MAHONEMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 11 filings
Turnover
≈ €360,000
Estimated: probably between €240,000 and €560,000
Total assets
€62,439▼ 36.2%
2024 · €97,930
Net result
€17,276▲ 16.8%
2024 · €14,790
Working capital
€18,600▼ 68.6%
2024 · €59,216
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€31,237
▲ 86.9%
2025
20182025
Net result
€17,276
▲ 16.8%
2025
middle half of the sector
20182025
Equity
€18,600
▼ 68.6%
2025
middle half of the sector
20182025
Total assets
€62,439
▼ 36.2%
2025
middle half of the sector
20182025
Debt
€43,839
▲ 13.2%
2025
20182025
Working capital
€18,600
▼ 68.6%
2025
middle half of the sector
20182025
Solvency
29.8%
▼ 30.7pp
2025
middle half of the sector
20182025
Current ratio
1.42
▼ 1.11
2025
middle half of the sector
20182025
Return on assets (ROA)
27.7%
▲ 12.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,966--€6,897€7,377€63,318▲ 758%€11,097▼ 82.5%€18,845▲ 69.8%€16,711▼ 11.3%€31,237▲ 86.9%
Net result€14,201--€3,506€12,132within the sector's middle half€54,845above the sector's middle half▲ 352%€11,659within the sector's middle half▼ 78.7%€18,582within the sector's middle half▲ 59.4%€14,790within the sector's middle half▼ 20.4%€17,276within the sector's middle half▲ 16.8%
Equity€99,983-€96,477▼ 3.5%€108,609above the sector's middle half▲ 12.6%€151,690above the sector's middle half▲ 39.7%€116,289above the sector's middle half▼ 23.3%€100,212within the sector's middle half▼ 13.8%€59,216within the sector's middle half▼ 40.9%€18,600within the sector's middle half▼ 68.6%
Total assets€195,826-€193,284▼ 1.3%€206,209within the sector's middle half▲ 6.7%€217,137within the sector's middle half▲ 5.3%€192,647within the sector's middle half▼ 11.3%€163,094within the sector's middle half▼ 15.3%€97,930within the sector's middle half▼ 40.0%€62,439within the sector's middle half▼ 36.2%
Debt€95,843-€96,807▲ 1.0%€97,600▲ 0.8%€65,448▼ 32.9%€76,358▲ 16.7%€62,882▼ 17.6%€38,715▼ 38.4%€43,839▲ 13.2%
Working capital€150,573-€150,814▲ 0.2%€160,414above the sector's middle half▲ 6.4%€172,646above the sector's middle half▲ 7.6%€141,083above the sector's middle half▼ 18.3%€100,212above the sector's middle half▼ 29.0%€59,216above the sector's middle half▼ 40.9%€18,600within the sector's middle half▼ 68.6%
Solvency51.1%-49.9%▼ 1.1pp52.7%within the sector's middle half▲ 2.8pp69.9%above the sector's middle half▲ 17.2pp60.4%above the sector's middle half▼ 9.5pp61.4%above the sector's middle half▲ 1.1pp60.5%above the sector's middle half▼ 1.0pp29.8%within the sector's middle half▼ 30.7pp
Current ratio5.08-4.94▼ 0.144.50above the sector's middle half▼ 0.444.88above the sector's middle half▲ 0.383.74above the sector's middle half▼ 1.142.59above the sector's middle half▼ 1.142.53above the sector's middle half▼ 0.061.42within the sector's middle half▼ 1.11
Return on assets (ROA)7.3%--1.8%▼ 9.1pp5.9%within the sector's middle half▲ 7.7pp25.3%above the sector's middle half▲ 19.4pp6.1%within the sector's middle half▼ 19.2pp11.4%within the sector's middle half▲ 5.3pp15.1%above the sector's middle half▲ 3.7pp27.7%above the sector's middle half▲ 12.6pp
Staff (FTE)1.9-2▲ 5.3%2within the sector's middle half=2=2=2=2.1▲ 5.0%2.1=
above
within
below
The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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 87% higher than in 2024. It is a recovery after the fall 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
Equity and liabilities €62,439
Equity
€18,600 ▼ 68.6%
Debt
€43,839 ▲ 13.2%
Debt's share of the balance-sheet total rises from 39.5% to 70.2%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
2.36▲
2024 · 0.65
ROE
92.9%▲
2024 · 25.0%
Debt ≤ 1 year
€43,839▲
2024 · €38,715
Income taxes
€15,295▲
2024 · €4,523
Staff costs
€112,397▲
2024 · €109,019
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 2 | 2 | 2 | 2 | 2 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 2 |
| Average over the year, in full-time equivalents | 2 | 2 | 2 | 2.1 | 2.1 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | - | - | 1 | 1 |
| Left | - | - | - | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €32,411 | €98,941 | €104,468 | €109,019 | €112,397 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,194 | €4,194 | €0 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €398 | €401 | €414 | ▲ 3.1% |
| Gross operating margin9900 | €81,890 | €86,088 | €35,947 | €96,077 | €110,385 | €123,711 | €126,131 | €144,048 | ▲ 14.2% |
| Operating profit (loss)9901 | €25,966 | -€6,897 | €7,377 | €63,318 | €11,097 | €18,845 | €16,711 | €31,237 | ▲ 86.9% |
| Financial income75/76B | - | - | - | €4,337 | €4,430 | €5,253 | €3,165 | €1,448 | ▼ 54.2% |
| Recurring financial income75 | €3,801 | €4,582 | €5,328 | €4,337 | €4,430 | €5,253 | €3,165 | €1,448 | ▼ 54.2% |
| Financial charges65/66B | - | - | - | €74 | €152 | €48 | €562 | €114 | ▼ 79.7% |
| Recurring financial charges65 | €718 | €822 | €455 | €74 | €152 | €48 | €562 | €114 | ▼ 79.7% |
| Profit (loss) for the period before taxes9903 | €29,050 | -€3,137 | €12,250 | €67,582 | €15,375 | €24,050 | €19,313 | €32,571 | ▲ 68.6% |
| Income taxes67/77 | €14,848 | €369 | €119 | €12,737 | €3,716 | €5,468 | €4,523 | €15,295 | ▲ 238% |
| Profit (loss) for the period9904 | €14,201 | -€3,506 | €12,132 | €54,845 | €11,659 | €18,582 | €14,790 | €17,276 | ▲ 16.8% |
| Profit (loss) for the period to be appropriated9905 | €14,201 | -€3,506 | €12,132 | €54,845 | €11,659 | €18,582 | €14,790 | €17,276 | ▲ 16.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €195,826 | €193,284 | €206,209 | €217,137 | €192,647 | €163,094 | €97,930 | €62,439 | ▼ 36.2% |
| Fixed assets21/28 | €8,387 | €4,194 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €8,387 | €4,194 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €187,439 | €189,091 | €206,209 | €217,137 | €192,647 | €163,094 | €97,930 | €62,439 | ▼ 36.2% |
| Amounts receivable within one year40/41 | €117,095 | €128,027 | €163,490 | €127,995 | €116,830 | €91,189 | €35,763 | €27,150 | ▼ 24.1% |
| Trade receivables40 | - | - | - | €40,779 | €10,000 | €23,797 | €32,110 | €22,110 | ▼ 31.1% |
| Other amounts receivable41 | - | - | - | €87,216 | €106,830 | €67,391 | €3,654 | €5,041 | ▲ 38.0% |
| Cash at bank and in hand54/58 | €69,395 | €60,630 | €42,694 | €88,931 | €75,789 | €71,697 | €61,794 | €34,946 | ▼ 43.4% |
| Deferred charges and accrued income490/1 | - | - | - | €211 | €28 | €209 | €373 | €342 | ▼ 8.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €195,826 | €193,284 | €206,209 | €217,137 | €192,647 | €163,094 | €97,930 | €62,439 | ▼ 36.2% |
| Equity10/15 | €99,983 | €96,477 | €108,609 | €151,690 | €116,289 | €100,212 | €59,216 | €18,600 | ▼ 68.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €91,923 | €88,417 | €100,549 | €143,630 | €108,229 | €79,752 | €38,756 | €0 | ▼ 100% |
| Amounts payable17/49 | €95,843 | €96,807 | €97,600 | €65,448 | €76,358 | €62,882 | €38,715 | €43,839 | ▲ 13.2% |
| Amounts payable after more than one year17 | €9,311 | €5,009 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €36,866 | €38,277 | €45,796 | €44,492 | €51,565 | €62,882 | €38,715 | €43,839 | ▲ 13.2% |
| Trade debts44 | €239 | €2,424 | €26,741 | €25,241 | €13,401 | €25,335 | €5,409 | €7,383 | ▲ 36.5% |
| Suppliers440/4 | - | - | - | €25,241 | €13,401 | €25,335 | €5,409 | €7,383 | ▲ 36.5% |
| Taxes, remuneration and social security45 | - | - | - | €19,251 | €38,163 | €37,547 | €33,306 | €36,456 | ▲ 9.5% |
| Taxes450/3 | - | - | - | €14,585 | €25,919 | €17,622 | €12,891 | €22,649 | ▲ 75.7% |
| Remuneration and social security454/9 | - | - | - | €4,666 | €12,245 | €19,926 | €20,415 | €13,807 | ▼ 32.4% |
| Accrued charges and deferred income492/3 | - | - | - | €20,956 | €24,793 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,201 | -€3,506 | €12,132 | €54,845 | €11,659 | €18,582 | €14,790 | €17,276 | ▲ 16.8% |
| + Depreciation and write-downs630 | €4,194 | €4,194 | €0 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €18,395 | €688 | €12,132 | €54,845 | €11,659 | €18,582 | €14,790 | €17,276 | ▲ 16.8% |
| Investment in fixed assets (approximation) | - | €0 | €4,194 | - | - | - | - | - | - |
| Change in cash | - | -€8,765 | -€17,936 | €46,238 | -€13,142 | -€4,092 | -€9,903 | -€26,848 | ▼ 171% |
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, 5,053 companies had the same profile as MAHONEMO has now. Two years later, 95.9% were still going and 1.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.9%
was still going
2.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MAHONEMO itself is lower: 0.1% within 12 months. It rests on far more data about MAHONEMO than the profile alone.
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 5,053 companies, not a prediction for MAHONEMO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00279891 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00246756 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00209999 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00314599 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20129039 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-29100372 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22900101 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-27300211 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-29200025 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-58800159 |