MALATEX
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 11 days after the deadline Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392096.
Annual accounts 2025 filed on 11-08-2026 at the NBB all 17 filings
Turnover
€636,817
EBIT margin
77.0%
Net result
€3.1m▲ 55×
2024 · €56,271
Working capital
€3.5m▲ 653%
2024 · €460,685
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€448,724
▼ 8.5%
2025
20182025
Net result
€3.1m
▲ 55×
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€5.0m
▲ 163%
2025
highest quarter of the sector
20182025
Total assets
€11.1m
▲ 21.1%
2025
highest quarter of the sector
20182025
Debt
€962,787
▼ 54.3%
2025
20182025
Working capital
€3.5m
▲ 653%
2025
highest quarter of the sector
20182025
Solvency
45.1%
▲ 24.3pp
2025
middle half of the sector
20182025
Current ratio
7.14
▲ 5.86
2025
highest quarter of the sector
20182025
Return on assets (ROA)
28.0%
▲ 27.4pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.6m
Operating result€0.4m-€0.2m▼ 43.9%€0.4m▲ 59.6%€0.4m▼ 0.4%€0.4m▲ 11.8%€0.5m▲ 12.7%€0.5m▼ 1.2%€0.4m▼ 8.5%
Net result€0.04m--€0.1m€0.02mwithin the sector's middle half€0.009mwithin the sector's middle half▼ 58.9%€0.02mwithin the sector's middle half▲ 84.6%€0.09mwithin the sector's middle half▲ 406%€0.06mwithin the sector's middle half▼ 34.9%€3.1mabove the sector's middle half▲ 55×
EBIT margin77.0%
Equity€1.8m-€1.7m▼ 6.1%€1.7mabove the sector's middle half▲ 1.3%€1.7mabove the sector's middle half▲ 0.5%€1.8mabove the sector's middle half▲ 1.0%€1.9mabove the sector's middle half▲ 4.9%€1.9mwithin the sector's middle half▲ 3.0%€5.0mabove the sector's middle half▲ 163%
Total assets€8.9m-€9.2m▲ 4.0%€9.4mabove the sector's middle half▲ 2.3%€9.4mabove the sector's middle half▼ 0.6%€9.6mabove the sector's middle half▲ 2.3%€9.7mabove the sector's middle half▲ 1.2%€9.2mabove the sector's middle half▼ 5.5%€11.1mabove the sector's middle half▲ 21.1%
Debt€1.7m-€2.2m▲ 28.5%€2.4m▲ 9.4%€2.4m▼ 1.6%€2.6m▲ 9.4%€2.7m▲ 2.1%€2.1m▼ 21.1%€1.0m▼ 54.3%
Working capital€0.6m--€0.2m-€0.07mwithin the sector's middle half▲ 69.6%€0.9mabove the sector's middle half€0.6mabove the sector's middle half▼ 32.1%€0.7mabove the sector's middle half▲ 5.4%€0.5mwithin the sector's middle half▼ 30.3%€3.5mabove the sector's middle half▲ 653%
Solvency20.6%-18.6%▼ 2.0pp18.4%below the sector's middle half▼ 0.2pp18.6%below the sector's middle half▲ 0.2pp18.4%below the sector's middle half▼ 0.2pp19.1%below the sector's middle half▲ 0.7pp20.8%below the sector's middle half▲ 1.7pp45.1%within the sector's middle half▲ 24.3pp
Current ratio1.44-0.87▼ 0.570.97within the sector's middle half▲ 0.091.45within the sector's middle half▲ 0.481.27within the sector's middle half▼ 0.171.30within the sector's middle half▲ 0.021.28within the sector's middle half▼ 0.027.14above the sector's middle half▲ 5.86
Return on assets (ROA)0.5%--1.2%▼ 1.7pp0.2%within the sector's middle half▲ 1.5pp0.1%below the sector's middle half▼ 0.1pp0.2%below the sector's middle half▲ 0.1pp0.9%within the sector's middle half▲ 0.7pp0.6%within the sector's middle half▼ 0.3pp28.0%above the sector's middle half▲ 27.4pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 8% lower than in 2024. It is the second fall in a row.
Large changes and their cause
- 2025 Net result +5,420% on 2024. The accounts now follow the abbreviated format, last year the full format.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11.1m
Fixed assets
€7.1m ▲ 0.1%
Current assets
€4.0m ▲ 91.4%
Equity and liabilities €11.1m
Equity
€5.0m ▲ 163%
Provisions
€5.1m ▼ 0.6%
Debt
€962,787 ▼ 54.3%
Debt's share of the balance-sheet total falls from 23.0% to 8.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€572,877▼
2024 · €590,089
Cash flow
€3.2m▲
2024 · €156,096
Debt to equity
0.19▼
2024 · 1.10
ROE
62.0%▲
2024 · 3.0%
Interest coverage
1.44▲
2024 · 1.29
Debt ≤ 1 year
€564,840▼
2024 · €1.6m
Income taxes
€38,060▲
2024 · €23,677
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 | €42,051 | €409,191 | €210,822 | €379,446 | €155,062 |
| Depreciation and write-downs of the year | €81,975 | €103,883 | €73,400 | €99,826 | €124,153 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | - | €0.7m | - | - |
| Turnover70 | - | - | - | - | - | - | €0.6m | - | - |
| Other operating income74 | - | - | - | - | - | - | €0.04m | - | - |
| Operating charges60/66A | - | - | - | - | - | - | €0.2m | - | - |
| Services and other goods61 | - | - | - | - | - | - | €0.08m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.09m | €0.08m | €0.1m | €0.07m | €0.1m | €0.1m | ▲ 24.4% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.009m | ▲ 70.8% |
| Non-recurring operating charges66A | - | - | - | €0.05m | €0.002m | €0 | - | €0.001m | - |
| Gross operating margin9900 | €0.6m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | - | €0.6m | - |
| Operating profit (loss)9901 | €0.4m | €0.2m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.4m | ▼ 8.5% |
| Financial income75/76B | - | - | - | €0.02m | €0.01m | €0.05m | €0.06m | €3.1m | ▲ 52× |
| Recurring financial income75 | €0.01m | €0.02m | €0.02m | €0.02m | €0.01m | €0.05m | €0.06m | €3.1m | ▲ 52× |
| Income from current assets751 | - | - | - | - | - | - | €0.06m | - | - |
| Other financial income752/9 | - | - | - | - | - | - | €0 | - | - |
| Financial charges65/66B | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 15.1% |
| Recurring financial charges65 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.4m | ▼ 13.7% |
| Debt charges650 | - | - | - | - | - | - | €0.5m | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | - | - | €473 | - | - |
| Other financial charges652/9 | - | - | - | - | - | - | €0.005m | - | - |
| Non-recurring financial charges66B | - | - | - | - | - | - | €0.007m | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €0.07m | -€0.1m | €0.03m | €0.03m | €0.03m | €0.1m | €0.08m | €3.1m | ▲ 39× |
| Income taxes67/77 | €0.03m | €0.001m | €0.004m | €0.02m | €0.02m | €0.04m | €0.02m | €0.04m | ▲ 60.7% |
| Taxes670/3 | - | - | - | - | - | - | €0.02m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0 | - | - |
| Profit (loss) for the period9904 | €0.04m | -€0.1m | €0.02m | €0.009m | €0.02m | €0.09m | €0.06m | €3.1m | ▲ 55× |
| Profit (loss) for the period to be appropriated9905 | €0.04m | -€0.1m | €0.02m | €0.009m | €0.02m | €0.09m | €0.06m | €3.1m | ▲ 55× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €8.9m | €9.2m | €9.4m | €9.4m | €9.6m | €9.7m | €9.2m | €11.1m | ▲ 21.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €6.9m | €7.7m | €7.5m | €6.4m | €6.7m | €6.8m | €7.1m | €7.1m | ▲ 0.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.5m | €1.4m | €1.2m | €1.1m | €1.4m | €1.6m | €1.8m | €1.8m | ▲ 0.3% |
| Land and buildings22 | - | - | - | €1.0m | €1.1m | €1.0m | €1.6m | €1.5m | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.1m | €0.08m | €0.1m | €0.08m | ▼ 23.4% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.05m | €0.04m | €0.1m | €0.2m | ▲ 45.6% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.04m | ▲ 240% |
| Assets under construction and advance payments27 | - | - | - | €0.03m | €0.2m | €0.4m | €0 | - | - |
| Financial fixed assets28 | €5.4m | €6.3m | €6.3m | €5.2m | €5.2m | €5.2m | €5.2m | €5.2m | = |
| Affiliated companies280/1 | - | - | - | - | - | - | €4.8m | - | - |
| Participating interests280 | - | - | - | - | - | - | €4.8m | - | - |
| Companies linked by participating interests282/3 | - | - | - | - | - | - | €0.5m | - | - |
| Participating interests282 | - | - | - | - | - | - | €0.5m | - | - |
| Current assets29/58 | €2.0m | €1.5m | €2.0m | €3.0m | €2.9m | €2.9m | €2.1m | €4.0m | ▲ 91.4% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | €0 | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.6m | €0.3m | €0.1m | €0.2m | €0.1m | €0.1m | €0.2m | ▲ 21.3% |
| Trade receivables40 | - | - | - | €0.05m | €0.2m | €0.07m | €0.06m | €0.06m | ▼ 3.4% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.06m | €0.07m | €0.1m | ▲ 43.0% |
| Current investments50/53 | €0.1m | €0.1m | €0.1m | €0.2m | €1.7m | €2.4m | €1.4m | €3.2m | ▲ 134% |
| Other investments51/53 | - | - | - | - | - | - | €1.4m | - | - |
| Cash at bank and in hand54/58 | €1.5m | €0.8m | €1.6m | €2.7m | €1.0m | €0.3m | €0.6m | €0.6m | ▲ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.004m | €0.009m | €0.006m | €0.007m | ▲ 32.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €8.9m | €9.2m | €9.4m | €9.4m | €9.6m | €9.7m | €9.2m | €11.1m | ▲ 21.1% |
| Equity10/15 | €1.8m | €1.7m | €1.7m | €1.7m | €1.8m | €1.9m | €1.9m | €5.0m | ▲ 163% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €1.8m | €1.7m | €1.7m | €1.7m | €1.8m | €1.8m | €1.9m | €5.0m | ▲ 164% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €1.7m | €1.8m | €1.8m | €1.9m | €5.0m | ▲ 164% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €5.3m | €5.3m | €5.3m | €5.2m | €5.2m | €5.2m | €5.2m | €5.1m | ▼ 0.6% |
| Provisions for liabilities and charges160/5 | - | - | - | €5.2m | €5.2m | €5.2m | €5.2m | €5.1m | ▼ 0.6% |
| Other liabilities and charges164/5 | - | - | - | €5.2m | €5.2m | €5.2m | €5.2m | €5.1m | ▼ 0.6% |
| Amounts payable17/49 | €1.7m | €2.2m | €2.4m | €2.4m | €2.6m | €2.7m | €2.1m | €1.0m | ▼ 54.3% |
| Amounts payable after more than one year17 | €0 | €0.2m | €0.08m | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.4m | €1.7m | €2.0m | €2.1m | €2.3m | €2.2m | €1.6m | €0.6m | ▼ 65.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.08m | €0 | - | - | - | - |
| Financial debts43 | - | - | - | €6 | €0 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €6 | €0 | - | - | - | - |
| Trade debts44 | €0.1m | €0.03m | €0.006m | €0.005m | €0.1m | €0.006m | €0.001m | €0.002m | ▲ 20.7% |
| Suppliers440/4 | - | - | - | €0.005m | €0.1m | €0.006m | €0.001m | €0.002m | ▲ 20.7% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 26.2% |
| Taxes450/3 | - | - | - | €0.005m | €0.01m | €0.01m | €0.03m | €0.02m | ▼ 26.2% |
| Remuneration and social security454/9 | - | - | - | €150 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €2.0m | €2.2m | €2.2m | €1.6m | €0.5m | ▼ 66.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | ▼ 13.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.04m | -€0.1m | €0.02m | €0.009m | €0.02m | €0.09m | €0.06m | €3.1m | ▲ 55× |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.09m | €0.08m | €0.1m | €0.07m | €0.1m | €0.1m | ▲ 24.4% |
| Operating cash flow (approximation) | €0.2m | €0.008m | €0.1m | €0.09m | €0.1m | €0.2m | €0.2m | €3.2m | ▲ 21× |
| Investment in fixed assets (approximation) | - | -€1.0m | €0.1m | €1.0m | -€0.4m | -€0.2m | -€0.4m | -€0.1m | ▲ 63.6% |
| Change in cash | - | -€0.7m | €0.8m | €1.1m | -€1.7m | -€0.6m | €0.2m | €0.05m | ▼ 81.1% |
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, 546 companies had the same profile as MALATEX has now. Two years later, 95.2% were still going and 0.4% had gone bankrupt.
- Medium-sized
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.2%
was still going
4.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MALATEX itself: 0.1% 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 546 companies, not a prediction for MALATEX. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-08-2026 | 2026-00392096 | |
| 31-12-2024 | full format | 06-06-2025 | 2025-00125590 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00150476 | |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00192767 | |
| 31-12-2021 | abbreviated format | 13-07-2022 | 2022-20185413 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-37200254 | |
| 31-12-2019 | micro format | 26-11-2020 | 2020-72100185 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39400002 | |
| 31-12-2017 | micro format | 17-05-2018 | 2018-13100268 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51500032 |