MAKE
ActiveThe file of MAKE contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
For MAKE, at least two filing cycles of the annual accounts are missing. The computed 12-month bankruptcy probability is 0.7% (low). The 2023 annual accounts show equity of €57,749 and a net result of €38,658. Equity is shrinking by ~3.3% per year across the filed fiscal years. Its solvency ranks better than 32% of 8324 sector peers (fiscal year 2023).
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability95▲+95
Solvency57▲+16
Growth58▲+26
Track record85
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Solvency, return and age of the figures
Solvency
31.6%
Return on assets
21.1%
Age of the figures
33 mo
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
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 10 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline27-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 27-12-2024, 149 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
149 d late
2022
78 d late
2021
443 d late
2020
194 d late
2019
559 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 285 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, micro schema
Equity
€57,749▲ 202%
2022 · €19,092
Total assets
€182,957▲ 48.7%
2022 · €123,012
Net result
€38,658
2022 · -€34,317
Working capital
€83,069▲ 90.4%
2022 · €43,640
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20192020202120222023
Operating result-€15,569▲ 17.1%-€13,553▲ 12.9%€42,365-€29,973€46,781
Net result-€18,223▲ 7.7%-€14,100▲ 22.6%€27,744-€34,317€38,658
Equity€39,765▼ 31.4%€25,665▼ 35.5%€53,409▲ 108%€19,092▼ 64.3%€57,749▲ 202%
Total assets€155,613▼ 11.3%€173,875▲ 11.7%€150,828▼ 13.3%€123,012▼ 18.4%€182,957▲ 48.7%
Debt€97,848▼ 1.6%€130,211▲ 33.1%€65,462▼ 49.7%€71,963▲ 9.9%€93,251▲ 29.6%
Working capital€45,681▼ 23.8%€31,097▼ 31.9%€75,423▲ 143%€43,640▼ 42.1%€83,069▲ 90.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2023: €46,781 after a loss of €29,973 in 2022, the highest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €182,957
Fixed assets
€6,637 ▼ 10.4%
Current assets
€176,320 ▲ 52.5%
Equity and liabilities €182,957
Equity
€57,749 ▲ 202%
Provisions
€31,957 =
Debt
€93,251 ▲ 29.6%
Debt's share of the balance-sheet total falls from 58.5% to 51.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,683▲
2022 · -€26,773
Cash flow
€42,560▲
2022 · -€31,117
Current ratio
1.89▲
2022 · 1.61
Debt to equity
1.61▼
2022 · 3.77
ROE
66.9%▲
2022 · -179.7%
ROA
21.1%▲
2022 · -27.9%
Interest coverage
270.92▲
2022 · -194.47
Debt ≤ 1 year
€93,251▲
2022 · €71,963
Income taxes
€7,936▲
2022 · €120
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,534 | €5,051 | €4,119 | €3,200 | €3,902 | ▲ 21.9% |
| Other operating charges640/8 | - | - | €186 | - | €2,247 | - |
| Gross operating margin9900 | -€10,050 | -€6,501 | €46,671 | -€26,773 | €52,931 | ▲ 298% |
| Operating profit (loss)9901 | -€15,569 | -€13,553 | €42,365 | -€29,973 | €46,781 | ▲ 256% |
| Financial income75/76B | - | - | - | €1,193 | - | - |
| Recurring financial income75 | - | €16 | - | €1,193 | - | - |
| Non-recurring financial income76B | - | - | - | €1,193 | - | - |
| Financial charges65/66B | - | - | €603 | €5,417 | €187 | ▼ 96.5% |
| Recurring financial charges65 | €3,140 | €502 | €603 | €138 | €187 | ▲ 35.9% |
| Non-recurring financial charges66B | - | - | - | €5,279 | - | - |
| Profit (loss) for the period before taxes9903 | -€18,151 | -€14,038 | €41,763 | -€34,197 | €46,594 | ▲ 236% |
| Income taxes67/77 | €72 | €62 | €14,019 | €120 | €7,936 | ▲ 6,538% |
| Profit (loss) for the period9904 | -€18,223 | -€14,100 | €27,744 | -€34,317 | €38,658 | ▲ 213% |
| Profit (loss) for the period to be appropriated9905 | -€18,223 | -€14,100 | €27,744 | -€34,317 | €38,658 | ▲ 213% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €155,613 | €173,875 | €150,828 | €123,012 | €182,957 | ▲ 48.7% |
| Fixed assets21/28 | €12,084 | €12,567 | €9,942 | €7,409 | €6,637 | ▼ 10.4% |
| Intangible fixed assets21 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €11,534 | €12,017 | €9,392 | €6,859 | €6,087 | ▼ 11.3% |
| Furniture and vehicles24 | - | - | €4,640 | €3,690 | €4,503 | ▲ 22.0% |
| Other tangible fixed assets26 | - | - | €4,752 | €3,168 | €1,584 | ▼ 50.0% |
| Financial fixed assets28 | €550 | €550 | €550 | €550 | €550 | = |
| Current assets29/58 | €143,529 | €161,308 | €140,885 | €115,603 | €176,320 | ▲ 52.5% |
| Amounts receivable within one year40/41 | €112,234 | €140,305 | €106,549 | €84,075 | €126,955 | ▲ 51.0% |
| Trade receivables40 | - | - | €83,698 | €51,593 | €79,879 | ▲ 54.8% |
| Other amounts receivable41 | - | - | €22,851 | €32,481 | €47,076 | ▲ 44.9% |
| Cash at bank and in hand54/58 | €9,946 | €6,474 | €23,132 | €13,473 | €18,156 | ▲ 34.8% |
| Deferred charges and accrued income490/1 | - | - | €11,204 | €18,055 | €31,209 | ▲ 72.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €155,613 | €173,875 | €150,828 | €123,012 | €182,957 | ▲ 48.7% |
| Equity10/15 | €39,765 | €25,665 | €53,409 | €19,092 | €57,749 | ▲ 202% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €20,610 | €20,610 | €20,610 | €20,610 | €39,149 | ▲ 90.0% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €18,750 | €18,750 | €37,289 | ▲ 98.9% |
| Profit (loss) carried forward14 | €555 | -€13,545 | €14,199 | -€20,118 | - | - |
| Provisions and deferred taxes16 | €18,000 | €18,000 | €31,957 | €31,957 | €31,957 | = |
| Provisions for liabilities and charges160/5 | - | - | €31,957 | €31,957 | €31,957 | = |
| Pensions and similar obligations160 | - | - | €18,000 | €18,000 | €18,000 | = |
| Taxes161 | - | - | €13,957 | €13,957 | €13,957 | = |
| Amounts payable17/49 | €97,848 | €130,211 | €65,462 | €71,963 | €93,251 | ▲ 29.6% |
| Amounts payable within one year42/48 | €97,848 | €130,211 | €65,462 | €71,963 | €93,251 | ▲ 29.6% |
| Trade debts44 | €65,817 | €70,898 | €20,019 | €37,718 | €63,179 | ▲ 67.5% |
| Suppliers440/4 | - | - | €20,019 | €37,718 | €63,179 | ▲ 67.5% |
| Advances received on contracts in progress46 | - | - | €14,301 | €15,505 | €18,091 | ▲ 16.7% |
| Taxes, remuneration and social security45 | - | - | €18,064 | €18,183 | €11,981 | ▼ 34.1% |
| Taxes450/3 | - | - | €17,686 | €17,806 | €11,604 | ▼ 34.8% |
| Remuneration and social security454/9 | - | - | €377 | €377 | €377 | = |
| Other amounts payable47/48 | - | - | €13,079 | €557 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,223 | -€14,100 | €27,744 | -€34,317 | €38,658 | ▲ 213% |
| + Depreciation and write-downs630 | €4,534 | €5,051 | €4,119 | €3,200 | €3,902 | ▲ 21.9% |
| Operating cash flow (approximation) | -€13,689 | -€9,049 | €31,863 | -€31,117 | €42,560 | ▲ 237% |
| Investment in fixed assets (approximation) | - | -€5,535 | -€1,494 | -€667 | -€3,130 | ▼ 369% |
| Change in cash | - | -€3,472 | €16,658 | -€9,659 | €4,683 | ▲ 148% |
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
2024
27-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 149 days late
2023
31-12
Financial
Back to profitnet €38,658
Net result €38,658 after one loss-making year.
17-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 78 days late
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 443 days late
2022
31-12
Financial
Weakest financial yearnet -€34,317
Net result drops to -€34,317, the lowest in the series; recovery starts the following year.
10-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 194 days late
10-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 559 days late
2021
31-12
Financial
Back to profitnet €27,744
Net result €27,744 after 3 loss-making years.
2019
22-10
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 17-10-2019
23-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 54 days late
18-09
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 12-09-2019
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
Show earlier events
2017
21-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 143 days late
2016
30-11
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 122 days late
2015
19-11
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 111 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Antwerpen · 1 establishment unit since 2008
Ground area
1,491 m²
Building footprint
984 m²
Volume, LiDAR
7,216 m³
Parcel 11463D0325/00K002, Flanders · tallest building 8.2 m, ±3 floors. Linked by address, not a title deed.
314
companies at this address
See who is registered here
1 establishment unit
MAKE
since 20082.170.990.157
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11463D0325/00K002 | Flanders | 1,491 m² | 1 · 984 m² | 8.2 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | HERMAN HELLENBOSCH AMERIKALEI 160,
2000 ANTWERPEN 1 |
12-09-2019 → 17-10-2019 |
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Of 9,864 companies in sector 73110 we hold annual accounts for 3,752. 3,013 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded18-04-2008
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Not found in the Peppol register
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Register as of 26 September 2026 · Peppol Directory
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