MACROPUS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 27-05-2026 PDF all 18 filings
Turnover
€205,396▲ 73.4%
2024 · €118,433
EBIT margin
11.8%▼ 0.2pp
2024 · 12.0%
Net result
-€57,411▼ 7.4%
2024 · -€53,439
Working capital
€72,325▲ 76.0%
2024 · €41,099
In the rankings
#8 company by total assets in Wetteren, Real estate sector#9 company by equity in Wetteren, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€205,396
▲ 73.4%
2025
20182025
Operating result
€24,221
▲ 70.7%
2025
20182025
Net result
-€57,411
▼ 7.4%
2025
lowest quarter of the sector
20182025
EBIT margin
11.8%
▼ 0.2pp
2025
20182025
Equity
€1.6m
▼ 3.4%
2025
highest quarter of the sector
20182025
Total assets
€5.3m
▼ 1.9%
2025
highest quarter of the sector
20182025
Debt
€3.7m
▼ 1.2%
2025
20182025
Working capital
€72,325
▲ 76.0%
2025
middle half of the sector
20182025
Solvency
30.3%
▼ 0.5pp
2025
middle half of the sector
20182025
Current ratio
2.07
▲ 0.35
2025
middle half of the sector
20182025
Return on assets (ROA)
-1.1%
▼ 0.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.04m-€0.04m▲ 4.0%€0.1m▲ 208%€0.04m▼ 67.0%€0.04m▲ 7.3%€368▼ 99.1%€0.1m▲ 322×€0.2m▲ 73.4%
Operating result€0.01m-€0.01m▲ 26.1%€0.01m▼ 5.8%€0.01m▲ 19.7%€0.005m▼ 67.7%-€0.02m€0.01m€0.02m▲ 70.7%
Net result€0.008m-€0.01m▲ 36.2%€0.01mwithin the sector's middle half▼ 5.5%€0.01mwithin the sector's middle half▲ 27.1%€0.003mwithin the sector's middle half▼ 79.4%-€0.03mbelow the sector's middle half-€0.05mbelow the sector's middle half▼ 105%-€0.06mbelow the sector's middle half▼ 7.4%
EBIT margin29.7%-36.0%▲ 6.3pp11.0%▼ 25.0pp40.0%▲ 29.0pp12.1%▼ 28.0pp-4919.8%▼ 4931.9pp12.0%▲ 4931.8pp11.8%▼ 0.2pp
Equity€0.5m-€0.5m▲ 2.4%€0.5mwithin the sector's middle half▼ 1.3%€0.4mwithin the sector's middle half▼ 3.4%€1.0mabove the sector's middle half▲ 122%€1.4mwithin the sector's middle half▲ 43.7%€1.7mabove the sector's middle half▲ 17.0%€1.6mabove the sector's middle half▼ 3.4%
Total assets€0.6m-€0.6m▲ 0.1%€0.6mbelow the sector's middle half▼ 2.6%€0.6mbelow the sector's middle half▼ 4.4%€1.1mabove the sector's middle half▲ 95.5%€3.5mwithin the sector's middle half▲ 224%€5.4mabove the sector's middle half▲ 52.4%€5.3mabove the sector's middle half▼ 1.9%
Debt€0.1m-€0.1m▼ 7.0%€0.1m▼ 7.0%€0.1m▼ 7.9%€0.1m▼ 8.0%€2.1m▲ 20×€3.7m▲ 75.9%€3.7m▼ 1.2%
Working capital€0.01m-€0.03m▲ 140%€0.04mwithin the sector's middle half▲ 8.2%€0.03mwithin the sector's middle half▼ 19.8%€0.6mabove the sector's middle half▲ 18×-€0.2mbelow the sector's middle half€0.04mwithin the sector's middle half€0.07mwithin the sector's middle half▲ 76.0%
Solvency76.2%-77.9%▲ 1.7pp78.9%above the sector's middle half▲ 1.0pp79.6%above the sector's middle half▲ 0.8pp90.4%above the sector's middle half▲ 10.8pp40.0%within the sector's middle half▼ 50.4pp30.8%within the sector's middle half▼ 9.3pp30.3%within the sector's middle half▼ 0.5pp
Current ratio2.45-4.49▲ 2.034.51above the sector's middle half▲ 0.033.70above the sector's middle half▼ 0.8147.07above the sector's middle half▲ 43.360.38below the sector's middle half▼ 46.691.73within the sector's middle half▲ 1.352.07within the sector's middle half▲ 0.35
Return on assets (ROA)1.3%-1.8%▲ 0.5pp1.7%within the sector's middle half▼ 0.1pp2.3%within the sector's middle half▲ 0.6pp0.2%within the sector's middle half▼ 2.1pp-0.7%within the sector's middle half▼ 1.0pp-1.0%within the sector's middle half▼ 0.3pp-1.1%within the sector's middle half▼ 0.1pp
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 71% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€5.2m ▼ 2.7%
Current assets
€139,732 ▲ 43.0%
Equity and liabilities €5.3m
Equity
€1.6m ▼ 3.4%
Debt
€3.7m ▼ 1.2%
Debt's share of the balance-sheet total rises from 69.2% to 69.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€172,619▲
2024 · €104,117
Cash flow
€90,987▲
2024 · €36,490
Debt to equity
2.30▲
2024 · 2.25
ROE
-3.6%▼
2024 · -3.2%
Interest coverage
2.10▲
2024 · 1.54
Debt ≤ 1 year
€67,407▲
2024 · €56,609
Debt > 1 year
€3.6m▼
2024 · €3.7m
Income taxes
€0▼
2024 · €23
Customer credit
0 days▼
2024 · 5 days
Supplier credit
24 days▼
2024 · 93 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €250,000 | €250,000 | - | €27,500 | €27,500 |
| Mortgage mandates | - | - | €2.0m | €3.7m | €3.7m |
| Carrying value of the mortgaged assets | €232,000 | €220,000 | €3.4m | €5.2m | €5.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €25,218 | €2.6m | €2.0m | €5,607 |
| Depreciation and write-downs of the year | €18,486 | €18,468 | €0 | €89,929 | €148,398 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €35,155 | €36,553 | €112,401 | €37,062 | €39,751 | €368 | €118,433 | €205,396 | ▲ 73.4% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €6,250 | €15,544 | €15,119 | €12,658 | €31,218 | ▲ 147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,470 | €19,567 | €18,941 | €18,486 | €18,468 | €0 | €89,929 | €148,398 | ▲ 65.0% |
| Other operating charges640/8 | - | - | - | €819 | €944 | €3,353 | €1,658 | €1,559 | ▼ 6.0% |
| Operating charges capitalised as restructuring costs649 | - | - | - | -€3,333 | - | - | - | - | - |
| Gross operating margin9900 | €32,874 | €34,727 | €34,553 | €30,812 | €24,207 | -€14,752 | €105,775 | €174,178 | ▲ 64.7% |
| Operating profit (loss)9901 | €10,441 | €13,164 | €12,401 | €14,840 | €4,795 | -€18,105 | €14,188 | €24,221 | ▲ 70.7% |
| Financial income75/76B | - | - | - | - | - | €228 | €2 | €736 | ▲ 368× |
| Recurring financial income75 | - | - | - | - | - | €228 | €2 | €736 | ▲ 368× |
| Financial charges65/66B | - | - | - | €1,872 | €2,126 | €8,158 | €67,606 | €82,368 | ▲ 21.8% |
| Recurring financial charges65 | €2,524 | €2,372 | €2,202 | €1,872 | €2,126 | €8,158 | €67,606 | €82,368 | ▲ 21.8% |
| Profit (loss) for the period before taxes9903 | €7,917 | €10,792 | €10,199 | €12,968 | €2,669 | -€26,035 | -€53,416 | -€57,411 | ▼ 7.5% |
| Income taxes67/77 | -€7 | - | - | - | - | - | €23 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €7,924 | €10,792 | €10,199 | €12,968 | €2,669 | -€26,035 | -€53,439 | -€57,411 | ▼ 7.4% |
| Profit (loss) for the period to be appropriated9905 | €7,924 | €10,792 | €10,199 | €12,968 | €2,669 | -€26,035 | -€53,439 | -€57,411 | ▼ 7.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.6m | €0.6m | €1.1m | €3.5m | €5.4m | €5.3m | ▼ 1.9% |
| Fixed assets21/28 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €3.4m | €5.3m | €5.2m | ▼ 2.7% |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €3.4m | €5.3m | €5.2m | ▼ 2.7% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €5.2m | €5.1m | ▼ 2.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.08m | €0.08m | ▼ 3.1% |
| Other tangible fixed assets26 | - | - | - | €0.001m | €0.001m | - | - | - | - |
| Assets under construction and advance payments27 | - | - | - | - | - | €2.9m | - | - | - |
| Current assets29/58 | €0.02m | €0.04m | €0.05m | €0.04m | €0.6m | €0.1m | €0.1m | €0.1m | ▲ 43.0% |
| Amounts receivable within one year40/41 | - | - | - | - | €0.004m | €0.01m | €0.002m | €217 | ▼ 86.6% |
| Other amounts receivable41 | - | - | - | - | €0.004m | €0.01m | €0.002m | €217 | ▼ 86.6% |
| Current investments50/53 | €0.02m | €0.04m | €0.03m | €0.02m | €0.02m | €0 | - | - | - |
| Cash at bank and in hand54/58 | €0.01m | €0.002m | €0.02m | €0.02m | €0.5m | €0.1m | €0.1m | €0.1m | ▲ 44.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.6m | €0.6m | €1.1m | €3.5m | €5.4m | €5.3m | ▼ 1.9% |
| Equity10/15 | €0.5m | €0.5m | €0.5m | €0.4m | €1.0m | €1.4m | €1.7m | €1.6m | ▼ 3.4% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €1.0m | €1.5m | €1.8m | €1.8m | ▲ 0.1% |
| Capital10 | - | - | - | €0.5m | €1.0m | - | - | €1.8m | - |
| Issued capital100 | - | - | - | €0.5m | €1.0m | - | - | €1.8m | - |
| Profit (loss) carried forward14 | -€0.06m | -€0.05m | -€0.04m | -€0.03m | -€0.03m | -€0.05m | -€0.1m | -€0.2m | ▼ 54.1% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €2.1m | €3.7m | €3.7m | ▼ 1.2% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.1m | €0.09m | €1.8m | €3.7m | €3.6m | ▼ 1.5% |
| Financial debts170/4 | - | - | - | €0.1m | €0.09m | €1.8m | €3.7m | €3.6m | ▼ 1.5% |
| Amounts payable within one year42/48 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.3m | €0.06m | €0.07m | ▲ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | - | €0.05m | €0.06m | ▲ 3.2% |
| Trade debts44 | - | - | €0.001m | €0.001m | €0.002m | €0.3m | €0.003m | €0.002m | ▼ 37.9% |
| Suppliers440/4 | - | - | - | €0.001m | €0.002m | €0.3m | €0.003m | €0.002m | ▼ 37.9% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €0.01m | - |
| Taxes450/3 | - | - | - | - | - | - | - | €0.01m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.008m | €407 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.008m | €0.01m | €0.01m | €0.01m | €0.003m | -€0.03m | -€0.05m | -€0.06m | ▼ 7.4% |
| + Depreciation and write-downs630 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0 | €0.09m | €0.1m | ▲ 65.0% |
| Operating cash flow (approximation) | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | -€0.03m | €0.04m | €0.09m | ▲ 149% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€0.03m | -€2.9m | -€2.0m | -€0.006m | ▲ 99.7% |
| Change in cash | - | -€0.007m | €0.02m | €0.003m | €0.5m | -€0.5m | €0.001m | €0.04m | ▲ 40× |
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, 2,686 companies had the same profile as MACROPUS has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MACROPUS 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 2,686 companies, not a prediction for MACROPUS. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 27-05-2026 | 2026-00126379 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00155875 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00150658 | |
| 31-12-2022 | micro format | 25-05-2023 | 2023-00098967 | |
| 31-12-2021 | abbreviated format | 19-05-2022 | 2022-20045288 | |
| 31-12-2020 | abbreviated format | 27-05-2021 | 2021-15400550 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-51300473 | |
| 31-12-2018 | micro format | 22-05-2019 | 2019-13900278 | |
| 31-12-2017 | micro format | 22-05-2018 | 2018-13300474 | |
| 31-12-2016 | abbreviated format | 10-08-2017 | 2017-42900195 |