MAFRAN
InactiveInactive; last annual accounts for fiscal year 2025.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 28-11-2025 was due by 28-06-2026 and was filed on 03-09-2026, 67 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
67 d late
2024
139 d early
2023
1 d early
2022
2 d late
2021
17 d early
2020
32 d early
2019
28 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 21 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 (1)
Financials · fiscal year 2025, full schema
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€2,275
2024 · €851
Working capital
€211,788▼ 0.8%
2024 · €213,562
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€13,650▼ 11.3%€853,147▲ 6,150%-€411-€1,194▼ 190%-€2,199▼ 84.2%
Net result€10,221▼ 3.9%€623,404▲ 5,999%€3,169▼ 99.5%€851▼ 73.1%-€2,275
Equity€211,621▲ 5.1%€209,157▼ 1.2%€212,326▲ 1.5%€213,177▲ 0.4%€211,788▼ 0.7%
Total assets€228,992▲ 4.4%€1.1m▲ 363%€213,814▼ 79.8%€214,734▲ 0.4%€212,120▼ 1.2%
Debt€17,371▼ 3.5%€850,672▲ 4,797%€1,488▼ 99.8%€1,557▲ 4.6%€332▼ 78.7%
Working capital€169,461▲ 2.3%€209,504▲ 23.6%€212,674▲ 1.5%€213,562▲ 0.4%€211,788▼ 0.8%
Why a figure moved sharply
- 2022 Net result +5,999% on 2021. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2,199 in 2025 against €1,194 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €212,120
Equity
€211,788 ▼ 0.7%
Debt
€332 ▼ 78.7%
Debt's share of the balance-sheet total falls from 0.7% to 0.2%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.00▼
2024 · 0.01
ROE
-1.1%▼
2024 · 0.4%
ROA
-1.1%▼
2024 · 0.4%
Debt ≤ 1 year
€332▼
2024 · €1,172
A ratio outside any meaningful range has been withheld (balance sheet total €212,120, equity €211,788).
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 |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €6,880 | €348 | €348 | €421 | €400 | ▼ 5.1% |
| Gross operating margin9900 | €20,530 | €853,495 | -€64 | -€773 | -€1,799 | ▼ 133% |
| Operating profit (loss)9901 | €13,650 | €853,147 | -€411 | -€1,194 | -€2,199 | ▼ 84.2% |
| Financial income75/76B | €1,875 | €0 | €4,974 | €2,762 | - | - |
| Recurring financial income75 | €1,875 | €0 | €4,974 | €2,762 | - | - |
| Financial charges65/66B | €202 | €2,823 | €253 | €253 | €76 | ▼ 70.0% |
| Recurring financial charges65 | €202 | €2,823 | €253 | €253 | €76 | ▼ 70.0% |
| Profit (loss) for the period before taxes9903 | €15,322 | €850,325 | €4,310 | €1,315 | -€2,275 | ▼ 273% |
| Income taxes67/77 | €5,102 | €226,921 | €1,141 | €463 | - | - |
| Profit (loss) for the period9904 | €10,221 | €623,404 | €3,169 | €851 | -€2,275 | ▼ 367% |
| Transfer from tax-exempt reserves789 | - | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €10,221 | €623,404 | €3,169 | €851 | -€2,275 | ▼ 367% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €228,992 | €1.1m | €213,814 | €214,734 | €212,120 | ▼ 1.2% |
| Fixed assets21/28 | €47,410 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €47,410 | €0 | - | - | - | - |
| Land and buildings22 | €47,410 | €0 | - | - | - | - |
| Current assets29/58 | €181,582 | €1.1m | €213,814 | €214,734 | €212,120 | ▼ 1.2% |
| Amounts receivable after more than one year29 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Other amounts receivable291 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Amounts receivable within one year40/41 | €95,782 | €114,988 | €128,463 | €131,225 | €132,371 | ▲ 0.9% |
| Other amounts receivable41 | €95,782 | €114,988 | €128,463 | €131,225 | €132,371 | ▲ 0.9% |
| Cash at bank and in hand54/58 | €0 | €869,841 | €10,351 | €8,509 | €4,749 | ▼ 44.2% |
| Deferred charges and accrued income490/1 | €10,800 | €0 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €228,992 | €1.1m | €213,814 | €214,734 | €212,120 | ▼ 1.2% |
| Equity10/15 | €211,621 | €209,157 | €212,326 | €213,177 | €211,788 | ▼ 0.7% |
| Contributions10/11 | €62,501 | €62,501 | €62,501 | €62,501 | €62,501 | = |
| Capital10 | €62,501 | €62,501 | €62,501 | €62,501 | €62,501 | = |
| Issued capital100 | €62,501 | €62,501 | €62,501 | €62,501 | €62,501 | = |
| Reserves13 | €149,120 | €146,656 | €149,825 | €150,677 | €149,287 | ▼ 0.9% |
| Non-distributable reserves130/1 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Legal reserve130 | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Tax-exempt reserves132 | €10,422 | - | - | - | - | - |
| Distributable reserves133 | €132,449 | €140,406 | €143,575 | €144,427 | €143,037 | ▼ 1.0% |
| Profit (loss) carried forward14 | - | €0 | €0 | - | - | - |
| Amounts payable17/49 | €17,371 | €850,672 | €1,488 | €1,557 | €332 | ▼ 78.7% |
| Amounts payable after more than one year17 | €5,250 | €0 | - | - | - | - |
| Other amounts payable178/9 | €5,250 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €12,121 | €850,325 | €1,141 | €1,172 | €332 | ▼ 71.7% |
| Financial debts43 | €21 | €0 | - | - | - | - |
| Credit institutions430/8 | €21 | €0 | - | - | - | - |
| Trade debts44 | €6,998 | €0 | - | €709 | - | - |
| Suppliers440/4 | €6,998 | €0 | - | €709 | - | - |
| Taxes, remuneration and social security45 | €5,102 | €227,669 | €1,141 | €463 | €332 | ▼ 28.4% |
| Taxes450/3 | €5,102 | €227,669 | €1,141 | €463 | €332 | ▼ 28.4% |
| Other amounts payable47/48 | - | €622,655 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | €0 | €348 | €348 | €384 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,221 | €623,404 | €3,169 | €851 | -€2,275 | ▼ 367% |
| Operating cash flow (approximation) | €10,221 | €623,404 | €3,169 | €851 | -€2,275 | ▼ 367% |
| Investment in fixed assets (approximation) | - | €47,410 | - | - | - | - |
| Change in cash | - | €869,841 | -€859,489 | -€1,842 | -€3,760 | ▼ 104% |
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
2026
03-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 67 days late
2025
28-11
Financial
Weakest financial yearnet -€2,275
Net result drops to -€2,275, the lowest in the series.
28-11
Financial
Liquidity triplescurrent ratio 639.36
Current ratio from 183.20 to 639.36; short-term debt falls from €1,172 to €332.
2024
12-12
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
29-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Liquidity times 150current ratio 187.44
Current ratio from 1.25 to 187.44; short-term debt falls from €850,325 to €1,141.
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 2 days late
2022
30-09
Financial
Highest result since 2018net €623,404 ▲5,999%
Operating result €853,147, net result €623,404, both a record.
13-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Equity above €200,000Eq €201,401 ▲5.6%
3 profitable years in a row build equity to €201,401.
02-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
25-04
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
25-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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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Structure & network
Owners and holdings
1 ownerOwners 1
- MVRparentSourceaccounts MVR 30-09-202599.6%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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.