MACRI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 4 filings
Turnover
≈ €320,000
Estimated: probably between €220,000 and €640,000
Total assets
€488,263▼ 7.9%
2024 · €530,198
Net result
€54,237▼ 40.9%
2024 · €91,725
Working capital
-€23,439
2024 · €80,777
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€75,558
▼ 38.1%
2025
20222025
Net result
€54,237
▼ 40.9%
2025
highest quarter of the sector
20222025
Equity
€72,700
▼ 55.8%
2025
middle half of the sector
20222025
Total assets
€488,263
▼ 7.9%
2025
highest quarter of the sector
20222025
Debt
€415,563
▲ 13.7%
2025
20222025
Working capital
-€23,439
2025
lowest quarter of the sector
20222025
Solvency
14.9%
▼ 16.2pp
2025
middle half of the sector
20222025
Current ratio
0.94
▼ 0.34
2025
middle half of the sector
20222025
Return on assets (ROA)
11.1%
▼ 6.2pp
2025
middle half of the sector
20222025
Staff (FTE)
0.8
▼ 57.9%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€44,757-€53,698▲ 20.0%€122,154▲ 127%€75,558▼ 38.1%
Net result€31,894above the sector's middle half-€34,982above the sector's middle half▲ 9.7%€91,725above the sector's middle half▲ 162%€54,237above the sector's middle half▼ 40.9%
Equity€37,894within the sector's middle half-€72,876within the sector's middle half▲ 92.3%€164,602above the sector's middle half▲ 126%€72,700within the sector's middle half▼ 55.8%
Total assets€495,437above the sector's middle half-€516,483above the sector's middle half▲ 4.2%€530,198above the sector's middle half▲ 2.7%€488,263above the sector's middle half▼ 7.9%
Debt€457,543-€443,607▼ 3.0%€365,596▼ 17.6%€415,563▲ 13.7%
Working capital-€137,007below the sector's middle half--€1,399within the sector's middle half▲ 99.0%€80,777within the sector's middle half-€23,439below the sector's middle half
Solvency7.6%within the sector's middle half-14.1%within the sector's middle half▲ 6.5pp31.0%within the sector's middle half▲ 16.9pp14.9%within the sector's middle half▼ 16.2pp
Current ratio0.69below the sector's middle half-1.00within the sector's middle half▲ 0.311.28within the sector's middle half▲ 0.280.94within the sector's middle half▼ 0.34
Return on assets (ROA)6.4%within the sector's middle half-6.8%within the sector's middle half▲ 0.3pp17.3%above the sector's middle half▲ 10.5pp11.1%within the sector's middle half▼ 6.2pp
Staff (FTE)2.4-1.8▼ 25.0%1.9▲ 5.6%0.8▼ 57.9%
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 38% lower than in 2024.
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 €488,263
Fixed assets
€138,680 ▼ 13.3%
Current assets
€349,583 ▼ 5.6%
Equity and liabilities €488,263
Equity
€72,700 ▼ 55.8%
Debt
€415,563 ▲ 13.7%
Debt's share of the balance-sheet total rises from 69.0% to 85.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€98,223▼
2024 · €144,721
Cash flow
€76,902▼
2024 · €114,292
Quick ratio
0.10▼
2024 · 0.32
Debt to equity
5.72▲
2024 · 2.22
ROE
74.6%▲
2024 · 55.7%
Interest coverage
15.08▼
2024 · 23.28
Debt ≤ 1 year
€373,022▲
2024 · €289,507
Debt > 1 year
€42,541▼
2024 · €76,089
Income taxes
€14,879▼
2024 · €25,338
Staff costs
€3,338▼
2024 · €27,517
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 | 1 |
| full-time | - | 1 | 1 | - |
| part-time | 3 | 1 | 1 | 1 |
| in full-time equivalents | 2 | 1.6 | 1.4 | 0.8 |
| Average over the year, in full-time equivalents | 1.7 | 1.8 | 1.8 | 0.8 |
| On a permanent contract | 3 | 1 | 1 | - |
| Joined | 11 | 6 | 12 | 5 |
| Left | 8 | 7 | 12 | 6 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €201,637 | €6,685 | - | €1,433 |
| Intangible fixed assets | €15,000 | - | - | - |
| Depreciation and write-downs of the year | €19,284 | €21,559 | €22,566 | €22,666 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €2,000 awarded · €2,000 paidSchemes
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €64,945 | €46,907 | €27,517 | €3,338 | ▼ 87.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,284 | €21,559 | €22,566 | €22,666 | ▲ 0.4% |
| Other operating charges640/8 | €989 | €875 | €1,767 | €1,271 | ▼ 28.1% |
| Gross operating margin9900 | €129,974 | €123,040 | €174,005 | €102,832 | ▼ 40.9% |
| Operating profit (loss)9901 | €44,757 | €53,698 | €122,154 | €75,558 | ▼ 38.1% |
| Financial income75/76B | €328 | €214 | €1,124 | €72 | ▼ 93.6% |
| Recurring financial income75 | €328 | €214 | €1,124 | €72 | ▼ 93.6% |
| Financial charges65/66B | €659 | €4,966 | €6,215 | €6,515 | ▲ 4.8% |
| Recurring financial charges65 | €659 | €4,966 | €6,215 | €6,515 | ▲ 4.8% |
| Profit (loss) for the period before taxes9903 | €44,426 | €48,947 | €117,063 | €69,115 | ▼ 41.0% |
| Income taxes67/77 | €12,532 | €13,965 | €25,338 | €14,879 | ▼ 41.3% |
| Profit (loss) for the period9904 | €31,894 | €34,982 | €91,725 | €54,237 | ▼ 40.9% |
| Profit (loss) for the period to be appropriated9905 | €31,894 | €34,982 | €91,725 | €54,237 | ▼ 40.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €495,437 | €516,483 | €530,198 | €488,263 | ▼ 7.9% |
| Fixed assets21/28 | €197,354 | €182,480 | €159,913 | €138,680 | ▼ 13.3% |
| Intangible fixed assets21 | €13,603 | €12,103 | €10,603 | €9,103 | ▼ 14.1% |
| Tangible fixed assets22/27 | €183,751 | €170,377 | €149,311 | €129,578 | ▼ 13.2% |
| Furniture and vehicles24 | - | €5,464 | €3,235 | €2,340 | ▼ 27.7% |
| Leasing and similar rights25 | €31,100 | €23,373 | €15,645 | €7,918 | ▼ 49.4% |
| Other tangible fixed assets26 | €152,651 | €141,540 | €130,430 | €119,319 | ▼ 8.5% |
| Current assets29/58 | €298,083 | €334,004 | €370,284 | €349,583 | ▼ 5.6% |
| Stocks and contracts in progress3 | €251,183 | €274,587 | €276,744 | €311,835 | ▲ 12.7% |
| Stocks30/36 | €251,183 | €274,587 | €276,744 | €311,835 | ▲ 12.7% |
| Amounts receivable within one year40/41 | €9,490 | €10,993 | €8,077 | €11,886 | ▲ 47.2% |
| Trade receivables40 | €8,842 | €9,831 | €1,296 | €4,453 | ▲ 244% |
| Other amounts receivable41 | €648 | €1,162 | €6,781 | €7,433 | ▲ 9.6% |
| Cash at bank and in hand54/58 | €36,049 | €48,424 | €85,223 | €25,612 | ▼ 69.9% |
| Deferred charges and accrued income490/1 | €1,360 | - | €241 | €249 | ▲ 3.4% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €495,437 | €516,483 | €530,198 | €488,263 | ▼ 7.9% |
| Equity10/15 | €37,894 | €72,876 | €164,602 | €72,700 | ▼ 55.8% |
| Contributions10/11 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | €31,894 | €66,876 | €158,602 | €66,700 | ▼ 57.9% |
| Distributable reserves133 | €31,894 | €66,876 | €158,602 | €66,700 | ▼ 57.9% |
| Amounts payable17/49 | €457,543 | €443,607 | €365,596 | €415,563 | ▲ 13.7% |
| Amounts payable after more than one year17 | €22,453 | €108,205 | €76,089 | €42,541 | ▼ 44.1% |
| Financial debts170/4 | €22,453 | €108,205 | €76,089 | €42,541 | ▼ 44.1% |
| Amounts payable within one year42/48 | €435,090 | €335,403 | €289,507 | €373,022 | ▲ 28.8% |
| Current portion of amounts payable after more than one year42 | €6,494 | €30,736 | €32,116 | €33,548 | ▲ 4.5% |
| Financial debts43 | - | - | €20,317 | €20,277 | ▼ 0.2% |
| Credit institutions430/8 | - | - | €20,317 | €20,277 | ▼ 0.2% |
| Trade debts44 | €119,746 | €108,266 | €98,420 | €96,781 | ▼ 1.7% |
| Suppliers440/4 | €119,746 | €108,266 | €98,420 | €96,781 | ▼ 1.7% |
| Taxes, remuneration and social security45 | €13,065 | €24,287 | €20,148 | €27,789 | ▲ 37.9% |
| Taxes450/3 | €6,947 | €17,430 | €19,708 | €27,259 | ▲ 38.3% |
| Remuneration and social security454/9 | €6,118 | €6,857 | €440 | €530 | ▲ 20.5% |
| Other amounts payable47/48 | €295,785 | €172,114 | €118,507 | €194,628 | ▲ 64.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,894 | €34,982 | €91,725 | €54,237 | ▼ 40.9% |
| + Depreciation and write-downs630 | €19,284 | €21,559 | €22,566 | €22,666 | ▲ 0.4% |
| Operating cash flow (approximation) | €51,178 | €56,541 | €114,292 | €76,902 | ▼ 32.7% |
| Investment in fixed assets (approximation) | - | -€6,685 | €0 | -€1,433 | - |
| Change in cash | - | €12,375 | €36,799 | -€59,611 | - |
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, 7,976 companies had the same profile as MACRI has now. Two years later, 94.4% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
94.4%
was still going
1.8%
stopped otherwise
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MACRI itself: 0.8% 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 7,976 companies, not a prediction for MACRI. 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.