MALLET
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-10-2026 at the NBB all 27 filings
Turnover
≈ €480,000
Estimated: probably between €220,000 and €800,000
Total assets
€248,238▲ 13.8%
2025 · €218,065
Net result
€23,854▼ 31.4%
2025 · €34,792
Working capital
€174,182▲ 5.5%
2025 · €165,149
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€40,806
▼ 26.8%
2026
20192026
Net result
€23,854
▼ 31.4%
2026
20192026
Equity
€186,647
▲ 1.4%
2026
20192026
Total assets
€248,238
▲ 13.8%
2026
20192026
Debt
€61,591
▲ 81.0%
2026
20192026
Working capital
€174,182
▲ 5.5%
2026
20192026
Solvency
75.2%
▼ 9.2pp
2026
20192026
Current ratio
3.83
▼ 2.27
2026
20192026
Return on assets (ROA)
9.6%
▼ 6.3pp
2026
20192026
Staff (FTE)
1.9
▲ 72.7%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€15,196-€18,546▲ 22.0%€27,334▲ 47.4%€8,502▼ 68.9%€33,679▲ 296%€19,456▼ 42.2%€55,717▲ 186%€40,806▼ 26.8%
Net result€12,580-€15,918▲ 26.5%€18,140within the sector's middle half▲ 14.0%€5,969within the sector's middle half▼ 67.1%€21,253above the sector's middle half▲ 256%€11,650within the sector's middle half▼ 45.2%€34,792above the sector's middle half▲ 199%€23,854▼ 31.4%
Equity€194,895-€210,813▲ 8.2%€228,953above the sector's middle half▲ 8.6%€234,922above the sector's middle half▲ 2.6%€256,175above the sector's middle half▲ 9.0%€149,254above the sector's middle half▼ 41.7%€184,046above the sector's middle half▲ 23.3%€186,647▲ 1.4%
Total assets€241,249-€249,802▲ 3.5%€257,773within the sector's middle half▲ 3.2%€273,765within the sector's middle half▲ 6.2%€287,604within the sector's middle half▲ 5.1%€222,433within the sector's middle half▼ 22.7%€218,065within the sector's middle half▼ 2.0%€248,238▲ 13.8%
Debt€46,354-€38,989▼ 15.9%€28,820▼ 26.1%€38,842▲ 34.8%€31,429▼ 19.1%€73,179▲ 133%€34,019▼ 53.5%€61,591▲ 81.0%
Working capital€135,254-€156,050▲ 15.4%€181,537above the sector's middle half▲ 16.3%€177,885above the sector's middle half▼ 2.0%€207,200above the sector's middle half▲ 16.5%€110,783above the sector's middle half▼ 46.5%€165,149above the sector's middle half▲ 49.1%€174,182▲ 5.5%
Solvency80.8%-84.4%▲ 3.6pp88.8%above the sector's middle half▲ 4.4pp85.8%above the sector's middle half▼ 3.0pp89.1%above the sector's middle half▲ 3.3pp67.1%above the sector's middle half▼ 22.0pp84.4%above the sector's middle half▲ 17.3pp75.2%▼ 9.2pp
Current ratio5.78-7.14▲ 1.3710.32above the sector's middle half▲ 3.177.60above the sector's middle half▼ 2.7112.13above the sector's middle half▲ 4.532.67within the sector's middle half▼ 9.466.09above the sector's middle half▲ 3.423.83▼ 2.27
Return on assets (ROA)5.2%-6.4%▲ 1.2pp7.0%within the sector's middle half▲ 0.7pp2.2%within the sector's middle half▼ 4.9pp7.4%within the sector's middle half▲ 5.2pp5.2%within the sector's middle half▼ 2.2pp16.0%above the sector's middle half▲ 10.7pp9.6%▼ 6.3pp
Staff (FTE)1.12.4▲ 118%1.7▼ 29.2%1.3▼ 23.5%1.1▼ 15.4%1.9▲ 72.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2026 is 27% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €248,238
Fixed assets
€12,465 ▼ 39.2%
Current assets
€235,773 ▲ 19.3%
Equity and liabilities €248,238
Equity
€186,647 ▲ 1.4%
Debt
€61,591 ▲ 81.0%
Debt's share of the balance-sheet total rises from 15.6% to 24.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€48,836▼
2025 · €83,409
Cash flow
€31,884▼
2025 · €62,484
Quick ratio
2.10▼
2025 · 2.85
Debt to equity
0.33▲
2025 · 0.18
ROE
12.8%▼
2025 · 18.9%
Interest coverage
14.26▼
2025 · 24.35
Debt ≤ 1 year
€61,591▲
2025 · €32,421
Income taxes
€13,658▼
2025 · €17,747
Staff costs
€28,667▲
2025 · €27,069
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 | 30-04-2026 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 2 | - | 2 | 2 |
| full-time | - | 2 | - | 1 | 1 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | - | 2 | - | 1.9 | 1.9 |
| Average over the year, in full-time equivalents | 2.4 | 1.7 | 1.3 | 1.1 | 1.9 |
| On a permanent contract | - | - | - | 1 | 1 |
| Joined | - | - | - | 1 | - |
| Left | - | - | - | 0 | - |
| Training hours | - | - | - | 350 | - |
Source: social balance sheet in the 2022 to 2026 annual accounts
Investments
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 | 30-04-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €24,256 | - | €12,294 | €2,731 | - |
| Depreciation and write-downs of the year | €12,071 | €7,142 | €28,629 | €27,692 | €8,030 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,000 awarded · €1,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €500 | €500 |
| 2022 | 1 | €500 | €500 |
Schemes
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €7,675 | €10,214 | €22,260 | €27,069 | €28,667 | ▲ 5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,056 | €13,643 | €13,337 | €12,071 | €7,142 | €28,629 | €27,692 | €8,030 | ▼ 71.0% |
| Other operating charges640/8 | - | - | - | €2,258 | €2,176 | €2,792 | €2,933 | €1,964 | ▼ 33.0% |
| Non-recurring operating charges66A | - | - | - | €75 | €53 | €273 | - | - | - |
| Gross operating margin9900 | €29,497 | €37,998 | €51,661 | €30,581 | €53,264 | €73,410 | €113,411 | €79,467 | ▼ 29.9% |
| Operating profit (loss)9901 | €15,196 | €18,546 | €27,334 | €8,502 | €33,679 | €19,456 | €55,717 | €40,806 | ▼ 26.8% |
| Financial income75/76B | - | - | - | €39 | €14 | €31 | €248 | €131 | ▼ 47.2% |
| Recurring financial income75 | €43 | €32 | €27 | €39 | €14 | €31 | €248 | €131 | ▼ 47.2% |
| Financial charges65/66B | - | - | - | €1,534 | €1,637 | €3,129 | €3,426 | €3,425 | = |
| Recurring financial charges65 | €2,467 | €2,155 | €1,130 | €1,534 | €1,637 | €3,129 | €3,426 | €3,425 | = |
| Profit (loss) for the period before taxes9903 | €12,773 | €16,423 | €26,231 | €7,007 | €32,055 | €16,358 | €52,539 | €37,512 | ▼ 28.6% |
| Income taxes67/77 | €193 | €505 | €8,091 | €1,037 | €10,802 | €4,709 | €17,747 | €13,658 | ▼ 23.0% |
| Profit (loss) for the period9904 | €12,580 | €15,918 | €18,140 | €5,969 | €21,253 | €11,650 | €34,792 | €23,854 | ▼ 31.4% |
| Profit (loss) for the period to be appropriated9905 | €12,580 | €15,918 | €18,140 | €5,969 | €21,253 | €11,650 | €34,792 | €23,854 | ▼ 31.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €241,249 | €249,802 | €257,773 | €273,765 | €287,604 | €222,433 | €218,065 | €248,238 | ▲ 13.8% |
| Fixed assets21/28 | €77,674 | €68,354 | €56,747 | €68,932 | €61,790 | €45,456 | €20,495 | €12,465 | ▼ 39.2% |
| Tangible fixed assets22/27 | €76,395 | €67,075 | €55,469 | €67,654 | €60,512 | €44,178 | €19,217 | €11,187 | ▼ 41.8% |
| Land and buildings22 | - | - | - | €6,866 | €5,024 | €3,668 | €2,312 | €955 | ▼ 58.7% |
| Plant, machinery and equipment23 | - | - | - | €20,788 | €15,488 | €20,510 | €14,382 | €8,255 | ▼ 42.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | €2,523 | €1,977 | ▼ 21.6% |
| Other tangible fixed assets26 | - | - | - | €40,000 | €40,000 | €20,000 | - | - | - |
| Financial fixed assets28 | €1,278 | €1,278 | €1,278 | €1,278 | €1,278 | €1,278 | €1,278 | €1,278 | = |
| Current assets29/58 | €163,575 | €181,448 | €201,026 | €204,832 | €225,813 | €176,977 | €197,570 | €235,773 | ▲ 19.3% |
| Stocks and contracts in progress3 | €70,902 | €90,042 | €91,512 | €87,267 | €95,540 | €107,609 | €105,066 | €106,564 | ▲ 1.4% |
| Stocks30/36 | - | - | - | €87,267 | €95,540 | €107,609 | €105,066 | €106,564 | ▲ 1.4% |
| Amounts receivable within one year40/41 | €34,875 | €32,234 | €32,231 | €33,763 | €32,018 | €22,999 | €38,466 | €33,864 | ▼ 12.0% |
| Trade receivables40 | - | - | - | €10,566 | €18,000 | €9,719 | €24,204 | €15,182 | ▼ 37.3% |
| Other amounts receivable41 | - | - | - | €23,197 | €14,018 | €13,280 | €14,262 | €18,682 | ▲ 31.0% |
| Cash at bank and in hand54/58 | €57,798 | €59,172 | €77,098 | €83,615 | €98,051 | €45,028 | €51,110 | €95,268 | ▲ 86.4% |
| Deferred charges and accrued income490/1 | - | - | - | €187 | €204 | €1,341 | €2,928 | €77 | ▼ 97.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €241,249 | €249,802 | €257,773 | €273,765 | €287,604 | €222,433 | €218,065 | €248,238 | ▲ 13.8% |
| Equity10/15 | €194,895 | €210,813 | €228,953 | €234,922 | €256,175 | €149,254 | €184,046 | €186,647 | ▲ 1.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €176,295 | €192,213 | €210,353 | €216,322 | €237,575 | €130,654 | €165,446 | €168,047 | ▲ 1.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €214,462 | €235,715 | €130,654 | €165,446 | €168,047 | ▲ 1.6% |
| Amounts payable17/49 | €46,354 | €38,989 | €28,820 | €38,842 | €31,429 | €73,179 | €34,019 | €61,591 | ▲ 81.0% |
| Amounts payable after more than one year17 | €18,032 | €13,591 | €9,331 | €11,895 | €12,815 | €6,985 | €1,598 | - | - |
| Financial debts170/4 | - | - | - | €11,895 | €12,815 | €6,985 | €1,598 | - | - |
| Amounts payable within one year42/48 | €28,322 | €25,398 | €19,488 | €26,947 | €18,613 | €66,194 | €32,421 | €61,591 | ▲ 90.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,697 | €9,864 | €5,830 | €5,387 | €1,598 | ▼ 70.3% |
| Financial debts43 | - | - | - | €4,994 | €1,943 | €11,941 | €10,000 | - | - |
| Credit institutions430/8 | - | - | - | €4,994 | €1,943 | €11,941 | €10,000 | - | - |
| Trade debts44 | €8,172 | €8,124 | - | €11,133 | - | €6,765 | €5,276 | €27,233 | ▲ 416% |
| Suppliers440/4 | - | - | - | €11,133 | - | €6,765 | €5,276 | €27,233 | ▲ 416% |
| Taxes, remuneration and social security45 | - | - | - | €450 | €2,662 | €36,359 | €6,333 | €2,164 | ▼ 65.8% |
| Taxes450/3 | - | - | - | €107 | €107 | €36,138 | €107 | €2,164 | ▲ 20× |
| Remuneration and social security454/9 | - | - | - | €343 | €2,554 | €221 | €6,225 | - | - |
| Other amounts payable47/48 | - | - | - | €3,673 | €4,145 | €5,299 | €5,425 | €30,596 | ▲ 464% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,580 | €15,918 | €18,140 | €5,969 | €21,253 | €11,650 | €34,792 | €23,854 | ▼ 31.4% |
| + Depreciation and write-downs630 | €13,056 | €13,643 | €13,337 | €12,071 | €7,142 | €28,629 | €27,692 | €8,030 | ▼ 71.0% |
| Operating cash flow (approximation) | €25,637 | €29,561 | €31,477 | €18,040 | €28,395 | €40,279 | €62,484 | €31,884 | ▼ 49.0% |
| Investment in fixed assets (approximation) | - | -€4,324 | -€1,730 | -€24,256 | €0 | -€12,294 | -€2,731 | €0 | - |
| Change in cash | - | €1,374 | €17,926 | €6,517 | €14,436 | -€53,024 | €6,083 | €44,158 | ▲ 626% |
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, 31,368 companies had the same profile as MALLET has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MALLET 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 31,368 companies, not a prediction for MALLET. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-04-2026 | micro format | 29-10-2026 | 2026-00594928 | |
| 30-04-2025 | micro format | 01-12-2025 | 2025-00573691 | |
| 30-04-2024 | micro format | 02-12-2024 | 2024-00609699 | |
| 30-04-2023 | micro format | 28-11-2023 | 2023-00518353 | |
| 30-04-2022 | micro format | 28-11-2022 | 2022-20527596 | |
| 30-04-2021 | micro format | 30-11-2021 | 2021-78900120 | |
| 30-04-2020 | micro format | 27-11-2020 | 2020-72700583 | |
| 30-04-2019 | micro format | 22-11-2019 | 2019-74200249 | |
| 30-04-2018 | micro format | 29-10-2018 | 2018-70900253 | |
| 30-04-2017 | micro format | 24-10-2017 | 2017-67700070 |