MADIX
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00502824.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 5 filings
Turnover
≈ €110,000
Estimated: probably between €85,000 and €140,000
Total assets
€1.8m▼ 4.3%
2024 · €1.9m
Net result
€171,362▲ 2.4%
2024 · €167,368
Working capital
-€295,349▼ 99.5%
2024 · -€148,053
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€39,488
▲ 24.3%
2025
20212025
Net result
€171,362
▲ 2.4%
2025
highest quarter of the sector
20212025
Equity
€400,631
▲ 74.7%
2025
highest quarter of the sector
20212025
Total assets
€1.8m
▼ 4.3%
2025
highest quarter of the sector
20212025
Debt
€1.4m
▼ 15.4%
2025
20212025
Working capital
-€295,349
▼ 99.5%
2025
lowest quarter of the sector
20212025
Solvency
22.4%
▲ 10.1pp
2025
lowest quarter of the sector
20212025
Current ratio
0.09
▼ 0.40
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
9.6%
▲ 0.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.02m-€0.02m▲ 2.1%€0.02m▼ 16.3%€0.03m▲ 90.9%€0.04m▲ 24.3%
Net result€0.01mwithin the sector's middle half-€0.01mwithin the sector's middle half▲ 7.8%€0.03mwithin the sector's middle half▲ 121%€0.2mabove the sector's middle half▲ 427%€0.2mabove the sector's middle half▲ 2.4%
Equity€0.02mbelow the sector's middle half-€0.03mwithin the sector's middle half▲ 90.8%€0.06mwithin the sector's middle half▲ 105%€0.2mwithin the sector's middle half▲ 270%€0.4mabove the sector's middle half▲ 74.7%
Total assets€0.09mwithin the sector's middle half-€0.1mwithin the sector's middle half▲ 67.1%€1.9mabove the sector's middle half▲ 13×€1.9mabove the sector's middle half▲ 0.6%€1.8mabove the sector's middle half▼ 4.3%
Debt€0.07m-€0.1m▲ 61.9%€1.8m▲ 15×€1.6m▼ 8.7%€1.4m▼ 15.4%
Working capital-€0.004mbelow the sector's middle half-€0.01mwithin the sector's middle half-€0.04mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 314%-€0.3mbelow the sector's middle half▼ 99.5%
Solvency17.9%below the sector's middle half-20.5%below the sector's middle half▲ 2.5pp3.3%below the sector's middle half▼ 17.1pp12.3%below the sector's middle half▲ 8.9pp22.4%below the sector's middle half▲ 10.1pp
Current ratio0.87below the sector's middle half-1.11within the sector's middle half▲ 0.230.83below the sector's middle half▼ 0.280.49below the sector's middle half▼ 0.340.09below the sector's middle half▼ 0.40
Return on assets (ROA)15.1%within the sector's middle half-9.7%within the sector's middle half▼ 5.4pp1.7%within the sector's middle half▼ 8.0pp9.0%within the sector's middle half▲ 7.2pp9.6%within the sector's middle half▲ 0.6pp
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 24% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €1.8m
Fixed assets
€1.8m ▲ 1.7%
Current assets
€29,548 ▼ 78.9%
Equity and liabilities €1.8m
Equity
€400,631 ▲ 74.7%
Debt
€1.4m ▼ 15.4%
Debt's share of the balance-sheet total falls from 87.7% to 77.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€54,039▲
2024 · €41,515
Cash flow
€185,913▲
2024 · €177,116
Debt to equity
3.46▼
2024 · 7.15
ROE
42.8%▼
2024 · 73.0%
Interest coverage
0.86▲
2024 · 0.70
Debt ≤ 1 year
€324,898▲
2024 · €288,192
Debt > 1 year
€1.0m▼
2024 · €1.3m
Income taxes
€167▲
2024 · €63
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 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | €1.4m | €1.4m | €1.4m |
| Carrying value of the other pledged assets | - | - | €1.7m | €1.7m | €1.7m |
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 | €66,710 | €3,697 | - | €51,147 | €44,416 |
| Financial fixed assets | - | - | €1.7m | - | - |
| Depreciation and write-downs of the year | €6,982 | €13,823 | €2,042 | €9,748 | €14,550 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,982 | €13,823 | €2,042 | €9,748 | €14,550 | ▲ 49.3% |
| Other operating charges640/8 | €5,884 | €1,179 | €5,056 | €437 | €998 | ▲ 128% |
| Gross operating margin9900 | €32,346 | €34,883 | €23,742 | €41,953 | €55,037 | ▲ 31.2% |
| Operating profit (loss)9901 | €19,480 | €19,881 | €16,644 | €31,767 | €39,488 | ▲ 24.3% |
| Financial income75/76B | €0 | €1,856 | €32,185 | €195,364 | €194,989 | ▼ 0.2% |
| Recurring financial income75 | €0 | €1,856 | €32,185 | €195,364 | €194,989 | ▼ 0.2% |
| Financial charges65/66B | €303 | €684 | €14,629 | €59,700 | €62,948 | ▲ 5.4% |
| Recurring financial charges65 | €303 | €684 | €14,629 | €59,700 | €62,948 | ▲ 5.4% |
| Profit (loss) for the period before taxes9903 | €19,176 | €21,053 | €34,200 | €167,431 | €171,529 | ▲ 2.4% |
| Income taxes67/77 | €5,864 | €6,698 | €2,466 | €63 | €167 | ▲ 164% |
| Profit (loss) for the period9904 | €13,312 | €14,355 | €31,734 | €167,368 | €171,362 | ▲ 2.4% |
| Profit (loss) for the period to be appropriated9905 | €13,312 | €14,355 | €31,734 | €167,368 | €171,362 | ▲ 2.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €0.09m | €0.1m | €1.9m | €1.9m | €1.8m | ▼ 4.3% |
| Fixed assets21/28 | €0.06m | €0.05m | €1.7m | €1.7m | €1.8m | ▲ 1.7% |
| Tangible fixed assets22/27 | €0.06m | €0.05m | €0.004m | €0.05m | €0.08m | ▲ 65.6% |
| Furniture and vehicles24 | €0.06m | €0.05m | €0.004m | €0.04m | €0.03m | ▼ 23.4% |
| Other tangible fixed assets26 | - | - | - | €0.006m | €0.04m | ▲ 688% |
| Financial fixed assets28 | - | - | €1.7m | €1.7m | €1.7m | = |
| Current assets29/58 | €0.03m | €0.1m | €0.2m | €0.1m | €0.03m | ▼ 78.9% |
| Amounts receivable within one year40/41 | €0.02m | €0.08m | €0.1m | €0.1m | €0.005m | ▼ 95.8% |
| Trade receivables40 | €0.02m | €0.003m | €0.05m | €0 | €0.002m | - |
| Other amounts receivable41 | €10 | €0.08m | €0.1m | €0.1m | €0.003m | ▼ 97.4% |
| Cash at bank and in hand54/58 | €0.003m | €0.01m | €0.03m | €0.02m | €0.02m | ▼ 10.1% |
| Deferred charges and accrued income490/1 | €0.001m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 83.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €0.09m | €0.1m | €1.9m | €1.9m | €1.8m | ▼ 4.3% |
| Equity10/15 | €0.02m | €0.03m | €0.06m | €0.2m | €0.4m | ▲ 74.7% |
| Contributions10/11 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | €0.01m | €0.03m | €0.06m | €0.2m | €0.4m | ▲ 75.6% |
| Amounts payable17/49 | €0.07m | €0.1m | €1.8m | €1.6m | €1.4m | ▼ 15.4% |
| Amounts payable after more than one year17 | €0.04m | €0.03m | €1.6m | €1.3m | €1.0m | ▼ 23.8% |
| Financial debts170/4 | €0.04m | €0.03m | €1.6m | €1.3m | €1.0m | ▼ 23.8% |
| Amounts payable within one year42/48 | €0.03m | €0.09m | €0.2m | €0.3m | €0.3m | ▲ 12.7% |
| Current portion of amounts payable after more than one year42 | €0.01m | €0.01m | €0.2m | €0.2m | €0.2m | ▼ 5.7% |
| Trade debts44 | €0.004m | €494 | €0.001m | €0.01m | €0.002m | ▼ 81.7% |
| Suppliers440/4 | €0.004m | €494 | €0.001m | €0.01m | €0.002m | ▼ 81.7% |
| Taxes, remuneration and social security45 | €0.01m | €0.02m | €0.01m | €0.006m | €0.007m | ▲ 32.8% |
| Taxes450/3 | €0.01m | €0.02m | €0.01m | €0.006m | €0.007m | ▲ 32.8% |
| Other amounts payable47/48 | €0.004m | €0.05m | €0.01m | €0.06m | €0.1m | ▲ 94.9% |
| Accrued charges and deferred income492/3 | €0.001m | €0.001m | €0.02m | €0.01m | €0.04m | ▲ 300% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.01m | €0.03m | €0.2m | €0.2m | ▲ 2.4% |
| + Depreciation and write-downs630 | €0.007m | €0.01m | €0.002m | €0.01m | €0.01m | ▲ 49.3% |
| Operating cash flow (approximation) | €0.02m | €0.03m | €0.03m | €0.2m | €0.2m | ▲ 5.0% |
| Investment in fixed assets (approximation) | - | -€0.004m | -€1.6m | -€0.05m | -€0.04m | ▲ 13.2% |
| Change in cash | - | €0.009m | €0.02m | -€0.003m | -€0.002m | ▲ 19.5% |
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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00502824 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00482283 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00457400 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00250820 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20334714 |