MALYCON
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-10-2025 PDF all 21 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €290,000
Total assets
€1.1m▲ 2.9%
2024 · €1.1m
Net result
-€22,669▼ 28.7%
2024 · -€17,614
Working capital
-€626,552▼ 20.4%
2024 · -€520,607
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€22,074
▼ 20.9%
2025
20192025
Net result
-€22,669
▼ 28.7%
2025
lowest quarter of the sector
20192025
Equity
€116,457
▼ 16.3%
2025
middle half of the sector
20192025
Total assets
€1.1m
▲ 2.9%
2025
middle half of the sector
20192025
Debt
€968,134
▲ 6.1%
2025
20192025
Working capital
-€626,552
▼ 20.4%
2025
lowest quarter of the sector
20192025
Solvency
10.5%
▼ 2.4pp
2025
lowest quarter of the sector
20192025
Current ratio
0.33
▼ 0.07
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-2.0%
▼ 0.4pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0.9
▼ 10.0%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.02m--€0.009m▲ 62.9%€0.05m-€0.05m-€0.003m▲ 94.5%-€0.02m▼ 542%-€0.02m▼ 20.9%
Net result-€0.02m--€0.007mbelow the sector's middle half▲ 67.8%€0.05mwithin the sector's middle half-€0.05mbelow the sector's middle half-€0.002mbelow the sector's middle half▲ 96.0%-€0.02mbelow the sector's middle half▼ 769%-€0.02mbelow the sector's middle half▼ 28.7%
Equity€0.2m-€0.2mwithin the sector's middle half▼ 4.3%€0.2mwithin the sector's middle half▲ 38.8%€0.2mwithin the sector's middle half▼ 24.1%€0.2mwithin the sector's middle half▼ 1.3%€0.1mwithin the sector's middle half▼ 11.2%€0.1mwithin the sector's middle half▼ 16.3%
Total assets€0.3m-€0.4mwithin the sector's middle half▲ 59.6%€1.0mabove the sector's middle half▲ 130%€0.8mabove the sector's middle half▼ 18.6%€0.8mabove the sector's middle half▼ 1.1%€1.1mwithin the sector's middle half▲ 37.7%€1.1mwithin the sector's middle half▲ 2.9%
Debt€0.06m-€0.2m▲ 256%€0.7m▲ 219%€0.6m▼ 17.6%€0.6m▼ 0.8%€0.9m▲ 52.7%€1.0m▲ 6.1%
Working capital€0.2m-€0.2mabove the sector's middle half▼ 12.5%-€0.3mbelow the sector's middle half-€0.3mbelow the sector's middle half▼ 4.0%-€0.3mbelow the sector's middle half▼ 1.3%-€0.5mbelow the sector's middle half▼ 93.8%-€0.6mbelow the sector's middle half▼ 20.4%
Solvency59.3%-35.6%within the sector's middle half▼ 23.8pp21.5%below the sector's middle half▼ 14.1pp20.1%below the sector's middle half▼ 1.4pp20.0%below the sector's middle half=12.9%below the sector's middle half▼ 7.1pp10.5%below the sector's middle half▼ 2.4pp
Current ratio4.12-1.85within the sector's middle half▼ 2.270.65below the sector's middle half▼ 1.200.56below the sector's middle half▼ 0.090.55below the sector's middle half▼ 0.010.41below the sector's middle half▼ 0.140.33below the sector's middle half▼ 0.07
Return on assets (ROA)-8.0%--1.6%below the sector's middle half▲ 6.4pp4.8%within the sector's middle half▲ 6.4pp-6.4%below the sector's middle half▼ 11.2pp-0.3%below the sector's middle half▲ 6.1pp-1.6%below the sector's middle half▼ 1.4pp-2.0%below the sector's middle half▼ 0.4pp
Staff (FTE)1.91.3▼ 31.6%1within the sector's middle half▼ 23.1%0.9within the sector's middle half▼ 10.0%
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 a loss of €22,074, larger than the loss of €18,261 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €1.1m
Fixed assets
€795,709 ▲ 10.1%
Current assets
€314,384 ▼ 11.6%
Equity and liabilities €1.1m
Equity
€116,457 ▼ 16.3%
Provisions
€25,502 ▼ 5.9%
Debt
€968,134 ▲ 6.1%
Debt's share of the balance-sheet total rises from 84.6% to 87.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16,295▲
2024 · €3,526
Cash flow
€15,700▲
2024 · €4,173
Debt to equity
8.31▲
2024 · 6.56
ROE
-19.5%▼
2024 · -12.7%
Interest coverage
7.95▲
2024 · 4.39
Debt ≤ 1 year
€940,935▲
2024 · €876,080
Debt > 1 year
€27,198▼
2024 · €36,080
Income taxes
€148▼
2024 · €152
Staff costs
€76,926▲
2024 · €64,480
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 1 |
| full-time | 2 | 1 | 0 | 0 |
| part-time | 0 | 0 | 1 | 1 |
| in full-time equivalents | 2 | 1 | 0.9 | 0.9 |
| Average over the year, in full-time equivalents | 1.9 | 1.3 | 1 | 0.9 |
| On a permanent contract | 2 | 1 | 1 | 1 |
| Joined | 2 | 0 | - | - |
| Left | 0 | 1 | - | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,162 | €17,448 | €290,649 | €111,161 |
| Depreciation and write-downs of the year | €16,057 | €17,619 | €21,787 | €38,369 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €114,589 | €102,771 | €64,480 | €76,926 | ▲ 19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,821 | €10,392 | €11,621 | €16,057 | €17,619 | €21,787 | €38,369 | ▲ 76.1% |
| Other operating charges640/8 | - | - | - | €1,131 | €498 | €3,070 | €2,532 | ▼ 17.5% |
| Non-recurring operating charges66A | - | - | - | €3,177 | €0 | €1,470 | €0 | ▼ 100% |
| Gross operating margin9900 | -€15,329 | €5,293 | €58,647 | €83,565 | €118,044 | €72,546 | €95,753 | ▲ 32.0% |
| Operating profit (loss)9901 | -€23,304 | -€8,638 | €45,405 | -€51,390 | -€2,845 | -€18,261 | -€22,074 | ▼ 20.9% |
| Financial income75/76B | - | - | - | €512 | €0 | €0 | €0 | ▲ 100% |
| Recurring financial income75 | €114 | €3,059 | €3,368 | €512 | €0 | €0 | €0 | ▲ 100% |
| Financial charges65/66B | - | - | - | €1,018 | €784 | €803 | €2,049 | ▲ 155% |
| Recurring financial charges65 | €322 | €483 | €1,205 | €1,018 | €784 | €803 | €2,049 | ▲ 155% |
| Profit (loss) for the period before taxes9903 | -€20,813 | -€6,063 | €47,568 | -€51,896 | -€3,628 | -€19,064 | -€24,123 | ▼ 26.5% |
| Transfer from deferred taxes780 | - | - | - | €1,602 | €1,602 | €1,602 | €1,602 | = |
| Income taxes67/77 | €419 | €773 | €727 | €0 | - | €152 | €148 | ▼ 2.7% |
| Profit (loss) for the period9904 | -€21,232 | -€6,836 | €46,964 | -€50,295 | -€2,027 | -€17,614 | -€22,669 | ▼ 28.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €4,805 | €4,805 | €4,805 | €4,805 | = |
| Profit (loss) for the period to be appropriated9905 | -€21,232 | -€6,836 | €47,332 | -€45,490 | €2,778 | -€12,810 | -€17,864 | ▼ 39.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €0.4m | €1.0m | €0.8m | €0.8m | €1.1m | €1.1m | ▲ 2.9% |
| Fixed assets21/28 | - | €0.04m | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | ▲ 10.1% |
| Tangible fixed assets22/27 | - | €0.04m | €0.5m | €0.5m | €0.5m | €0.7m | €0.8m | ▲ 10.1% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.7m | €0.7m | ▲ 13.0% |
| Furniture and vehicles24 | - | - | - | €0 | - | €0.06m | €0.05m | ▼ 21.0% |
| Current assets29/58 | €0.3m | €0.4m | €0.5m | €0.3m | €0.3m | €0.4m | €0.3m | ▼ 11.6% |
| Amounts receivable within one year40/41 | €0.3m | €0.4m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 14.0% |
| Trade receivables40 | - | - | - | €0.01m | €0.01m | €0.01m | €0.007m | ▼ 40.5% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 13.2% |
| Cash at bank and in hand54/58 | €0.005m | €0.003m | €0.01m | €0.004m | €0.02m | €0.009m | €0.02m | ▲ 70.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.004m | ▲ 20.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €0.4m | €1.0m | €0.8m | €0.8m | €1.1m | €1.1m | ▲ 2.9% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.3% |
| Contributions10/11 | €0.006m | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 12.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 4.0% |
| Distributable reserves133 | - | - | - | €0.02m | €0.02m | €0.01m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€0.006m | - |
| Provisions and deferred taxes16 | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.9% |
| Deferred taxes168 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 5.9% |
| Amounts payable17/49 | €0.06m | €0.2m | €0.7m | €0.6m | €0.6m | €0.9m | €1.0m | ▲ 6.1% |
| Amounts payable after more than one year17 | - | €0.02m | €0.003m | €0 | - | €0.04m | €0.03m | ▼ 24.6% |
| Financial debts170/4 | - | - | - | €0 | - | €0.04m | €0.03m | ▼ 24.6% |
| Amounts payable within one year42/48 | €0.06m | €0.2m | €0.7m | €0.6m | €0.6m | €0.9m | €0.9m | ▲ 7.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.003m | €0 | €0.009m | €0.009m | ▲ 4.1% |
| Trade debts44 | €0.002m | €0.003m | €0.3m | €0.002m | €0.008m | €0.01m | €0.02m | ▲ 58.0% |
| Suppliers440/4 | - | - | - | €0.002m | €0.008m | €0.01m | €0.02m | ▲ 58.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.004m | €152 | €0.004m | ▲ 29× |
| Taxes450/3 | - | - | - | €0.007m | €0.004m | €152 | €0.004m | ▲ 29× |
| Other amounts payable47/48 | - | - | - | €0.6m | €0.6m | €0.9m | €0.9m | ▲ 6.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,232 | -€6,836 | €46,964 | -€50,295 | -€2,027 | -€17,614 | -€22,669 | ▼ 28.7% |
| + Depreciation and write-downs630 | €6,821 | €10,392 | €11,621 | €16,057 | €17,619 | €21,787 | €38,369 | ▲ 76.1% |
| Operating cash flow (approximation) | -€14,412 | €3,557 | €58,584 | -€34,238 | €15,593 | €4,173 | €15,700 | ▲ 276% |
| Investment in fixed assets (approximation) | - | - | -€469,350 | €29,015 | -€17,448 | -€290,649 | -€111,161 | ▲ 61.8% |
| Change in cash | - | -€1,437 | €6,719 | -€5,938 | €14,634 | -€9,340 | €6,457 | - |
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, 2,450 companies had the same profile as MALYCON has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MALYCON itself: 0.7% 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 2,450 companies, not a prediction for MALYCON. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 28-10-2025 | 2025-00561920 | |
| 31-03-2024 | abbreviated format | 28-10-2024 | 2024-00517027 | |
| 31-03-2023 | micro format | 25-10-2023 | 2023-00495065 | |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20482094 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-75300220 | |
| 31-03-2020 | micro format | 14-10-2020 | 2020-61200185 | |
| 31-03-2019 | micro format | 30-10-2019 | 2019-71900041 | |
| 31-03-2018 | micro format | 31-10-2018 | 2018-70800325 | |
| 31-03-2017 | abbreviated format | 25-10-2017 | 2017-67600251 | |
| 31-03-2016 | abbreviated format | 26-09-2016 | 2016-60800564 |