MAP MANAGEMENT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 12 filings
Turnover
≈ €110,000
Estimated: probably between €52,000 and €220,000
EBIT margin
Not included in this filing
Net result
-€108,483▲ 49.2%
2024 · -€213,593
Working capital
€2,212▼ 93.5%
2024 · €34,018
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€86,836
2025
20182025
Net result
-€108,483
▲ 49.2%
2025
lowest quarter of the sector
20182025
Equity
-€118,774
▼ 1,054%
2025
lowest quarter of the sector
20182025
Total assets
€119,918
▼ 84.4%
2025
middle half of the sector
20182025
Debt
€186,067
▼ 74.3%
2025
20182025
Working capital
€2,212
▼ 93.5%
2025
middle half of the sector
20182025
Solvency
-99.0%
▼ 97.7pp
2025
lowest quarter of the sector
20182025
Current ratio
1.02
▼ 0.30
2025
middle half of the sector
20182025
Return on assets (ROA)
-90.5%
▼ 62.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.06m▲ 43.7%€0.05m▼ 14.2%€0.07m▲ 51.5%€0.06m▼ 18.1%€0.2m▲ 306%€0.04m▼ 85.5%-€0.09m
Net result€0.02m-€0.03m▲ 4.3%€0.02mwithin the sector's middle half▼ 3.4%€0.04mwithin the sector's middle half▲ 75.3%-€0.2mbelow the sector's middle half€0.2mabove the sector's middle half-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 49.2%
Equity€0.1m-€0.1m▲ 24.9%€0.2mwithin the sector's middle half▲ 19.3%€0.2mwithin the sector's middle half▲ 28.3%€0.04mwithin the sector's middle half▼ 77.3%€0.2mwithin the sector's middle half▲ 349%-€0.01mbelow the sector's middle half-€0.1mbelow the sector's middle half▼ 1,054%
Total assets€0.5m-€0.5m▼ 8.4%€0.5mwithin the sector's middle half▲ 0.1%€0.5mwithin the sector's middle half▼ 1.9%€0.7mabove the sector's middle half▲ 55.0%€1.1mabove the sector's middle half▲ 51.0%€0.8mabove the sector's middle half▼ 31.5%€0.1mwithin the sector's middle half▼ 84.4%
Debt€0.4m-€0.4m▼ 16.4%€0.3m▼ 6.8%€0.3m▼ 15.9%€0.7m▲ 148%€0.9m▲ 24.4%€0.7m▼ 16.4%€0.2m▼ 74.3%
Working capital-€0.05m--€0.07m▼ 46.3%-€0.07mbelow the sector's middle half▼ 5.7%-€0.01mwithin the sector's middle half▲ 79.9%-€0.04mbelow the sector's middle half▼ 153%-€0.06mbelow the sector's middle half▼ 61.6%€0.03mwithin the sector's middle half€0.002mwithin the sector's middle half▼ 93.5%
Solvency19.5%-26.5%▲ 7.1pp31.6%within the sector's middle half▲ 5.1pp41.3%within the sector's middle half▲ 9.7pp6.1%below the sector's middle half▼ 35.3pp18.0%below the sector's middle half▲ 12.0pp-1.3%below the sector's middle half▼ 19.4pp-99.0%below the sector's middle half▼ 97.7pp
Current ratio0.39-0.35▼ 0.040.31below the sector's middle half▼ 0.030.79within the sector's middle half▲ 0.480.65below the sector's middle half▼ 0.150.52below the sector's middle half▼ 0.131.32within the sector's middle half▲ 0.801.02within the sector's middle half▼ 0.30
Return on assets (ROA)4.7%-5.3%▲ 0.6pp5.1%within the sector's middle half▼ 0.2pp9.1%within the sector's middle half▲ 4.0pp-20.6%below the sector's middle half▼ 29.8pp14.0%within the sector's middle half▲ 34.6pp-27.8%below the sector's middle half▼ 41.8pp-90.5%below the sector's middle half▼ 62.6pp
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 €86,836, after a profit of €35,222 in 2024. It is the lowest result since 2018.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €119,918
Fixed assets
€13,862 ▼ 97.8%
Current assets
€106,056 ▼ 24.0%
Equity and liabilities
Equity-€118,774
Debt€186,067
Equity is negative. Debt (€186,067) exceeds the balance-sheet total (€119,918).
Key figures and ratios
EBITDA
-€75,301▼
2024 · €62,267
Cash flow
-€96,947▲
2024 · -€186,548
Interest coverage
-3.01▼
2024 · 0.25
Debt ≤ 1 year
€103,844▼
2024 · €105,605
Debt > 1 year
€81,613▼
2024 · €619,756
Income taxes
€476▼
2024 · €7,726
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €933 | €53,573 | €630,000 | - | €968 |
| Intangible fixed assets | - | - | €3,500 | - | - |
| Financial fixed assets | - | €400,000 | - | - | - |
| Depreciation and write-downs of the year | €9,028 | €17,909 | €25,176 | €27,045 | €11,536 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,987 | €19,566 | €15,753 | €9,028 | €17,909 | €25,176 | €27,045 | €11,536 | ▼ 57.3% |
| Other operating charges640/8 | - | - | - | €4,823 | €348 | €2,193 | €387 | €98,420 | ▲ 254× |
| Gross operating margin9900 | €86,589 | €77,181 | €65,888 | €86,747 | €77,964 | €269,980 | €62,654 | €23,120 | ▼ 63.1% |
| Operating profit (loss)9901 | €39,029 | €56,073 | €48,111 | €72,896 | €59,707 | €242,612 | €35,222 | -€86,836 | - |
| Financial income75/76B | - | - | - | €1,136 | €1,459 | €2,054 | €6,384 | €3,839 | ▼ 39.9% |
| Recurring financial income75 | €8,467 | €574 | €1,114 | €1,136 | €1,459 | €2,054 | €6,384 | €3,839 | ▼ 39.9% |
| Financial charges65/66B | - | - | - | €7,586 | €196,480 | €30,203 | €247,474 | €25,010 | ▼ 89.9% |
| Recurring financial charges65 | €7,019 | €9,420 | €8,408 | €7,586 | €196,480 | €30,203 | €247,474 | €25,010 | ▼ 89.9% |
| Profit (loss) for the period before taxes9903 | €40,476 | €47,228 | €40,816 | €66,446 | -€135,314 | €214,462 | -€205,867 | -€108,007 | ▲ 47.5% |
| Transfer from deferred taxes780 | - | - | - | - | - | €1,341 | - | - | - |
| Transfer to deferred taxes680 | - | - | - | - | - | €52,625 | - | - | - |
| Income taxes67/77 | €15,708 | €21,402 | €15,873 | €22,732 | €17,803 | €6,104 | €7,726 | €476 | ▼ 93.8% |
| Profit (loss) for the period9904 | €24,769 | €25,826 | €24,943 | €43,714 | -€153,117 | €157,074 | -€213,593 | -€108,483 | ▲ 49.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €4,023 | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €157,875 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €24,769 | €25,826 | €24,943 | €43,714 | -€153,117 | €3,223 | -€213,593 | -€108,483 | ▲ 49.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €1.1m | €0.8m | €0.1m | ▼ 84.4% |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.4m | €0.7m | €1.1m | €0.6m | €0.01m | ▼ 97.8% |
| Intangible fixed assets21 | - | - | - | - | - | €0.003m | €0.002m | €0.002m | ▼ 31.4% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.2m | €0.3m | €0.7m | €0.6m | €0.01m | ▼ 98.0% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.6m | €0.6m | - | - |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.05m | €0.03m | €0.02m | €0.01m | ▼ 44.4% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | - | - | - |
| Current assets29/58 | €0.03m | €0.04m | €0.03m | €0.06m | €0.07m | €0.07m | €0.1m | €0.1m | ▼ 24.0% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.08m | €0.08m | = |
| Other amounts receivable291 | - | - | - | - | - | - | €0.08m | €0.08m | = |
| Stocks and contracts in progress3 | €0.002m | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.03m | €0.05m | €0.04m | €0.06m | €0.06m | €0.03m | ▼ 54.5% |
| Trade receivables40 | - | - | - | €0.03m | €0.01m | €0.01m | €0.008m | €0.03m | ▲ 251% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.05m | €0.05m | - | - |
| Cash at bank and in hand54/58 | €0.001m | €0.004m | €0.001m | €0.008m | €0.03m | €0.001m | €266 | €28 | ▼ 89.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.004m | €0.003m | ▼ 25.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €1.1m | €0.8m | €0.1m | ▼ 84.4% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.2m | €0.04m | €0.2m | -€0.01m | -€0.1m | ▼ 1,054% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.03m | €0.05m | €0.07m | €0.1m | €0.1m | €0.3m | €0.3m | €0.3m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | €0.06m | €0.06m | €0.06m | €0.06m | -€0.09m | -€0.09m | -€0.3m | -€0.4m | ▼ 35.6% |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Deferred taxes168 | - | - | - | - | - | €0.05m | €0.05m | €0.05m | = |
| Amounts payable17/49 | €0.4m | €0.4m | €0.3m | €0.3m | €0.7m | €0.9m | €0.7m | €0.2m | ▼ 74.3% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.2m | €0.2m | €0.6m | €0.7m | €0.6m | €0.08m | ▼ 86.8% |
| Financial debts170/4 | - | - | - | €0.2m | €0.6m | €0.7m | €0.6m | €0.08m | ▼ 86.8% |
| Other amounts payable178/9 | - | - | - | €0.008m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.08m | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.05m | €0.08m | €0.06m | €0.01m | ▼ 84.5% |
| Financial debts43 | - | - | - | - | - | - | €0.005m | €0.009m | ▲ 66.9% |
| Credit institutions430/8 | - | - | - | - | - | - | €0.005m | €0.009m | ▲ 66.9% |
| Trade debts44 | €0.001m | €0.004m | €167 | €0.007m | €0.007m | €0.002m | €0.01m | €0.03m | ▲ 88.6% |
| Suppliers440/4 | - | - | - | €0.007m | €0.007m | €0.002m | €0.01m | €0.03m | ▲ 88.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.05m | €0.04m | €0.02m | €0.02m | ▼ 11.0% |
| Taxes450/3 | - | - | - | €0.05m | €0.05m | €0.04m | €0.02m | €0.02m | ▼ 11.0% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | - | - | €0.04m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,769 | €25,826 | €24,943 | €43,714 | -€153,117 | €157,074 | -€213,593 | -€108,483 | ▲ 49.2% |
| + Depreciation and write-downs630 | €36,987 | €19,566 | €15,753 | €9,028 | €17,909 | €25,176 | €27,045 | €11,536 | ▼ 57.3% |
| Operating cash flow (approximation) | €61,756 | €45,393 | €40,696 | €52,742 | -€135,208 | €182,250 | -€186,548 | -€96,947 | ▲ 48.0% |
| Investment in fixed assets (approximation) | - | €31,916 | -€19,964 | €23,067 | -€269,323 | -€406,000 | €400,000 | €602,674 | ▲ 50.7% |
| Change in cash | - | €2,186 | -€2,235 | €6,326 | €20,202 | -€26,646 | -€905 | -€238 | ▲ 73.7% |
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, 6,907 companies had the same profile as MAP MANAGEMENT has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAP MANAGEMENT itself: 3.0% 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 6,907 companies, not a prediction for MAP MANAGEMENT. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00357768 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00407016 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00383995 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00115436 | |
| 31-12-2021 | full format | 20-07-2022 | 2022-20204692 | |
| 31-12-2020 | micro format | 18-06-2021 | 2021-21000233 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29300144 | |
| 31-12-2018 | micro format | 21-06-2019 | 2019-20400386 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-16500381 | |
| 31-12-2016 | micro format | 22-09-2017 | 2017-61800536 |