MAFA
ActiveSummary
MAFA has been active since 1994 and the Belgian Official 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 about 3.1% per year across the filed financial years. The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format
Turnover
≈ €89,000
Estimated: probably between €37,000 and €220,000
EBIT margin
Not included in this filing
Net result
€26,043▲ 52×
2024 · €502
Working capital
€407▼ 98.2%
2024 · €23,114
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
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.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€0.01m
2025
Net result€0.03m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€0.9m
2025
Equity€0.8m
2025
Debt€0.05m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€407
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.3m-€0.05m▼ 81.5%-€0.006m-€0.05m▼ 861%-€0.04m▲ 30.4%-€0.03m▲ 21.0%-€0.008m▲ 72.5%€0.01m
Net result€0.2m-€0.1m▼ 46.6%€0.003m▼ 96.7%-€0.04m-€0.1m▼ 154%-€0.03m▲ 71.5%€0.001m€0.03m▲ 52×
Equity€1.0m-€1.0m▲ 3.1%€1.0m▲ 0.3%€1.0m▼ 3.9%€0.9m▼ 10.4%€0.9m▼ 3.3%€0.9m▲ 0.1%€0.8m▼ 2.7%
Total assets€1.3m-€1.1m▼ 14.2%€1.0m▼ 8.2%€1.0m▼ 4.0%€0.9m▼ 10.3%€0.9m▼ 2.8%€0.9m▼ 0.5%€0.9m▲ 2.9%
Debt€0.3m-€0.1m▼ 68.7%€0.003m▼ 96.9%€0.002m▼ 25.6%€0.003m▲ 20.6%€0.007m▲ 151%€0.002m▼ 66.5%€0.05m▲ 22×
Working capital€0.9m-€0.9m▲ 5.1%€0.9m▲ 3.0%€0.9m▼ 1.8%€0.3m▼ 67.2%€0.02m▼ 92.4%€0.02m▲ 2.2%€407▼ 98.2%
The turnover shown is an estimate from the gross margin.
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 ▲ 22×
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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,363 | €24,122 | €23,518 | €23,061 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,711 | €1,803 | €1,739 | €2,261 | €1,361 | ▼ 39.8% |
| Gross operating margin9900 | €293,633 | €75,380 | €19,561 | -€29,676 | -€36,105 | -€28,226 | -€5,967 | €13,180 | - |
| Operating profit (loss)9901 | €268,115 | €49,567 | -€5,664 | -€54,448 | -€37,908 | -€29,965 | -€8,228 | €11,819 | - |
| Financial income75/76B | - | - | - | €14,309 | €14,969 | €3,099 | €10,584 | €13,608 | ▲ 28.6% |
| Recurring financial income75 | €12,148 | €78,877 | €13,992 | €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 | €699 | €392 | €231 | €240 | €38,430 | €227 | €304 | €412 | ▲ 35.4% |
| Non-recurring financial charges66B | - | - | - | - | €40,000 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €279,564 | €128,052 | €8,097 | -€40,378 | -€101,370 | -€27,092 | €2,052 | €25,015 | ▲ 12× |
| Income taxes67/77 | €96,233 | €30,231 | €4,889 | -€3 | €1,044 | €2,087 | €1,550 | -€1,028 | - |
| Profit (loss) for the period9904 | €183,331 | €97,821 | €3,208 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 52× |
| Profit (loss) for the period to be appropriated9905 | €183,331 | €97,821 | €3,208 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 52× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 2.9% |
| Fixed assets21/28 | €0.1m | €0.1m | €0.1m | €0.07m | €0.6m | €0.8m | €0.8m | €0.8m | = |
| Tangible fixed assets22/27 | €0.07m | €0.05m | €0.02m | - | - | - | - | - | - |
| Financial fixed assets28 | €0.07m | €0.07m | €0.07m | €0.07m | €0.6m | €0.8m | €0.8m | €0.8m | = |
| Current assets29/58 | €1.2m | €1.0m | €0.9m | €0.9m | €0.3m | €0.03m | €0.03m | €0.05m | ▲ 97.2% |
| Amounts receivable within one year40/41 | €0.6m | €0.7m | €0.8m | €0.7m | €0.08m | €0.008m | €0.02m | €0.02m | ▼ 25.9% |
| Trade receivables40 | - | - | - | €103 | €0.004m | - | €0.009m | - | - |
| Other amounts receivable41 | - | - | - | €0.7m | €0.08m | €0.008m | €0.01m | €0.02m | ▲ 35.1% |
| Cash at bank and in hand54/58 | €0.5m | €0.3m | €0.1m | €0.2m | €0.2m | €0.02m | €0.003m | €0.03m | ▲ 941% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.001m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 2.9% |
| Equity10/15 | €1.0m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 2.7% |
| Contributions10/11 | €0.007m | €0.007m | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Reserves13 | €0.9m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 4.8% |
| Distributable reserves133 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | ▼ 4.8% |
| Profit (loss) carried forward14 | €0.07m | €0.007m | €0.007m | -€0.03m | -€0.1m | -€0.2m | -€0.2m | -€0.1m | ▲ 15.8% |
| Amounts payable17/49 | €0.3m | €0.1m | €0.003m | €0.002m | €0.003m | €0.007m | €0.002m | €0.05m | ▲ 22× |
| Amounts payable after more than one year17 | €0.008m | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.3m | €0.1m | €0.003m | €0.002m | €0.003m | €0.007m | €0.002m | €0.05m | ▲ 22× |
| Trade debts44 | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 20.2% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 20.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | - | €0.001m | - | - | - |
| Taxes450/3 | - | - | - | €0.001m | - | €0.001m | - | - | - |
| Other amounts payable47/48 | - | - | - | €420 | €0.002m | €0.005m | €0.002m | €0.05m | ▲ 30× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €183,331 | €97,821 | €3,208 | -€40,375 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 52× |
| + Depreciation and write-downs630 | €24,363 | €24,122 | €23,518 | €23,061 | - | - | - | - | - |
| Operating cash flow (approximation) | €207,694 | €121,943 | €26,727 | -€17,314 | -€102,414 | -€29,180 | €502 | €26,043 | ▲ 52× |
| Investment in fixed assets (approximation) | - | -€1,958 | €0 | €500 | -€510,092 | -€247,165 | €0 | €0 | - |
| Change in cash | - | -€252,279 | -€146,861 | €70,996 | €5,671 | -€196,253 | -€15,184 | €31,171 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00163143 |
| 31-12-2024 | full format | 19-06-2025 | 2025-00153485 |
| 31-12-2023 | full format | 11-06-2024 | 2024-00121136 |
| 31-12-2022 | full format | 14-06-2023 | 2023-00124736 |
| 31-12-2021 | full format | 11-07-2022 | 2022-20168292 |
| 31-12-2020 | full format | 05-07-2021 | 2021-30600570 |
| 31-12-2019 | full format | 08-07-2020 | 2020-27600117 |
| 31-12-2018 | full format | 02-07-2019 | 2019-27000378 |
| 31-12-2017 | full format | 06-07-2018 | 2018-29700566 |
| 31-12-2016 | full format | 31-07-2017 | 2017-38600403 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.