MAKEVAN
ActiveSummary
MAKEVAN has been active since 1987 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.2m and a net result of -€133,610. Equity is growing by about 30% per year across the filed financial years. Its solvency ranks better than 55% of 17,057 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
2025 annual accounts filed late (20 days) Filed on 20 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00114971.
Turnover
≈ €7,400
Estimated: probably between €4,800 and €12,000
Total assets
€3.3m▲ 7.4%
2024 · €3.0m
Net result
-€133,610
2024 · €537,562
Working capital
-€1.3m▼ 1,349%
2024 · -€90,805
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result turns negative in 2025: a loss of €233,847 after €518,740 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.2m
2025
Net result-€0.1m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€3.3m
2025
Equity€1.2m
2025
Debt€1.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€1.3m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-4.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency36.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.16
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)1.5
2021
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.05m-€0.5m-€0.1m€0.5m-€0.2m€0.5m-€0.2m
Net result-€0.05m-€0.3mabove the sector's middle half-€0.1mbelow the sector's middle half€0.4mabove the sector's middle half-€0.1mbelow the sector's middle half€0.5mabove the sector's middle half-€0.1mbelow the sector's middle half
Equity€0.2m-€0.5mabove the sector's middle half▲ 173%€0.4mabove the sector's middle half▼ 20.1%€0.8mabove the sector's middle half▲ 88.6%€0.6mabove the sector's middle half▼ 18.7%€1.2mabove the sector's middle half▲ 86.2%€1.2mabove the sector's middle half▲ 1.4%
Total assets€1.6m-€2.3mabove the sector's middle half▲ 47.9%€2.2mabove the sector's middle half▼ 3.9%€2.8mabove the sector's middle half▲ 26.5%€2.5mabove the sector's middle half▼ 12.5%€3.0mabove the sector's middle half▲ 23.4%€3.3mabove the sector's middle half▲ 7.4%
Debt€1.4m-€1.6m▲ 15.7%€1.6m▲ 1.2%€1.7m▲ 5.0%€1.5m▼ 12.0%€1.5m▲ 3.1%€1.8m▲ 14.0%
Working capital-€1.0m--€0.7mbelow the sector's middle half▲ 33.0%-€0.6mbelow the sector's middle half▲ 3.3%€0.02mwithin the sector's middle half-€0.3mbelow the sector's middle half-€0.09mbelow the sector's middle half▲ 64.6%-€1.3mbelow the sector's middle half▼ 1,349%
Solvency11.9%-21.9%within the sector's middle half▲ 10.1pp18.2%within the sector's middle half▼ 3.7pp27.2%within the sector's middle half▲ 8.9pp25.2%within the sector's middle half▼ 1.9pp38.1%within the sector's middle half▲ 12.9pp36.0%within the sector's middle half▼ 2.1pp
Current ratio0.21-0.54within the sector's middle half▲ 0.330.54within the sector's middle half=1.01within the sector's middle half▲ 0.470.82within the sector's middle half▼ 0.190.94within the sector's middle half▲ 0.120.16below the sector's middle half▼ 0.78
Return on assets (ROA)-2.9%-13.9%above the sector's middle half▲ 16.8pp-4.6%below the sector's middle half▼ 18.5pp12.8%above the sector's middle half▲ 17.3pp-5.8%below the sector's middle half▼ 18.6pp17.6%above the sector's middle half▲ 23.4pp-4.1%below the sector's middle half▼ 21.7pp
Staff (FTE)1.5-1.5within the sector's middle half=1.5=
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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
Assets €3.3m
Fixed assets
€3.0m ▲ 75.6%
Current assets
€248,554 ▼ 81.2%
Equity and liabilities €3.3m
Equity
€1.2m ▲ 1.4%
Provisions
€337,265 ▼ 2.1%
Debt
€1.8m ▲ 14.0%
Debt's share of the balance-sheet total rises from 50.6% to 53.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€182,205▼
2024 · €589,291
Cash flow
-€81,968▼
2024 · €608,113
Debt to equity
1.49▲
2024 · 1.33
ROE
-11.3%▼
2024 · 46.3%
Interest coverage
-55.85▼
2024 · 36.65
Debt ≤ 1 year
€1.6m▲
2024 · €1.4m
Debt > 1 year
€10,490▼
2024 · €10,580
Staff costs
€46,459▲
2024 · €37,500
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 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €625,964 | - | €542,832 | - | - |
| Remuneration, social security and pensions62 | - | - | €58,437 | €57,098 | €57,199 | €37,500 | €46,459 | ▲ 23.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,778 | €115,277 | €80,688 | €78,215 | €73,960 | €70,551 | €51,642 | ▼ 26.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €61,165 | €67,961 | €67,961 | €67,961 | €67,961 | = |
| Other operating charges640/8 | - | - | €21,969 | €19,881 | €23,728 | €11,127 | €70,457 | ▲ 533% |
| Non-recurring operating charges66A | - | - | €39,276 | - | - | - | - | - |
| Gross operating margin9900 | €118,662 | €835,832 | €153,489 | €734,127 | €62,467 | €705,879 | €2,671 | ▼ 99.6% |
| Operating profit (loss)9901 | -€46,118 | €534,897 | -€108,046 | €510,973 | -€160,381 | €518,740 | -€233,847 | - |
| Financial income75/76B | - | - | €129 | €1 | €11,318 | €27,815 | €96,414 | ▲ 247% |
| Recurring financial income75 | €30 | €392 | €129 | €1 | €11,318 | €27,815 | €96,414 | ▲ 247% |
| Financial charges65/66B | - | - | €124 | €149 | €109 | €16,078 | €3,262 | ▼ 79.7% |
| Recurring financial charges65 | €159 | €123 | €124 | €149 | €109 | €16,078 | €3,262 | ▼ 79.7% |
| Profit (loss) for the period before taxes9903 | -€46,248 | €535,165 | -€108,042 | €510,825 | -€149,172 | €530,477 | -€140,695 | - |
| Transfer from deferred taxes780 | - | - | €5,853 | €5,853 | €5,853 | €7,085 | €7,085 | = |
| Transfer to deferred taxes680 | - | - | - | €156,491 | - | - | - | - |
| Profit (loss) for the period9904 | -€46,248 | €322,663 | -€102,189 | €360,186 | -€143,319 | €537,562 | -€133,610 | - |
| Transfer from tax-exempt reserves789 | - | - | €13,601 | €13,601 | €13,601 | €16,855 | €16,855 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €469,473 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€46,248 | -€183,565 | -€88,589 | -€95,687 | -€129,719 | €554,417 | -€116,754 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €2.3m | €2.2m | €2.8m | €2.5m | €3.0m | €3.3m | ▲ 7.4% |
| Fixed assets21/28 | €1.3m | €1.6m | €1.5m | €1.4m | €1.3m | €1.7m | €3.0m | ▲ 75.6% |
| Tangible fixed assets22/27 | €1.3m | €1.6m | €1.5m | €1.4m | €1.3m | €1.2m | €1.3m | ▲ 3.8% |
| Land and buildings22 | - | - | €1.4m | €1.4m | €1.3m | €1.2m | €1.2m | ▼ 3.5% |
| Furniture and vehicles24 | - | - | €0.05m | €0.03m | €0.02m | - | €0.002m | - |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.09m | - |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.5m | €1.8m | ▲ 253% |
| Current assets29/58 | €0.3m | €0.8m | €0.8m | €1.4m | €1.2m | €1.3m | €0.2m | ▼ 81.2% |
| Amounts receivable within one year40/41 | €0.2m | - | - | - | €0.003m | €0.008m | €0.03m | ▲ 243% |
| Other amounts receivable41 | - | - | - | - | €0.003m | €0.008m | €0.03m | ▲ 243% |
| Current investments50/53 | - | - | - | - | - | €0.4m | - | - |
| Cash at bank and in hand54/58 | €0.02m | €0.8m | €0.8m | €1.4m | €1.1m | €0.9m | €0.2m | ▼ 76.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.001m | €0.001m | ▲ 6.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €2.3m | €2.2m | €2.8m | €2.5m | €3.0m | €3.3m | ▲ 7.4% |
| Equity10/15 | €0.2m | €0.5m | €0.4m | €0.8m | €0.6m | €1.2m | €1.2m | ▲ 1.4% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | - | €0.5m | €0.5m | €0.9m | €0.9m | €0.9m | €0.9m | ▼ 1.8% |
| Tax-exempt reserves132 | - | - | €0.5m | €0.9m | €0.9m | €0.9m | €0.9m | ▼ 1.8% |
| Profit (loss) carried forward14 | -€0.4m | -€0.6m | -€0.7m | -€0.8m | -€0.9m | -€0.4m | -€0.5m | ▼ 32.9% |
| Investment grants15 | - | - | - | - | - | - | €0.2m | - |
| Provisions and deferred taxes16 | - | €0.2m | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 2.1% |
| Deferred taxes168 | - | - | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 2.1% |
| Amounts payable17/49 | €1.4m | €1.6m | €1.6m | €1.7m | €1.5m | €1.5m | €1.8m | ▲ 14.0% |
| Amounts payable after more than one year17 | €0.05m | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 0.9% |
| Other amounts payable178/9 | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 0.9% |
| Amounts payable within one year42/48 | €1.3m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.6m | ▲ 10.5% |
| Current portion of amounts payable after more than one year42 | - | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | ▼ 2.0% |
| Trade debts44 | €0.03m | €0.04m | €0.003m | €0.02m | €0.01m | €0.02m | €0.2m | ▲ 771% |
| Suppliers440/4 | - | - | €0.003m | €0.02m | €0.01m | €0.02m | €0.2m | ▲ 771% |
| Taxes, remuneration and social security45 | - | - | €0.008m | €0.008m | €0.006m | €0.006m | €0.009m | ▲ 50.0% |
| Taxes450/3 | - | - | - | - | €223 | €191 | €203 | ▲ 6.2% |
| Remuneration and social security454/9 | - | - | €0.008m | €0.008m | €0.006m | €0.006m | €0.009m | ▲ 51.5% |
| Accrued charges and deferred income492/3 | - | - | €0.2m | €0.3m | €0.07m | €0.1m | €0.2m | ▲ 58.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.05m | €0.3m | -€0.1m | €0.4m | -€0.1m | €0.5m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.05m | €0.1m | €0.08m | €0.08m | €0.07m | €0.07m | €0.05m | ▼ 26.8% |
| Operating cash flow (approximation) | €0.008m | €0.4m | -€0.02m | €0.4m | -€0.07m | €0.6m | -€0.08m | - |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.004m | €0.004m | €0 | -€0.5m | -€1.4m | ▼ 185% |
| Change in cash | - | €0.7m | -€0.01m | €0.7m | -€0.3m | -€0.2m | -€0.7m | ▼ 199% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 30-09-2025 | micro format | 20-05-2026 | 2026-00114971 |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00081797 |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00075284 |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00068069 |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20012600 |
| 30-09-2020 | micro format | 26-04-2021 | 2021-11100325 |
| 30-09-2019 | micro format | 01-04-2020 | 2020-08100315 |
| 30-09-2018 | micro format | 28-03-2019 | 2019-08100240 |
| 30-09-2017 | micro format | 30-03-2018 | 2018-08100510 |
| 30-09-2016 | abbreviated format | 30-03-2017 | 2017-07500102 |
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Of the 9,083 active companies whose main activity is renting and operating of own or leased residential real estate, excluding social housing (NACE 68201), figures are known for 6,888. 4,749 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €300,000 awarded · €150,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €0 | €150,000 |
| 2022 | 1 | €300,000 | €0 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.