MAKOHE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-04-2026 PDF all 5 filings
Turnover
≈ €420,000
Estimated: probably between €210,000 and €740,000
Total assets
€135,599▼ 7.6%
2024 · €146,695
Net result
€57,022▲ 31.2%
2024 · €43,449
Working capital
-€2,310
2024 · €75,343
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€75,674
▲ 24.7%
2025
20212025
Net result
€57,022
▲ 31.2%
2025
highest quarter of the sector
20212025
Equity
€2,000
▼ 97.5%
2025
lowest quarter of the sector
20212025
Total assets
€135,599
▼ 7.6%
2025
middle half of the sector
20212025
Debt
€133,599
▲ 97.7%
2025
20212025
Working capital
-€2,310
2025
middle half of the sector
20212025
Solvency
1.5%
▼ 52.5pp
2025
lowest quarter of the sector
20212025
Current ratio
0.98
▼ 1.13
2025
middle half of the sector
20212025
Return on assets (ROA)
42.1%
▲ 12.4pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€1,934-€22,489▲ 12×€20,895▼ 7.1%€60,680▲ 190%€75,674▲ 24.7%
Net result€1,553within the sector's middle half-€16,859within the sector's middle half▲ 986%€15,259within the sector's middle half▼ 9.5%€43,449above the sector's middle half▲ 185%€57,022above the sector's middle half▲ 31.2%
Equity€3,553below the sector's middle half-€20,412within the sector's middle half▲ 475%€35,671within the sector's middle half▲ 74.8%€79,121within the sector's middle half▲ 122%€2,000below the sector's middle half▼ 97.5%
Total assets€88,226within the sector's middle half-€96,520within the sector's middle half▲ 9.4%€123,266within the sector's middle half▲ 27.7%€146,695within the sector's middle half▲ 19.0%€135,599within the sector's middle half▼ 7.6%
Debt€84,673-€76,108▼ 10.1%€87,595▲ 15.1%€67,575▼ 22.9%€133,599▲ 97.7%
Working capital€478within the sector's middle half-€18,570within the sector's middle half▲ 39×€30,634within the sector's middle half▲ 65.0%€75,343within the sector's middle half▲ 146%-€2,310within the sector's middle half
Solvency4.0%below the sector's middle half-21.1%within the sector's middle half▲ 17.1pp28.9%within the sector's middle half▲ 7.8pp53.9%within the sector's middle half▲ 25.0pp1.5%below the sector's middle half▼ 52.5pp
Current ratio1.01within the sector's middle half-1.24within the sector's middle half▲ 0.241.35within the sector's middle half▲ 0.112.11within the sector's middle half▲ 0.770.98within the sector's middle half▼ 1.13
Return on assets (ROA)1.8%within the sector's middle half-17.5%above the sector's middle half▲ 15.7pp12.4%within the sector's middle half▼ 5.1pp29.6%above the sector's middle half▲ 17.2pp42.1%above the sector's middle half▲ 12.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 25% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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
Assets €135,599
Fixed assets
€4,310 ▲ 14.1%
Current assets
€131,289 ▼ 8.1%
Equity and liabilities €135,599
Equity
€2,000 ▼ 97.5%
Debt
€133,599 ▲ 97.7%
Debt's share of the balance-sheet total rises from 46.1% to 98.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€76,621▲
2024 · €61,940
Cash flow
€57,969▲
2024 · €44,709
Quick ratio
0.35▼
2024 · 0.99
Debt to equity
66.80▲
2024 · 0.85
Interest coverage
27.92▲
2024 · 13.04
Debt ≤ 1 year
€133,599▲
2024 · €67,575
Income taxes
€19,381▲
2024 · €14,888
Staff costs
€140▼
2024 · €1,384
A ratio outside any meaningful range has been withheld (balance sheet total €135,599, equity €2,000).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,700 | - | €4,690 | - | €1,479 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €625 | €1,233 | €1,360 | €1,259 | €947 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 2 entries · €952 awarded · €952 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €750 | €750 |
| 2023 | 1 | €202 | €202 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €436 | €0 | - | €1,384 | €140 | ▼ 89.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €625 | €1,233 | €1,360 | €1,259 | €947 | ▼ 24.8% |
| Other operating charges640/8 | €1,236 | €1,447 | €1,614 | €2,097 | €1,772 | ▼ 15.5% |
| Gross operating margin9900 | €4,231 | €25,169 | €23,869 | €65,420 | €78,533 | ▲ 20.0% |
| Operating profit (loss)9901 | €1,934 | €22,489 | €20,895 | €60,680 | €75,674 | ▲ 24.7% |
| Financial income75/76B | €890 | €1,628 | €2,156 | €2,406 | €3,473 | ▲ 44.3% |
| Recurring financial income75 | €890 | €1,628 | €2,156 | €2,406 | €3,473 | ▲ 44.3% |
| Financial charges65/66B | €883 | €3,027 | €4,040 | €4,749 | €2,745 | ▼ 42.2% |
| Recurring financial charges65 | €883 | €3,027 | €4,040 | €4,749 | €2,745 | ▼ 42.2% |
| Profit (loss) for the period before taxes9903 | €1,941 | €21,090 | €19,011 | €58,337 | €76,403 | ▲ 31.0% |
| Income taxes67/77 | €388 | €4,231 | €3,751 | €14,888 | €19,381 | ▲ 30.2% |
| Profit (loss) for the period9904 | €1,553 | €16,859 | €15,259 | €43,449 | €57,022 | ▲ 31.2% |
| Profit (loss) for the period to be appropriated9905 | €1,553 | €16,859 | €15,259 | €43,449 | €57,022 | ▲ 31.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €88,226 | €96,520 | €123,266 | €146,695 | €135,599 | ▼ 7.6% |
| Fixed assets21/28 | €3,075 | €1,842 | €5,037 | €3,778 | €4,310 | ▲ 14.1% |
| Tangible fixed assets22/27 | €3,075 | €1,842 | €5,037 | €3,778 | €4,310 | ▲ 14.1% |
| Land and buildings22 | €416 | €249 | €3,002 | €2,646 | €2,328 | ▼ 12.0% |
| Plant, machinery and equipment23 | €1,496 | €896 | €1,805 | €1,132 | €754 | ▼ 33.4% |
| Furniture and vehicles24 | €1,163 | €697 | €230 | €0 | €1,228 | - |
| Current assets29/58 | €85,151 | €94,678 | €118,229 | €142,918 | €131,289 | ▼ 8.1% |
| Stocks and contracts in progress3 | €59,172 | €58,848 | €75,488 | €76,020 | €85,083 | ▲ 11.9% |
| Stocks30/36 | €59,172 | €58,848 | €75,488 | €76,020 | €85,083 | ▲ 11.9% |
| Amounts receivable within one year40/41 | €7,287 | €8,968 | €1,908 | €6,263 | €5,409 | ▼ 13.6% |
| Trade receivables40 | €4,546 | €5,995 | €1,908 | €6,263 | €5,394 | ▼ 13.9% |
| Other amounts receivable41 | €2,741 | €2,973 | €0 | - | €15 | - |
| Cash at bank and in hand54/58 | €18,692 | €26,862 | €39,009 | €60,585 | €40,798 | ▼ 32.7% |
| Deferred charges and accrued income490/1 | - | - | €1,824 | €50 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €88,226 | €96,520 | €123,266 | €146,695 | €135,599 | ▼ 7.6% |
| Equity10/15 | €3,553 | €20,412 | €35,671 | €79,121 | €2,000 | ▼ 97.5% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €1,553 | €18,412 | €33,671 | €77,121 | €0 | ▼ 100% |
| Distributable reserves133 | €1,553 | €18,412 | €33,671 | €77,121 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €84,673 | €76,108 | €87,595 | €67,575 | €133,599 | ▲ 97.7% |
| Amounts payable within one year42/48 | €84,673 | €76,108 | €87,595 | €67,575 | €133,599 | ▲ 97.7% |
| Trade debts44 | €6,689 | €5,144 | €3,660 | €5,601 | €8,019 | ▲ 43.2% |
| Suppliers440/4 | €6,689 | €5,144 | €3,660 | €5,601 | €8,019 | ▲ 43.2% |
| Taxes, remuneration and social security45 | €2,974 | €5,373 | €8,766 | €14,187 | €21,681 | ▲ 52.8% |
| Taxes450/3 | €2,974 | €5,373 | €8,766 | €14,187 | €21,681 | ▲ 52.8% |
| Other amounts payable47/48 | €75,010 | €65,592 | €75,168 | €47,787 | €103,899 | ▲ 117% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,553 | €16,859 | €15,259 | €43,449 | €57,022 | ▲ 31.2% |
| + Depreciation and write-downs630 | €625 | €1,233 | €1,360 | €1,259 | €947 | ▼ 24.8% |
| Operating cash flow (approximation) | €2,178 | €18,093 | €16,620 | €44,709 | €57,969 | ▲ 29.7% |
| Investment in fixed assets (approximation) | - | €0 | -€4,556 | €0 | -€1,479 | - |
| Change in cash | - | €8,170 | €12,147 | €21,576 | -€19,788 | - |
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, 2,153 companies had the same profile as MAKOHE has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of MAKOHE itself: 0.9% within 12 months.
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 2,153 companies, not a prediction for MAKOHE. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-04-2026 | 2026-00073763 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00176705 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00161088 | |
| 31-12-2022 | micro format | 04-04-2023 | 2023-00053305 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20351231 |