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Kortenberg ·KBO/BCE: BE 0475.647.319

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	71,564	48,471	43,986	80,190	104,299	59,709	109,708	176,181	113,319	82,802	57,115	32,811	28,132	33,391	33,957	38,434	50,205	16,311	25,935	41,628
Fixed assets`21/28`	29,643	11,817	16,011	20,354	8,824	5,847	5,581	4,439	4,510	3,518	2,067	2,532	1,658	7,909	14,437	22,089	29,820	1,759	9,458	17,590
Tangible fixed assets`22/27`	29,643	11,817	16,011	20,354	8,824	5,847	5,581	4,439	4,510	3,518	2,067	2,532	1,658	7,909	14,437	22,089	29,820	1,759	9,458	17,590
Land and buildings`22`	3,513	3,155	3,630	4,104	4,579	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	1,896	-	0	2	208	1,077	2,391	421	1,008	2,045	1,268	1,549	1,394	313	-	-	-	-	110	585
Furniture and vehicles`24`	23,430	7,655	11,170	14,832	2,417	2,947	1,162	1,787	1,068	1,473	799	983	264	7,596	14,437	22,089	29,820	1,759	9,348	17,005
Other tangible fixed assets`26`	804	1,008	1,212	1,416	1,619	1,823	2,027	2,231	2,435	-	-	-	-	-	-	-	-	-	-	-
Current assets`29/58`	41,921	36,654	27,975	59,836	95,475	53,862	104,128	171,742	108,809	79,284	55,048	30,280	26,473	25,483	19,520	16,345	20,386	14,552	16,477	24,038
Amounts receivable within one year`40/41`	13,106	19,663	3,905	8,933	67,111	48,824	75,908	106,028	53,551	29,835	4,529	25,219	12,990	8,298	1,812	11,442	7,916	10,999	14,168	14,053
Trade receivables`40`	11,097	19,663	3,268	8,268	24,312	11,033	8,527	33,967	16,313	3,136	3,481	23,300	11,063	8,286	1,800	11,044	6,171	-	-	-
Other amounts receivable`41`	2,009	0	637	665	42,799	37,792	67,381	72,061	37,238	26,699	1,048	1,919	1,927	12	12	398	1,745	10,999	14,168	14,053
Cash at bank and in hand`54/58`	28,637	16,595	23,376	50,487	28,298	4,136	26,275	63,192	55,258	48,882	50,520	5,061	13,427	17,129	17,708	4,903	11,000	2,417	2,309	9,985
Deferred charges and accrued income`490/1`	179	396	694	416	66	902	1,945	2,522	-	567	-	-	56	56	-	-	1,469	1,135	-	-
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	71,564	48,471	43,986	80,190	104,299	59,709	109,708	176,181	113,319	82,802	57,115	32,811	28,132	33,391	33,957	38,434	50,205	16,311	25,935	41,628
Equity`10/15`	69,039	40,089	39,329	74,406	87,742	48,205	97,966	131,028	71,184	35,729	31,439	15,715	15,149	13,593	9,897	5,758	17,050	15,038	25,531	30,999
Contributions`10/11`	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500	6,500
Issued capital`100`	-	-	-	-	-	-	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500	19,500
Uncalled capital`101`	-	-	-	-	-	-	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000	13,000
Reserves`13`	101,539	101,539	101,539	101,539	101,539	101,539	101,539	124,528	64,684	29,229	24,939	9,215	8,649	7,093	10,550	10,550	10,550	8,538	19,031	24,499
Non-distributable reserves`130/1`	1,950	1,950	1,950	1,950	1,950	1,950	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950	1,950
Reserves not available under the articles`1311`	1,950	1,950	1,950	1,950	1,950	1,950	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributable reserves`133`	99,589	99,589	99,589	99,589	99,589	99,589	99,589	122,578	62,734	27,279	22,989	7,265	6,699	5,143	8,600	8,600	8,600	6,588	17,081	22,549
Profit (loss) carried forward`14`	-39,001	-67,951	-68,710	-33,633	-20,298	-59,835	-10,073	-	-	-	-	-	-	-	-7,153	-11,292	-	-	-	-
Provisions and deferred taxes`16`	-	-	-	-	-	-	-	-	-	13,630	-	-	-	-	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	-	-	-	-	-	-	-	13,630	-	-	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	-	-	-	-	-	-	-	13,630	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	2,526	8,382	4,657	5,784	16,558	11,504	11,742	45,153	42,135	33,444	25,676	17,096	12,983	19,798	24,060	32,676	33,155	1,272	404	10,630
Amounts payable after more than one year`17`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,547	13,594	21,326	-	-	-
Financial debts`170/4`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,547	13,594	21,326	-	-	-
Amounts payable within one year`42/48`	2,526	8,382	4,657	5,784	15,036	10,958	11,742	45,153	42,135	31,998	12,676	17,096	12,983	19,798	18,513	19,082	9,879	1,272	404	8,030
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	-	-	-	-	-	-	-	-	5,547	8,048	7,732	7,428	-	-	1,801
Trade debts`44`	849	149	821	1,392	8,342	9,679	3,498	3,651	15,032	26,705	1,564	10,650	7,758	3,769	5,367	10,732	2,296	1,135	273	1,153
Suppliers`440/4`	849	149	821	1,392	8,342	9,679	3,498	3,651	15,032	26,705	1,564	10,650	7,758	3,769	5,367	10,732	2,296	1,135	273	1,153
Taxes, remuneration and social security`45`	1,677	5,355	244	544	6,694	821	8,244	41,502	27,103	5,294	10,989	6,446	3,205	7,071	3,195	195	155	137	132	5,076
Taxes`450/3`	1,677	4,855	244	544	6,694	821	8,244	41,502	27,103	5,294	10,989	6,446	3,205	7,071	3,195	195	155	137	132	5,076
Remuneration and social security`454/9`	0	500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other amounts payable`47/48`	0	2,879	3,592	3,848	-	458	-	-	-	-	124	-	2,020	3,411	1,904	423	-	-	-	-
Accrued charges and deferred income`492/3`	-	-	-	-	1,522	546	-	-	-	1,445	13,000	-	-	-	-	-	1,950	-	-	2,600
Income statement
Non-recurring operating income`76A`	-	-	-	-	2,172	-	-	-	-	-	-	-	-	-	-	-	-	1,392	-	-
Gross operating margin`9900`	41,123	5,917	-29,716	-12,652	43,032	-47,067	-29,537	87,130	47,555	22,118	24,789	4,796	13,694	14,461	13,247	-1,969	10,753	-3,669	3,202	20,018
Remuneration, social security and pensions`62`	-	-	-	-	-	-	71	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	6,626	4,194	4,343	3,470	2,312	1,695	2,445	1,476	1,647	609	1,059	1,657	7,921	7,791	7,652	7,730	7,730	7,699	8,132	8,220
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-13,630	13,630	-	-	-	-	-	-	-	-	-	-
Other operating charges`640/8`	465	451	664	405	566	455	402	587	612	655	474	1,086	1,099	470	663	463	464	483	457	686
Non-recurring operating charges`66A`	4,457	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	29,575	1,272	-34,722	-16,527	40,154	-49,217	-32,455	85,067	58,927	7,224	23,255	2,053	4,674	6,200	4,932	-10,162	2,559	-11,852	-5,388	11,111
Financial income`75/76B`	0	-	0	3,790	-	-	1	506	2	882	12	9	23	36	82	7	17	14	32	53
Recurring financial income`75`	0	-	0	3,790	-	-	1	506	2	882	12	9	23	36	82	7	17	14	32	53
Financial charges`65/66B`	190	295	148	493	347	139	192	154	117	70	55	55	164	480	875	1,135	563	46	112	668
Recurring financial charges`65`	190	295	148	493	347	139	192	154	117	70	55	55	164	480	875	1,135	563	46	112	668
Non-recurring financial charges`66B`	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	29,385	977	-34,870	-13,230	39,807	-49,356	-32,646	85,418	58,812	8,037	23,212	2,007	4,533	5,756	4,139	-11,291	2,013	-10,492	-5,468	10,496
Income taxes`67/77`	435	218	207	106	270	405	416	25,575	23,356	3,747	7,488	1,440	2,977	2,060	-	1	1	1	-	4,503
Profit (loss) for the period`9904`	28,950	759	-35,077	-13,336	39,537	-49,762	-33,062	59,844	35,455	4,290	15,724	566	1,555	3,696	4,139	-11,292	2,012	-10,493	-5,468	5,993
Profit (loss) for the period to be appropriated`9905`	28,950	759	-35,077	-13,336	39,537	-49,762	-33,062	59,844	35,455	4,290	15,724	566	1,555	3,696	4,139	-11,292	2,012	-10,493	-5,468	5,993
Appropriation of the result
Profit (loss) to be appropriated`9906`	-39,001	-67,951	-68,710	-33,633	-20,298	-59,835	-33,062	59,844	35,455	4,290	15,724	566	1,555	-3,457	-7,153	-11,292	2,012	-10,493	-5,468	5,993
Profit (loss) brought forward from the previous period`14P`	-67,951	-68,710	-33,633	-20,298	-59,835	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	22,989	-	-	-	-	-	-	3,457	-	-	-	10,493	5,468	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	59,844	35,455	4,290	15,724	566	1,555	-	-	-	2,012	-	-	5,993
To other reserves`6921`	-	-	-	-	-	-	-	59,844	35,455	4,290	15,724	566	1,555	-	-	-	2,012	-	-	5,993
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Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	15-07-2026	2026-00303972	PDF
31-12-2024	micro format	07-07-2025	2025-00248396	PDF
31-12-2023	micro format	01-07-2024	2024-00212213	PDF
31-12-2022	micro format	27-07-2023	2023-00275946	PDF
31-12-2021	micro format	30-08-2022	2022-20344151	PDF
31-12-2020	micro format	31-08-2021	2021-58600480	PDF
31-12-2019	micro format	27-07-2020	2020-34500246	PDF
31-12-2018	micro format	30-08-2019	2019-55100012	PDF
31-12-2017	micro format	10-08-2018	2018-44500261	PDF
31-12-2016	micro format	10-08-2017	2017-42100222	PDF
31-12-2015	abbreviated format	09-08-2016	2016-40700550	PDF
31-12-2014	abbreviated format	06-08-2015	2015-40400131	PDF
31-12-2013	abbreviated format	08-07-2014	2014-28500028	PDF
31-12-2012	abbreviated format	12-08-2013	2013-42500372	PDF
31-12-2011	abbreviated format	07-08-2012	2012-39000070	PDF
31-12-2010	abbreviated format	14-06-2011	2011-16900108	PDF
31-12-2009	abbreviated format	02-08-2010	2010-36100436	PDF
31-12-2008	abbreviated format	29-06-2009	2009-32300216	PDF
31-12-2007	abbreviated format	07-07-2008	2008-35700030	PDF
31-12-2006	abbreviated format	30-08-2007	2007-70900097	PDF
31-12-2005	abbreviated format	16-08-2006	2006-63003449	PDF
31-12-2004	abbreviated format	08-09-2005	2005-66801466	PDF
31-12-2003	abbreviated format	30-07-2004	2004-55203919	PDF
31-12-2002	abbreviated format	19-06-2003	2003-27104800	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	36,200	5,466	-30,380	-13,057	42,466	-47,522	-30,009	86,543	60,573	7,834	24,315	3,710	12,595	13,991	12,584	-2,432	10,289	-4,152	2,745	19,332
Cash flow	35,576	4,953	-30,734	-9,866	41,849	-48,067	-30,616	61,320	37,102	4,899	16,783	2,224	9,477	11,486	11,791	-3,561	9,742	-2,793	2,665	14,213
Investment in fixed assets (approximation)	31,808	0	0	15,000	5,289	3,026	3,587	1,405	2,639	2,061	594	2,531	1,671	1,262	0	0	35,791	0	0	21,539
Change in cash	12,042	-6,781	-27,110	22,189	24,162	-22,139	-36,918	7,935	6,375	-1,637	45,459	-8,367	-3,702	-578	12,805	-6,098	8,583	108	-7,675	-
Working capital	39,396	28,271	23,318	54,052	80,439	42,904	92,386	126,589	66,674	47,286	42,372	13,183	13,490	5,684	1,007	-2,737	10,506	13,280	16,073	16,008
Solvency	96.5%	82.7%	89.4%	92.8%	84.1%	80.7%	89.3%	74.4%	62.8%	43.1%	55.0%	47.9%	53.8%	40.7%	29.1%	15.0%	34.0%	92.2%	98.4%	74.5%
Current ratio	16.60	4.37	6.01	10.35	6.35	4.92	8.87	3.80	2.58	2.48	4.34	1.77	2.04	1.29	1.05	0.86	2.06	11.44	40.78	2.99
Debt to equity	0.04	0.21	0.12	0.08	0.19	0.24	0.12	0.34	0.59	0.94	0.82	1.09	0.86	1.46	2.43	5.67	1.94	0.08	0.02	0.34
ROE	41.9%	1.9%	-89.2%	-17.9%	45.1%	-103.2%	-33.7%	45.7%	49.8%	12.0%	50.0%	3.6%	10.3%	27.2%	41.8%	-196.1%	11.8%	-69.8%	-21.4%	19.3%
ROA	40.5%	1.6%	-79.7%	-16.6%	37.9%	-83.3%	-30.1%	34.0%	31.3%	5.2%	27.5%	1.7%	5.5%	11.1%	12.2%	-29.4%	4.0%	-64.3%	-21.1%	14.4%
Interest coverage	over 100	18.54	-205.64	-26.48	over 100	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€31,808	-	-	€15,000	€5,289
Depreciation and write-downs of the year	€6,626	€4,194	€4,343	€3,470	€2,312

MAIN

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency96.5%

Current ratio16.60

Return on assets40.5%

Filed annual accounts

Filings

Key figures and ratios

Investments

Insights on MAIN

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