MaDe
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 10 filings
Equity
€5.6m▲ 10.5%
2024 · €5.1m
Total assets
€7.8m▲ 4.2%
2024 · €7.5m
Net result
€532,483▲ 187%
2024 · €185,328
Working capital
€2.5m▲ 62.9%
2024 · €1.5m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€6,763
▼ 7.5%
2025
20182025
Net result
€532,483
▲ 187%
2025
20182025
Equity
€5.6m
▲ 10.5%
2025
20182025
Total assets
€7.8m
▲ 4.2%
2025
20182025
Debt
€2.2m
▼ 9.0%
2025
20182025
Working capital
€2.5m
▲ 62.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.008m--€0.01m▼ 52.9%€0.02m-€0.006m-€0.006m▼ 6.4%-€0.006m▲ 8.6%-€0.006m▼ 6.6%-€0.007m▼ 7.5%
Net result€0.02m-€0.03m▲ 45.7%-€0.05m€0.06m-€0.01m€0.05m€0.2m▲ 311%€0.5m▲ 187%
Equity€1.8m-€2.2m▲ 23.8%€2.9m▲ 29.7%€3.9m▲ 34.8%€4.0m▲ 2.5%€4.8m▲ 20.0%€5.1m▲ 6.4%€5.6m▲ 10.5%
Total assets€3.1m-€4.1m▲ 32.1%€4.7m▲ 14.4%€6.7m▲ 42.9%€6.7m▲ 0.6%€7.4m▲ 10.5%€7.5m▲ 1.2%€7.8m▲ 4.2%
Debt€1.3m-€1.9m▲ 43.8%€1.8m▼ 3.9%€2.8m▲ 55.9%€2.7m▼ 2.0%€2.6m▼ 3.3%€2.4m▼ 8.2%€2.2m▼ 9.0%
Working capital€1.5m-€1.2m▼ 21.6%€1.2m▼ 0.2%€1.7m▲ 43.9%€1.4m▼ 20.5%€1.4m▲ 4.5%€1.5m▲ 5.9%€2.5m▲ 62.9%
The operating result for 2025 is a loss of €6,763, larger than the loss of €6,294 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€4.6m ▼ 5.8%
Current assets
€3.3m ▲ 22.5%
Equity and liabilities €7.8m
Equity
€5.6m ▲ 10.5%
Debt
€2.2m ▼ 9.0%
Debt's share of the balance-sheet total falls from 32.3% to 28.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€6,599▼
2024 · -€6,102
Cash flow
€532,647▲
2024 · €185,520
Current ratio
4.29▲
2024 · 2.36
Debt to equity
0.39▼
2024 · 0.48
ROE
9.5%▲
2024 · 3.7%
ROA
6.8%▲
2024 · 2.5%
Interest coverage
-0.06▲
2024 · -0.18
Debt ≤ 1 year
€758,448▼
2024 · €1.1m
Debt > 1 year
€1.3m▲
2024 · €1.2m
Income taxes
€57,825▼
2024 · €59,524
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | €1.2m | €245,296 | €630,000 | €840,000 | €146,178 |
| Depreciation and write-downs of the year | €818 | €818 | €281 | €192 | €164 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €565 | €818 | €818 | €281 | €192 | €164 | ▼ 14.5% |
| Other operating charges640/8 | - | - | - | €1,243 | €1,247 | €1,356 | €1,372 | €1,308 | ▼ 4.6% |
| Gross operating margin9900 | -€7,162 | -€11,715 | €20,059 | -€4,014 | -€4,400 | -€4,270 | -€4,731 | -€5,291 | ▼ 11.8% |
| Operating profit (loss)9901 | -€8,448 | -€12,915 | €18,035 | -€6,074 | -€6,465 | -€5,907 | -€6,294 | -€6,763 | ▼ 7.5% |
| Financial income75/76B | - | - | - | €151,489 | €121,418 | €133,821 | €285,051 | €700,431 | ▲ 146% |
| Recurring financial income75 | €111,341 | €151,924 | €82,982 | €92,292 | €121,418 | €133,821 | €285,051 | €700,431 | ▲ 146% |
| Non-recurring financial income76B | - | - | - | €59,197 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €77,417 | €125,971 | €66,281 | €33,904 | €103,359 | ▲ 205% |
| Recurring financial charges65 | €70,204 | €93,108 | €84,404 | €77,417 | €125,971 | €66,281 | €33,904 | €103,359 | ▲ 205% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €32,690 | €45,900 | -€42,584 | €67,998 | -€11,017 | €61,633 | €244,852 | €590,308 | ▲ 141% |
| Income taxes67/77 | €11,643 | €15,238 | €4,116 | €3,966 | €1,235 | €16,588 | €59,524 | €57,825 | ▼ 2.9% |
| Profit (loss) for the period9904 | €21,047 | €30,662 | -€46,700 | €64,032 | -€12,253 | €45,045 | €185,328 | €532,483 | ▲ 187% |
| Profit (loss) for the period to be appropriated9905 | €21,047 | €30,662 | -€46,700 | €64,032 | -€12,253 | €45,045 | €185,328 | €532,483 | ▲ 187% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €4.1m | €4.7m | €6.7m | €6.7m | €7.4m | €7.5m | €7.8m | ▲ 4.2% |
| Fixed assets21/28 | €1.3m | €2.3m | €2.7m | €3.9m | €4.2m | €4.8m | €4.8m | €4.6m | ▼ 5.8% |
| Tangible fixed assets22/27 | - | - | €0.002m | €0.001m | €0.001m | €356 | €164 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €89 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €356 | €164 | €0 | ▼ 100% |
| Financial fixed assets28 | €1.3m | €2.3m | €2.7m | €3.9m | €4.2m | €4.8m | €4.8m | €4.6m | ▼ 5.8% |
| Current assets29/58 | €1.8m | €1.7m | €1.9m | €2.7m | €2.5m | €2.6m | €2.7m | €3.3m | ▲ 22.5% |
| Amounts receivable after more than one year29 | - | - | - | €2.3m | €2.1m | €2.0m | €2.0m | €2.1m | ▲ 4.7% |
| Other amounts receivable291 | - | - | - | €2.3m | €2.1m | €2.0m | €2.0m | €2.1m | ▲ 4.7% |
| Amounts receivable within one year40/41 | - | €0.004m | €0.02m | €0.02m | €0.005m | €0.005m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.02m | €0.005m | €0.005m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.02m | €0.01m | €0.01m | €0.01m | €0.1m | €0.2m | €0.6m | ▲ 190% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 28.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €4.1m | €4.7m | €6.7m | €6.7m | €7.4m | €7.5m | €7.8m | ▲ 4.2% |
| Equity10/15 | €1.8m | €2.2m | €2.9m | €3.9m | €4.0m | €4.8m | €5.1m | €5.6m | ▲ 10.5% |
| Contributions10/11 | €1.7m | €2.1m | - | €3.7m | €3.8m | €4.6m | €4.8m | €4.8m | = |
| Reserves13 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.8m | ▲ 190% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | €0.8m | ▲ 190% |
| Profit (loss) carried forward14 | €0.01m | €0.01m | -€0.03m | €0 | -€0.01m | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.3m | €1.9m | €1.8m | €2.8m | €2.7m | €2.6m | €2.4m | €2.2m | ▼ 9.0% |
| Amounts payable after more than one year17 | €0.9m | €1.1m | €0.9m | €1.6m | €1.4m | €1.4m | €1.2m | €1.3m | ▲ 3.7% |
| Financial debts170/4 | - | - | - | €1.6m | €1.4m | €1.4m | €1.2m | €1.3m | ▲ 3.7% |
| Amounts payable within one year42/48 | €0.2m | €0.5m | €0.7m | €1.0m | €1.1m | €1.1m | €1.1m | €0.8m | ▼ 32.5% |
| Trade debts44 | €0.002m | €0.005m | €0 | €0.004m | €0.001m | €0.004m | €200 | €26 | ▼ 87.3% |
| Suppliers440/4 | - | - | - | €0.004m | €0.001m | €0.004m | €200 | €26 | ▼ 87.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.03m | €0.01m | €0.001m | €0.01m | ▲ 11× |
| Taxes450/3 | - | - | - | - | €0.03m | €0.01m | €0.001m | €0.01m | ▲ 11× |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.1m | €1.1m | €1.1m | €0.7m | ▼ 33.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.2m | €0.1m | €0.08m | €0.2m | ▲ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.03m | -€0.05m | €0.06m | -€0.01m | €0.05m | €0.2m | €0.5m | ▲ 187% |
| + Depreciation and write-downs630 | - | - | €0.001m | €0.001m | €0.001m | €281 | €192 | €164 | ▼ 14.5% |
| Operating cash flow (approximation) | €0.02m | €0.03m | -€0.05m | €0.06m | -€0.01m | €0.05m | €0.2m | €0.5m | ▲ 187% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.4m | -€1.2m | -€0.2m | -€0.6m | -€0.02m | €0.3m | - |
| Change in cash | - | -€0.002m | -€0.01m | -€0.001m | -€0.001m | €0.1m | €0.06m | €0.4m | ▲ 519% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00209662 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00275353 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00286401 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00329853 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20426429 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44500543 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-59000065 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62700596 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60800015 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-50500553 |