MACOMAS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-04-2026 PDF all 17 filings
Turnover
≈ €83,000
Estimated: probably between €46,000 and €170,000
Total assets
€741,847▲ 3.0%
2024 · €720,098
Net result
-€11,443▲ 69.9%
2024 · -€38,070
Working capital
-€430,930▼ 9.3%
2024 · -€394,420
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€1,725
▲ 87.3%
2025
20192025
Net result
-€11,443
▲ 69.9%
2025
middle half of the sector
20192025
Equity
€87,437
▼ 11.6%
2025
middle half of the sector
20192025
Total assets
€741,847
▲ 3.0%
2025
middle half of the sector
20192025
Debt
€654,409
▲ 5.3%
2025
20192025
Working capital
-€430,930
▼ 9.3%
2025
lowest quarter of the sector
20192025
Solvency
11.8%
▼ 1.9pp
2025
middle half of the sector
20192025
Current ratio
0.10
▲ 0.09
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-1.5%
▲ 3.7pp
2025
middle half of the sector
20192025
Staff (FTE)
0.1
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.007m-€0.03m▲ 299%€0.03m▲ 15.0%€0.02m▼ 49.2%-€353-€0.01m▼ 3,735%-€0.002m▲ 87.3%
Net result-€0.01m-€0.007mwithin the sector's middle half-€0.001mwithin the sector's middle half-€0.002mwithin the sector's middle half▼ 203%€0.02mwithin the sector's middle half-€0.04mbelow the sector's middle half-€0.01mwithin the sector's middle half▲ 69.9%
Equity€0.4m-€0.4mabove the sector's middle half▲ 1.9%€0.4mwithin the sector's middle half▼ 0.2%€0.1mwithin the sector's middle half▼ 69.9%€0.1mwithin the sector's middle half▲ 21.3%€0.1mwithin the sector's middle half▼ 27.8%€0.09mwithin the sector's middle half▼ 11.6%
Total assets€1.2m-€1.1mabove the sector's middle half▼ 7.6%€1.6mwithin the sector's middle half▲ 40.3%€1.2mwithin the sector's middle half▼ 23.1%€1.1mwithin the sector's middle half▼ 5.7%€0.7mwithin the sector's middle half▼ 36.7%€0.7mwithin the sector's middle half▲ 3.0%
Debt€0.8m-€0.7m▼ 11.8%€1.2m▲ 60.8%€1.0m▼ 12.4%€1.0m▼ 4.3%€0.6m▼ 38.0%€0.7m▲ 5.3%
Working capital-€0.09m-€0.2mabove the sector's middle half-€0.4mbelow the sector's middle half-€0.1mwithin the sector's middle half▲ 68.3%-€0.1mwithin the sector's middle half▲ 5.1%-€0.4mbelow the sector's middle half▼ 231%-€0.4mbelow the sector's middle half▼ 9.3%
Solvency30.5%-33.6%within the sector's middle half▲ 3.1pp23.9%within the sector's middle half▼ 9.7pp9.3%below the sector's middle half▼ 14.6pp12.0%within the sector's middle half▲ 2.7pp13.7%within the sector's middle half▲ 1.7pp11.8%within the sector's middle half▼ 1.9pp
Current ratio0.56-3.21above the sector's middle half▲ 2.660.52below the sector's middle half▼ 2.690.50within the sector's middle half▼ 0.020.77within the sector's middle half▲ 0.270.01below the sector's middle half▼ 0.760.10below the sector's middle half▲ 0.09
Return on assets (ROA)-0.9%-0.6%within the sector's middle half▲ 1.6pp-0.1%within the sector's middle half▼ 0.7pp-0.2%within the sector's middle half▼ 0.1pp2.1%within the sector's middle half▲ 2.3pp-5.3%below the sector's middle half▼ 7.4pp-1.5%within the sector's middle half▲ 3.7pp
Staff (FTE)0.3-0.1below the sector's middle half▼ 66.7%0.2below the sector's middle half▲ 100%0.1below the sector's middle half▼ 50.0%0within the sector's middle half▼ 100%0within the sector's middle half0.1within the sector's middle half
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 €1,725, smaller than the loss of €13,530 in 2024.
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 €741,847
Fixed assets
€691,820 ▼ 3.1%
Current assets
€50,027 ▲ 739%
Equity and liabilities €741,847
Equity
€87,437 ▼ 11.6%
Debt
€654,409 ▲ 5.3%
Debt's share of the balance-sheet total rises from 86.3% to 88.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€20,589▲
2024 · €8,784
Cash flow
€10,871▲
2024 · -€15,756
Quick ratio
0.10▲
2024 · 0.01
Debt to equity
7.48▲
2024 · 6.28
ROE
-13.1%▲
2024 · -38.5%
Interest coverage
2.10▲
2024 · 0.32
Debt ≤ 1 year
€480,956▲
2024 · €400,384
Debt > 1 year
€170,833▼
2024 · €220,834
Income taxes
€0▲
2024 · -€2,725
Staff costs
€7,470
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | - | - | 0 |
| full-time | - | - | 0 |
| part-time | - | - | 0 |
| in full-time equivalents | - | - | 0 |
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.1 |
| On a permanent contract | - | - | 0 |
| Joined | 1 | 1 | 1 |
| Left | 1 | 1 | 1 |
| Training hours | - | - | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €645,834 | €592,760 | €533,419 | €270,834 | €220,834 |
| Mortgages, amount registered | €100,000 | €125,000 | €125,000 | €125,000 | €125,000 |
| Mortgage mandates | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m |
| Carrying value of the mortgaged assets | €754,546 | €1.1m | €734,123 | €714,134 | €691,820 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,189 | €346,881 | €2,632 | - | - |
| Financial fixed assets | €380,000 | - | - | - | - |
| Depreciation and write-downs of the year | €20,011 | €27,831 | €22,094 | €22,314 | €22,314 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,059 | €30,879 | €4,308 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | €17,365 | €2,825 | €0 | - | €7,470 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €43,618 | €23,495 | €20,011 | €27,831 | €22,094 | €22,314 | €22,314 | = |
| Other operating charges640/8 | - | - | €4,644 | €2,297 | €2,966 | €7,528 | €2,344 | ▼ 68.9% |
| Non-recurring operating charges66A | - | - | - | - | €73,984 | €34,397 | €0 | ▼ 100% |
| Gross operating margin9900 | €70,561 | €62,254 | €72,256 | €48,302 | €98,692 | €50,709 | €30,403 | ▼ 40.0% |
| Operating profit (loss)9901 | €6,594 | €26,301 | €30,236 | €15,348 | -€353 | -€13,530 | -€1,725 | ▲ 87.3% |
| Financial income75/76B | - | - | €1,000 | €7 | €0 | - | €98 | - |
| Recurring financial income75 | - | €0 | €1,000 | €7 | €0 | - | €98 | - |
| Financial charges65/66B | - | - | €25,784 | €14,186 | €20,964 | €27,265 | €9,816 | ▼ 64.0% |
| Recurring financial charges65 | €18,052 | €15,888 | €25,784 | €14,186 | €20,964 | €27,265 | €9,816 | ▼ 64.0% |
| Profit (loss) for the period before taxes9903 | -€11,458 | €10,414 | €5,453 | €1,169 | -€21,317 | -€40,795 | -€11,443 | ▲ 71.9% |
| Transfer from deferred taxes780 | - | - | - | €1,524 | €60,743 | €0 | - | - |
| Transfer to deferred taxes680 | - | - | - | - | €12,453 | €0 | - | - |
| Income taxes67/77 | - | €3,473 | €6,242 | €5,089 | €2,891 | -€2,725 | €0 | - |
| Profit (loss) for the period9904 | -€11,458 | €6,940 | -€790 | -€2,396 | €24,082 | -€38,070 | -€11,443 | ▲ 69.9% |
| Profit (loss) for the period to be appropriated9905 | -€11,458 | €6,940 | -€790 | -€2,396 | €24,082 | -€38,070 | -€11,443 | ▲ 69.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.6m | €1.2m | €1.1m | €0.7m | €0.7m | ▲ 3.0% |
| Fixed assets21/28 | €1.1m | €0.8m | €1.1m | €1.1m | €0.7m | €0.7m | €0.7m | ▼ 3.1% |
| Tangible fixed assets22/27 | €1.1m | €0.8m | €0.8m | €1.1m | €0.7m | €0.7m | €0.7m | ▼ 3.1% |
| Land and buildings22 | - | - | €0.4m | €0.7m | €0.4m | €0.4m | €0.3m | ▼ 3.5% |
| Plant, machinery and equipment23 | - | - | €0.001m | €0 | €0.002m | €0.002m | €0.001m | ▼ 29.3% |
| Other tangible fixed assets26 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 2.6% |
| Financial fixed assets28 | - | - | €0.4m | €0 | - | - | - | - |
| Current assets29/58 | €0.1m | €0.4m | €0.4m | €0.1m | €0.4m | €0.006m | €0.05m | ▲ 739% |
| Amounts receivable after more than one year29 | - | - | €0.1m | €0 | - | - | - | - |
| Trade receivables290 | - | - | €0.1m | €0 | - | - | - | - |
| Stocks and contracts in progress3 | €0.04m | €0.3m | €0.3m | €0.04m | €0.04m | €0.001m | €0.001m | = |
| Stocks30/36 | - | - | €0.3m | €0.04m | €0.04m | €0.001m | €0.001m | = |
| Amounts receivable within one year40/41 | €0.02m | €0.04m | €0.06m | €0.08m | €0.4m | €0.001m | €0.05m | ▲ 66× |
| Trade receivables40 | - | - | €0.003m | €0.02m | €0 | €371 | €0.05m | ▲ 125× |
| Other amounts receivable41 | - | - | €0.05m | €0.06m | €0.4m | €346 | €0.001m | ▲ 124% |
| Cash at bank and in hand54/58 | €0.001m | €172 | €102 | €0.003m | €99 | €0.005m | €0.001m | ▼ 88.3% |
| Deferred charges and accrued income490/1 | - | - | €0.004m | €0.007m | €0.002m | €0 | €0.002m | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.6m | €1.2m | €1.1m | €0.7m | €0.7m | ▲ 3.0% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 11.6% |
| Contributions10/11 | €0.5m | - | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.1m | -€0.1m | -€0.1m | -€0.1m | -€0.2m | -€0.2m | ▼ 7.1% |
| Provisions and deferred taxes16 | - | - | - | €0.05m | €0 | - | - | - |
| Deferred taxes168 | - | - | - | €0.05m | €0 | - | - | - |
| Amounts payable17/49 | €0.8m | €0.7m | €1.2m | €1.0m | €1.0m | €0.6m | €0.7m | ▲ 5.3% |
| Amounts payable after more than one year17 | €0.6m | €0.6m | €0.4m | €0.8m | €0.5m | €0.2m | €0.2m | ▼ 22.6% |
| Financial debts170/4 | - | - | €0.4m | €0.5m | €0.5m | €0.2m | €0.2m | ▼ 22.6% |
| Other amounts payable178/9 | - | - | - | €0.3m | €0 | - | - | - |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.8m | €0.3m | €0.5m | €0.4m | €0.5m | ▲ 20.1% |
| Current portion of amounts payable after more than one year42 | - | - | €0.3m | €0.06m | €0.06m | €0.05m | €0.05m | = |
| Financial debts43 | - | - | €0.04m | €0.05m | €0.3m | €0 | - | - |
| Credit institutions430/8 | - | - | €0.04m | €0.05m | €0.3m | €0 | - | - |
| Trade debts44 | €0.007m | €0.01m | €0.02m | €0.03m | €0.007m | €0.003m | €0.002m | ▼ 45.2% |
| Suppliers440/4 | - | - | €0.02m | €0.03m | €0.007m | €0.003m | €0.002m | ▼ 45.2% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.06m | €0.06m | €0 | €0.001m | - |
| Taxes450/3 | - | - | €0.02m | €0.06m | €0.06m | €0 | €59 | - |
| Remuneration and social security454/9 | - | - | - | - | - | - | €0.001m | - |
| Other amounts payable47/48 | - | - | €0.5m | €0.06m | €0.09m | €0.3m | €0.4m | ▲ 23.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.007m | €0 | €0.003m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,458 | €6,940 | -€790 | -€2,396 | €24,082 | -€38,070 | -€11,443 | ▲ 69.9% |
| + Depreciation and write-downs630 | €43,618 | €23,495 | €20,011 | €27,831 | €22,094 | €22,314 | €22,314 | = |
| Operating cash flow (approximation) | €32,161 | €30,435 | €19,222 | €25,435 | €46,176 | -€15,756 | €10,871 | - |
| Investment in fixed assets (approximation) | - | €303,264 | -€393,189 | €33,119 | €322,352 | €0 | €0 | - |
| Change in cash | - | -€797 | -€70 | €2,712 | -€2,715 | €4,549 | -€4,105 | - |
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, 2,166 companies had the same profile as MACOMAS has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MACOMAS itself: 0.7% 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.
| 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 2,166 companies, not a prediction for MACOMAS. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 22-04-2026 | 2026-00084954 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00082206 | |
| 30-09-2023 | abbreviated format | 30-11-2023 | 2023-00521830 | |
| 30-09-2022 | abbreviated format | 24-03-2023 | 2023-00048105 | |
| 30-09-2021 | abbreviated format | 06-04-2022 | 2022-20001459 | |
| 30-09-2020 | micro format | 01-04-2021 | 2021-09600320 | |
| 30-09-2019 | micro format | 21-04-2020 | 2020-09500327 | |
| 30-09-2018 | micro format | 25-04-2019 | 2019-10600170 | |
| 30-09-2017 | micro format | 30-04-2018 | 2018-11300368 | |
| 30-09-2016 | abbreviated format | 25-02-2017 | 2017-05600555 |