MAFA
ActiveSummary
MAFA has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €830,345 and a net result of €26,043. Equity is shrinking by ~3.1% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability45▲+7
Solvency100=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity tight (current ratio 1.01 against 11.09 in 2024; short-term debt: 5.6% and cash: 3.9% of total assets), and 5.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
94.4%
Return on assets
3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-06-2026, 45 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
45 d early
2024
42 d early
2023
50 d early
2022
47 d early
2021
20 d early
2020
26 d early
2019
23 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 36 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€26,043▲ 5,089%
2024 · €502
Working capital
€407▼ 98.2%
2024 · €23,114
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€54,448▼ 861%-€37,908▲ 30.4%-€29,965▲ 21.0%-€8,228▲ 72.5%€11,819
Net result-€40,375-€102,414▼ 154%-€29,180▲ 71.5%€502€26,043▲ 5,089%
Equity€984,144▼ 3.9%€881,729▼ 10.4%€852,550▼ 3.3%€853,052▲ 0.1%€830,345▼ 2.7%
Total assets€986,404▼ 4.0%€884,456▼ 10.3%€859,381▼ 2.8%€855,342▼ 0.5%€880,030▲ 2.9%
Debt€2,260▼ 25.6%€2,726▲ 20.6%€6,831▲ 151%€2,290▼ 66.5%€49,685▲ 2,070%
Working capital€911,463▼ 1.8%€298,957▼ 67.2%€22,612▼ 92.4%€23,114▲ 2.2%€407▼ 98.2%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €11,819 after a loss of €8,228 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €880,030
Fixed assets
€829,938 =
Current assets
€50,092 ▲ 97.2%
Equity and liabilities €880,030
Equity
€830,345 ▼ 2.7%
Debt
€49,685 ▲ 2,070%
Debt's share of the balance-sheet total rises from 0.3% to 5.6%. Equity is lower and debt is higher.
Key figures and ratios
Current ratio
1.01▼
2024 · 11.09
Debt to equity
0.06▲
2024 · 0.00
ROE
3.1%▲
2024 · 0.1%
ROA
3.0%▲
2024 · 0.1%
Debt ≤ 1 year
€49,685▲
2024 · €2,290
Income taxes
-€1,028▼
2024 · €1,550
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,061 | - | - | - | - | - |
| Other operating charges640/8 | €1,711 | €1,803 | €1,739 | €2,261 | €1,361 | ▼ 39.8% |
| Gross operating margin9900 | -€29,676 | -€36,105 | -€28,226 | -€5,967 | €13,180 | ▲ 321% |
| Operating profit (loss)9901 | -€54,448 | -€37,908 | -€29,965 | -€8,228 | €11,819 | ▲ 244% |
| Financial income75/76B | €14,309 | €14,969 | €3,099 | €10,584 | €13,608 | ▲ 28.6% |
| Recurring financial income75 | €14,309 | €14,969 | €3,099 | €10,584 | €13,608 | ▲ 28.6% |
| Financial charges65/66B | €240 | €78,430 | €227 | €304 | €412 | ▲ 35.4% |
| Recurring financial charges65 | €240 | €38,430 | €227 | €304 | €412 | ▲ 35.4% |
| Non-recurring financial charges66B | - | €40,000 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€40,378 | -€101,370 | -€27,092 | €2,052 | €25,015 | ▲ 1,119% |
| Income taxes67/77 | -€3 | €1,044 | €2,087 | €1,550 | -€1,028 | ▼ 166% |
| Profit (loss) for the period9904 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 5,089% |
| Profit (loss) for the period to be appropriated9905 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 5,089% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €986,404 | €884,456 | €859,381 | €855,342 | €880,030 | ▲ 2.9% |
| Fixed assets21/28 | €72,681 | €582,773 | €829,938 | €829,938 | €829,938 | = |
| Financial fixed assets28 | €72,681 | €582,773 | €829,938 | €829,938 | €829,938 | = |
| Current assets29/58 | €913,723 | €301,683 | €29,443 | €25,404 | €50,092 | ▲ 97.2% |
| Amounts receivable within one year40/41 | €702,308 | €84,475 | €7,734 | €21,054 | €15,609 | ▼ 25.9% |
| Trade receivables40 | €103 | €4,235 | - | €9,499 | - | - |
| Other amounts receivable41 | €702,205 | €80,240 | €7,734 | €11,555 | €15,609 | ▲ 35.1% |
| Cash at bank and in hand54/58 | €209,077 | €214,748 | €18,496 | €3,312 | €34,483 | ▲ 941% |
| Deferred charges and accrued income490/1 | €2,338 | €2,460 | €3,214 | €1,038 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €986,404 | €884,456 | €859,381 | €855,342 | €880,030 | ▲ 2.9% |
| Equity10/15 | €984,144 | €881,729 | €852,550 | €853,052 | €830,345 | ▼ 2.7% |
| Contributions10/11 | €9,296 | €9,296 | €9,296 | €9,296 | €9,296 | = |
| Reserves13 | €1.0m | €1.0m | €1.0m | €1.0m | €959,792 | ▼ 4.8% |
| Distributable reserves133 | €1.0m | €1.0m | €1.0m | €1.0m | €959,792 | ▼ 4.8% |
| Profit (loss) carried forward14 | -€33,694 | -€136,108 | -€165,288 | -€164,786 | -€138,743 | ▲ 15.8% |
| Amounts payable17/49 | €2,260 | €2,726 | €6,831 | €2,290 | €49,685 | ▲ 2,070% |
| Amounts payable within one year42/48 | €2,260 | €2,726 | €6,831 | €2,290 | €49,685 | ▲ 2,070% |
| Trade debts44 | €730 | €809 | €667 | €638 | €766 | ▲ 20.2% |
| Suppliers440/4 | €730 | €809 | €667 | €638 | €766 | ▲ 20.2% |
| Taxes, remuneration and social security45 | €1,110 | - | €1,069 | - | - | - |
| Taxes450/3 | €1,110 | - | €1,069 | - | - | - |
| Other amounts payable47/48 | €420 | €1,918 | €5,095 | €1,652 | €48,919 | ▲ 2,861% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 5,089% |
| + Depreciation and write-downs630 | €23,061 | - | - | - | - | - |
| Operating cash flow (approximation) | -€17,314 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 5,089% |
| Investment in fixed assets (approximation) | - | -€510,092 | -€247,165 | €0 | €0 | - |
| Change in cash | - | €5,671 | -€196,253 | -€15,184 | €31,171 | ▲ 305% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
16-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €502
Net result €502 after 3 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 11.09
Current ratio from 4.31 to 11.09; short-term debt falls from €6,831 to €2,290.
11-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Weakest financial yearnet -€102,414
Net result drops to -€102,414, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
05-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity times 30current ratio 306.56
Current ratio from 10.24 to 306.56; short-term debt falls from €97,621 to €3,038.
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Liquidity triplescurrent ratio 10.24
Current ratio from 3.82 to 10.24; short-term debt falls from €303,950 to €97,621.
Show earlier events
31-12
Financial
Equity above €1mEq €1.0m ▲3.1%
2 profitable years in a row build equity to €1.0m.
02-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Wavre · 1 establishment unit since 1994
Ground area
5,148 m²
Building footprint
314 m²
Volume, LiDAR
2,597 m³
2 parcels, Brussels, Wallonia · tallest building 12.0 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
Pater de Dekenstraat 38, 1040 Etterbeek
since 19942.069.576.954
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25006C0091/00E000 | Wallonia | 5,011 m² | 1 · 193 m² | 11.5 m · 3 fl. |
| 21362B0267/00Y004 ProtectedMonumentMaison Verhaegen |
Brussels | 137 m² | 1 · 121 m² | 12.0 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
16.66%
-
4,000 shares
According to the 2025 annual accounts of MAFA and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Identification & contact
Identification
Legal formPrivate limited company
Founded07-12-1994
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if electronically, with their agreement on a secure alternative. That invoice is valid; the customer risks a penalty. FPS Finance
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.