Equity
MACONAL paid out €800,000 in dividends. That is 73% of the 2025 profit.
In July 2024, 17,811 companies had the same profile as MACONAL has now. Each dot stands for 45 companies, two years later.
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 17,811 companies, not a prediction for MACONAL. 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.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| MACONAL Brussels | €59.9m | 2.3% | 32.4% | 18 |
| SOLINEST BELGILUX Braine-l'Alleud | €33.0m | 4.3% | 42.3% | 21 |
| GÜLCAN HORECA Mol | €22.4m | 7.2% | 80.3% | 19.5 |
| OZ FOOD Brussels | €24.4m | 12.7% | 56.3% | 35.1 |
| PRINOVA BENELUX AND FRANCE Erpe-Mere | €75.7m | 3.9% | 43.9% | 11 |
| PULVIVER Bastogne | €14.7m | 0.9% | 39.0% | 9.7 |
| GROUPEMENTS DE PRODUCTEURS FRUITS ET LEGUMES Sombreffe | €38.9m | 1.2% | 20.2% | 46 |
Grey: the largest companies of the sector (wholesale trade (NACE 46)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as MACONAL: wholesale of other food products (NACE 46389). They are comparable in size and age: total assets between €4.8m and €19m, founded between 2003 and 2012.
MACONAL has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €1.1m.
Equity has been growing by about 25% per year since 2019. Its solvency ranks better than 37% of 3,761 sector peers (NACE 46, financial year 2025).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 37% of 3,761 companies in 2025.
Higher than 34% of 3,727 companies in 2025.
Higher than 93% of 3,758 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
12 men and 6 women in full-time equivalents in 2025.
Men €41,557, women €40,205 per full-time equivalent. Jobs differ, so this is not a pay gap.
In 2025, 159 people joined and 153 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
5.4m | 5.2m | 4.1m | 3.6m | 2.7m | 2.3m | 2.0m | 1.8m | 1.7m | 915,354 | |
21/28 |
440,987 | 486,902 | 432,718 | 267,400 | 263,207 | 255,528 | 215,403 | 174,977 | 130,423 | 111,840 | |
21 |
- | - | 0 | 871 | 1,742 | 2,613 | 3,484 | - | - | - | |
22/27 |
364,301 | 395,077 | 341,224 | 175,035 | 169,971 | 161,421 | 123,345 | 99,443 | 54,889 | 45,636 | |
23 |
94,775 | 120,372 | 72,485 | 86,287 | 89,772 | 73,834 | 55,638 | 59,584 | 8,047 | 12,174 | |
24 |
80,743 | 54,706 | 44,611 | 15,768 | 14,214 | 8,244 | 6,772 | 5,162 | 6,859 | 7,260 | |
25 |
- | 0 | 5,795 | 11,590 | - | 23,180 | - | - | - | - | |
26 |
188,782 | 219,999 | 218,333 | 61,390 | 48,600 | 56,163 | 58,793 | 23,119 | 21,092 | - | |
28 |
76,686 | 91,825 | 91,494 | 91,494 | 91,494 | 91,494 | 88,574 | 75,534 | 75,534 | 66,204 | |
280/1 |
17,744 | 33,294 | - | - | - | - | - | - | - | - | |
280 |
17,744 | 33,294 | - | - | - | - | - | - | - | - | |
284/8 |
58,942 | 58,531 | - | - | - | - | - | - | - | - | |
284 |
6,200 | 6,200 | - | - | - | - | - | - | - | - | |
285/8 |
52,742 | 52,331 | - | - | - | - | - | - | - | - | |
29/58 |
5.0m | 4.8m | 3.6m | 3.4m | 2.4m | 2.1m | 1.7m | 1.6m | 1.6m | 803,514 | |
3 |
2.6m | 2.5m | 2.1m | 2.2m | 1.5m | 1.7m | 1.2m | 1.1m | 1.1m | 484,142 | |
30/36 |
2.6m | 2.5m | 2.1m | 2.2m | 1.5m | 1.7m | 1.2m | 1.1m | 1.1m | 484,142 | |
34 |
2.6m | 2.5m | - | - | - | - | - | - | - | - | |
40/41 |
1.5m | 726,760 | 326,335 | 298,907 | 182,535 | 116,737 | 117,770 | 300,685 | 255,868 | 216,015 | |
40 |
920,977 | 708,703 | 288,391 | 298,907 | 182,535 | 113,373 | 117,770 | 278,701 | 154,291 | 166,365 | |
41 |
533,536 | 18,057 | 37,944 | - | - | 3,364 | - | 21,984 | 101,577 | 49,650 | |
50/53 |
199,462 | 49,462 | 49,305 | 45,566 | - | - | - | - | - | - | |
50 |
150,000 | - | - | - | - | - | - | - | - | - | |
51/53 |
49,462 | 49,462 | - | - | - | - | - | - | - | - | |
54/58 |
701,925 | 1.5m | 1.1m | 785,783 | 708,173 | 290,319 | 367,923 | 203,417 | 276,787 | 87,004 | |
490/1 |
15,234 | 25,500 | 14,054 | 28,277 | 29,070 | 8,892 | 20,729 | 7,306 | 7,545 | 16,352 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
5.4m | 5.2m | 4.1m | 3.6m | 2.7m | 2.3m | 2.0m | 1.8m | 1.7m | 915,354 | |
10/15 |
1.8m | 1.5m | 1.3m | 1.2m | 857,622 | 725,154 | 469,841 | 401,530 | 363,485 | 82,717 | |
10/11 |
20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | |
100 |
- | - | - | - | - | - | 20,000 | 20,000 | 20,000 | 20,000 | |
13 |
1.7m | 1.4m | 1.2m | 1.1m | 837,622 | 705,154 | 449,841 | 381,530 | 343,485 | 62,717 | |
130/1 |
150,000 | 0 | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | |
130 |
- | - | - | - | - | - | 2,000 | 2,000 | 2,000 | 2,000 | |
1311 |
- | 0 | 2,000 | 2,000 | 2,000 | 2,000 | - | - | - | - | |
1312 |
150,000 | - | - | - | - | - | - | - | - | - | |
133 |
1.6m | 1.4m | 1.2m | 1.1m | 835,622 | 703,154 | 447,841 | 379,530 | 341,485 | 60,717 | |
14 |
- | - | 0 | 0 | - | - | - | - | - | - | |
17/49 |
3.7m | 3.8m | 2.8m | 2.5m | 1.8m | 1.6m | 1.5m | 1.4m | 1.4m | 832,637 | |
17 |
- | - | 0 | 3,140 | 10,552 | 17,793 | 21,686 | 81,016 | 85,599 | 134,556 | |
170/4 |
- | - | 0 | 3,140 | 10,552 | 17,793 | 21,686 | 81,016 | 85,599 | 134,556 | |
42/48 |
3.7m | 3.8m | 2.8m | 2.5m | 1.8m | 1.6m | 1.5m | 1.3m | 1.3m | 698,081 | |
42 |
- | 0 | 3,140 | 7,412 | 7,240 | 28,759 | 59,329 | 62,678 | 48,957 | 47,700 | |
44 |
2.5m | 3.0m | 2.0m | 2.0m | 1.4m | 1.2m | 1.1m | 1.1m | 962,736 | 583,245 | |
440/4 |
2.5m | 3.0m | 2.0m | 2.0m | 1.4m | 1.2m | 1.1m | 1.1m | 962,736 | 583,245 | |
45 |
169,408 | 182,676 | 200,008 | 205,167 | 159,007 | 139,010 | 170,589 | 132,384 | 207,464 | 51,575 | |
450/3 |
60,417 | 77,474 | 80,407 | 85,898 | 55,344 | 33,209 | 67,189 | 39,039 | 181,695 | 51,575 | |
454/9 |
108,991 | 105,202 | 119,601 | 119,269 | 103,663 | 105,801 | 103,400 | 93,346 | 25,769 | - | |
47/48 |
950,000 | 613,862 | 620,711 | 274,202 | 174,559 | 171,725 | 98,216 | 44,788 | 65,838 | 15,561 | |
492/3 |
- | - | - | - | - | - | - | - | 1,224 | - | |
| Income statement | |||||||||||
70/76A |
59.9m | 54.6m | - | - | - | - | - | - | - | - | |
70 |
59.9m | 54.6m | - | - | - | - | - | - | - | - | |
74 |
5,373 | 20,633 | - | - | - | - | - | - | - | - | |
76A |
6,818 | - | - | - | - | - | - | 19,721 | 8,426 | - | |
9900 |
- | - | 1.8m | 1.4m | 1.0m | 1.1m | 844,791 | 788,445 | 1.0m | 689,598 | |
60/66A |
58.5m | 53.6m | - | - | - | - | - | - | - | - | |
60 |
56.4m | 51.5m | - | - | - | - | - | - | - | - | |
600/8 |
56.5m | 51.9m | - | - | - | - | - | - | - | - | |
609 |
-108,047 | -372,507 | - | - | - | - | - | - | - | - | |
61 |
1.1m | 1.2m | - | - | - | - | - | - | - | - | |
62 |
739,913 | 744,636 | 795,469 | 672,066 | 620,775 | 550,771 | 594,011 | 661,803 | 522,686 | 535,618 | |
630 |
93,953 | 82,234 | 55,331 | 41,776 | 33,416 | 25,527 | 26,277 | 21,795 | 15,805 | 18,304 | |
631/4 |
107,274 | 56,780 | 25,878 | 603 | 2,838 | - | 1,242 | - | - | - | |
640/8 |
1,667 | 16,709 | 5,664 | 5,331 | 8,423 | 8,383 | 6,214 | 9,882 | 7,827 | 24,052 | |
66A |
550 | 1,935 | - | - | - | - | 23,760 | - | - | - | |
9901 |
1.4m | 1.1m | 939,982 | 717,120 | 370,980 | 563,996 | 217,046 | 94,965 | 486,346 | 111,623 | |
75/76B |
44,863 | 27,346 | 20,699 | 14,618 | 19,672 | 21,650 | 17,934 | 21,640 | 30,909 | 26,980 | |
75 |
44,863 | 27,346 | 20,699 | 14,618 | 19,672 | 19,273 | 17,934 | 21,640 | 22,482 | 26,980 | |
750 |
3,409 | 2,974 | - | - | - | - | - | - | - | - | |
751 |
5,440 | 156 | - | - | - | - | - | - | - | - | |
752/9 |
36,015 | 24,215 | - | - | - | - | - | - | - | - | |
76B |
- | - | - | - | - | 2,377 | - | - | 8,426 | - | |
65/66B |
12,337 | 14,288 | 19,316 | 12,079 | 15,971 | 14,750 | 40,258 | 21,779 | 13,574 | 41,065 | |
65 |
12,337 | 14,288 | 19,316 | 12,079 | 15,971 | 13,108 | 16,497 | 21,779 | 13,574 | 41,065 | |
650 |
0 | 124 | - | - | - | - | - | - | - | - | |
651 |
- | 0 | - | - | - | - | - | - | - | - | |
652/9 |
12,337 | 14,164 | - | - | - | - | - | - | - | - | |
66B |
- | - | - | - | - | 1,642 | 23,760 | - | - | - | |
9903 |
1.4m | 1.1m | 941,364 | 719,659 | 374,682 | 570,896 | 194,723 | 94,826 | 503,681 | 97,538 | |
67/77 |
322,250 | 271,505 | 230,347 | 176,827 | 92,214 | 165,582 | 51,412 | 31,780 | 172,913 | 34,821 | |
670/3 |
322,250 | 271,505 | - | - | - | - | - | - | - | - | |
9904 |
1.1m | 792,514 | 711,017 | 542,833 | 282,468 | 405,314 | 143,310 | 63,046 | 330,768 | 62,717 | |
9905 |
1.1m | 792,514 | 711,017 | 542,833 | 282,468 | 405,314 | 143,310 | 63,046 | 330,768 | 62,717 | |
| Appropriation of the result | |||||||||||
9906 |
1.1m | 792,514 | 711,017 | 542,833 | 282,468 | 405,314 | 143,310 | 63,046 | 330,768 | 62,717 | |
691/2 |
300,614 | 192,514 | 111,017 | 292,833 | 132,468 | 255,314 | 68,310 | 38,046 | 280,768 | 62,717 | |
6920 |
- | - | - | - | - | - | - | - | - | 2,000 | |
6921 |
300,614 | 192,514 | 111,017 | 292,833 | 132,468 | 255,314 | 68,310 | 38,046 | 280,768 | 60,717 | |
694/7 |
800,000 | 600,000 | 600,000 | 250,000 | 150,000 | 150,000 | 75,000 | 25,000 | 50,000 | - | |
694 |
800,000 | 600,000 | 600,000 | 250,000 | 150,000 | 150,000 | 75,000 | 25,000 | 50,000 | - | |
| Social balance sheet | |||||||||||
9087 |
18 | 15.2 | 15.9 | 15.3 | 11.3 | 11.8 | 12.6 | 12 | 11.1 | 9.1 | |
Men (FTE)1003 |
12 | 10.1 | - | - | - | - | - | - | - | - | |
Women (FTE)1003 |
6 | 5.1 | - | - | - | - | - | - | - | - | |
Hours worked1013 |
22,677 | 22,246 | 22,124 | 21,251 | 16,895 | - | 18,474 | 17,320 | 16,919 | 20,296 | |
| Document | |||||||||||
The notes to these accounts have 69 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 30-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 30-01-2026 | 2026-00027485 | |
| 30-06-2024 | full format | 31-01-2025 | 2025-00022557 | |
| 30-06-2023 | abbreviated format | 20-12-2023 | 2023-00533331 | |
| 30-06-2022 | abbreviated format | 16-01-2023 | 2023-20558933 | |
| 30-06-2021 | abbreviated format | 25-01-2022 | 2022-02700520 | |
| 30-06-2020 | abbreviated format | 27-01-2021 | 2021-02500423 | |
| 30-06-2019 | abbreviated format | 10-12-2019 | 2019-75900530 | |
| 30-06-2018 | abbreviated format | 02-01-2019 | 2019-00100429 | |
| 30-06-2017 | abbreviated format | 30-01-2018 | 2018-03000570 | |
| 30-06-2016 | abbreviated format | 04-01-2017 | 2017-00100364 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1.5m | 1.1m | 995,313 | 758,896 | 404,397 | 589,523 | 243,324 | 116,760 | 502,151 | 129,928 | ||
| 1.2m | 874,748 | 766,349 | 584,609 | 315,884 | 430,841 | 169,588 | 84,841 | 346,572 | 81,021 | ||
| 63,177 | 171,796 | 220,649 | 45,969 | 41,095 | 118,997 | 66,703 | 66,350 | 34,387 | 130,145 | ||
| -759,558 | 329,546 | 346,154 | 77,610 | 417,854 | -77,604 | 164,506 | -73,370 | 189,783 | - | ||
| 1.3m | 967,084 | 828,754 | 886,195 | 604,967 | 487,419 | 276,124 | 307,569 | 319,885 | 105,433 | ||
| 2.3% | 1.9% | - | - | - | - | - | - | - | - | ||
| 32.4% | 27.7% | 30.9% | 31.7% | 32.3% | 31.2% | 24.0% | 22.1% | 20.9% | 9.0% | ||
| 1.36 | 1.26 | 1.29 | 1.36 | 1.34 | 1.31 | 1.19 | 1.23 | 1.25 | 1.15 | ||
| 0.65 | 0.60 | 0.54 | 0.47 | 0.51 | 0.26 | 0.35 | 0.38 | 0.42 | 0.46 | ||
| 2.09 | 2.61 | 2.23 | 2.15 | 2.10 | 2.20 | 3.16 | 3.52 | 3.77 | 10.07 | ||
| 62.7% | 54.5% | 56.4% | 47.2% | 32.9% | 55.9% | 30.5% | 15.7% | 91.0% | 75.8% | ||
| 20.3% | 15.1% | 17.4% | 15.0% | 10.6% | 17.5% | 7.3% | 3.5% | 19.1% | 6.9% | ||
| - | over 100 | 51.53 | 62.83 | - | 44.97 | - | - | - | - | ||
| 6 days | 5 days | - | - | - | - | - | - | - | - | ||
| 16 days | 21 days | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Source: 2025 accounts, page 22, filing 2026-00027485
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 22 | 16 | 16 | 17 |
| full-time | 19 | 12 | 13 | 15 |
| part-time | 3 | 4 | 3 | 2 |
| in full-time equivalents | 20.9 | 15.1 | 15.2 | 16.4 |
| 18 | 15.2 | 15.9 | 15.3 | |
| On a permanent contract | 19 | 15 | 16 | 17 |
| Joined | 159 | 50 | 6 | 6 |
| Left | 153 | 50 | 7 | 2 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 | 30-06-2020 |
|---|---|---|---|---|---|
| Tangible fixed assets | €63,177 | €171,796 | €220,649 | €45,969 | €66,997 |
| Financial fixed assets | €0 | €0 | - | - | €52,000 |
| €93,953 | €82,234 | €55,331 | €41,776 | €25,527 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 32% higher than in 2024 and the highest since 2016. It is the fourth rise in a row, after the fall in 2021.
Debt's share of the balance-sheet total falls from 72.3% to 67.6%. Equity is higher and debt is lower.
Source: lists of holdings in the owners' accounts
Source: list of holdings in its own 30-06-2025 accounts. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Source for every holding own accounts 30-06-2025
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Werkhuizenkaai 22-23 registered office 1000 Brussels | 06-02-2015 | 2.239.639.928 | Food wholesaler Wholesaler of petfood |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21813E0110/00G002 | 12.0 ha | 1 · 6,817 m² | 11.7 m · 3 |
If something looks wrong or is missing, please tell us.