MACON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 24 filings
Turnover
≈ €170,000
Estimated: probably between €150,000 and €200,000
Total assets
€4.3m▲ 20.7%
2024 · €3.5m
Net result
€761,238▼ 53.8%
2024 · €1.6m
Working capital
€4.2m▲ 22.1%
2024 · €3.4m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€100,217
▲ 5.4%
2025
20192025
Net result
€761,238
▼ 53.8%
2025
highest quarter of the sector
20192025
Equity
€4.2m
▲ 22.1%
2025
highest quarter of the sector
20192025
Total assets
€4.3m
▲ 20.7%
2025
highest quarter of the sector
20192025
Debt
€50,988
▼ 36.7%
2025
20192025
Working capital
€4.2m
▲ 22.1%
2025
highest quarter of the sector
20192025
Solvency
98.8%
▲ 1.1pp
2025
highest quarter of the sector
20192025
Current ratio
83.45
▲ 39.73
2025
highest quarter of the sector
20192025
Return on assets (ROA)
17.9%
▼ 28.8pp
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€0.08m-€0.07m▼ 14.3%€0.06m▼ 15.5%€0.07m▲ 26.1%€0.07m▼ 6.4%€0.1m▲ 43.6%€0.1m▲ 5.4%
Net result€0.06m-€0.06mabove the sector's middle half▼ 9.6%€0.04mwithin the sector's middle half▼ 21.1%€0.8mabove the sector's middle half▲ 18×€0.5mabove the sector's middle half▼ 39.7%€1.6mabove the sector's middle half▲ 255%€0.8mabove the sector's middle half▼ 53.8%
Equity€0.7m-€0.8mabove the sector's middle half▲ 7.9%€0.8mabove the sector's middle half▲ 1.8%€1.4mabove the sector's middle half▲ 84.4%€1.9mabove the sector's middle half▲ 32.7%€3.5mabove the sector's middle half▲ 83.2%€4.2mabove the sector's middle half▲ 22.1%
Total assets€0.8m-€0.9mabove the sector's middle half▲ 6.1%€0.9mabove the sector's middle half▼ 4.6%€1.6mabove the sector's middle half▲ 86.7%€2.1mabove the sector's middle half▲ 32.2%€3.5mabove the sector's middle half▲ 66.9%€4.3mabove the sector's middle half▲ 20.7%
Debt€0.1m-€0.1m▼ 2.6%€0.09m▼ 38.5%€0.2m▲ 107%€0.2m▲ 28.4%€0.08m▼ 65.3%€0.05m▼ 36.7%
Working capital€0.5m-€0.7mabove the sector's middle half▲ 40.5%€0.8mabove the sector's middle half▲ 1.8%€1.4mabove the sector's middle half▲ 85.4%€1.9mabove the sector's middle half▲ 32.9%€3.4mabove the sector's middle half▲ 83.6%€4.2mabove the sector's middle half▲ 22.1%
Solvency82.8%-84.2%above the sector's middle half▲ 1.4pp89.8%above the sector's middle half▲ 5.6pp88.7%above the sector's middle half▼ 1.1pp89.0%above the sector's middle half▲ 0.3pp97.7%above the sector's middle half▲ 8.7pp98.8%above the sector's middle half▲ 1.1pp
Current ratio4.64-6.25above the sector's middle half▲ 1.619.70above the sector's middle half▲ 3.448.80above the sector's middle half▼ 0.909.07above the sector's middle half▲ 0.2843.72above the sector's middle half▲ 34.6583.45above the sector's middle half▲ 39.73
Return on assets (ROA)7.2%-6.2%within the sector's middle half▼ 1.1pp5.1%within the sector's middle half▼ 1.1pp48.1%above the sector's middle half▲ 43.0pp21.9%within the sector's middle half▼ 26.2pp46.6%above the sector's middle half▲ 24.7pp17.9%within the sector's middle half▼ 28.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 5% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €4.3m
Fixed assets
€9,320 =
Current assets
€4.3m ▲ 20.8%
Equity and liabilities €4.3m
Equity
€4.2m ▲ 22.1%
Debt
€50,988 ▼ 36.7%
Debt's share of the balance-sheet total falls from 2.3% to 1.2%. Equity is higher and debt is lower.
Key figures and ratios
Debt to equity
0.01▼
2024 · 0.02
ROE
18.1%▼
2024 · 47.7%
Debt ≤ 1 year
€50,988▼
2024 · €80,583
Income taxes
€107,743▼
2024 · €189,950
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | €0.001m | €397 | €0.001m | €0.002m | €0.002m | ▼ 0.7% |
| Gross operating margin9900 | €0.08m | €0.07m | €0.06m | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 5.3% |
| Operating profit (loss)9901 | €0.08m | €0.07m | €0.06m | €0.07m | €0.07m | €0.1m | €0.1m | ▲ 5.4% |
| Financial income75/76B | - | - | €0.004m | €0.8m | €0.5m | €1.7m | €0.8m | ▼ 55.9% |
| Recurring financial income75 | €0.01m | €0.01m | €0.004m | €0.8m | €0.5m | €1.7m | €0.8m | ▼ 55.9% |
| Financial charges65/66B | - | - | €200 | €0.001m | €216 | €295 | €369 | ▲ 25.0% |
| Recurring financial charges65 | €0.003m | €244 | €200 | €0.001m | €216 | €295 | €369 | ▲ 25.0% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.08m | €0.06m | €0.9m | €0.5m | €1.8m | €0.9m | ▼ 52.7% |
| Income taxes67/77 | €0.02m | €0.02m | €0.02m | €0.09m | €0.07m | €0.2m | €0.1m | ▼ 43.3% |
| Profit (loss) for the period9904 | €0.06m | €0.06m | €0.04m | €0.8m | €0.5m | €1.6m | €0.8m | ▼ 53.8% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.06m | €0.04m | €0.8m | €0.5m | €1.6m | €0.8m | ▼ 53.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €0.9m | €0.9m | €1.6m | €2.1m | €3.5m | €4.3m | ▲ 20.7% |
| Fixed assets21/28 | €0.2m | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Financial fixed assets28 | €0.2m | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Current assets29/58 | €0.7m | €0.9m | €0.8m | €1.6m | €2.1m | €3.5m | €4.3m | ▲ 20.8% |
| Amounts receivable after more than one year29 | - | - | €0.5m | €1.0m | €1.0m | €2.5m | €0.6m | ▼ 77.7% |
| Other amounts receivable291 | - | - | €0.5m | €1.0m | €1.0m | €2.5m | €0.6m | ▼ 77.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.2m | €0.2m | €0.09m | €0.3m | €0.9m | ▲ 229% |
| Trade receivables40 | - | - | €0.1m | €0.2m | €0.07m | €0.3m | €0.8m | ▲ 219% |
| Other amounts receivable41 | - | - | €0.09m | €0.01m | €0.02m | €0.03m | €0.1m | ▲ 319% |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.1m | €0.4m | €1.1m | €0.7m | €2.7m | ▲ 269% |
| Deferred charges and accrued income490/1 | - | - | €0.004m | €0.002m | €0.01m | €0.02m | €0.02m | ▲ 50.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €0.9m | €0.9m | €1.6m | €2.1m | €3.5m | €4.3m | ▲ 20.7% |
| Equity10/15 | €0.7m | €0.8m | €0.8m | €1.4m | €1.9m | €3.5m | €4.2m | ▲ 22.1% |
| Contributions10/11 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Capital10 | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Issued capital100 | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.6m | €0.7m | €0.7m | €1.4m | €1.8m | €3.4m | €4.1m | ▲ 22.5% |
| Non-distributable reserves130/1 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | - | - | €0.7m | €1.3m | €1.8m | €3.4m | €4.1m | ▲ 22.5% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.09m | €0.2m | €0.2m | €0.08m | €0.05m | ▼ 36.7% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.09m | €0.2m | €0.2m | €0.08m | €0.05m | ▼ 36.7% |
| Trade debts44 | €0.001m | €0.002m | €0.009m | €0.002m | €0.004m | €0.006m | €0.002m | ▼ 67.0% |
| Suppliers440/4 | - | - | €0.009m | €0.002m | €0.004m | €0.006m | €0.002m | ▼ 67.0% |
| Taxes, remuneration and social security45 | - | - | €0.006m | €0.08m | €0.1m | €0.03m | €0.005m | ▼ 82.7% |
| Taxes450/3 | - | - | €0.006m | €0.08m | €0.1m | €0.03m | €0.005m | ▼ 82.7% |
| Other amounts payable47/48 | - | - | €0.07m | €0.1m | €0.1m | €0.04m | €0.04m | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.06m | €0.06m | €0.04m | €0.8m | €0.5m | €1.6m | €0.8m | ▼ 53.8% |
| Operating cash flow (approximation) | €0.06m | €0.06m | €0.04m | €0.8m | €0.5m | €1.6m | €0.8m | ▼ 53.8% |
| Investment in fixed assets (approximation) | - | €0.2m | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €0.2m | -€0.3m | €0.3m | €0.7m | -€0.3m | €2.0m | - |
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, 20,136 companies had the same profile as MACON has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of MACON 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.
| 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 20,136 companies, not a prediction for MACON. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00091346 | |
| 30-09-2024 | micro format | 24-04-2025 | 2025-00074851 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00077821 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00075885 | |
| 30-09-2021 | micro format | 02-05-2022 | 2022-20021911 | |
| 30-09-2020 | micro format | 26-04-2021 | 2021-11300492 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-10700214 | |
| 30-09-2018 | micro format | 29-04-2019 | 2019-11700232 | |
| 30-09-2017 | micro format | 26-04-2018 | 2018-11100505 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-10600494 |