MALOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 6 filings
Turnover
€149,599▲ 55.9%
2024 · €95,946
EBIT margin
-8.4%▲ 6.9pp
2024 · -15.2%
Net result
-€13,533▲ 16.1%
2024 · -€16,133
Working capital
-€52,197▼ 27.6%
2024 · -€40,901
Multi-year overview
2020 to 2025, 6 financial yearsTurnover
€149,599
▲ 55.9%
2025
20202025
Operating result
-€12,537
▲ 14.2%
2025
20202025
Net result
-€13,533
▲ 16.1%
2025
lowest quarter of the sector
20202025
EBIT margin
-8.4%
▲ 6.9pp
2025
20202025
Equity
-€29,127
▼ 86.8%
2025
lowest quarter of the sector
20202025
Total assets
€44,755
▲ 27.3%
2025
lowest quarter of the sector
20202025
Debt
€73,882
▲ 45.6%
2025
20202025
Working capital
-€52,197
▼ 27.6%
2025
lowest quarter of the sector
20202025
Solvency
-65.1%
▼ 20.7pp
2025
lowest quarter of the sector
20202025
Current ratio
0.29
▲ 0.10
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-30.2%
▲ 15.7pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
0.7
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Turnover€179,924-€75,690▼ 57.9%€142,229▲ 87.9%€173,505▲ 22.0%€95,946▼ 44.7%€149,599▲ 55.9%
Operating result€5,049--€9,063-€3,476▲ 61.6%€13,055-€14,614-€12,537▲ 14.2%
Net result€4,215within the sector's middle half--€10,491below the sector's middle half-€4,298within the sector's middle half▲ 59.0%€11,112within the sector's middle half-€16,133below the sector's middle half-€13,533below the sector's middle half▲ 16.1%
EBIT margin2.8%--12.0%▼ 14.8pp-2.4%▲ 9.5pp7.5%▲ 10.0pp-15.2%▼ 22.8pp-8.4%▲ 6.9pp
Equity€4,215within the sector's middle half--€6,276below the sector's middle half-€10,574below the sector's middle half▼ 68.5%€539within the sector's middle half-€15,593below the sector's middle half-€29,127below the sector's middle half▼ 86.8%
Total assets€41,267within the sector's middle half-€47,292within the sector's middle half▲ 14.6%€52,975below the sector's middle half▲ 12.0%€40,215below the sector's middle half▼ 24.1%€35,149below the sector's middle half▼ 12.6%€44,755below the sector's middle half▲ 27.3%
Debt€37,052-€53,568▲ 44.6%€63,549▲ 18.6%€39,675▼ 37.6%€50,742▲ 27.9%€73,882▲ 45.6%
Working capital-€33,899below the sector's middle half--€42,321below the sector's middle half▼ 24.8%-€48,059within the sector's middle half▼ 13.6%-€30,857within the sector's middle half▲ 35.8%-€40,901below the sector's middle half▼ 32.5%-€52,197below the sector's middle half▼ 27.6%
Solvency10.2%within the sector's middle half--13.3%below the sector's middle half▼ 23.5pp-20.0%below the sector's middle half▼ 6.7pp1.3%within the sector's middle half▲ 21.3pp-44.4%below the sector's middle half▼ 45.7pp-65.1%below the sector's middle half▼ 20.7pp
Current ratio0.09below the sector's middle half-0.21below the sector's middle half▲ 0.120.24below the sector's middle half▲ 0.030.22below the sector's middle half▼ 0.020.19below the sector's middle half▼ 0.030.29below the sector's middle half▲ 0.10
Return on assets (ROA)10.2%within the sector's middle half--22.2%below the sector's middle half▼ 32.4pp-8.1%within the sector's middle half▲ 14.1pp27.6%above the sector's middle half▲ 35.7pp-45.9%below the sector's middle half▼ 73.5pp-30.2%below the sector's middle half▲ 15.7pp
Staff (FTE)0.30.3below the sector's middle half=0.7
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €12,537, smaller than the loss of €14,614 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €44,755
Fixed assets
€23,070 ▼ 8.8%
Current assets
€21,685 ▲ 120%
Equity and liabilities
Equity-€29,127
Debt€73,882
Equity is negative. Debt (€73,882) exceeds the balance-sheet total (€44,755).
Key figures and ratios
EBITDA
-€6,789▲
2024 · -€8,525
Cash flow
-€7,786▲
2024 · -€10,044
Quick ratio
0.26▲
2024 · 0.15
Interest coverage
-6.81▼
2024 · -5.61
Debt ≤ 1 year
€73,882▲
2024 · €50,742
Customer credit
5 days▼
2024 · 8 days
Supplier credit
12 days▼
2024 · 45 days
Staff costs
€27,459▲
2024 · €3,450
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | - | 1 | 1 |
| full-time | 1 | - | 1 | - |
| part-time | - | - | - | 1 |
| in full-time equivalents | 1 | - | 1 | 0.5 |
| Average over the year, in full-time equivalents | 0.3 | 0.3 | - | 0.7 |
| On a permanent contract | 1 | - | 1 | 1 |
| Joined | 1 | 0 | 1 | 0 |
| Left | 0 | 1 | 0 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,330 | €6,960 | - | - | €3,510 |
| Depreciation and write-downs of the year | €4,399 | €5,520 | €6,089 | €6,089 | €5,747 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | €179,924 | €75,690 | €142,229 | €173,505 | €95,946 | €149,599 | ▲ 55.9% |
| Goods, raw materials, services and sundry goods60/61 | - | €77,971 | €125,930 | €148,344 | €89,505 | €120,760 | ▲ 34.9% |
| Remuneration, social security and pensions62 | - | €7,372 | €11,475 | -€1,645 | €3,450 | €27,459 | ▲ 696% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,740 | €4,399 | €5,520 | €6,089 | €6,089 | €5,747 | ▼ 5.6% |
| Other operating charges640/8 | - | €3,847 | €7,180 | €9,382 | €11,916 | €8,570 | ▼ 28.1% |
| Gross operating margin9900 | €14,876 | €6,554 | €20,700 | €26,880 | €6,840 | €29,240 | ▲ 327% |
| Operating profit (loss)9901 | €5,049 | -€9,063 | -€3,476 | €13,055 | -€14,614 | -€12,537 | ▲ 14.2% |
| Financial income75/76B | - | €0 | - | €25 | €1 | - | - |
| Recurring financial income75 | €1 | €0 | - | €25 | €1 | - | - |
| Financial charges65/66B | - | €1,428 | €822 | €1,967 | €1,519 | €997 | ▼ 34.4% |
| Recurring financial charges65 | €835 | €1,428 | €822 | €1,967 | €1,519 | €997 | ▼ 34.4% |
| Profit (loss) for the period before taxes9903 | €4,215 | -€10,491 | -€4,298 | €11,112 | -€16,133 | -€13,533 | ▲ 16.1% |
| Profit (loss) for the period9904 | €4,215 | -€10,491 | -€4,298 | €11,112 | -€16,133 | -€13,533 | ▲ 16.1% |
| Profit (loss) for the period to be appropriated9905 | €4,215 | -€10,491 | -€4,298 | €11,112 | -€16,133 | -€13,533 | ▲ 16.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €41,267 | €47,292 | €52,975 | €40,215 | €35,149 | €44,755 | ▲ 27.3% |
| Fixed assets21/28 | €38,114 | €36,045 | €37,485 | €31,396 | €25,307 | €23,070 | ▼ 8.8% |
| Intangible fixed assets21 | €31,500 | €28,000 | €24,500 | €21,000 | €17,500 | €14,000 | ▼ 20.0% |
| Tangible fixed assets22/27 | €3,414 | €4,845 | €9,785 | €7,196 | €4,607 | €5,870 | ▲ 27.4% |
| Plant, machinery and equipment23 | - | €1,868 | €1,468 | €1,068 | €668 | €3,480 | ▲ 421% |
| Furniture and vehicles24 | - | €2,977 | €8,316 | €6,128 | €3,939 | €2,390 | ▼ 39.3% |
| Financial fixed assets28 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | €3,200 | = |
| Current assets29/58 | €3,153 | €11,246 | €15,490 | €8,818 | €9,842 | €21,685 | ▲ 120% |
| Stocks and contracts in progress3 | - | €2,183 | €2,183 | €1,986 | €2,372 | €2,657 | ▲ 12.0% |
| Stocks30/36 | - | €2,183 | €2,183 | €1,986 | €2,372 | €2,657 | ▲ 12.0% |
| Amounts receivable within one year40/41 | €849 | €3,445 | €6,683 | €1,972 | €2,188 | €2,235 | ▲ 2.2% |
| Trade receivables40 | - | - | €2,873 | - | - | - | - |
| Other amounts receivable41 | - | €3,445 | €3,810 | €1,972 | €2,188 | €2,235 | ▲ 2.2% |
| Cash at bank and in hand54/58 | €2,304 | €5,619 | €6,625 | €4,861 | €5,282 | €16,793 | ▲ 218% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €41,267 | €47,292 | €52,975 | €40,215 | €35,149 | €44,755 | ▲ 27.3% |
| Equity10/15 | €4,215 | -€6,276 | -€10,574 | €539 | -€15,593 | -€29,127 | ▼ 86.8% |
| Contributions10/11 | - | - | - | €1 | €1 | €1 | = |
| Capital10 | - | - | - | €1 | €1 | €1 | = |
| Issued capital100 | - | - | - | €1 | €1 | €1 | = |
| Profit (loss) carried forward14 | €4,215 | -€6,276 | -€10,574 | €538 | -€15,594 | -€29,128 | ▼ 86.8% |
| Amounts payable17/49 | €37,052 | €53,568 | €63,549 | €39,675 | €50,742 | €73,882 | ▲ 45.6% |
| Amounts payable within one year42/48 | €37,052 | €53,568 | €63,549 | €39,675 | €50,742 | €73,882 | ▲ 45.6% |
| Trade debts44 | €278 | €16,919 | €20,416 | €129 | €10,919 | €4,045 | ▼ 63.0% |
| Suppliers440/4 | - | €16,919 | €20,416 | €129 | €10,919 | €4,045 | ▼ 63.0% |
| Taxes, remuneration and social security45 | - | €4,399 | €1,620 | €19 | €2,095 | €8,267 | ▲ 295% |
| Taxes450/3 | - | €633 | €329 | €19 | €1,154 | €2,892 | ▲ 151% |
| Remuneration and social security454/9 | - | €3,766 | €1,291 | - | €942 | €5,375 | ▲ 471% |
| Other amounts payable47/48 | - | €32,249 | €41,514 | €39,528 | €37,728 | €61,570 | ▲ 63.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,215 | -€10,491 | -€4,298 | €11,112 | -€16,133 | -€13,533 | ▲ 16.1% |
| + Depreciation and write-downs630 | €3,740 | €4,399 | €5,520 | €6,089 | €6,089 | €5,747 | ▼ 5.6% |
| Operating cash flow (approximation) | €7,955 | -€6,093 | €1,222 | €17,201 | -€10,044 | -€7,786 | ▲ 22.5% |
| Investment in fixed assets (approximation) | - | -€2,330 | -€6,960 | €0 | €0 | -€3,510 | - |
| Change in cash | - | €3,315 | €1,006 | -€1,764 | €421 | €11,511 | ▲ 27× |
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, 6,008 companies had the same profile as MALOS has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MALOS itself: 2.8% 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 6,008 companies, not a prediction for MALOS. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00132738 | |
| 31-12-2024 | micro format | 14-07-2025 | 2025-00265986 | |
| 31-12-2023 | micro format | 19-08-2024 | 2024-00350333 | |
| 31-12-2022 | full format | 16-08-2023 | 2023-00330768 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20278717 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45100183 |