MAE concept
Annual accounts 2025
micro format, filed on 12-06-2026, 49 days before the deadlineTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €100,000. Estimated: probably between €34,000 and €200,000.
Balance sheet
balance sheet total €21,061 on 31-12-2025in euro
in euro
Position in the sector
-309.6%
Lower than 95% of 22,939 companies in 2025.
1.59
Higher than 54% of 22,068 companies in 2025.
35.3%
Higher than 93% of 22,218 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
21,061 | 19,498 | 49,108 | 39,332 | 36,747 | |
21/28 |
3,161 | - | - | - | - | |
22/27 |
3,161 | - | - | - | - | |
24 |
3,161 | - | - | - | - | |
29/58 |
17,901 | 19,498 | 49,108 | 39,332 | 36,747 | |
3 |
9,723 | 8,810 | 36,891 | 36,891 | 35,793 | |
30/36 |
9,723 | 8,810 | 36,891 | 36,891 | 35,793 | |
40/41 |
6,893 | 9,203 | 1,491 | 844 | 526 | |
40 |
6,633 | 8,879 | 1,321 | 0 | 500 | |
41 |
260 | 323 | 171 | 844 | 26 | |
54/58 |
1,285 | 1,260 | 10,724 | 1,553 | 396 | |
490/1 |
0 | 226 | 2 | 45 | 32 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
21,061 | 19,498 | 49,108 | 39,332 | 36,747 | |
10/15 |
-65,212 | -72,641 | -48,494 | -42,293 | 5,895 | |
10/11 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | |
14 |
-75,212 | -82,641 | -58,494 | -52,293 | -4,105 | |
17/49 |
86,274 | 92,139 | 97,602 | 81,625 | 30,851 | |
17 |
75,000 | - | - | - | - | |
170/4 |
75,000 | - | - | - | - | |
42/48 |
11,274 | 92,139 | 97,602 | 81,625 | 30,851 | |
42 |
- | - | 0 | 1,342 | 1,342 | |
43 |
2,061 | 429 | 0 | 188 | 111 | |
430/8 |
2,061 | 429 | 0 | 188 | 111 | |
44 |
745 | 538 | 0 | 20,980 | 3,146 | |
440/4 |
745 | 538 | 0 | 20,980 | 3,146 | |
45 |
- | - | - | 0 | 2,536 | |
450/3 |
- | - | - | 0 | 2,536 | |
47/48 |
8,468 | 91,172 | 97,602 | 59,116 | 23,717 | |
| Income statement | ||||||
9900 |
8,763 | -26,938 | -5,750 | -49,581 | -1,122 | |
630 |
470 | - | - | - | - | |
640/8 |
0 | 44 | 0 | 100 | - | |
9901 |
8,293 | -26,982 | -5,750 | -49,681 | -1,122 | |
75/76B |
2 | 3,904 | 16 | 106 | 326 | |
75 |
2 | 3,904 | 16 | 106 | 326 | |
65/66B |
866 | 1,032 | 466 | -1,386 | 3,309 | |
65 |
866 | 1,032 | 466 | -1,386 | 3,309 | |
9903 |
7,429 | -24,109 | -6,200 | -48,188 | -4,105 | |
9904 |
7,429 | -24,109 | -6,200 | -48,188 | -4,105 | |
9905 |
7,429 | -24,109 | -6,200 | -48,188 | -4,105 | |
| Appropriation of the result | ||||||
9906 |
-75,212 | -82,641 | -58,494 | -52,293 | -4,105 | |
14P |
-82,641 | -58,532 | -52,293 | -4,105 | - | |
| Document | ||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 12-06-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00178460 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00402336 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00478434 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00386693 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20323660 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 8,763 | - | - | - | - | ||
| 7,899 | - | - | - | - | ||
| 3,631 | - | - | - | - | ||
| 25 | -9,463 | 9,171 | 1,157 | - | ||
| 6,627 | -72,641 | -48,494 | -42,293 | 5,895 | ||
| -309.6% | -372.5% | -98.7% | -107.5% | 16.0% | ||
| 1.59 | 0.21 | 0.50 | 0.48 | 1.19 | ||
| 0.73 | 0.12 | 0.13 | 0.03 | 0.03 | ||
| - | - | - | - | 5.23 | ||
| - | - | - | - | -69.6% | ||
| 35.3% | -123.6% | -12.6% | -122.5% | -11.2% | ||
| 10.12 | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,631 | - | - | - | - |
| €470 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on MAE concept
The operating result for 2025 is a profit of €8,293, after a loss of €26,982 in 2024. It is the highest result since 2021.
Equity is negative. Debt (€86,274) exceeds the balance-sheet total (€21,061).