MaDe
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 7 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €220,000
Total assets
€783,467▲ 0.3%
2024 · €781,037
Net result
€75,925▲ 9.2%
2024 · €69,552
Working capital
-€15,051▲ 38.0%
2024 · -€24,286
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€108,297
▲ 5.3%
2025
20192025
Net result
€75,925
▲ 9.2%
2025
highest quarter of the sector
20192025
Equity
€320,454
▲ 31.0%
2025
highest quarter of the sector
20192025
Total assets
€783,467
▲ 0.3%
2025
highest quarter of the sector
20192025
Debt
€463,013
▼ 13.7%
2025
20192025
Working capital
-€15,051
▲ 38.0%
2025
lowest quarter of the sector
20192025
Solvency
40.9%
▲ 9.6pp
2025
middle half of the sector
20192025
Current ratio
0.85
▲ 0.08
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
9.7%
▲ 0.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€46,248-€29,945▼ 35.3%€40,947▲ 36.7%€73,555▲ 79.6%€96,338▲ 31.0%€102,878▲ 6.8%€108,297▲ 5.3%
Net result€36,462-€22,584within the sector's middle half▼ 38.1%€30,378within the sector's middle half▲ 34.5%€43,441within the sector's middle half▲ 43.0%€65,313above the sector's middle half▲ 50.4%€69,552above the sector's middle half▲ 6.5%€75,925above the sector's middle half▲ 9.2%
Equity€36,562-€59,145within the sector's middle half▲ 61.8%€89,523within the sector's middle half▲ 51.4%€120,963within the sector's middle half▲ 35.1%€180,277within the sector's middle half▲ 49.0%€244,529above the sector's middle half▲ 35.6%€320,454above the sector's middle half▲ 31.0%
Total assets€59,512-€73,670below the sector's middle half▲ 23.8%€128,467within the sector's middle half▲ 74.4%€785,736above the sector's middle half▲ 512%€774,709above the sector's middle half▼ 1.4%€781,037above the sector's middle half▲ 0.8%€783,467above the sector's middle half▲ 0.3%
Debt€22,950-€14,525▼ 36.7%€38,944▲ 168%€664,772▲ 17×€594,432▼ 10.6%€536,508▼ 9.7%€463,013▼ 13.7%
Working capital€36,562-€57,883within the sector's middle half▲ 58.3%€96,358within the sector's middle half▲ 66.5%-€7,979below the sector's middle half-€28,023below the sector's middle half▼ 251%-€24,286below the sector's middle half▲ 13.3%-€15,051below the sector's middle half▲ 38.0%
Solvency61.4%-80.3%above the sector's middle half▲ 18.8pp69.7%within the sector's middle half▼ 10.6pp15.4%below the sector's middle half▼ 54.3pp23.3%below the sector's middle half▲ 7.9pp31.3%within the sector's middle half▲ 8.0pp40.9%within the sector's middle half▲ 9.6pp
Current ratio2.59-5.04above the sector's middle half▲ 2.454.33within the sector's middle half▼ 0.710.91below the sector's middle half▼ 3.420.72below the sector's middle half▼ 0.190.77below the sector's middle half▲ 0.040.85below the sector's middle half▲ 0.08
Return on assets (ROA)61.3%-30.7%above the sector's middle half▼ 30.6pp23.6%within the sector's middle half▼ 7.0pp5.5%within the sector's middle half▼ 18.1pp8.4%within the sector's middle half▲ 2.9pp8.9%within the sector's middle half▲ 0.5pp9.7%within the sector's middle half▲ 0.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 5% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €783,467
Fixed assets
€700,084 ▼ 0.1%
Current assets
€83,383 ▲ 4.0%
Equity and liabilities €783,467
Equity
€320,454 ▲ 31.0%
Debt
€463,013 ▼ 13.7%
Debt's share of the balance-sheet total falls from 68.7% to 59.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,046▲
2024 · €103,655
Cash flow
€76,675▲
2024 · €70,329
Debt to equity
1.44▼
2024 · 2.19
ROE
23.7%▼
2024 · 28.4%
Interest coverage
18.70▲
2024 · 14.79
Debt ≤ 1 year
€98,434▼
2024 · €104,489
Debt > 1 year
€363,834▼
2024 · €431,417
Income taxes
€27,671▲
2024 · €26,480
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,396 | - | - | - | - |
| Financial fixed assets | - | €700,000 | - | - | - |
| Depreciation and write-downs of the year | €693 | €777 | €777 | €777 | €749 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €28 | €693 | €777 | €777 | €777 | €749 | ▼ 3.6% |
| Other operating charges640/8 | - | - | €135 | €495 | €448 | €462 | €469 | ▲ 1.5% |
| Gross operating margin9900 | €46,387 | €30,805 | €41,775 | €74,826 | €97,563 | €104,117 | €109,515 | ▲ 5.2% |
| Operating profit (loss)9901 | €46,248 | €29,945 | €40,947 | €73,555 | €96,338 | €102,878 | €108,297 | ▲ 5.3% |
| Financial income75/76B | - | - | - | - | - | €163 | €1,132 | ▲ 595% |
| Recurring financial income75 | €0 | €93 | - | - | - | €163 | €1,132 | ▲ 595% |
| Financial charges65/66B | - | - | €1,620 | €14,413 | €7,661 | €7,009 | €5,832 | ▼ 16.8% |
| Recurring financial charges65 | €10 | €325 | €1,620 | €14,413 | €7,661 | €7,009 | €5,832 | ▼ 16.8% |
| Profit (loss) for the period before taxes9903 | €46,238 | €29,712 | €39,327 | €59,142 | €88,677 | €96,032 | €103,597 | ▲ 7.9% |
| Income taxes67/77 | €9,776 | €7,128 | €8,949 | €15,701 | €23,364 | €26,480 | €27,671 | ▲ 4.5% |
| Profit (loss) for the period9904 | €36,462 | €22,584 | €30,378 | €43,441 | €65,313 | €69,552 | €75,925 | ▲ 9.2% |
| Profit (loss) for the period to be appropriated9905 | €36,462 | €22,584 | €30,378 | €43,441 | €65,313 | €69,552 | €75,925 | ▲ 9.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €59,512 | €73,670 | €128,467 | €785,736 | €774,709 | €781,037 | €783,467 | ▲ 0.3% |
| Fixed assets21/28 | - | €1,462 | €3,164 | €702,387 | €701,610 | €700,833 | €700,084 | ▼ 0.1% |
| Tangible fixed assets22/27 | - | €1,462 | €3,164 | €2,387 | €1,610 | €833 | €84 | ▼ 89.9% |
| Furniture and vehicles24 | - | - | €3,164 | €2,387 | €1,610 | €833 | €84 | ▼ 89.9% |
| Financial fixed assets28 | - | - | - | €700,000 | €700,000 | €700,000 | €700,000 | = |
| Current assets29/58 | €59,512 | €72,209 | €125,303 | €83,348 | €73,099 | €80,204 | €83,383 | ▲ 4.0% |
| Amounts receivable within one year40/41 | €12,871 | €6,580 | €56,162 | €70,221 | €64,489 | €79,460 | €60,645 | ▼ 23.7% |
| Trade receivables40 | - | - | €56,162 | €63,422 | €62,817 | €74,667 | €23,669 | ▼ 68.3% |
| Other amounts receivable41 | - | - | - | €6,799 | €1,672 | €4,792 | €36,977 | ▲ 672% |
| Cash at bank and in hand54/58 | €46,159 | €63,687 | €67,088 | €12,524 | €6,919 | - | €22,182 | - |
| Deferred charges and accrued income490/1 | - | - | €2,052 | €603 | €1,691 | €744 | €555 | ▼ 25.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €59,512 | €73,670 | €128,467 | €785,736 | €774,709 | €781,037 | €783,467 | ▲ 0.3% |
| Equity10/15 | €36,562 | €59,145 | €89,523 | €120,963 | €180,277 | €244,529 | €320,454 | ▲ 31.0% |
| Contributions10/11 | €100 | - | €100 | €100 | €100 | €100 | €100 | = |
| Reserves13 | €36,462 | €59,045 | €89,423 | €120,863 | €180,177 | €244,429 | €320,354 | ▲ 31.1% |
| Distributable reserves133 | - | - | €89,423 | €120,863 | €180,177 | €244,429 | €320,354 | ▲ 31.1% |
| Amounts payable17/49 | €22,950 | €14,525 | €38,944 | €664,772 | €594,432 | €536,508 | €463,013 | ▼ 13.7% |
| Amounts payable after more than one year17 | - | - | €10,000 | €572,381 | €492,328 | €431,417 | €363,834 | ▼ 15.7% |
| Financial debts170/4 | - | - | €10,000 | €572,381 | €492,328 | €431,417 | €363,834 | ▼ 15.7% |
| Amounts payable within one year42/48 | €22,950 | €14,325 | €28,944 | €91,327 | €101,122 | €104,489 | €98,434 | ▼ 5.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €72,624 | €88,654 | €83,030 | €83,068 | = |
| Financial debts43 | - | - | - | - | - | €5,362 | - | - |
| Credit institutions430/8 | - | - | - | - | - | €5,362 | - | - |
| Trade debts44 | €1,233 | €419 | €2,218 | €223 | €1,422 | €3,909 | €2,887 | ▼ 26.2% |
| Suppliers440/4 | - | - | €2,218 | €223 | €1,422 | €3,909 | €2,887 | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | €26,373 | €18,125 | €10,079 | €12,188 | €12,479 | ▲ 2.4% |
| Taxes450/3 | - | - | €26,373 | €18,125 | €10,079 | €12,188 | €12,479 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | €353 | €355 | €967 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €1,064 | €982 | €602 | €745 | ▲ 23.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,462 | €22,584 | €30,378 | €43,441 | €65,313 | €69,552 | €75,925 | ▲ 9.2% |
| + Depreciation and write-downs630 | - | €28 | €693 | €777 | €777 | €777 | €749 | ▼ 3.6% |
| Operating cash flow (approximation) | €36,462 | €22,611 | €31,071 | €44,218 | €66,090 | €70,329 | €76,675 | ▲ 9.0% |
| Investment in fixed assets (approximation) | - | - | -€2,396 | -€700,000 | €0 | €0 | €0 | - |
| Change in cash | - | €17,528 | €3,401 | -€54,565 | -€5,605 | - | - | - |
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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00197880 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00270344 | |
| 31-12-2023 | micro format | 02-05-2024 | 2024-00078963 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00167017 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20126268 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-46400492 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-17400546 |