MaCfin
ActiveSummary
MaCfin has a registered holding activity and consists mainly of financial fixed assets. The bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show negative equity (-€45,949) and a net result of -€20,736. Equity fluctuates too strongly from year to year to read a trend from it. Its solvency ranks better than 12% of 11,261 sector peers (NACE 68, financial year 2025). The company has been active since 2011 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 20-06-2011 Normal situation
- Activity
- Real estate agency activities NACE 68310and 5 others
- Establishment unit
- 2.205.939.752 9280 Lebbeke, since 20-06-2011
- Financial year end
- 31 December
- Peppol
- Reachable since 15-12-2025
Board and ownership
Board
- Christiaens MarcDirector · since 09-06-2011
- Holdings
- Shares in 2 companies BELLEFIN and BV
Financial position
Holding: outside the score modelBankruptcy probability: sector outside the model
Annual accounts 2025
- Gross margin
- €6,806
- ▼ 12.6%
- Turnover
- ≈ €24,000
- estimated
- Loss
- €20,736
- ▲ 16.4%
- Equity
- -€45,949
- ▼ 82.2%
- Total assets
- €753,354
- ▼ 0.7%
- Negative equity on 31-12-2025
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Holding: general score not applicable
The company has a registered holding activity. Financial fixed assets make up more than half of its assets. The general model for operating companies does not fit such a balance sheet, so there is no score and no financial strength.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 days early
2024
31 days early
2023
54 days early
2022
31 days early
2021
27 days early
2020
8 days early
2019
15 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 28 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 14 filings
Turnover
≈ €24,000
Estimated: probably between €13,000 and €51,000
Total assets
€753,354▼ 0.7%
2024 · €758,748
Net result
-€20,736▼ 16.4%
2024 · -€17,808
Working capital
€116,991
2024 · -€328,630
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,490
▼ 5.6%
2025
20182025
Net result
-€20,736
▼ 16.4%
2025
lowest quarter of the sector
20182025
Equity
-€45,949
▼ 82.2%
2025
lowest quarter of the sector
20182025
Total assets
€753,354
▼ 0.7%
2025
middle half of the sector
20182025
Debt
€799,303
▲ 2.0%
2025
20182025
Working capital
€116,991
2025
middle half of the sector
20182025
Solvency
-6.1%
▼ 2.8pp
2025
lowest quarter of the sector
20182025
Current ratio
5.16
▲ 4.86
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.8%
▼ 0.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€849-€2,864▲ 237%-€5,537-€2,222▲ 59.9%€3,823-€2,889-€7,093▼ 146%-€7,490▼ 5.6%
Net result-€1,867-€245-€8,027within the sector's middle half-€4,227within the sector's middle half▲ 47.3%-€742within the sector's middle half▲ 82.4%-€10,545below the sector's middle half▼ 1,320%-€17,808below the sector's middle half▼ 68.9%-€20,736below the sector's middle half▼ 16.4%
Equity€15,892-€16,137▲ 1.5%€8,110below the sector's middle half▼ 49.7%€3,882below the sector's middle half▼ 52.1%€3,140below the sector's middle half▼ 19.1%-€7,405below the sector's middle half-€25,214below the sector's middle half▼ 240%-€45,949below the sector's middle half▼ 82.2%
Total assets€239,529-€234,470▼ 2.1%€222,915within the sector's middle half▼ 4.9%€348,526within the sector's middle half▲ 56.3%€647,436within the sector's middle half▲ 85.8%€715,424within the sector's middle half▲ 10.5%€758,748within the sector's middle half▲ 6.1%€753,354within the sector's middle half▼ 0.7%
Debt€223,637-€218,333▼ 2.4%€214,805▼ 1.6%€344,644▲ 60.4%€644,296▲ 86.9%€722,829▲ 12.2%€783,962▲ 8.5%€799,303▲ 2.0%
Working capital-€33,287--€34,237▼ 2.9%-€47,385within the sector's middle half▼ 38.4%-€53,799within the sector's middle half▼ 13.5%-€259,617below the sector's middle half▼ 383%-€289,549below the sector's middle half▼ 11.5%-€328,630below the sector's middle half▼ 13.5%€116,991within the sector's middle half
Solvency6.6%-6.9%▲ 0.2pp3.6%below the sector's middle half▼ 3.2pp1.1%below the sector's middle half▼ 2.5pp0.5%below the sector's middle half▼ 0.6pp-1.0%below the sector's middle half▼ 1.5pp-3.3%below the sector's middle half▼ 2.3pp-6.1%below the sector's middle half▼ 2.8pp
Current ratio0.36-0.40▲ 0.040.26below the sector's middle half▼ 0.140.74within the sector's middle half▲ 0.480.09below the sector's middle half▼ 0.650.26below the sector's middle half▲ 0.170.31below the sector's middle half▲ 0.055.16above the sector's middle half▲ 4.86
Return on assets (ROA)-0.8%-0.1%▲ 0.9pp-3.6%below the sector's middle half▼ 3.7pp-1.2%within the sector's middle half▲ 2.4pp-0.1%within the sector's middle half▲ 1.1pp-1.5%within the sector's middle half▼ 1.4pp-2.3%within the sector's middle half▼ 0.9pp-2.8%below the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €7,490, larger than the loss of €7,093 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €753,354
Fixed assets
€608,272 ▼ 0.8%
Current assets
€145,082 ▼ 0.4%
Equity and liabilities
Equity-€45,949
Debt€799,303
Equity is negative. Debt (€799,303) exceeds the balance-sheet total (€753,354).
Key figures and ratios
Debt ≤ 1 year
€28,091▼
2024 · €474,365
Debt > 1 year
€771,212▲
2024 · €309,597
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €309,597 |
| Mortgages, amount registered | €225,000 | - | €225,000 | €225,000 | €225,000 |
| Mortgage mandates | - | - | €250,000 | €250,000 | €250,000 |
| Carrying value of the mortgaged assets | €188,210 | - | €172,049 | €164,695 | €163,133 |
| Carrying value of the other pledged assets | - | - | - | - | €430,000 |
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 | €793 | €5,285 | €6,401 | €9,328 | €6,925 |
| Financial fixed assets | - | €430,000 | - | €950 | €1,000 |
| Depreciation and write-downs of the year | €9,739 | €10,408 | €12,290 | €13,504 | €12,666 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,902 | €9,511 | €9,078 | €9,739 | €10,408 | €12,290 | €13,504 | €12,666 | ▼ 6.2% |
| Other operating charges640/8 | - | - | - | €1,704 | €1,222 | €1,471 | €1,377 | €1,629 | ▲ 18.3% |
| Gross operating margin9900 | €13,148 | €13,794 | €4,390 | €9,220 | €15,454 | €10,872 | €7,788 | €6,806 | ▼ 12.6% |
| Operating profit (loss)9901 | €849 | €2,864 | -€5,537 | -€2,222 | €3,823 | -€2,889 | -€7,093 | -€7,490 | ▼ 5.6% |
| Financial income75/76B | - | - | - | €17 | €9 | - | - | €3 | - |
| Recurring financial income75 | €69 | €16 | €2 | €17 | €9 | - | - | €3 | - |
| Financial charges65/66B | - | - | - | €2,019 | €4,574 | €7,656 | €10,715 | €13,249 | ▲ 23.6% |
| Recurring financial charges65 | €2,785 | €2,633 | €2,491 | €2,019 | €4,574 | €7,656 | €10,715 | €10,049 | ▼ 6.2% |
| Non-recurring financial charges66B | - | - | - | - | - | - | - | €3,200 | - |
| Profit (loss) for the period before taxes9903 | -€1,867 | €247 | -€8,027 | -€4,225 | -€742 | -€10,545 | -€17,808 | -€20,736 | ▼ 16.4% |
| Income taxes67/77 | - | €2 | €0 | €2 | €1 | - | - | - | - |
| Profit (loss) for the period9904 | -€1,867 | €245 | -€8,027 | -€4,227 | -€742 | -€10,545 | -€17,808 | -€20,736 | ▼ 16.4% |
| Profit (loss) for the period to be appropriated9905 | -€1,867 | €245 | -€8,027 | -€4,227 | -€742 | -€10,545 | -€17,808 | -€20,736 | ▼ 16.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €239,529 | €234,470 | €222,915 | €348,526 | €647,436 | €715,424 | €758,748 | €753,354 | ▼ 0.7% |
| Fixed assets21/28 | €221,188 | €211,678 | €206,198 | €197,252 | €622,128 | €616,240 | €613,014 | €608,272 | ▼ 0.8% |
| Tangible fixed assets22/27 | €221,188 | €211,678 | €206,198 | €197,252 | €192,128 | €186,240 | €182,064 | €176,322 | ▼ 3.2% |
| Land and buildings22 | - | - | - | €188,210 | €180,129 | €172,049 | €164,695 | €163,991 | ▼ 0.4% |
| Plant, machinery and equipment23 | - | - | - | - | €336 | €2,722 | €2,005 | €1,366 | ▼ 31.9% |
| Furniture and vehicles24 | - | - | - | €3,563 | €7,097 | €7,817 | €12,624 | €9,139 | ▼ 27.6% |
| Other tangible fixed assets26 | - | - | - | €5,480 | €4,567 | €3,653 | €2,740 | €1,827 | ▼ 33.3% |
| Financial fixed assets28 | - | - | - | - | €430,000 | €430,000 | €430,950 | €431,950 | ▲ 0.2% |
| Current assets29/58 | €18,341 | €22,792 | €16,716 | €151,274 | €25,308 | €99,184 | €145,734 | €145,082 | ▼ 0.4% |
| Amounts receivable within one year40/41 | €22 | - | - | €667 | €957 | €520 | €3,666 | €26,836 | ▲ 632% |
| Trade receivables40 | - | - | - | €667 | €800 | - | €3,520 | €4,179 | ▲ 18.7% |
| Other amounts receivable41 | - | - | - | - | €157 | €520 | €146 | €22,658 | ▲ 155× |
| Cash at bank and in hand54/58 | €18,319 | €22,792 | €16,716 | €150,607 | €24,351 | €98,665 | €141,381 | €117,624 | ▼ 16.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €688 | €622 | ▼ 9.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €239,529 | €234,470 | €222,915 | €348,526 | €647,436 | €715,424 | €758,748 | €753,354 | ▼ 0.7% |
| Equity10/15 | €15,892 | €16,137 | €8,110 | €3,882 | €3,140 | -€7,405 | -€25,214 | -€45,949 | ▼ 82.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €13,301 | €13,301 | €13,301 | €13,301 | €13,301 | €13,301 | €13,301 | €13,301 | = |
| Distributable reserves133 | - | - | - | €13,301 | €13,301 | €13,301 | €13,301 | €13,301 | = |
| Profit (loss) carried forward14 | -€9,809 | -€9,564 | -€17,592 | -€21,819 | -€22,561 | -€33,106 | -€50,915 | -€71,650 | ▼ 40.7% |
| Amounts payable17/49 | €223,637 | €218,333 | €214,805 | €344,644 | €644,296 | €722,829 | €783,962 | €799,303 | ▲ 2.0% |
| Amounts payable after more than one year17 | €172,009 | €161,303 | €150,304 | €139,170 | €358,836 | €334,096 | €309,597 | €771,212 | ▲ 149% |
| Financial debts170/4 | - | - | - | €138,170 | €357,836 | €334,096 | €309,597 | €771,212 | ▲ 149% |
| Other amounts payable178/9 | - | - | - | €1,000 | €1,000 | - | - | - | - |
| Amounts payable within one year42/48 | €51,628 | €57,029 | €64,101 | €205,074 | €284,925 | €388,733 | €474,365 | €28,091 | ▼ 94.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,133 | €24,796 | €23,740 | €24,499 | €25,285 | ▲ 3.2% |
| Trade debts44 | €494 | - | €90 | €215 | €1,856 | €1,421 | €483 | €2,806 | ▲ 480% |
| Suppliers440/4 | - | - | - | €215 | €1,856 | €1,421 | €483 | €2,806 | ▲ 480% |
| Taxes, remuneration and social security45 | - | - | - | €151 | €52 | - | €111 | - | - |
| Taxes450/3 | - | - | - | €151 | €52 | - | €111 | - | - |
| Other amounts payable47/48 | - | - | - | €193,574 | €258,221 | €363,572 | €449,271 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €400 | €535 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,867 | €245 | -€8,027 | -€4,227 | -€742 | -€10,545 | -€17,808 | -€20,736 | ▼ 16.4% |
| + Depreciation and write-downs630 | €10,902 | €9,511 | €9,078 | €9,739 | €10,408 | €12,290 | €13,504 | €12,666 | ▼ 6.2% |
| Operating cash flow (approximation) | €9,034 | €9,756 | €1,051 | €5,511 | €9,666 | €1,745 | -€4,304 | -€8,069 | ▼ 87.5% |
| Investment in fixed assets (approximation) | - | €0 | -€3,599 | -€793 | -€435,285 | -€6,401 | -€10,278 | -€7,925 | ▲ 22.9% |
| Change in cash | - | €4,473 | -€6,076 | €133,891 | -€126,256 | €74,314 | €42,716 | -€23,757 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00241888 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00212489 | |
| 31-12-2023 | micro format | 07-06-2024 | 2024-00115814 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00181755 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20150506 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-40200503 | |
| 31-12-2019 | micro format | 16-07-2020 | 2020-31500601 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-28100002 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41500516 | |
| 31-12-2016 | micro format | 08-06-2017 | 2017-15800386 |
Board & ownership
Directors
Directors
1 director
Christiaens Marc
Current
Owners and capital
Owners
Network & group
Holdings and subsidiaries
2 holdingsHoldings 2
Source for every holding own accounts 2025
- Equity €317,897 Profit of €67,137 in 2025 (profit of €25,745 in 2024) Checked score 9450%
- Equity €277,161 Profit of €8,039 in 2025 (loss of €1,957 in 2024) Checked score 6750%
Connections & network
1 current directorThe network starts from the directors of MaCfin. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
02-07
abbreviated format · 29 days before the deadline
2025
31-12
Financial
Weakest financial yearnet -€20,736
The net result drops to -€20,736, the lowest from 2018 to 2025.
31-12
Financial
Liquidity more than 16 timescurrent ratio 5.16
The current ratio rises from 0.31 to 5.16. Short-term debt falls from €474,365 to €28,091.
30-06
micro format · 31 days before the deadline
2024
07-06
micro format · 54 days before the deadline
2023
30-06
micro format · 31 days before the deadline
2022
22-09
Gazette deed
Permanent representative: Nicola Christiaens2 points ▸
Gazette deed
Permanent representative: Nicola Christiaens
2 points ▸
- General meeting, 01-07-2022
- Permanent representative, Nicola Christiaens
04-07
micro format · 27 days before the deadline
2021
23-07
micro format · 8 days before the deadline
2020
16-07
micro format · 15 days before the deadline
2019
31-12
Financial
Back to profitnet €245
The net result is €245, after one loss-making year.
01-07
micro format · 30 days before the deadline
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
MaCfin in Dutch
Enterprise number
0837.079.415
Legal form
Private limited company
Status
Active, normale toestand
Founded
20-06-2011
Entity type
Legal entity
Registered office and establishments
Registered office
Kapellenstraat 83/A, 9280 Lebbeke, Belgium
Establishment unit
MaCfin, Kapellenstraat 83, 9280 Lebbeke since 20-06-2011 · unit number 2.205.939.752
Activities
NACEBEL 202568310
Real estate agency activities main activity
55100
Hotels and similar accommodation
56220
Contract catering and other food service activities
64210
Activities of holding companies
68203
Renting and operating of own or leased non-residential real estate, excluding land
85510
Sports and recreation education
Codes under NACEBEL 2008
68311
Real estate activities main activity
55100
Hotels and similar accommodation
56290
Food and beverage service activities
64200
Holdings
68203
Real estate rental
85510
Sports and recreation education
Invoicing and payment
VAT number
BE 0837.079.415
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
1,069 m²
Building footprint
246 m²
Building volume
1,121 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 42005B0778/00F000 | Flanders | 1,069 m² | 1 · 245 m² | 7.6 m · 1 |