Summary
Mapa Holding is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1.8m and a net result of €2.8m. Equity is growing by ~10% per year across the filed fiscal years. Its solvency ranks better than 95% of 2451 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 6 filingsDeviation from the deadline
2025
19 d late
2024
1 d early
2023
28 d late
2022
32 d early
2021
30 d late
2020
20 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 11 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 19 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Equity
€1.8m▼ 59.0%
2024 · €4.4m
Net result
€2.8m▲ 335%
2024 · €638,215
Total assets
€1.8m▼ 75.5%
2024 · €7.3m
Solvency
100.0%▲ 40.3pp
2024 · 59.7%
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€117,810▼ 26.4%€155,672▲ 32.1%€171,399▲ 10.1%€172,197▲ 0.5%€10,322▼ 94.0%
Net result€498,760above the sector's middle half▼ 70.1%€555,111above the sector's middle half▲ 11.3%€604,047above the sector's middle half▲ 8.8%€638,215above the sector's middle half▲ 5.7%€2.8mabove the sector's middle half▲ 335%
Equity€3.3mabove the sector's middle half▲ 11.8%€3.7mabove the sector's middle half▲ 10.7%€4.0mabove the sector's middle half▲ 9.6%€4.4mabove the sector's middle half▲ 8.4%€1.8mwithin the sector's middle half▼ 59.0%
Total assets€6.3mabove the sector's middle half▲ 2.7%€6.6mabove the sector's middle half▲ 5.7%€7.0mabove the sector's middle half▲ 5.7%€7.3mabove the sector's middle half▲ 4.4%€1.8mbelow the sector's middle half▼ 75.5%
Debt€2.9m▼ 5.8%€2.9m=€3.0m▲ 0.8%€2.9m▼ 1.0%€0▼ 100%
Working capital€210,649within the sector's middle half▲ 181%€356,353above the sector's middle half▲ 69.2%€505,122above the sector's middle half▲ 41.7%€661,387above the sector's middle half▲ 30.9%€288,575within the sector's middle half▼ 56.4%
Solvency52.9%within the sector's middle half▲ 4.3pp55.4%within the sector's middle half▲ 2.5pp57.5%within the sector's middle half▲ 2.1pp59.7%within the sector's middle half▲ 2.2pp100.0%above the sector's middle half▲ 40.3pp
Current ratio1.56within the sector's middle half▲ 0.341.61within the sector's middle half▲ 0.051.62within the sector's middle half▲ 0.011.68within the sector's middle half▲ 0.06
Return on assets (ROA)8.0%within the sector's middle half▼ 19.4pp8.4%within the sector's middle half▲ 0.4pp8.6%within the sector's middle half▲ 0.2pp8.7%within the sector's middle half▲ 0.1pp155.2%above the sector's middle half▲ 146.5pp
Staff (FTE)0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +335% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 94% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.8m
Fixed assets
€1.5m ▼ 73.6%
Current assets
€288,575 ▼ 82.3%
Key figures and ratios
ROE
155.2%▲
2024 · 14.6%
Debt ≤ 1 year
€0▼
2024 · €966,935
Debt > 1 year
€0▼
2024 · €1.9m
Income taxes
€10,684▼
2024 · €32,728
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | €459 | €980 | €1,075 | €1,094 | €1,126 | ▲ 3.0% |
| Gross operating margin9900 | €118,268 | €156,652 | €172,474 | €173,290 | €11,449 | ▼ 93.4% |
| Operating profit (loss)9901 | €117,810 | €155,672 | €171,399 | €172,197 | €10,322 | ▼ 94.0% |
| Financial income75/76B | €450,000 | €485,000 | €533,899 | €588,579 | €2.8m | ▲ 375% |
| Recurring financial income75 | €450,000 | €485,000 | €533,899 | €588,579 | €52,053 | ▼ 91.2% |
| Non-recurring financial income76B | - | - | - | - | €2.7m | - |
| Financial charges65/66B | €58,522 | €62,190 | €71,568 | €89,833 | €19,670 | ▼ 78.1% |
| Recurring financial charges65 | €58,522 | €62,190 | €71,568 | €89,833 | €19,670 | ▼ 78.1% |
| Profit (loss) for the period before taxes9903 | €509,288 | €578,483 | €633,730 | €670,943 | €2.8m | ▲ 315% |
| Income taxes67/77 | €10,528 | €23,372 | €29,683 | €32,728 | €10,684 | ▼ 67.4% |
| Profit (loss) for the period9904 | €498,760 | €555,111 | €604,047 | €638,215 | €2.8m | ▲ 335% |
| Profit (loss) for the period to be appropriated9905 | €498,760 | €555,111 | €604,047 | €638,215 | €2.8m | ▲ 335% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €6.3m | €6.6m | €7.0m | €7.3m | €1.8m | ▼ 75.5% |
| Fixed assets21/28 | €5.7m | €5.7m | €5.7m | €5.7m | €1.5m | ▼ 73.6% |
| Financial fixed assets28 | €5.7m | €5.7m | €5.7m | €5.7m | €1.5m | ▼ 73.6% |
| Current assets29/58 | €588,922 | €944,041 | €1.3m | €1.6m | €288,575 | ▼ 82.3% |
| Amounts receivable after more than one year29 | - | - | €20,000 | - | - | - |
| Other amounts receivable291 | - | - | €20,000 | - | - | - |
| Amounts receivable within one year40/41 | €250,660 | €6,536 | €1,635 | €9,691 | €47,868 | ▲ 394% |
| Other amounts receivable41 | €250,660 | €6,536 | €1,635 | €9,691 | €47,868 | ▲ 394% |
| Cash at bank and in hand54/58 | €338,263 | €937,505 | €1.3m | €1.6m | €240,707 | ▼ 85.1% |
| Deferred charges and accrued income490/1 | - | - | €3,575 | €2,895 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €6.3m | €6.6m | €7.0m | €7.3m | €1.8m | ▼ 75.5% |
| Equity10/15 | €3.3m | €3.7m | €4.0m | €4.4m | €1.8m | ▼ 59.0% |
| Contributions10/11 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Capital10 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Issued capital100 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Reserves13 | €1.9m | €2.2m | €2.6m | €2.9m | €140,000 | ▼ 95.2% |
| Non-distributable reserves130/1 | €140,000 | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Legal reserve130 | €140,000 | €140,000 | €140,000 | €140,000 | €140,000 | = |
| Distributable reserves133 | €1.8m | €2.1m | €2.5m | €2.8m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €24,691 | €29,802 | €33,849 | €72,064 | €248,575 | ▲ 245% |
| Amounts payable17/49 | €2.9m | €2.9m | €3.0m | €2.9m | €0 | ▼ 100% |
| Amounts payable after more than one year17 | €2.6m | €2.4m | €2.1m | €1.9m | €0 | ▼ 100% |
| Financial debts170/4 | €2.6m | €2.4m | €2.1m | €1.9m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €378,273 | €587,689 | €815,683 | €966,935 | €0 | ▼ 100% |
| Current portion of amounts payable after more than one year42 | €212,949 | €214,269 | €215,598 | €216,935 | €0 | ▼ 100% |
| Trade debts44 | €455 | - | - | - | - | - |
| Suppliers440/4 | €455 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €14,869 | €23,419 | €85 | - | - | - |
| Taxes450/3 | €14,869 | €23,419 | €85 | - | - | - |
| Other amounts payable47/48 | €150,000 | €350,000 | €600,000 | €750,000 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | €5,876 | €10,739 | €21,569 | €56,553 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €498,760 | €555,111 | €604,047 | €638,215 | €2.8m | ▲ 335% |
| Operating cash flow (approximation) | €498,760 | €555,111 | €604,047 | €638,215 | €2.8m | ▲ 335% |
| Investment in fixed assets (approximation) | - | €0 | -€510 | €0 | €4.2m | - |
| Change in cash | - | €599,243 | €358,089 | €320,140 | -€1.4m | ▼ 530% |
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
19-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 19 days late
2025
31-12
Financial
Highest result since 2020net €2.8m ▲335%
Net result €2.8m, the highest in the series.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 28 days late
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2021
31-12
Financial
Weakest financial yearnet €498,760 ▼70.1%
Net result drops to €498,760, the lowest in the series; recovery starts the following year.
20-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 20 days late
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.
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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, Jabbeke · 1 establishment unit since 2019
Ground area
2.5 ha
Building footprint
7,744 m²
Volume, LiDAR
45,314 m³
2 parcels, Flanders · tallest building 13.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Mapa Holding
since 20192.297.571.001
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 32010A1256/00D000 | Flanders | 1.8 ha | 1 · 7,744 m² | 13.3 m · 2 fl. |
| 31031A0239/00A000 | Flanders | 7,003 m² | - | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Part of the group
MASC-INVEST
60 companies
Group, risk and exposure
Owners and holdings
2 owners · 1 holdingChain of control
- MASC-INVEST
- Falcon Fund VI
- Mapa Holding
Highest known parent: MASC-INVEST. The sources do not say who stands above it.
Owners 2
- Falcon Fund VIparent51%
-
49%
Holdings 1
-
10.27%
According to the 2025 annual accounts of Mapa Holding and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,805. 11,250 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded14-11-2019
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
73300Public relations and communication consultancy
74999Other professional, scientific and technical activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0737765469
Also
9925:BE0737765469
Registered
25-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.