MALITHO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-04-2026 PDF all 31 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €210,000
Estimated: probably between €160,000 and €280,000
Total assets
€6.1m▼ 1.1%
2024 · €6.2m
Net result
€883,795
2024 · -€75,133
Working capital
€5.3m▲ 3.5%
2024 · €5.1m
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€133,983
▲ 260%
2025
20182025
Net result
€883,795
2025
highest quarter of the sector
20182025
Equity
€1.5m
▲ 47.0%
2025
highest quarter of the sector
20182025
Total assets
€6.1m
▼ 1.1%
2025
highest quarter of the sector
20182025
Debt
€4.6m
▼ 10.7%
2025
20182025
Working capital
€5.3m
▲ 3.5%
2025
highest quarter of the sector
20182025
Solvency
24.8%
▲ 8.1pp
2025
middle half of the sector
20182025
Current ratio
13.01
▲ 4.81
2025
highest quarter of the sector
20182025
Return on assets (ROA)
14.5%
▲ 15.7pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920212022202320242025
Operating result€0.001m-€0.01m▲ 24×€1.7m-€0.02m▼ 99.0%€0.08m▲ 372%€0.04m▼ 52.3%€0.1m▲ 260%
Net result-€0.03m--€0.009m▲ 64.2%€1.3mabove the sector's middle half-€0.02mwithin the sector's middle half▼ 98.3%-€0.04mbelow the sector's middle half-€0.08mbelow the sector's middle half▼ 106%€0.9mabove the sector's middle half
Equity€0.4m-€0.4m▼ 2.5%€1.6mabove the sector's middle half-€1.6mabove the sector's middle half▲ 1.3%€1.6mabove the sector's middle half▼ 2.2%€1.0mwithin the sector's middle half▼ 35.8%€1.5mabove the sector's middle half▲ 47.0%
Total assets€1.6m-€1.5m▼ 3.6%€2.1mwithin the sector's middle half-€6.5mabove the sector's middle half▲ 208%€6.2mabove the sector's middle half▼ 4.5%€6.2mabove the sector's middle half▲ 0.1%€6.1mabove the sector's middle half▼ 1.1%
Debt€1.2m-€1.1m▼ 4.0%€0.5m-€4.8m▲ 911%€4.6m▼ 5.3%€5.1m▲ 12.8%€4.6m▼ 10.7%
Working capital-€0.7m--€0.7m▼ 1.1%€1.5mabove the sector's middle half-€5.4mabove the sector's middle half▲ 265%€5.4mabove the sector's middle half▲ 0.5%€5.1mabove the sector's middle half▼ 5.8%€5.3mabove the sector's middle half▲ 3.5%
Solvency23.5%-23.8%▲ 0.3pp77.3%above the sector's middle half-25.4%within the sector's middle half▼ 51.8pp26.1%within the sector's middle half▲ 0.6pp16.7%within the sector's middle half▼ 9.4pp24.8%within the sector's middle half▲ 8.1pp
Current ratio0.09-0.08▼ 0.024.11above the sector's middle half-9.21above the sector's middle half▲ 5.1014.98above the sector's middle half▲ 5.778.20above the sector's middle half▼ 6.7713.01above the sector's middle half▲ 4.81
Return on assets (ROA)-1.6%--0.6%▲ 1.0pp60.0%above the sector's middle half-0.3%within the sector's middle half▼ 59.7pp-0.6%within the sector's middle half▼ 0.9pp-1.2%within the sector's middle half▼ 0.6pp14.5%above the sector's middle half▲ 15.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 3.6 times that of 2024. It is a recovery after the fall in 2024.
Large changes and their cause
- 2022 Net result -98% on 2021. The previous financial year ran 21 months, this one 12.
Turnover and EBIT margin are not published. The abbreviated 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 €6.1m
Fixed assets
€355,388 ▲ 6.5%
Current assets
€5.7m ▼ 1.5%
Equity and liabilities €6.1m
Equity
€1.5m ▲ 47.0%
Debt
€4.6m ▼ 10.7%
Debt's share of the balance-sheet total falls from 83.3% to 75.2%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
2.66▲
2024 · 0.82
Debt to equity
3.03▼
2024 · 4.99
ROE
58.4%▲
2024 · -7.3%
Debt ≤ 1 year
€441,756▼
2024 · €711,496
Debt > 1 year
€4.1m▼
2024 · €4.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €4.1m | €4.1m | €4.1m | €4.1m |
| Mortgages, amount registered | €3.5m | €3.5m | €3.5m | €75,000 |
| Mortgage mandates | - | - | - | €4.4m |
| Carrying value of the mortgaged assets | €5.3m | €5.3m | €5.3m | €4.6m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Financial fixed assets | €872,434 | €39,211 | - | €333,863 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.2m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.02m | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.1m | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.004m | €0.01m | €0.01m | €0.006m | ▼ 50.0% |
| Gross operating margin9900 | €0.06m | €0.07m | €1.8m | €0.1m | €0.09m | €0.05m | €0.1m | ▲ 181% |
| Operating profit (loss)9901 | €0.001m | €0.01m | €1.7m | €0.02m | €0.08m | €0.04m | €0.1m | ▲ 260% |
| Financial income75/76B | - | - | - | €0.03m | €0.02m | €0.02m | €0.9m | ▲ 49× |
| Recurring financial income75 | €1 | €2 | €190 | €0.03m | €0.02m | €0.02m | €0.4m | ▲ 20× |
| Non-recurring financial income76B | - | - | - | - | - | - | €0.5m | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | ▼ 10.3% |
| Recurring financial charges65 | €0.03m | €0.02m | €0.04m | €0.02m | €0.1m | €0.1m | €0.1m | ▼ 10.3% |
| Non-recurring financial charges66B | - | - | - | - | €0.01m | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.03m | -€0.01m | €1.7m | €0.02m | -€0.04m | -€0.08m | €0.9m | - |
| Income taxes67/77 | -€0 | €0 | €0.5m | - | - | - | - | - |
| Profit (loss) for the period9904 | -€0.03m | -€0.009m | €1.3m | €0.02m | -€0.04m | -€0.08m | €0.9m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | -€0.007m | €1.3m | €0.02m | -€0.04m | -€0.08m | €0.9m | - |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €1.5m | €2.1m | €6.5m | €6.2m | €6.2m | €6.1m | ▼ 1.1% |
| Formation expenses20 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €1.5m | €1.5m | €0.1m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 6.5% |
| Intangible fixed assets21 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.5m | €1.5m | €0.1m | - | - | - | - | - |
| Financial fixed assets28 | €62 | €62 | €62 | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 6.5% |
| Current assets29/58 | €0.07m | €0.06m | €2.0m | €6.1m | €5.8m | €5.8m | €5.7m | ▼ 1.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 35.6% |
| Other amounts receivable291 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 35.6% |
| Stocks and contracts in progress3 | €0 | €0 | €0.1m | €5.3m | €5.3m | €5.3m | €4.6m | ▼ 13.0% |
| Stocks30/36 | - | - | - | €5.3m | €5.3m | €5.3m | €4.6m | ▼ 13.0% |
| Amounts receivable within one year40/41 | €9 | - | €0.03m | €0.06m | €0.09m | €0.09m | €0.7m | ▲ 641% |
| Trade receivables40 | - | - | - | €0.04m | €0.02m | €0.02m | - | - |
| Other amounts receivable41 | - | - | - | €0.02m | €0.07m | €0.07m | €0.7m | ▲ 822% |
| Current investments50/53 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.07m | €0.05m | €1.8m | €0.3m | €0.03m | €0.04m | €0.2m | ▲ 468% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.01m | €0.02m | €0.002m | ▼ 90.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €1.5m | €2.1m | €6.5m | €6.2m | €6.2m | €6.1m | ▼ 1.1% |
| Equity10/15 | €0.4m | €0.4m | €1.6m | €1.6m | €1.6m | €1.0m | €1.5m | ▲ 47.0% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.09m | €0.09m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves not available under the articles1311 | - | - | - | - | - | €43 | €43 | = |
| Other1319 | - | - | - | €43 | €43 | - | - | - |
| Profit (loss) carried forward14 | -€0.02m | -€0.03m | €1.3m | €1.3m | €1.3m | €0.7m | €1.2m | ▲ 69.1% |
| Provisions and deferred taxes16 | €0.04m | €0.04m | - | - | - | - | - | - |
| Amounts payable17/49 | €1.2m | €1.1m | €0.5m | €4.8m | €4.6m | €5.1m | €4.6m | ▼ 10.7% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | - | €4.1m | €4.1m | €4.4m | €4.1m | ▼ 5.7% |
| Financial debts170/4 | - | - | - | €4.1m | €4.1m | €4.4m | €4.1m | ▼ 5.7% |
| Amounts payable within one year42/48 | €0.8m | €0.8m | €0.5m | €0.7m | €0.4m | €0.7m | €0.4m | ▼ 37.9% |
| Financial debts43 | - | - | - | - | - | - | €0.4m | - |
| Credit institutions430/8 | - | - | - | - | - | - | €0.4m | - |
| Trade debts44 | €256 | €0.004m | €0.2m | €0.4m | €0.1m | €0.1m | €0.007m | ▼ 94.8% |
| Suppliers440/4 | - | - | - | €0.4m | €0.1m | €0.1m | €0.007m | ▼ 94.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €0.09m | - |
| Taxes, remuneration and social security45 | - | - | - | - | €0.001m | €0.001m | €9 | ▼ 98.5% |
| Taxes450/3 | - | - | - | - | €0.001m | €0.001m | €9 | ▼ 98.5% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.6m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.006m | €0.02m | €0.03m | - | - |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.03m | -€0.009m | €1.3m | €0.02m | -€0.04m | -€0.08m | €0.9m | - |
| + Depreciation and write-downs630 | €0.05m | €0.05m | €0.02m | - | - | - | - | - |
| Operating cash flow (approximation) | €0.03m | €0.04m | €1.3m | €0.02m | -€0.04m | -€0.08m | €0.9m | - |
| Investment in fixed assets (approximation) | - | -€0.003m | - | -€0.2m | €0.05m | €0 | -€0.02m | - |
| Change in cash | - | -€0.02m | - | -€1.5m | -€0.3m | €0.005m | €0.2m | ▲ 37× |
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, 378 companies had the same profile as MALITHO has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.4%
was still going
2.4%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of MALITHO 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 378 companies, not a prediction for MALITHO. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 29-04-2026 | 2026-00093069 | |
| 30-09-2024 | abbreviated format | 28-04-2025 | 2025-00079587 | |
| 30-09-2023 | abbreviated format | 28-04-2024 | 2024-00072017 | |
| 30-09-2022 | abbreviated format | 30-04-2023 | 2023-00074542 | |
| 30-09-2021 | abbreviated format | 28-03-2022 | 2022-08900388 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-30200588 | |
| 31-12-2018 | abbreviated format | 08-07-2019 | 2019-29300571 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-32000203 | |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-31900175 | |
| 31-12-2015 | abbreviated format | 29-08-2016 | 2016-48000369 |