MALLENTJER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 30 filings
Turnover
≈ €2.5m
Estimated: probably between €1.6m and €4.2m
EBIT margin
Not included in this filing
Net result
-€172,654
2024 · €195,296
Working capital
€2.1m▼ 4.6%
2024 · €2.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€143,126
2025
20182025
Net result
-€172,654
2025
lowest quarter of the sector
20182025
Equity
€2.4m
▼ 6.7%
2025
middle half of the sector
20182025
Total assets
€3.1m
▼ 13.0%
2025
middle half of the sector
20182025
Debt
€644,233
▼ 30.7%
2025
20182025
Working capital
€2.1m
▼ 4.6%
2025
middle half of the sector
20182025
Solvency
78.9%
▲ 5.4pp
2025
highest quarter of the sector
20182025
Current ratio
14.19
▲ 8.03
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-5.6%
▼ 11.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
5.6
▲ 40.0%
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
Operating result€0.3m-€0.3m▲ 8.8%€0.2m▼ 31.4%€0.4m▲ 75.7%€0.5m▲ 21.2%€0.5m▼ 1.5%€0.2m▼ 48.6%-€0.1m
Net result€0.2m-€0.2m▲ 1.3%€0.2mabove the sector's middle half▼ 1.6%€0.4mabove the sector's middle half▲ 90.8%€0.4mabove the sector's middle half▲ 12.2%€0.4mabove the sector's middle half▲ 1.1%€0.2mabove the sector's middle half▼ 54.7%-€0.2mbelow the sector's middle half
Equity€2.4m-€2.6m▲ 8.6%€2.4mabove the sector's middle half▼ 5.8%€2.5mabove the sector's middle half▲ 3.3%€2.6mabove the sector's middle half▲ 3.9%€2.6mabove the sector's middle half▼ 0.2%€2.6mabove the sector's middle half▼ 0.2%€2.4mwithin the sector's middle half▼ 6.7%
Total assets€3.5m-€3.8m▲ 6.5%€3.8mabove the sector's middle half▲ 1.3%€3.7mabove the sector's middle half▼ 2.3%€3.8mabove the sector's middle half▲ 2.0%€3.8mabove the sector's middle half▲ 0.3%€3.5mabove the sector's middle half▼ 7.7%€3.1mwithin the sector's middle half▼ 13.0%
Debt€1.2m-€1.2m▲ 2.2%€1.4m▲ 16.6%€1.2m▼ 11.9%€1.2m▼ 1.8%€1.2m▲ 1.1%€0.9m▼ 23.6%€0.6m▼ 30.7%
Working capital€2.0m-€2.1m▲ 5.8%€2.0mabove the sector's middle half▼ 7.1%€2.3mabove the sector's middle half▲ 18.1%€2.1mabove the sector's middle half▼ 8.6%€2.2mabove the sector's middle half▲ 5.4%€2.2mabove the sector's middle half▼ 1.1%€2.1mwithin the sector's middle half▼ 4.6%
Solvency67.0%-68.3%▲ 1.3pp63.5%above the sector's middle half▼ 4.8pp67.1%above the sector's middle half▲ 3.6pp68.3%above the sector's middle half▲ 1.2pp68.0%above the sector's middle half▼ 0.3pp73.6%above the sector's middle half▲ 5.5pp78.9%above the sector's middle half▲ 5.4pp
Current ratio6.53-5.60▼ 0.933.60above the sector's middle half▼ 2.006.55above the sector's middle half▲ 2.953.90above the sector's middle half▼ 2.664.40above the sector's middle half▲ 0.506.16above the sector's middle half▲ 1.7614.19above the sector's middle half▲ 8.03
Return on assets (ROA)5.7%-5.4%▼ 0.3pp5.2%within the sector's middle half▼ 0.2pp10.2%within the sector's middle half▲ 5.0pp11.2%within the sector's middle half▲ 1.0pp11.3%above the sector's middle half▲ 0.1pp5.6%within the sector's middle half▼ 5.8pp-5.6%below the sector's middle half▼ 11.2pp
Staff (FTE)5.4-5.9▲ 9.3%5.3within the sector's middle half▼ 10.2%5.3within the sector's middle half=4.8within the sector's middle half▼ 9.4%4.3within the sector's middle half▼ 10.4%4within the sector's middle half▼ 7.0%5.6within the sector's middle half▲ 40.0%
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 a loss of €143,126, after a profit of €231,839 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€787,987 ▼ 10.0%
Current assets
€2.3m ▼ 14.0%
Equity and liabilities €3.1m
Equity
€2.4m ▼ 6.7%
Debt
€644,233 ▼ 30.7%
Debt's share of the balance-sheet total falls from 26.4% to 21.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€50,504▼
2024 · €318,885
Cash flow
-€80,032▼
2024 · €282,342
Quick ratio
9.15▲
2024 · 4.60
Debt to equity
0.27▼
2024 · 0.36
ROE
-7.2%▼
2024 · 7.6%
Interest coverage
-1.41▼
2024 · 6.48
Debt ≤ 1 year
€159,815▼
2024 · €428,294
Debt > 1 year
€467,240▼
2024 · €484,317
Income taxes
€958▼
2024 · €3,778
Staff costs
€520,668▲
2024 · €412,064
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 5 | 4 | 6 | 5 |
| full-time | 4 | 4 | 3 | 5 | 4 |
| part-time | 2 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 5.2 | 4.8 | 3.8 | 5.8 | 4.8 |
| Average over the year, in full-time equivalents | 5.4 | 4.8 | 4.3 | 4 | 5.6 |
| On a permanent contract | 6 | 5 | 4 | 6 | 5 |
| Joined | 1 | 0 | 0 | 3 | 0 |
| Left | 1 | 1 | 1 | 1 | 1 |
| Training hours | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €65,409 | €63,450 | €49,140 | €5,129 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €103,749 | €100,331 | €93,857 | €87,046 | €92,622 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €147 awarded · €147 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | €3,471 | €7,240 | €22,448 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €413,307 | €401,823 | €387,411 | €412,064 | €520,668 | ▲ 26.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €100,904 | €111,332 | €111,339 | €103,749 | €100,331 | €93,857 | €87,046 | €92,622 | ▲ 6.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €1,551 | - |
| Other operating charges640/8 | - | - | - | €15,039 | €15,562 | €15,581 | €17,449 | €19,668 | ▲ 12.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,214 | €0 | - | - |
| Gross operating margin9900 | €798,614 | €837,359 | €722,149 | €910,117 | €975,968 | €949,549 | €748,397 | €491,384 | ▼ 34.3% |
| Operating profit (loss)9901 | €288,317 | €313,631 | €215,192 | €378,022 | €458,252 | €451,486 | €231,839 | -€143,126 | - |
| Financial income75/76B | - | - | - | €50,886 | €27,362 | €22,169 | €16,460 | €7,304 | ▼ 55.6% |
| Recurring financial income75 | €44,108 | €33,019 | €26,539 | €50,886 | €27,362 | €22,169 | €16,460 | €7,304 | ▼ 55.6% |
| Financial charges65/66B | - | - | - | €44,224 | €37,587 | €38,341 | €49,224 | €35,874 | ▼ 27.1% |
| Recurring financial charges65 | €48,617 | €63,892 | €42,200 | €44,224 | €37,587 | €38,341 | €49,224 | €35,874 | ▼ 27.1% |
| Profit (loss) for the period before taxes9903 | €283,808 | €282,758 | €199,531 | €384,684 | €448,027 | €435,313 | €199,074 | -€171,696 | - |
| Income taxes67/77 | €83,939 | €80,365 | €373 | €4,685 | €21,831 | €4,366 | €3,778 | €958 | ▼ 74.6% |
| Profit (loss) for the period9904 | €199,870 | €202,394 | €199,158 | €379,999 | €426,196 | €430,947 | €195,296 | -€172,654 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €28,750 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €199,870 | €202,394 | €199,158 | €408,749 | €426,196 | €430,947 | €195,296 | -€172,654 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.5m | €3.8m | €3.8m | €3.7m | €3.8m | €3.8m | €3.5m | €3.1m | ▼ 13.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.2m | €1.2m | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 10.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1.2m | €1.2m | €1.1m | €1.0m | €0.9m | €0.9m | €0.9m | €0.8m | ▼ 10.0% |
| Land and buildings22 | - | - | - | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.001m | €364 | €0.003m | €0.002m | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.07m | €0.08m | €0.09m | €0.06m | ▼ 35.7% |
| Financial fixed assets28 | €135 | €135 | €270 | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €2.4m | €2.6m | €2.7m | €2.7m | €2.9m | €2.9m | €2.6m | €2.3m | ▼ 14.0% |
| Stocks and contracts in progress3 | €0.4m | €0.4m | €0.5m | €0.9m | €1.0m | €0.9m | €0.7m | €0.8m | ▲ 20.5% |
| Stocks30/36 | - | - | - | €0.9m | €1.0m | €0.9m | €0.7m | €0.8m | ▲ 20.5% |
| Amounts receivable within one year40/41 | €1.2m | €1.2m | €0.8m | €0.8m | €1.3m | €0.7m | €0.7m | €0.5m | ▼ 29.9% |
| Trade receivables40 | - | - | - | €0.5m | €1.2m | €0.6m | €0.7m | €0.5m | ▼ 26.7% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.05m | €0.04m | €0.03m | €372 | ▼ 98.8% |
| Current investments50/53 | €0 | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Cash at bank and in hand54/58 | €0.8m | €1.0m | €1.4m | €0.8m | €0.3m | €1.0m | €1.0m | €0.7m | ▼ 29.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 34.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.5m | €3.8m | €3.8m | €3.7m | €3.8m | €3.8m | €3.5m | €3.1m | ▼ 13.0% |
| Equity10/15 | €2.4m | €2.6m | €2.4m | €2.5m | €2.6m | €2.6m | €2.6m | €2.4m | ▼ 6.7% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €2.2m | €2.4m | €2.2m | €2.3m | €2.4m | €2.4m | €2.4m | €2.2m | ▼ 7.2% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €2.3m | €2.4m | €2.4m | €2.4m | €2.2m | ▼ 7.3% |
| Profit (loss) carried forward14 | €0 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €1.2m | €1.2m | €1.4m | €1.2m | €1.2m | €1.2m | €0.9m | €0.6m | ▼ 30.7% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.6m | €0.6m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 3.5% |
| Financial debts170/4 | - | - | - | €0.6m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 3.5% |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.8m | €0.4m | €0.7m | €0.7m | €0.4m | €0.2m | ▼ 62.7% |
| Trade debts44 | €0.3m | €0.4m | €0.4m | €0.08m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 26.5% |
| Suppliers440/4 | - | - | - | €0.08m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 26.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.05m | €0.07m | €0.04m | ▼ 38.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.002m | €0.01m | €0.05m | €0.02m | ▼ 55.3% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.04m | €0.02m | €0.02m | ▲ 4.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.4m | €0.2m | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.04m | €0.06m | €0.02m | €0.02m | ▲ 3.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €199,870 | €202,394 | €199,158 | €379,999 | €426,196 | €430,947 | €195,296 | -€172,654 | - |
| + Depreciation and write-downs630 | €100,904 | €111,332 | €111,339 | €103,749 | €100,331 | €93,857 | €87,046 | €92,622 | ▲ 6.4% |
| Operating cash flow (approximation) | €300,773 | €313,725 | €310,497 | €483,748 | €526,527 | €524,804 | €282,342 | -€80,032 | - |
| Investment in fixed assets (approximation) | - | -€125,109 | -€15,453 | €0 | -€59,016 | -€63,450 | -€49,140 | -€5,129 | ▲ 89.6% |
| Change in cash | - | €257,134 | €388,100 | -€643,403 | -€446,888 | €681,657 | €11,712 | -€295,420 | - |
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, 12,322 companies had the same profile as MALLENTJER has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MALLENTJER 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 12,322 companies, not a prediction for MALLENTJER. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00355924 | |
| 31-12-2024 | abbreviated format | 29-07-2025 | 2025-00321436 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00309021 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00294043 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20342331 | |
| 31-12-2020 | abbreviated format | 25-06-2021 | 2021-24000166 | |
| 31-12-2019 | abbreviated format | 05-06-2020 | 2020-14700104 | |
| 31-12-2018 | abbreviated format | 15-05-2019 | 2019-13000385 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-24700098 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-49100496 |