MAGEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-04-2026 PDF all 18 filings
Turnover
≈ €86,000
Estimated: probably between €51,000 and €150,000
Total assets
€295,773▼ 3.1%
2024 · €305,184
Net result
-€130▲ 99.0%
2024 · -€12,984
Working capital
-€23,903▲ 11.6%
2024 · -€27,032
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€49
▲ 99.6%
2025
20182025
Net result
-€130
▲ 99.0%
2025
lowest quarter of the sector
20182025
Equity
-€126,362
▼ 0.1%
2025
lowest quarter of the sector
20182025
Total assets
€295,773
▼ 3.1%
2025
middle half of the sector
20182025
Debt
€422,135
▼ 2.2%
2025
20182025
Working capital
-€23,903
▲ 11.6%
2025
lowest quarter of the sector
20182025
Solvency
-42.7%
▼ 1.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.20
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
0.0%
▲ 4.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,794--€9,547▼ 8.6%-€11,043▼ 15.7%-€13,564▼ 22.8%-€8,692▲ 35.9%-€11,875▼ 36.6%-€12,917▼ 8.8%-€49▲ 99.6%
Net result-€8,791--€9,547▼ 8.6%-€11,044below the sector's middle half▼ 15.7%-€13,607below the sector's middle half▼ 23.2%-€8,740below the sector's middle half▲ 35.8%-€11,930below the sector's middle half▼ 36.5%-€12,984below the sector's middle half▼ 8.8%-€130below the sector's middle half▲ 99.0%
Equity-€58,381--€67,928▼ 16.4%-€78,972below the sector's middle half▼ 16.3%-€92,579below the sector's middle half▼ 17.2%-€101,319below the sector's middle half▼ 9.4%-€113,249below the sector's middle half▼ 11.8%-€126,232below the sector's middle half▼ 11.5%-€126,362below the sector's middle half▼ 0.1%
Total assets€357,714-€352,352▼ 1.5%€341,520within the sector's middle half▼ 3.1%€333,698within the sector's middle half▼ 2.3%€322,700within the sector's middle half▼ 3.3%€315,411within the sector's middle half▼ 2.3%€305,184within the sector's middle half▼ 3.2%€295,773within the sector's middle half▼ 3.1%
Debt€416,095-€420,280▲ 1.0%€420,491▲ 0.1%€426,277▲ 1.4%€424,019▼ 0.5%€428,659▲ 1.1%€431,417▲ 0.6%€422,135▼ 2.2%
Working capital-€12,118--€13,800▼ 13.9%-€13,684below the sector's middle half▲ 0.8%-€20,132below the sector's middle half▼ 47.1%-€18,919below the sector's middle half▲ 6.0%-€23,386below the sector's middle half▼ 23.6%-€27,032below the sector's middle half▼ 15.6%-€23,903below the sector's middle half▲ 11.6%
Solvency-16.3%--19.3%▼ 3.0pp-23.1%below the sector's middle half▼ 3.8pp-27.7%below the sector's middle half▼ 4.6pp-31.4%below the sector's middle half▼ 3.7pp-35.9%below the sector's middle half▼ 4.5pp-41.4%below the sector's middle half▼ 5.5pp-42.7%below the sector's middle half▼ 1.4pp
Current ratio0.28-0.34▲ 0.060.35below the sector's middle half=0.24below the sector's middle half▼ 0.110.24below the sector's middle half=0.20below the sector's middle half▼ 0.030.16below the sector's middle half▼ 0.050.20below the sector's middle half▲ 0.04
Return on assets (ROA)-2.5%--2.7%▼ 0.3pp-3.2%below the sector's middle half▼ 0.5pp-4.1%below the sector's middle half▼ 0.8pp-2.7%below the sector's middle half▲ 1.4pp-3.8%below the sector's middle half▼ 1.1pp-4.3%below the sector's middle half▼ 0.5pp0.0%below the sector's middle half▲ 4.2pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 a loss of €49, smaller than the loss of €12,917 in 2024.
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 €295,773
Fixed assets
€289,819 ▼ 3.4%
Current assets
€5,954 ▲ 16.3%
Equity and liabilities
Equity-€126,362
Debt€422,135
Equity is negative. Debt (€422,135) exceeds the balance-sheet total (€295,773).
Key figures and ratios
EBITDA
€9,444▲
2024 · -€2,358
Cash flow
€9,363▲
2024 · -€2,425
Interest coverage
over 100▲
2024 · -35.12
Debt ≤ 1 year
€29,856▼
2024 · €32,149
Debt > 1 year
€391,711▼
2024 · €398,701
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,343 | - | €3,286 | €1,222 | €1,600 |
| Depreciation and write-downs of the year | €11,140 | €10,556 | €10,749 | €10,558 | €9,493 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 | €10,410 | €11,047 | €10,910 | €11,140 | €10,556 | €10,749 | €10,558 | €9,493 | ▼ 10.1% |
| Other operating charges640/8 | - | - | - | €3,466 | €3,553 | €3,887 | €3,972 | €6,619 | ▲ 66.6% |
| Gross operating margin9900 | €4,412 | €4,352 | €3,307 | €1,043 | €5,417 | €2,761 | €1,614 | €16,063 | ▲ 895% |
| Operating profit (loss)9901 | -€8,794 | -€9,547 | -€11,043 | -€13,564 | -€8,692 | -€11,875 | -€12,917 | -€49 | ▲ 99.6% |
| Recurring financial income75 | €6 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €44 | €48 | €55 | €67 | €81 | ▲ 20.1% |
| Recurring financial charges65 | €3 | €0 | €0 | €44 | €48 | €55 | €67 | €81 | ▲ 20.1% |
| Profit (loss) for the period before taxes9903 | -€8,791 | -€9,547 | -€11,044 | -€13,607 | -€8,740 | -€11,930 | -€12,984 | -€130 | ▲ 99.0% |
| Profit (loss) for the period9904 | -€8,791 | -€9,547 | -€11,044 | -€13,607 | -€8,740 | -€11,930 | -€12,984 | -€130 | ▲ 99.0% |
| Profit (loss) for the period to be appropriated9905 | -€8,791 | -€9,547 | -€11,044 | -€13,607 | -€8,740 | -€11,930 | -€12,984 | -€130 | ▲ 99.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €357,714 | €352,352 | €341,520 | €333,698 | €322,700 | €315,411 | €305,184 | €295,773 | ▼ 3.1% |
| Fixed assets21/28 | €352,993 | €345,128 | €334,219 | €327,421 | €316,865 | €309,403 | €300,067 | €289,819 | ▼ 3.4% |
| Tangible fixed assets22/27 | €352,993 | €345,128 | €334,219 | €327,421 | €316,865 | €309,403 | €300,067 | €289,819 | ▼ 3.4% |
| Land and buildings22 | - | - | - | €320,697 | €311,820 | €303,024 | €294,229 | €285,433 | ▼ 3.0% |
| Plant, machinery and equipment23 | - | - | - | €5,168 | €4,267 | €3,366 | €2,505 | €2,079 | ▼ 17.0% |
| Furniture and vehicles24 | - | - | - | €1,557 | €778 | €3,012 | €3,333 | €2,307 | ▼ 30.8% |
| Current assets29/58 | €4,721 | €7,224 | €7,301 | €6,277 | €5,835 | €6,008 | €5,118 | €5,954 | ▲ 16.3% |
| Amounts receivable within one year40/41 | €2,881 | €2,633 | €4,793 | €1,550 | €3,171 | €1,846 | €2,815 | €3,283 | ▲ 16.6% |
| Trade receivables40 | - | - | - | €1,550 | €3,171 | €1,846 | €2,815 | €3,283 | ▲ 16.6% |
| Cash at bank and in hand54/58 | €540 | €3,199 | €1,129 | €3,309 | €1,047 | €2,432 | €611 | €702 | ▲ 14.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,418 | €1,618 | €1,730 | €1,691 | €1,969 | ▲ 16.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €357,714 | €352,352 | €341,520 | €333,698 | €322,700 | €315,411 | €305,184 | €295,773 | ▼ 3.1% |
| Equity10/15 | -€58,381 | -€67,928 | -€78,972 | -€92,579 | -€101,319 | -€113,249 | -€126,232 | -€126,362 | ▼ 0.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€76,981 | -€86,528 | -€97,572 | -€111,179 | -€119,919 | -€131,849 | -€144,832 | -€144,962 | ▼ 0.1% |
| Amounts payable17/49 | €416,095 | €420,280 | €420,491 | €426,277 | €424,019 | €428,659 | €431,417 | €422,135 | ▼ 2.2% |
| Amounts payable after more than one year17 | €398,701 | €398,701 | €398,701 | €398,701 | €398,701 | €398,701 | €398,701 | €391,711 | ▼ 1.8% |
| Other amounts payable178/9 | - | - | - | €398,701 | €398,701 | €398,701 | €398,701 | €391,711 | ▼ 1.8% |
| Amounts payable within one year42/48 | €16,839 | €21,024 | €20,985 | €26,409 | €24,754 | €29,394 | €32,149 | €29,856 | ▼ 7.1% |
| Trade debts44 | €106 | €763 | - | €115 | - | - | €383 | €116 | ▼ 69.6% |
| Suppliers440/4 | - | - | - | €115 | - | - | €383 | €116 | ▼ 69.6% |
| Taxes, remuneration and social security45 | - | - | - | €365 | €284 | €504 | €474 | €1,137 | ▲ 140% |
| Taxes450/3 | - | - | - | €365 | €284 | €504 | €474 | €1,137 | ▲ 140% |
| Other amounts payable47/48 | - | - | - | €25,929 | €24,469 | €28,890 | €31,293 | €28,603 | ▼ 8.6% |
| Accrued charges and deferred income492/3 | - | - | - | €1,167 | €564 | €564 | €566 | €567 | ▲ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,791 | -€9,547 | -€11,044 | -€13,607 | -€8,740 | -€11,930 | -€12,984 | -€130 | ▲ 99.0% |
| + Depreciation and write-downs630 | €10,410 | €11,047 | €10,910 | €11,140 | €10,556 | €10,749 | €10,558 | €9,493 | ▼ 10.1% |
| Operating cash flow (approximation) | €1,619 | €1,499 | -€134 | -€2,467 | €1,816 | -€1,181 | -€2,425 | €9,363 | - |
| Investment in fixed assets (approximation) | - | -€3,182 | €0 | -€4,343 | €0 | -€3,286 | -€1,222 | €755 | - |
| Change in cash | - | €2,659 | -€2,070 | €2,180 | -€2,262 | €1,386 | -€1,821 | €91 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,333 companies had the same profile as MAGEX has now. Two years later, 90.6% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.6%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAGEX itself: 0.7% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,333 companies, not a prediction for MAGEX. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-04-2026 | 2026-00087804 | |
| 31-12-2024 | micro format | 20-03-2025 | 2025-00051752 | |
| 31-12-2023 | micro format | 25-03-2024 | 2024-00050875 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00119942 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20054882 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-17900263 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15400088 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15800540 | |
| 31-12-2017 | micro format | 15-06-2018 | 2018-19600169 | |
| 31-12-2016 | micro format | 09-08-2017 | 2017-42500193 |