MANAGEMENT ADVICE & DEVELOPMENT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-01-2026 PDF all 25 filings
Turnover
≈ €110,000
Estimated: probably between €84,000 and €140,000
Total assets
€239,132▲ 15.0%
2024 · €207,968
Net result
€38,209▲ 38.8%
2024 · €27,533
Working capital
€191,966▲ 2.8%
2024 · €186,825
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€52,814
▲ 34.7%
2025
20192025
Net result
€38,209
▲ 38.8%
2025
middle half of the sector
20192025
Equity
€191,972
▲ 2.6%
2025
middle half of the sector
20192025
Total assets
€239,132
▲ 15.0%
2025
middle half of the sector
20192025
Debt
€47,160
▲ 127%
2025
20192025
Working capital
€191,966
▲ 2.8%
2025
highest quarter of the sector
20192025
Solvency
80.3%
▼ 9.7pp
2025
highest quarter of the sector
20192025
Current ratio
5.08
▼ 4.90
2025
highest quarter of the sector
20192025
Return on assets (ROA)
16.0%
▲ 2.7pp
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€39,969-€48,168▲ 20.5%€29,886▼ 38.0%€40,057▲ 34.0%€51,523▲ 28.6%€39,212▼ 23.9%€52,814▲ 34.7%
Net result€29,075-€33,393within the sector's middle half▲ 14.8%€20,253within the sector's middle half▼ 39.3%€27,716within the sector's middle half▲ 36.9%€36,107within the sector's middle half▲ 30.3%€27,533within the sector's middle half▼ 23.7%€38,209within the sector's middle half▲ 38.8%
Equity€58,802-€92,194within the sector's middle half▲ 56.8%€112,447within the sector's middle half▲ 22.0%€140,163within the sector's middle half▲ 24.6%€167,270within the sector's middle half▲ 19.3%€187,156within the sector's middle half▲ 11.9%€191,972within the sector's middle half▲ 2.6%
Total assets€117,491-€127,903within the sector's middle half▲ 8.9%€133,766within the sector's middle half▲ 4.6%€157,712within the sector's middle half▲ 17.9%€190,827within the sector's middle half▲ 21.0%€207,968within the sector's middle half▲ 9.0%€239,132within the sector's middle half▲ 15.0%
Debt€58,689-€35,709▼ 39.2%€21,319▼ 40.3%€17,549▼ 17.7%€23,558▲ 34.2%€20,812▼ 11.7%€47,160▲ 127%
Working capital€59,388-€93,753within the sector's middle half▲ 57.9%€111,859within the sector's middle half▲ 19.3%€139,248above the sector's middle half▲ 24.5%€166,646above the sector's middle half▲ 19.7%€186,825above the sector's middle half▲ 12.1%€191,966above the sector's middle half▲ 2.8%
Solvency50.0%-72.1%within the sector's middle half▲ 22.0pp84.1%above the sector's middle half▲ 12.0pp88.9%above the sector's middle half▲ 4.8pp87.7%above the sector's middle half▼ 1.2pp90.0%above the sector's middle half▲ 2.3pp80.3%above the sector's middle half▼ 9.7pp
Current ratio2.41-4.36above the sector's middle half▲ 1.956.25above the sector's middle half▲ 1.898.93above the sector's middle half▲ 2.698.07above the sector's middle half▼ 0.869.98above the sector's middle half▲ 1.905.08above the sector's middle half▼ 4.90
Return on assets (ROA)24.7%-26.1%above the sector's middle half▲ 1.4pp15.1%within the sector's middle half▼ 11.0pp17.6%within the sector's middle half▲ 2.4pp18.9%within the sector's middle half▲ 1.3pp13.2%within the sector's middle half▼ 5.7pp16.0%within the sector's middle half▲ 2.7pp
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 35% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €239,132
Fixed assets
€74 ▼ 77.5%
Current assets
€239,058 ▲ 15.1%
Equity and liabilities €239,132
Equity
€191,972 ▲ 2.6%
Debt
€47,160 ▲ 127%
Debt's share of the balance-sheet total rises from 10.0% to 19.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€53,071▲
2024 · €39,504
Cash flow
€38,465▲
2024 · €27,825
Debt to equity
0.25▲
2024 · 0.11
ROE
19.9%▲
2024 · 14.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€47,092▲
2024 · €20,812
Income taxes
€16,596▲
2024 · €12,259
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €876 | - | - | - |
| Depreciation and write-downs of the year | €549 | €292 | €292 | €257 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,033 | €11,284 | €5,621 | €549 | €292 | €292 | €257 | ▼ 12.0% |
| Other operating charges640/8 | - | - | - | €845 | €1,120 | €1,064 | €1,936 | ▲ 82.0% |
| Gross operating margin9900 | €51,748 | €59,943 | €36,328 | €41,450 | €52,935 | €40,568 | €55,007 | ▲ 35.6% |
| Operating profit (loss)9901 | €39,969 | €48,168 | €29,886 | €40,057 | €51,523 | €39,212 | €52,814 | ▲ 34.7% |
| Financial income75/76B | - | - | - | €43 | €22 | €841 | €2,061 | ▲ 145% |
| Recurring financial income75 | €53 | €27 | €50 | €43 | €22 | €841 | €2,061 | ▲ 145% |
| Financial charges65/66B | - | - | - | €322 | €197 | €261 | €71 | ▼ 72.7% |
| Recurring financial charges65 | €600 | €392 | €242 | €322 | €197 | €261 | €71 | ▼ 72.7% |
| Profit (loss) for the period before taxes9903 | €39,422 | €47,803 | €29,693 | €39,778 | €51,348 | €39,792 | €54,804 | ▲ 37.7% |
| Income taxes67/77 | €10,347 | €14,410 | €9,441 | €12,062 | €15,241 | €12,259 | €16,596 | ▲ 35.4% |
| Profit (loss) for the period9904 | €29,075 | €33,393 | €20,253 | €27,716 | €36,107 | €27,533 | €38,209 | ▲ 38.8% |
| Profit (loss) for the period to be appropriated9905 | €29,075 | €33,393 | €20,253 | €27,716 | €36,107 | €27,533 | €38,209 | ▲ 38.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €117,491 | €127,903 | €133,766 | €157,712 | €190,827 | €207,968 | €239,132 | ▲ 15.0% |
| Fixed assets21/28 | €15,953 | €6,208 | €588 | €915 | €623 | €331 | €74 | ▼ 77.5% |
| Tangible fixed assets22/27 | €15,879 | €6,134 | €513 | €841 | €549 | €257 | - | - |
| Furniture and vehicles24 | - | - | - | €841 | €549 | €257 | - | - |
| Financial fixed assets28 | €74 | €74 | €74 | €74 | €74 | €74 | €74 | = |
| Current assets29/58 | €101,538 | €121,695 | €133,178 | €156,797 | €190,204 | €207,637 | €239,058 | ▲ 15.1% |
| Amounts receivable within one year40/41 | €22,672 | €16,324 | €32,197 | €20,338 | €15,759 | €17,309 | €17,243 | ▼ 0.4% |
| Trade receivables40 | - | - | - | €15,043 | €15,759 | €14,326 | €17,243 | ▲ 20.4% |
| Other amounts receivable41 | - | - | - | €5,295 | - | €2,982 | - | - |
| Current investments50/53 | €31,000 | €31,000 | €31,039 | €31,082 | €31,104 | €31,140 | €114,640 | ▲ 268% |
| Cash at bank and in hand54/58 | €46,959 | €73,183 | €68,305 | €103,861 | €141,943 | €157,774 | €105,394 | ▼ 33.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,516 | €1,398 | €1,413 | €1,781 | ▲ 26.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €117,491 | €127,903 | €133,766 | €157,712 | €190,827 | €207,968 | €239,132 | ▲ 15.0% |
| Equity10/15 | €58,802 | €92,194 | €112,447 | €140,163 | €167,270 | €187,156 | €191,972 | ▲ 2.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €18,506 | €51,899 | €72,151 | €99,867 | €126,974 | €146,861 | €151,677 | ▲ 3.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €98,007 | €125,114 | €145,001 | €149,817 | ▲ 3.3% |
| Profit (loss) carried forward14 | €21,696 | €21,696 | €21,696 | €21,696 | €21,696 | €21,696 | €21,696 | = |
| Amounts payable17/49 | €58,689 | €35,709 | €21,319 | €17,549 | €23,558 | €20,812 | €47,160 | ▲ 127% |
| Amounts payable after more than one year17 | €16,539 | €7,767 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €42,150 | €27,941 | €21,319 | €17,549 | €23,558 | €20,812 | €47,092 | ▲ 126% |
| Financial debts43 | - | - | - | €2,341 | €2,362 | €2,398 | - | - |
| Credit institutions430/8 | - | - | - | €2,341 | €2,362 | €2,398 | - | - |
| Trade debts44 | €6,751 | €6,433 | €1,668 | €4,453 | €5,513 | €6,014 | €5,082 | ▼ 15.5% |
| Suppliers440/4 | - | - | - | €4,453 | €5,513 | €6,014 | €5,082 | ▼ 15.5% |
| Taxes, remuneration and social security45 | - | - | - | €10,755 | €13,588 | €7,486 | €12,915 | ▲ 72.5% |
| Taxes450/3 | - | - | - | €10,755 | €13,588 | €7,486 | €12,915 | ▲ 72.5% |
| Other amounts payable47/48 | - | - | - | - | €2,095 | €4,914 | €29,095 | ▲ 492% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €68 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,075 | €33,393 | €20,253 | €27,716 | €36,107 | €27,533 | €38,209 | ▲ 38.8% |
| + Depreciation and write-downs630 | €11,033 | €11,284 | €5,621 | €549 | €292 | €292 | €257 | ▼ 12.0% |
| Operating cash flow (approximation) | €40,107 | €44,676 | €25,873 | €28,265 | €36,398 | €27,825 | €38,465 | ▲ 38.2% |
| Investment in fixed assets (approximation) | - | -€1,539 | €0 | -€876 | €0 | €0 | €0 | - |
| Change in cash | - | €26,223 | -€4,877 | €35,556 | €38,082 | €15,832 | -€52,380 | - |
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 MANAGEMENT ADVICE & DEVELOPMENT 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 MANAGEMENT ADVICE & DEVELOPMENT 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 MANAGEMENT ADVICE & DEVELOPMENT. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 13-01-2026 | 2026-00006921 | |
| 30-06-2024 | micro format | 26-12-2024 | 2024-00627051 | |
| 30-06-2023 | micro format | 31-12-2023 | 2024-00541959 | |
| 30-06-2022 | micro format | 21-12-2022 | 2022-20544318 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-03100534 | |
| 30-06-2020 | micro format | 23-12-2020 | 2020-77000172 | |
| 30-06-2019 | micro format | 29-01-2020 | 2020-02900259 | |
| 30-06-2018 | micro format | 01-02-2019 | 2019-04200514 | |
| 30-06-2017 | micro format | 18-12-2017 | 2017-72200183 | |
| 30-06-2016 | full format | 22-12-2016 | 2016-71400383 |