MACOPEX
ActiveFinancials · financial year 2025, micro format
2026 annual accounts not yet filed, deadline passed on 31 August 2026 The financial year closed on 31 January 2026. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2025 filed on 23-12-2025 PDF all 36 filings
Turnover
≈ €1.3m
Estimated: probably between €920,000 and €1.8m
Total assets
€916,997▲ 1.4%
2023 · €904,673
Net result
€39,270
2023 · -€39,441
Working capital
€141,454▲ 37.4%
2023 · €102,928
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
€102,209
2025
20192025
Net result
€39,270
2025
highest quarter of the sector
20192025
Equity
€362,668
2025
highest quarter of the sector
20192025
Total assets
€916,997
2025
highest quarter of the sector
20192025
Debt
€497,133
2025
20192025
Working capital
€141,454
2025
highest quarter of the sector
20192025
Solvency
39.5%
2025
middle half of the sector
20192025
Current ratio
2.56
2025
middle half of the sector
20192025
Return on assets (ROA)
4.3%
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220232025
Operating result€0.07m-€0.07m▲ 5.3%€0.03m▼ 61.0%€0.03m▼ 10.0%-€0.02m€0.1m-
Net result€0.02m-€0.03mabove the sector's middle half▲ 47.4%-€0.002mwithin the sector's middle half€0.003mwithin the sector's middle half-€0.04mbelow the sector's middle half€0.04mabove the sector's middle half-
Equity€0.4m-€0.5mabove the sector's middle half▲ 7.8%€0.5mabove the sector's middle half▲ 1.6%€0.5mabove the sector's middle half▲ 0.7%€0.4mabove the sector's middle half▼ 8.4%€0.4mabove the sector's middle half-
Total assets€1.0m-€1.0mabove the sector's middle half▲ 4.3%€1.0mabove the sector's middle half▼ 2.4%€0.9mabove the sector's middle half▼ 5.3%€0.9mabove the sector's middle half▼ 4.4%€0.9mabove the sector's middle half-
Debt€0.5m-€0.5m▲ 1.7%€0.5m▼ 4.2%€0.5m▼ 10.7%€0.5m▼ 0.4%€0.5m-
Working capital€0.002m-€0.08mabove the sector's middle half▲ 37×€0.07mwithin the sector's middle half▼ 12.6%€0.1mabove the sector's middle half▲ 38.8%€0.1mabove the sector's middle half▲ 2.9%€0.1mabove the sector's middle half-
Solvency43.3%-44.8%within the sector's middle half▲ 1.5pp46.6%within the sector's middle half▲ 1.8pp49.6%within the sector's middle half▲ 3.0pp47.5%within the sector's middle half▼ 2.1pp39.5%within the sector's middle half-
Current ratio1.03-2.28within the sector's middle half▲ 1.251.83within the sector's middle half▼ 0.453.99above the sector's middle half▲ 2.166.07above the sector's middle half▲ 2.082.56within the sector's middle half-
Return on assets (ROA)2.3%-3.3%within the sector's middle half▲ 1.0pp-0.2%within the sector's middle half▼ 3.4pp0.4%within the sector's middle half▲ 0.5pp-4.4%below the sector's middle half▼ 4.7pp4.3%within the sector's middle half-
Staff (FTE)2.7-2.6within the sector's middle half▼ 3.7%2.1▼ 19.2%0.1▼ 95.2%
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 €102,209, against a loss of €23,615 in 2023. Comparable figures for the intervening years are unavailable.
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, 2023 as the grey bar beneath
Assets €916,997
Fixed assets
€684,991 ▼ 12.3%
Current assets
€232,006 ▲ 88.3%
Equity and liabilities €916,997
Equity
€362,668 ▼ 15.6%
Provisions
€57,196 ▲ 418%
Debt
€497,133 ▲ 7.2%
Debt's share of the balance-sheet total rises from 51.3% to 54.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€126,764▲
2023 · €11,121
Cash flow
€63,825▲
2023 · -€4,706
Quick ratio
2.53▼
2023 · 5.93
Debt to equity
1.37▲
2023 · 1.08
ROE
10.8%▲
2023 · -9.2%
Interest coverage
8.78▲
2023 · 0.69
Debt ≤ 1 year
€90,551▲
2023 · €20,310
Debt > 1 year
€340,000▼
2023 · €405,000
Income taxes
€1,845▲
2023 · €188
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-01-2022 |
|---|---|
| Average over the year, in full-time equivalents | 0.1 |
| Joined | 0 |
| Left | 3 |
Source: social balance sheet in the 2022 annual accounts
Investments
| Item | 31-01-2022 | 31-01-2023 | 31-01-2025 |
|---|---|---|---|
| Tangible fixed assets | €9,040 | €3,034 | €6,917 |
| Depreciation and write-downs of the year | €33,514 | €34,736 | €24,555 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €916 | - |
| Remuneration, social security and pensions62 | - | - | - | -€4,261 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,375 | €43,276 | €47,577 | €33,514 | €34,736 | €24,555 | - |
| Other operating charges640/8 | - | - | - | €27,391 | €25,500 | €35,996 | - |
| Gross operating margin9900 | €291,948 | €221,673 | €182,345 | €82,511 | €36,621 | €162,760 | - |
| Operating profit (loss)9901 | €69,980 | €73,663 | €28,731 | €25,868 | -€23,615 | €102,209 | - |
| Financial income75/76B | - | - | - | €0 | €6 | €3 | - |
| Recurring financial income75 | €0 | - | €37 | €0 | €6 | €3 | - |
| Financial charges65/66B | - | - | - | €16,294 | €16,163 | €14,433 | - |
| Recurring financial charges65 | €29,367 | €30,641 | €27,273 | €16,294 | €16,163 | €14,433 | - |
| Profit (loss) for the period before taxes9903 | €40,613 | €43,023 | €1,495 | €9,574 | -€39,772 | €87,779 | - |
| Transfer from deferred taxes780 | - | - | - | €519 | €519 | €519 | - |
| Transfer to deferred taxes680 | - | - | - | - | - | €47,182 | - |
| Income taxes67/77 | €18,844 | €10,523 | €3,653 | €6,758 | €188 | €1,845 | - |
| Profit (loss) for the period9904 | €22,650 | €33,381 | -€1,639 | €3,334 | -€39,441 | €39,270 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €2,074 | €2,074 | €2,074 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €141,545 | - |
| Profit (loss) for the period to be appropriated9905 | €24,362 | €35,093 | €435 | €5,409 | -€37,367 | -€100,200 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | - |
| Fixed assets21/28 | €0.9m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | - |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.4m | - |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €0.001m | - |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.001m | - | - |
| Other tangible fixed assets26 | - | - | - | €0.05m | €0.04m | €0.02m | - |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | - |
| Current assets29/58 | €0.07m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | - |
| Stocks and contracts in progress3 | - | - | - | - | €0.003m | €0.003m | - |
| Stocks30/36 | - | - | - | - | €0.003m | €0.003m | - |
| Amounts receivable within one year40/41 | €0.03m | €0.1m | €0.09m | €0.08m | €0.09m | €0.08m | - |
| Trade receivables40 | - | - | - | €0.04m | €0.05m | €0.02m | - |
| Other amounts receivable41 | - | - | - | €0.05m | €0.04m | €0.06m | - |
| Cash at bank and in hand54/58 | €0.04m | €0.05m | €0.07m | €0.05m | €0.02m | €0.1m | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.008m | €0.005m | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | - |
| Equity10/15 | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | - |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | - |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | - |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | - |
| Reserves13 | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | €0.2m | - |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | - |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | - |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.2m | - |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.06m | - |
| Provisions and deferred taxes16 | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.06m | - |
| Deferred taxes168 | - | - | - | €0.01m | €0.01m | €0.06m | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | - |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | - |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | - |
| Amounts payable within one year42/48 | €0.07m | €0.06m | €0.09m | €0.03m | €0.02m | €0.09m | - |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.008m | €0.007m | €0.002m | - |
| Trade debts44 | - | €0.02m | €0.01m | €0.001m | €0.005m | €0.04m | - |
| Suppliers440/4 | - | - | - | €0.001m | €0.005m | €0.04m | - |
| Advances received on contracts in progress46 | - | - | - | - | €0.005m | €0.004m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.001m | €0.01m | - |
| Taxes450/3 | - | - | - | €0.006m | €0.001m | €0.01m | - |
| Remuneration and social security454/9 | - | - | - | €403 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.003m | €0.03m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.04m | €0.07m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,650 | €33,381 | -€1,639 | €3,334 | -€39,441 | €39,270 | - |
| + Depreciation and write-downs630 | €47,375 | €43,276 | €47,577 | €33,514 | €34,736 | €24,555 | - |
| Operating cash flow (approximation) | €70,026 | €76,657 | €45,937 | €36,848 | -€4,706 | €63,825 | - |
| Investment in fixed assets (approximation) | - | -€11,681 | -€10,868 | -€5,517 | -€3,034 | - | - |
| Change in cash | - | €13,718 | €19,595 | -€22,356 | -€27,775 | - | - |
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, 14,766 companies had the same profile as MACOPEX has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MACOPEX itself: 0.6% 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 14,766 companies, not a prediction for MACOPEX. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-01-2025 | micro format | 23-12-2025 | 2025-00588717 | |
| 31-01-2023 | micro format | 31-10-2023 | 2023-00505193 | |
| 31-01-2022 | micro format | 31-10-2022 | 2022-20484990 | |
| 31-01-2021 | micro format | 10-11-2021 | 2021-76900501 | |
| 31-01-2020 | micro format | 01-12-2020 | 2020-74600107 | |
| 31-01-2019 | micro format | 22-10-2019 | 2019-71200569 | |
| 31-01-2018 | micro format | 24-08-2018 | 2018-52500285 | |
| 31-01-2017 | full format | 30-08-2017 | 2017-52900209 | |
| 31-01-2016 | full format | 29-08-2016 | 2016-49200320 | |
| 31-01-2015 | full format | 28-07-2015 | 2015-35500137 |