MAHA
ActiveSummary
MAHA has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €776k and a net result of €17k. Equity is growing by ~21% per year across the filed fiscal years. Its solvency ranks better than 42% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-15
Solvency49▲+1
Growth68▼-17
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity short (current ratio 0.2 against 0.34 in 2024; short-term debt: 71% and cash: 13.2% of total assets), and 76.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
23.7%
Return on assets
0.5%
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 05-07-2026, 26 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
26 d early
2024
1 d late
2023
51 d early
2022
70 d early
2021
26 d early
2020
24 d early
2019
43 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€253k▲ 1,379%
2023 · €17k
2018: €6klowest in 7 years
2019: €8k▲ +34.0% vs 2018
2020: €231k▲ +2692% vs 2019
2021: €9k▼ -96.3% vs 2020
2022: €9k▲ +3.7% vs 2021
2023: €17k▲ +92.0% vs 2022
2024: €253k▲ +1379% vs 2023highest in 7 years
2018 → 2024
EBIT margin
100.9%▼ 890.1pp
2023 · 991.0%
2018: 1402.5%
2019: 1104.2%▼ -21.3% vs 2018
2020: -29.5%▼ -103% vs 2019lowest in 7 years
2021: 1881.9%▲ +6480% vs 2020highest in 7 years
2022: 1571.4%▼ -16.5% vs 2021
2023: 991.0%▼ -36.9% vs 2022
2024: 100.9%▼ -89.8% vs 2023
2018 → 2024
Net result
€17k▼ 90.6%
2024 · €185k
2018: €52k
2019: €56k▲ +8.1% vs 2018
2020: €-84k▼ -251% vs 2019lowest in 8 years
2021: €138k▲ +263% vs 2020
2022: €101k▼ -26.6% vs 2021
2023: €124k▲ +22.5% vs 2022
2024: €185k▲ +49.5% vs 2023highest in 8 years
2025: €17k▼ -90.6% vs 2024
2018 → 2025
Working capital
€-1.85M▼ 18.4%
2024 · €-1.56M
2018: €-340k
2019: €-290k▲ +14.5% vs 2018highest in 8 years
2020: €-2.41M▼ -730% vs 2019lowest in 8 years
2021: €-2.26M▲ +6.3% vs 2020
2022: €-2.07M▲ +8.3% vs 2021
2023: €-1.93M▲ +6.7% vs 2022
2024: €-1.56M▲ +19.0% vs 2023
2025: €-1.85M▼ -18.4% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€9k-€9k▲ 3.7%€17k▲ 92.0%€253k▲ 1,379%
2021: €9klowest in 4 years
2022: €9k▲ +3.7% vs 2021
2023: €17k▲ +92.0% vs 2022
2024: €253k▲ +1379% vs 2023highest in 4 years
Equity€349k-€450k▲ 28.9%€574k▲ 27.5%€759k▲ 32.2%€776k▲ 2.3%
2021: €349klowest in 5 years
2022: €450k▲ +28.9% vs 2021
2023: €574k▲ +27.5% vs 2022
2024: €759k▲ +32.2% vs 2023
2025: €776k▲ +2.3% vs 2024highest in 5 years
Operating result€161k-€140k▼ 13.4%€169k▲ 21.1%€255k▲ 50.6%€32k▼ 87.3%
2021: €161k
2022: €140k▼ -13.4% vs 2021
2023: €169k▲ +21.1% vs 2022
2024: €255k▲ +50.6% vs 2023highest in 5 years
2025: €32k▼ -87.3% vs 2024lowest in 5 years
Net result€138k-€101k▼ 26.6%€124k▲ 22.5%€185k▲ 49.5%€17k▼ 90.6%
2021: €138k
2022: €101k▼ -26.6% vs 2021
2023: €124k▲ +22.5% vs 2022
2024: €185k▲ +49.5% vs 2023highest in 5 years
2025: €17k▼ -90.6% vs 2024lowest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 87% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.28M
Fixed assets
€2.80M ▲ 11.6%
Current assets
€474k ▼ 40.4%
Equity and liabilities €3.28M
Equity
€776k ▲ 2.3%
Debt
€2.50M ▼ 1.9%
Debt's share of the balance-sheet total falls from 77.0% to 76.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€146k▼
2024 · €365k
Cash flow
€131k▼
2024 · €295k
Current ratio
0.20▼
2024 · 0.34
Debt to equity
3.22▼
2024 · 3.36
ROE
2.2%▼
2024 · 24.4%
ROA
0.5%▼
2024 · 5.6%
Interest coverage
22.77▼
2024 · 56.47
Debt ≤ 1 year
€2.33M▼
2024 · €2.36M
Debt > 1 year
€173k▼
2024 · €186k
Income taxes
€9k▼
2024 · €64k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.31M€3.28M▼
Fixed assets21/28€2.51M€2.80M▲
Tangible fixed assets22/27€2.51M€2.80M▲
Land and buildings22€2.36M€2.68M▲
Furniture and vehicles24€112k€86k▼
Other tangible fixed assets26€37k€33k▼
Financial fixed assets28€338€338=
Current assets29/58€796k€474k▼
Amounts receivable within one year40/41-€31k
Other amounts receivable41-€31k
Cash at bank and in hand54/58€788k€434k▼
Deferred charges and accrued income490/1€7k€9k▲
Equity and liabilities
Total equity and liabilities10/49€3.31M€3.28M▼
Equity10/15€759k€776k▲
Contributions10/11€63k€63k=
Capital10€63k€63k=
Issued capital100€63k€63k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€690k€708k▲
Amounts payable17/49€2.55M€2.50M▼
Amounts payable after more than one year17€186k€173k▼
Financial debts170/4€167k€150k▼
Other amounts payable178/9€19k€23k▲
Amounts payable within one year42/48€2.36M€2.33M▼
Current portion of amounts payable after more than one year42€19k€20k▲
Trade debts44-€48
Suppliers440/4-€48
Taxes, remuneration and social security45€14k€14k=
Taxes450/3€14k€14k=
Other amounts payable47/48€2.33M€2.29M▼
Income statement
Code20242025
Turnover70€253k-
Non-recurring operating income76A€108k-
Goods, raw materials, services and sundry goods60/61€97k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€110k€113k▲
Other operating charges640/8€33k€26k▼
Gross operating margin9900€398k€172k▼
Operating profit (loss)9901€255k€32k▼
Financial charges65/66B€6k€6k▼
Recurring financial charges65€6k€6k▼
Profit (loss) for the period before taxes9903€249k€26k▼
Income taxes67/77€64k€9k▼
Profit (loss) for the period9904€185k€17k▼
Profit (loss) for the period to be appropriated9905€185k€17k▼
Appropriation of the result
Profit (loss) to be appropriated9906€690k€708k▲
Profit (loss) brought forward from the previous period14P€505k€690k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €9k | €9k | €17k | €253k | - | - |
| Non-recurring operating income76A | €65k | - | €9k | €108k | - | - |
| Goods, raw materials, services and sundry goods60/61 | €52k | €63k | €85k | €97k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €106k | €106k | €104k | €110k | €113k | ▲ 3.5% |
| Other operating charges640/8 | €22k | €22k | €26k | €33k | €26k | ▼ 20.8% |
| Gross operating margin9900 | €289k | €268k | €299k | €398k | €172k | ▼ 56.7% |
| Operating profit (loss)9901 | €161k | €140k | €169k | €255k | €32k | ▼ 87.3% |
| Financial charges65/66B | €6k | €7k | €7k | €6k | €6k | ▼ 0.8% |
| Recurring financial charges65 | €6k | €7k | €7k | €6k | €6k | ▼ 0.8% |
| Profit (loss) for the period before taxes9903 | €155k | €133k | €162k | €249k | €26k | ▼ 89.6% |
| Income taxes67/77 | €18k | €32k | €38k | €64k | €9k | ▼ 86.5% |
| Profit (loss) for the period9904 | €138k | €101k | €124k | €185k | €17k | ▼ 90.6% |
| Profit (loss) for the period to be appropriated9905 | €138k | €101k | €124k | €185k | €17k | ▼ 90.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.07M | €3.12M | €3.18M | €3.31M | €3.28M | ▼ 0.9% |
| Fixed assets21/28 | €2.83M | €2.73M | €2.69M | €2.51M | €2.80M | ▲ 11.6% |
| Tangible fixed assets22/27 | €2.83M | €2.73M | €2.69M | €2.51M | €2.80M | ▲ 11.6% |
| Land and buildings22 | €2.79M | €2.69M | €2.60M | €2.36M | €2.68M | ▲ 13.6% |
| Furniture and vehicles24 | €180 | - | €50k | €112k | €86k | ▼ 23.3% |
| Other tangible fixed assets26 | €41k | €35k | €46k | €37k | €33k | ▼ 10.6% |
| Financial fixed assets28 | €260 | €338 | €338 | €338 | €338 | = |
| Current assets29/58 | €242k | €390k | €482k | €796k | €474k | ▼ 40.4% |
| Amounts receivable within one year40/41 | - | €2k | - | - | €31k | - |
| Other amounts receivable41 | - | €2k | - | - | €31k | - |
| Cash at bank and in hand54/58 | €241k | €387k | €480k | €788k | €434k | ▼ 45.0% |
| Deferred charges and accrued income490/1 | €659 | €679 | €2k | €7k | €9k | ▲ 24.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.07M | €3.12M | €3.18M | €3.31M | €3.28M | ▼ 0.9% |
| Equity10/15 | €349k | €450k | €574k | €759k | €776k | ▲ 2.3% |
| Contributions10/11 | €63k | €63k | €63k | €63k | €63k | = |
| Capital10 | €63k | €63k | €63k | €63k | €63k | = |
| Issued capital100 | €63k | €63k | €63k | €63k | €63k | = |
| Reserves13 | €6k | €6k | €6k | €6k | €6k | = |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Profit (loss) carried forward14 | €280k | €382k | €505k | €690k | €708k | ▲ 2.5% |
| Amounts payable17/49 | €2.72M | €2.67M | €2.60M | €2.55M | €2.50M | ▼ 1.9% |
| Amounts payable after more than one year17 | €221k | €204k | €187k | €186k | €173k | ▼ 7.5% |
| Financial debts170/4 | €220k | €202k | €185k | €167k | €150k | ▼ 10.7% |
| Other amounts payable178/9 | €2k | €2k | €2k | €19k | €23k | ▲ 21.1% |
| Amounts payable within one year42/48 | €2.50M | €2.46M | €2.41M | €2.36M | €2.33M | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | €17k | €19k | €17k | €19k | €20k | ▲ 1.6% |
| Trade debts44 | - | - | - | - | €48 | - |
| Suppliers440/4 | - | - | - | - | €48 | - |
| Taxes, remuneration and social security45 | €1k | - | €3k | €14k | €14k | = |
| Taxes450/3 | €190 | - | €3k | €14k | €14k | = |
| Remuneration and social security454/9 | €1k | - | - | - | - | - |
| Other amounts payable47/48 | €2.48M | €2.44M | €2.39M | €2.33M | €2.29M | ▼ 1.5% |
| Accrued charges and deferred income492/3 | €900 | €4k | €900 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €138k | €101k | €124k | €185k | €17k | ▼ 90.6% |
| + Depreciation and write-downs630 | €106k | €106k | €104k | €110k | €113k | ▲ 3.5% |
| Operating cash flow (approximation) | €243k | €207k | €227k | €295k | €131k | ▼ 55.6% |
| Investment in fixed assets (approximation) | - | €-5k | €-68k | €74k | €-405k | ▼ 647% |
| Change in cash | - | €146k | €93k | €309k | €-355k | ▼ 215% |
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
05-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
01-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 1 day late
2024
31-12
Financial
Highest result since 2018net €185k ▲49.5%
Operating result €255k, net result €185k, both a record.
10-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Equity above €500kEq €574k ▲27.5%
3 profitable years in a row build equity to €574k.
22-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €138k
Net result €138k after one loss-making year.
07-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-84k
Net result drops to €-84k, the lowest in the series; recovery starts the following year.
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-06
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 9 acts read
About the unread acts
We know of 9 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
9 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, Elsene · 1 establishment unit since 2011
Ground area
219 m²
Building footprint
141 m²
Volume, LiDAR
1,249 m³
Parcel 21445C0264/00W023, Brussels · tallest building 13.8 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MAHA
since 20112.219.884.689
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21445C0264/00W023 | Brussels | 219 m² | 1 · 141 m² | 13.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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CALMAN
BE 0448.902.934
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SX
BE 0847.775.446
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IMMO C. L.
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 4,942 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded02-09-1991
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.