MAPA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 27 filings
Turnover
≈ €130,000
Estimated: probably between €87,000 and €170,000
Total assets
€113,875▲ 39.8%
2024 · €81,484
Net result
€27,122▲ 134%
2024 · €11,612
Working capital
€92,765▲ 47.2%
2024 · €63,009
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€42,986
▲ 104%
2025
20192025
Net result
€27,122
▲ 134%
2025
middle half of the sector
20192025
Equity
€93,844
▲ 40.6%
2025
middle half of the sector
20192025
Total assets
€113,875
▲ 39.8%
2025
middle half of the sector
20192025
Debt
€20,030
▲ 35.7%
2025
20192025
Working capital
€92,765
▲ 47.2%
2025
middle half of the sector
20192025
Solvency
82.4%
▲ 0.5pp
2025
highest quarter of the sector
20192025
Current ratio
5.63
▲ 0.36
2025
highest quarter of the sector
20192025
Return on assets (ROA)
23.8%
▲ 9.6pp
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€15,928-€15,181▼ 4.7%€13,964▼ 8.0%€21,614▲ 54.8%€9,026▼ 58.2%€21,062▲ 133%€42,986▲ 104%
Net result€8,995-€9,509within the sector's middle half▲ 5.7%€7,942within the sector's middle half▼ 16.5%€9,917within the sector's middle half▲ 24.9%€5,643within the sector's middle half▼ 43.1%€11,612within the sector's middle half▲ 106%€27,122within the sector's middle half▲ 134%
Equity€23,700-€31,609within the sector's middle half▲ 33.4%€39,550within the sector's middle half▲ 25.1%€49,467within the sector's middle half▲ 25.1%€55,110within the sector's middle half▲ 11.4%€66,722within the sector's middle half▲ 21.1%€93,844within the sector's middle half▲ 40.6%
Total assets€33,977-€72,415within the sector's middle half▲ 113%€87,109within the sector's middle half▲ 20.3%€80,573within the sector's middle half▼ 7.5%€75,846within the sector's middle half▼ 5.9%€81,484within the sector's middle half▲ 7.4%€113,875within the sector's middle half▲ 39.8%
Debt€10,278-€40,806▲ 297%€47,558▲ 16.5%€31,106▼ 34.6%€20,736▼ 33.3%€14,762▼ 28.8%€20,030▲ 35.7%
Working capital€22,289-€26,545within the sector's middle half▲ 19.1%€27,436within the sector's middle half▲ 3.4%€28,345within the sector's middle half▲ 3.3%€47,511within the sector's middle half▲ 67.6%€63,009within the sector's middle half▲ 32.6%€92,765within the sector's middle half▲ 47.2%
Solvency69.8%-43.6%within the sector's middle half▼ 26.1pp45.4%within the sector's middle half▲ 1.8pp61.4%within the sector's middle half▲ 16.0pp72.7%within the sector's middle half▲ 11.3pp81.9%above the sector's middle half▲ 9.2pp82.4%above the sector's middle half▲ 0.5pp
Current ratio3.33-2.42within the sector's middle half▼ 0.911.90within the sector's middle half▼ 0.511.91within the sector's middle half▲ 0.013.29within the sector's middle half▲ 1.385.27above the sector's middle half▲ 1.985.63above the sector's middle half▲ 0.36
Return on assets (ROA)26.5%-13.1%within the sector's middle half▼ 13.3pp9.1%within the sector's middle half▼ 4.0pp12.3%within the sector's middle half▲ 3.2pp7.4%within the sector's middle half▼ 4.9pp14.3%within the sector's middle half▲ 6.8pp23.8%within the sector's middle half▲ 9.6pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 104% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €113,875
Fixed assets
€1,079 ▼ 70.9%
Current assets
€112,796 ▲ 45.0%
Equity and liabilities €113,875
Equity
€93,844 ▲ 40.6%
Debt
€20,030 ▲ 35.7%
Debt's share of the balance-sheet total falls from 18.1% to 17.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€45,620▲
2024 · €27,203
Cash flow
€29,756▲
2024 · €17,754
Debt to equity
0.21▼
2024 · 0.22
ROE
28.9%▲
2024 · 17.4%
Interest coverage
14.46▲
2024 · 6.52
Debt ≤ 1 year
€20,030▲
2024 · €14,762
Income taxes
€12,710▲
2024 · €5,274
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,748 | - | €2,255 | - |
| Depreciation and write-downs of the year | €27,879 | €13,523 | €6,142 | €2,634 |
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 | - | - | - | - | - | €480 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,471 | €2,819 | €14,667 | €27,879 | €13,523 | €6,142 | €2,634 | ▼ 57.1% |
| Other operating charges640/8 | - | - | - | €610 | €493 | €505 | €520 | ▲ 2.8% |
| Non-recurring operating charges66A | - | - | - | €227 | €97 | - | - | - |
| Gross operating margin9900 | €18,843 | €18,446 | €29,078 | €50,330 | €23,140 | €27,709 | €46,140 | ▲ 66.5% |
| Operating profit (loss)9901 | €15,928 | €15,181 | €13,964 | €21,614 | €9,026 | €21,062 | €42,986 | ▲ 104% |
| Recurring financial income75 | €80 | €65 | €491 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €5,372 | €3,340 | €4,175 | €3,154 | ▼ 24.5% |
| Recurring financial charges65 | €1,813 | €2,910 | €4,158 | €5,372 | €3,340 | €4,175 | €3,154 | ▼ 24.5% |
| Profit (loss) for the period before taxes9903 | €14,195 | €12,336 | €10,298 | €16,243 | €5,686 | €16,886 | €39,832 | ▲ 136% |
| Income taxes67/77 | €5,200 | €2,827 | €2,356 | €6,326 | €43 | €5,274 | €12,710 | ▲ 141% |
| Profit (loss) for the period9904 | €8,995 | €9,509 | €7,942 | €9,917 | €5,643 | €11,612 | €27,122 | ▲ 134% |
| Profit (loss) for the period to be appropriated9905 | €8,995 | €9,509 | €7,942 | €9,917 | €5,643 | €11,612 | €27,122 | ▲ 134% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €33,977 | €72,415 | €87,109 | €80,573 | €75,846 | €81,484 | €113,875 | ▲ 39.8% |
| Fixed assets21/28 | €2,111 | €27,124 | €29,253 | €21,122 | €7,600 | €3,713 | €1,079 | ▼ 70.9% |
| Tangible fixed assets22/27 | €2,111 | €27,124 | €29,253 | €21,122 | €7,600 | €3,713 | €1,079 | ▼ 70.9% |
| Plant, machinery and equipment23 | - | - | - | - | €7,600 | €3,713 | €1,079 | ▼ 70.9% |
| Furniture and vehicles24 | - | - | - | €21,122 | - | - | - | - |
| Current assets29/58 | €31,866 | €45,292 | €57,855 | €59,451 | €68,246 | €77,771 | €112,796 | ▲ 45.0% |
| Amounts receivable within one year40/41 | €1,139 | €2,852 | €4,327 | €2,721 | €12,749 | €8,132 | €60,542 | ▲ 644% |
| Trade receivables40 | - | - | - | €1,387 | €6,458 | €5,493 | €5,542 | ▲ 0.9% |
| Other amounts receivable41 | - | - | - | €1,334 | €6,291 | €2,639 | €55,000 | ▲ 21× |
| Cash at bank and in hand54/58 | €30,727 | €42,440 | €53,529 | €56,729 | €40,497 | €54,638 | €52,253 | ▼ 4.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | €15,000 | €15,000 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €33,977 | €72,415 | €87,109 | €80,573 | €75,846 | €81,484 | €113,875 | ▲ 39.8% |
| Equity10/15 | €23,700 | €31,609 | €39,550 | €49,467 | €55,110 | €66,722 | €93,844 | ▲ 40.6% |
| Contributions10/11 | €6,205 | - | - | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €17,494 | €25,404 | €33,345 | €43,262 | €48,905 | €60,517 | €87,639 | ▲ 44.8% |
| Distributable reserves133 | - | - | - | €43,262 | €48,905 | €60,517 | €87,639 | ▲ 44.8% |
| Amounts payable17/49 | €10,278 | €40,806 | €47,558 | €31,106 | €20,736 | €14,762 | €20,030 | ▲ 35.7% |
| Amounts payable after more than one year17 | - | €21,360 | €16,438 | - | - | - | - | - |
| Amounts payable within one year42/48 | €9,578 | €18,747 | €30,420 | €31,106 | €20,736 | €14,762 | €20,030 | ▲ 35.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,878 | €1,689 | €1,690 | - | - |
| Trade debts44 | €3,110 | €2,269 | €13,751 | €19,301 | €17,201 | €10,612 | €9,067 | ▼ 14.6% |
| Suppliers440/4 | - | - | - | €19,301 | €17,201 | €10,612 | €9,067 | ▼ 14.6% |
| Taxes, remuneration and social security45 | - | - | - | €2,926 | €1,846 | €2,459 | €10,963 | ▲ 346% |
| Taxes450/3 | - | - | - | €2,926 | €1,846 | €2,459 | €10,963 | ▲ 346% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,995 | €9,509 | €7,942 | €9,917 | €5,643 | €11,612 | €27,122 | ▲ 134% |
| + Depreciation and write-downs630 | €2,471 | €2,819 | €14,667 | €27,879 | €13,523 | €6,142 | €2,634 | ▼ 57.1% |
| Operating cash flow (approximation) | €11,466 | €12,329 | €22,608 | €37,796 | €19,166 | €17,754 | €29,756 | ▲ 67.6% |
| Investment in fixed assets (approximation) | - | -€27,832 | -€16,796 | -€19,748 | €0 | -€2,255 | €0 | - |
| Change in cash | - | €11,712 | €11,089 | €3,201 | -€16,232 | €14,141 | -€2,385 | - |
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 MAPA 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 MAPA 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 MAPA. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 25-06-2026 | 2026-00196873 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00320942 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00390302 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00188557 | |
| 30-06-2021 | micro format | 12-01-2022 | 2022-00700323 | |
| 30-06-2020 | micro format | 07-01-2021 | 2021-00500361 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00600191 | |
| 30-06-2018 | micro format | 02-01-2019 | 2019-00200151 | |
| 30-06-2017 | micro format | 04-01-2018 | 2018-00300245 | |
| 30-06-2016 | abbreviated format | 03-01-2017 | 2017-00200379 |