,959 | -€13,155 | ▼ 232% |
| Change in cash | - | €2,328 | €62,799 | -€57,950 | €27,802 | -€40,111 | €2,541 | -€1,142 | - |
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, 4,508 companies had the same profile as MACELLARIUS has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
The bankruptcy probability of MACELLARIUS itself is higher: 3.3% within 12 months. It rests on far more data about MACELLARIUS than the profile alone.
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 4,508 companies, not a prediction for MACELLARIUS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-10-2026 | 2026-00558904 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00538701 | |
| 31-12-2023 | micro format | 16-01-2025 | 2025-00005400 | |
| 31-12-2022 | micro format | 29-12-2023 | 2024-00542750 | |
| 31-12-2021 | micro format | 10-11-2022 | 2022-20518903 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-52800119 | |
| 31-12-2019 | micro format | 23-10-2020 | 2020-63000189 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-48100304 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60600179 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58600049 |