MAHA

Active Public limited companyfounded 1991active for 35 yearsBoondaalse Steenweg 425, 1050 IxellesKBO/BCE: BE 0445.047.084

MAHA

Financial year 2025

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Annual accounts 2025

micro format, filed on 05-07-2026, 26 days before the deadline

€172,047

▼ 56.7%

€32,364

▼ 87.3%

€145,862

▼ 60.0%

€130,851

▼ 55.6%

23.7%

▲ 0.7 percentage points

0.20

▼ 0.13

Money flows

no detail for 2025

Balance sheet

balance sheet total €3.3m on 31-12-2025

What the company ownsHow it is paid for

in euro

Staff

Staff costs divided by the average number of full-time equivalents.

people who joined people who left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
`20/58`	3.3m	3.3m	3.2m	3.1m	3.1m	3.0m	1.1m	1.1m	1.1m	866,862	937,161	1.0m	840,908	823,673	834,556	741,876	779,102	794,002	619,989
`21/28`	2.8m	2.5m	2.7m	2.7m	2.8m	2.9m	955,356	995,059	1.0m	798,613	838,083	870,994	792,543	766,671	808,312	694,481	743,670	787,093	595,557
`22/27`	2.8m	2.5m	2.7m	2.7m	2.8m	2.9m	955,096	994,799	1.0m	798,353	837,823	870,734	791,943	766,071	807,712	693,881	743,070	786,563	595,277
`22`	2.7m	2.4m	2.6m	2.7m	2.8m	2.8m	900,549	940,042	980,168	750,795	777,430	804,968	714,173	750,556	788,645	671,260	706,489	734,312	547,021
`23`	-	-	-	-	-	-	680	1,360	2,039	2,719	-	-	-	-	-	-	-	-	-
`24`	86,214	112,449	49,533	-	180	711	704	-	-	8,268	16,535	24,803	33,071	624	1,249	1,873	17,173	31,946	48,256
`26`	32,692	36,570	45,550	35,343	41,139	41,278	53,163	53,397	52,558	36,572	43,858	40,963	44,699	14,890	17,819	20,748	19,408	20,305	-
`28`	338	338	338	338	260	260	260	260	260	260	260	260	600	600	600	600	600	530	280
`29/58`	474,300	795,943	481,888	389,828	241,879	146,936	153,777	112,153	74,452	68,248	99,078	134,995	48,365	57,002	26,244	47,395	35,432	6,909	24,432
`40/41`	31,396	-	-	2,156	-	-	5,103	20,446	17,500	-	-	10,682	5,211	2,147	23	883	793	-	-
`40`	-	-	-	-	-	-	-	-	-	-	-	-	1,150	2,000	-	876	788	-	-
`41`	31,396	-	-	2,156	-	-	5,103	20,446	17,500	-	-	10,682	4,061	147	23	7	5	-	-
`54/58`	433,601	788,452	479,950	386,993	241,220	146,126	147,888	91,707	56,210	56,741	99,078	124,313	43,154	54,855	26,220	45,126	33,808	5,945	21,112
`490/1`	9,303	7,491	1,939	679	659	810	785	-	741	11,507	-	-	-	-	-	1,386	831	964	3,320
Balance sheet: equity and liabilities
`10/49`	3.3m	3.3m	3.2m	3.1m	3.1m	3.0m	1.1m	1.1m	1.1m	866,862	937,161	1.0m	840,908	823,673	834,556	741,876	779,102	794,002	619,989
`10/15`	776,443	759,089	574,039	450,267	349,208	211,469	295,747	239,851	188,144	194,417	147,238	133,825	118,283	81,349	37,753	18,366	2,316	-32,687	23,629
`10/11`	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500
`10`	62,500	62,500	62,500	62,500	62,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`100`	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500
`13`	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	1,869	11,919
`130/1`	6,250	6,250	6,250	6,250	6,250	6,250	-	-	-	-	-	-	-	-	-	-	-	-	-
`130`	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	6,250	1,869	1,869
`132`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	10,050
`14`	707,693	690,339	505,289	381,517	280,458	142,719	226,997	171,101	119,394	125,667	78,488	65,075	49,533	12,599	-30,997	-50,384	-66,434	-97,056	-50,790
`17/49`	2.5m	2.5m	2.6m	2.7m	2.7m	2.8m	813,385	867,360	921,333	672,445	789,923	872,164	722,625	742,324	796,803	723,510	776,786	826,689	596,360
`17`	172,518	186,413	186,951	204,334	221,468	238,355	367,943	414,785	460,135	208,191	239,586	286,859	155,756	163,352	196,741	110,793	131,137	161,443	213,125
`170/4`	149,518	167,413	185,051	202,434	219,568	236,455	349,459	396,301	441,651	191,607	223,002	270,275	139,172	163,352	196,741	110,793	131,137	161,443	213,125
`178/9`	23,000	19,000	1,900	1,900	1,900	1,900	18,484	18,484	18,484	16,584	16,584	16,584	16,584	-	-	-	-	-	-
`42/48`	2.3m	2.4m	2.4m	2.5m	2.5m	2.6m	444,129	451,675	460,299	463,354	549,437	579,150	566,869	578,972	600,062	612,717	645,649	663,436	377,470
`42`	19,583	19,275	17,384	18,550	16,887	16,644	49,161	45,350	44,137	31,396	47,273	67,382	45,243	33,389	31,616	20,344	19,146	38,721	39,634
`44`	48	-	-	-	-	-	776	1,260	-	1,027	1,080	-	-	582	-	2,117	650	1,671	-
`440/4`	48	-	-	-	-	-	776	1,260	-	1,027	1,080	-	-	582	-	2,117	650	1,671	-
`45`	13,592	13,592	3,158	-	1,390	-	-	-	-	4,349	4,461	1,663	-	-	-	-	12,820	485	293
`450/3`	13,592	13,592	3,158	-	190	-	-	-	-	4,349	4,461	1,663	-	-	-	-	820	485	293
`454/9`	-	-	-	-	1,200	-	-	-	-	-	-	-	-	-	-	-	12,000	-	-
`47/48`	2.3m	2.3m	2.4m	2.4m	2.5m	2.5m	394,192	405,066	416,161	426,582	496,623	510,105	521,626	545,000	568,446	590,256	613,033	622,559	337,543
`492/3`	-	-	900	4,343	900	2,000	1,313	900	900	900	900	6,154	-	-	-	-	-	1,810	5,765
Income statement
`70`	-	252,746	17,087	8,900	8,580	231,180	8,280	6,180	4,370	5,325	5,280	136,010	5,100	5,215	1,025	122,260	148,328	75,938	-
`76A`	-	108,099	9,462	-	64,841	178,308	-	-	-	-	-	-	-	-	-	-	-	10,050	-
`9900`	172,047	397,789	299,404	268,020	288,885	101,757	153,834	149,821	81,085	139,010	144,559	98,440	132,132	134,308	86,263	89,524	115,393	53,355	32,693
`60/61`	-	97,419	85,399	63,206	52,196	325,167	42,395	30,587	76,146	22,165	29,418	67,013	26,282	32,938	51,655	32,736	32,935	22,583	-
`62`	-	-	-	-	-	-	-	-	-	362	4,257	-	-	-	-	-	-	-	-
`630`	113,498	109,617	103,711	105,852	105,754	99,336	50,319	49,795	59,295	43,149	43,318	42,574	51,802	41,641	38,624	54,756	53,909	86,130	36,007
`640/8`	26,186	33,071	26,359	22,314	21,663	18,988	12,084	13,350	13,262	11,746	10,824	9,652	10,894	11,011	8,393	9,962	10,068	8,014	12,127
`66A`	-	-	-	-	-	51,626	-	-	-	614	-	4,011	-	-	-	-	-	-	-
`9901`	32,364	255,101	169,334	139,854	161,468	-68,193	91,431	86,676	8,528	83,140	86,161	46,214	69,436	81,656	39,247	24,806	51,416	-40,789	-15,441
`75/76B`	-	-	-	-	-	-	-	-	-	2	113	31	88	126	104	50	33	1,581	30
`75`	-	-	-	-	-	-	-	-	-	2	113	31	88	126	104	50	33	1,581	30
`65/66B`	6,407	6,459	7,403	6,951	6,040	16,085	12,692	15,415	14,801	11,613	15,038	18,305	16,633	18,314	19,964	8,806	16,446	17,108	18,976
`65`	6,407	6,459	7,403	6,951	6,040	16,085	12,692	15,415	14,801	11,613	15,038	18,305	16,633	18,314	19,964	8,806	16,446	17,108	18,976
`9903`	25,957	248,642	161,930	132,904	155,428	-84,278	78,739	71,261	-6,273	71,529	71,235	23,929	52,891	63,467	19,387	16,050	35,003	-46,266	-34,387
`67/77`	8,604	63,592	38,158	31,844	17,690	-	22,843	19,554	-	24,349	24,489	8,387	15,957	19,871	-	-	-	-	-
`9904`	17,353	185,050	123,772	101,060	137,738	-84,278	55,896	51,708	-6,273	47,179	46,746	15,542	36,934	43,596	19,387	16,050	35,003	-46,266	-34,387
`9905`	17,353	185,050	123,772	101,060	137,738	-84,278	55,896	51,708	-6,273	47,179	46,746	15,542	36,934	43,596	19,387	16,050	35,003	-46,266	-34,387
Appropriation of the result
`9906`	707,693	690,339	505,289	381,517	280,458	142,719	226,997	171,101	119,394	125,667	111,821	65,075	49,533	12,599	-30,997	-50,384	-62,053	-97,056	-50,790
`14P`	690,339	505,289	381,517	280,458	142,719	-	-	-	-	-	-	-	-	-	-	-	-	-	-
`691/2`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,381	-	-
`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,381	-	-
`694/7`	-	-	-	-	-	-	-	-	-	-	33,333	-	-	-	-	-	-	-	-
`694`	-	-	-	-	-	-	-	-	-	-	33,333	-	-	-	-	-	-	-	-
Social balance sheet
`9087`	-	-	-	-	-	-	-	-	-	-	0.2	-	-	-	-	-	-	-	-
Hours worked`1013`	-	-	-	-	-	-	-	-	-	-	268	-	-	-	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The accounts for 15 older financial years (1992-2006) were filed as documents without figures as data, scans for example.

The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 05-07-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	05-07-2026	2026-00252833	PDF
31-12-2024	micro format	01-08-2025	2025-00348336	PDF
31-12-2023	micro format	10-06-2024	2024-00118510	PDF
31-12-2022	micro format	22-05-2023	2023-00090760	PDF
31-12-2021	micro format	05-07-2022	2022-20133795	PDF
31-12-2020	micro format	07-07-2021	2021-31700014	PDF
31-12-2019	micro format	18-06-2020	2020-17600577	PDF
31-12-2018	micro format	28-06-2019	2019-24900172	PDF
31-12-2017	micro format	21-06-2018	2018-20900459	PDF
31-12-2016	full format	13-06-2017	2017-16700480	PDF
31-12-2015	full format	11-06-2016	2016-16700457	PDF
31-12-2014	full format	09-07-2015	2015-28300107	PDF
31-12-2013	full format	23-06-2014	2014-19500297	PDF
31-12-2012	full format	31-05-2013	2013-13900378	PDF
31-12-2011	full format	18-06-2012	2012-18800541	PDF
31-12-2010	full format	28-06-2011	2011-20900208	PDF
31-12-2009	full format	11-05-2010	2010-11300598	PDF
31-12-2008	full format	31-07-2009	2009-53400387	PDF
31-12-2007	full format	01-06-2008	2008-18700252	PDF
31-12-2006	full format	04-05-2007	2007-13400019	PDF
31-12-2005	full format	22-06-2006	2006-29200011	PDF
31-12-2004	full format	04-05-2005	2005-13900127	PDF
31-12-2003	full format	28-06-2004	2004-31700278	PDF
31-12-2002	full format	02-06-2003	2003-16900168	PDF
31-12-2001	full format	24-06-2002	2002-24300295	PDF
31-12-2000	full format	07-06-2001	2001-17100091	PDF
31-12-1999	full format	09-05-2000	2000-11800299	PDF
31-12-1998	full format	26-05-1999	1999-11604820	PDF
31-12-1997	full format	22-06-1998	1998-20203015	PDF
31-12-1996	full format	29-05-1997	1997-10401486	PDF
31-12-1995	full format	03-06-1996	1996-11900944	PDF
31-12-1994	full format	31-05-1995	1995-11002940	PDF
31-12-1993	full format	27-06-1994	1994-20204636	PDF
31-12-1992	full format	15-06-1993	1993-12905117	PDF

Key figures and ratios

per financial year, computed from the annual accounts

2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
145,862	364,718	273,045	245,706	267,222	31,143	141,750	136,471	67,823	126,288	129,479	88,788	121,239	123,297	77,871	79,562	105,325	45,341	20,566
130,851	294,667	227,483	206,911	243,492	15,058	106,215	101,503	53,022	90,328	90,064	58,116	88,736	85,237	58,011	70,806	88,912	39,864	1,620
404,848	81,370	68,436	4,939	10,066	2.1m	10,616	9,828	295,708	4,292	10,408	257,080	77,674	0	152,456	5,567	10,486	277,666	256,000
-354,851	308,502	92,957	145,773	95,094	-1,762	56,181	35,496	-531	-42,336	-25,235	81,158	-11,700	28,634	-18,906	11,318	27,863	-15,167	-
-1.9m	-1.6m	-1.9m	-2.1m	-2.3m	-2.4m	-290,352	-339,522	-385,847	-395,106	-450,360	-444,155	-518,503	-521,970	-573,818	-565,322	-610,217	-656,527	-353,038
-	-	-	-	-	-29.5%	-	-	-	-	-	34.0%	-	-	-	20.3%	34.7%	-53.7%	-
23.7%	23.0%	18.1%	14.4%	11.4%	7.0%	26.7%	21.7%	17.0%	22.4%	15.7%	13.3%	14.1%	9.9%	4.5%	2.5%	0.3%	-4.1%	3.8%
0.20	0.34	0.20	0.16	0.10	0.06	0.35	0.25	0.16	0.15	0.18	0.23	0.09	0.10	0.04	0.08	0.05	0.01	0.06
3.22	3.36	4.53	5.93	7.80	13.22	2.75	3.62	4.90	3.46	5.36	6.52	6.11	9.13	21.11	39.39	-	-	25.24
2.2%	24.4%	21.6%	22.4%	39.4%	-39.9%	18.9%	21.6%	-3.3%	24.3%	31.7%	11.6%	31.2%	53.6%	51.4%	87.4%	-	-	-145.5%
0.5%	5.6%	3.9%	3.2%	4.5%	-2.8%	5.0%	4.7%	-0.6%	5.4%	5.0%	1.5%	4.4%	5.3%	2.3%	2.2%	4.5%	-5.8%	-5.5%
22.77	56.47	36.88	35.35	44.24	-	-	-	-	-	-	-	-	-	-	-	-	-	-
-	-	-	88 days	-	-	225 days	1208 days	1462 days	-	-	29 days	82 days	140 days	8 days	3 days	2 days	-	-
-	-	-	-	-	-	7 days	15 days	-	17 days	13 days	-	-	6 days	-	24 days	7 days	27 days	-

EBIT margin. Not meaningful: turnover is only a small part of operating income.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€404,848	€81,370	€68,436	€4,861	€10,066
Financial fixed assets	-	-	-	€78	-
	€113,498	€109,617	€103,711	€105,852	€105,754

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on MAHA

The operating result for 2025 is 87% lower than in 2024 and the lowest since 2020.

Debt's share of the balance-sheet total falls from 77.0% to 76.3%. Equity is higher and debt is lower.

Large changes and their cause

2025 Net result -91% on 2024. The 2024 profit included a one-off income of €108,099.

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

Annual accounts 2025

Money flows

Balance sheet

Change in equityin euro

Change in cashin euro

Staff

Staff cost per FTE

Joined and left

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on MAHA

Next steps

in euro

in euro