MaMuse
ActiveSummary
MaMuse has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €180,598 and a net result of -€29,059. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 91% of 1672 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12,000 at 30 days acceptable
Liquidity ample (current ratio 11.18 against 19.22 in 2024; short-term debt: 8.4% and cash: 62.1% of total assets), and 8.4% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
91.6%
Return on assets
-14.7%
Age of the figures
15 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€29,059
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 02-02-2026, 2 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
2 d late
2024
2 d early
2023
2 d early
2022
36 d early
2021
40 d early
2020
41 d early
2019
17 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 19 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Equity
€180,598▼ 13.9%
2024 · €209,657
Total assets
€197,263▼ 10.4%
2024 · €220,217
Net result
-€29,059▲ 33.5%
2024 · -€43,704
Working capital
€169,729▼ 11.8%
2024 · €192,348
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€33,896▼ 5.3%€262,139▲ 673%-€100,836-€44,328▲ 56.0%-€29,599▲ 33.2%
Net result€24,394within the sector's middle half▲ 7.0%€170,776above the sector's middle half▲ 600%-€100,344below the sector's middle half-€43,704below the sector's middle half▲ 56.4%-€29,059below the sector's middle half▲ 33.5%
Equity€187,560above the sector's middle half▲ 7.4%€353,705above the sector's middle half▲ 88.6%€253,361within the sector's middle half▼ 28.4%€209,657within the sector's middle half▼ 17.2%€180,598within the sector's middle half▼ 13.9%
Total assets€316,527within the sector's middle half▲ 0.4%€597,480above the sector's middle half▲ 88.8%€260,122within the sector's middle half▼ 56.5%€220,217below the sector's middle half▼ 15.3%€197,263within the sector's middle half▼ 10.4%
Debt€128,966▼ 8.3%€243,776▲ 89.0%€6,761▼ 97.2%€10,560▲ 56.2%€16,665▲ 57.8%
Working capital-€8,192below the sector's middle half▲ 82.8%€381,081above the sector's middle half€231,481within the sector's middle half▼ 39.3%€192,348within the sector's middle half▼ 16.9%€169,729within the sector's middle half▼ 11.8%
Solvency59.3%within the sector's middle half▲ 3.9pp59.2%within the sector's middle half▼ 0.1pp97.4%above the sector's middle half▲ 38.2pp95.2%above the sector's middle half▼ 2.2pp91.6%above the sector's middle half▼ 3.7pp
Current ratio0.85below the sector's middle half▲ 0.372.86within the sector's middle half▲ 2.0139.96above the sector's middle half▲ 37.1019.22above the sector's middle half▼ 20.7511.18above the sector's middle half▼ 8.03
Return on assets (ROA)7.7%within the sector's middle half▲ 0.5pp28.6%above the sector's middle half▲ 20.9pp-38.6%below the sector's middle half▼ 67.2pp-19.8%below the sector's middle half▲ 18.7pp-14.7%below the sector's middle half▲ 5.1pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €29,599 in 2025 against €44,328 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €197,263
Fixed assets
€10,869 ▼ 37.2%
Current assets
€186,393 ▼ 8.1%
Equity and liabilities €197,263
Equity
€180,598 ▼ 13.9%
Debt
€16,665 ▲ 57.8%
Debt's share of the balance-sheet total rises from 4.8% to 8.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€23,159▲
2024 · -€37,494
Cash flow
-€22,619▲
2024 · -€36,870
Debt to equity
0.09▲
2024 · 0.05
ROE
-16.1%▲
2024 · -20.8%
Interest coverage
-75.35▲
2024 · -221.42
Debt ≤ 1 year
€16,665▲
2024 · €10,560
Staff costs
€6,396▲
2024 · €384
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,815 companies that looked in July 2024 the way this one looks now, 1.9% went bankrupt within 24 months and 88% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.9%
went bankrupt
9.8%
stopped otherwise
88%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 4,815 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €260,710 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €355 | €384 | €6,396 | ▲ 1,564% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,682 | €2,460 | €4,832 | €6,834 | €6,440 | ▼ 5.8% |
| Other operating charges640/8 | - | €10,603 | €3,499 | €1,747 | €2,920 | ▲ 67.1% |
| Gross operating margin9900 | €56,868 | €275,202 | -€92,149 | -€35,362 | -€13,843 | ▲ 60.9% |
| Operating profit (loss)9901 | €33,896 | €262,139 | -€100,836 | -€44,328 | -€29,599 | ▲ 33.2% |
| Financial income75/76B | - | - | €11 | €793 | €847 | ▲ 6.8% |
| Recurring financial income75 | - | - | €11 | €793 | €847 | ▲ 6.8% |
| Financial charges65/66B | - | €3,435 | €653 | €169 | €307 | ▲ 81.5% |
| Recurring financial charges65 | €4,820 | €3,435 | €653 | €169 | €307 | ▲ 81.5% |
| Profit (loss) for the period before taxes9903 | €29,077 | €258,705 | -€101,478 | -€43,704 | -€29,059 | ▲ 33.5% |
| Income taxes67/77 | €4,682 | €87,928 | -€1,134 | - | - | - |
| Profit (loss) for the period9904 | €24,394 | €170,776 | -€100,344 | -€43,704 | -€29,059 | ▲ 33.5% |
| Profit (loss) for the period to be appropriated9905 | €24,394 | €170,776 | -€100,344 | -€43,704 | -€29,059 | ▲ 33.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €316,527 | €597,480 | €260,122 | €220,217 | €197,263 | ▼ 10.4% |
| Fixed assets21/28 | €269,336 | €11,548 | €22,699 | €17,309 | €10,869 | ▼ 37.2% |
| Tangible fixed assets22/27 | €269,336 | €11,548 | €22,699 | €17,309 | €10,869 | ▼ 37.2% |
| Plant, machinery and equipment23 | - | - | €1,653 | €992 | €331 | ▼ 66.7% |
| Furniture and vehicles24 | - | €11,548 | €21,047 | €16,318 | €10,539 | ▼ 35.4% |
| Current assets29/58 | €47,190 | €585,932 | €237,422 | €202,907 | €186,393 | ▼ 8.1% |
| Amounts receivable within one year40/41 | €22,881 | €579,119 | €44,764 | €55,579 | €62,107 | ▲ 11.7% |
| Trade receivables40 | - | €59,202 | €6,264 | €3,629 | €8,662 | ▲ 139% |
| Other amounts receivable41 | - | €519,916 | €38,500 | €51,950 | €53,445 | ▲ 2.9% |
| Cash at bank and in hand54/58 | €24,240 | €6,617 | €191,449 | €145,884 | €122,557 | ▼ 16.0% |
| Deferred charges and accrued income490/1 | - | €196 | €1,210 | €1,444 | €1,729 | ▲ 19.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €316,527 | €597,480 | €260,122 | €220,217 | €197,263 | ▼ 10.4% |
| Equity10/15 | €187,560 | €353,705 | €253,361 | €209,657 | €180,598 | ▼ 13.9% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Outside capital11 | - | €18,550 | - | - | - | - |
| Other1109/19 | - | €18,550 | - | - | - | - |
| Reserves13 | €1,855 | €168,755 | €168,755 | €168,755 | €168,755 | = |
| Non-distributable reserves130/1 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Reserves not available under the articles1311 | - | €1,855 | €1,855 | €1,855 | €1,855 | = |
| Distributable reserves133 | - | €166,900 | €166,900 | €166,900 | €166,900 | = |
| Profit (loss) carried forward14 | €167,155 | €166,400 | €66,056 | €22,352 | -€6,707 | ▼ 130% |
| Amounts payable17/49 | €128,966 | €243,776 | €6,761 | €10,560 | €16,665 | ▲ 57.8% |
| Amounts payable after more than one year17 | €73,584 | €38,925 | - | - | - | - |
| Financial debts170/4 | - | €38,925 | - | - | - | - |
| Amounts payable within one year42/48 | €55,382 | €204,851 | €5,941 | €10,560 | €16,665 | ▲ 57.8% |
| Current portion of amounts payable after more than one year42 | - | €35,832 | - | - | - | - |
| Trade debts44 | €6,150 | €50,449 | €2,378 | €6,997 | €15,884 | ▲ 127% |
| Suppliers440/4 | - | €50,449 | €2,378 | €6,997 | €15,884 | ▲ 127% |
| Advances received on contracts in progress46 | - | €28,923 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €85,015 | €3,563 | €3,563 | €781 | ▼ 78.1% |
| Taxes450/3 | - | €85,015 | €1,869 | €1,869 | €781 | ▼ 58.2% |
| Remuneration and social security454/9 | - | - | €1,694 | €1,694 | - | - |
| Other amounts payable47/48 | - | €4,632 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €820 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,394 | €170,776 | -€100,344 | -€43,704 | -€29,059 | ▲ 33.5% |
| + Depreciation and write-downs630 | €10,682 | €2,460 | €4,832 | €6,834 | €6,440 | ▼ 5.8% |
| Operating cash flow (approximation) | €35,077 | €173,237 | -€95,512 | -€36,870 | -€22,619 | ▲ 38.7% |
| Investment in fixed assets (approximation) | - | €255,328 | -€15,983 | -€1,444 | €0 | ▲ 100% |
| Change in cash | - | -€17,623 | €184,832 | -€45,565 | -€23,327 | ▲ 48.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-02
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 2 days late
2025
29-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
29-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-06
Financial
Weakest financial yearnet -€100,344
Net result drops to -€100,344, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 14current ratio 39.96
Current ratio from 2.86 to 39.96; short-term debt falls from €204,851 to €5,941.
2022
26-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Highest result since 2019net €170,776 ▲600%
Operating result €262,139, net result €170,776, both a record.
30-06
Financial
Liquidity triplescurrent ratio 2.86
Current ratio from 0.85 to 2.86.
30-06
Financial
Equity above €200,000Eq €353,705 ▲88.6%
4 profitable years in a row build equity to €353,705.
2021
22-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
21-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
14-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2018
05-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
11-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
29-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2007
Ground area
409 m²
Building footprint
319 m²
Volume, LiDAR
3,801 m³
Parcel 21809K0170/02G005, Brussels · tallest building 21.9 m, ±3 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
MaMuse
since 20072.164.610.527
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21809K0170/02G005 | Brussels | 409 m² | 1 · 319 m² | 21.9 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
LEM-TECH
BE 0834.393.604
Kontich · Eq €180,544
KOPPA PAINT ADVERTISING
BE 0824.141.296
Brecht · Eq €180,504
ALC STUDIO
BE 0633.880.845
Hasselt · Eq €180,423
D'ARTAGNAN CONCEPTUAL COMMUNICATION
BE 0475.275.749
Brugge · Eq €180,860
RED LINE
BE 0867.561.565
Chaumont-Gistoux · Eq €180,909
Of 9,864 companies in sector 73110 we hold annual accounts for 3,758. 2,863 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded10-07-2007
Fiscal year end30-06
Activities, NACEBEL 2025
73110Advertising agencies
70200Business and other management consultancy
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0891523832
Also
9925:BE0891523832
Registered
18-02-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.