MAPAC
ActiveSummary
MAPAC has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €75,147 and a net result of €15,241. Equity is growing by ~13.6% per year across the filed fiscal years. Its solvency ranks better than 18% of 8763 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+3
Solvency39▲+4
Growth63▼-2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity tight (current ratio 1.18 against 1.06 in 2024; short-term debt: 11.6% and cash: 11.7% of total assets), and 86% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
14%
Return on assets
2.8%
Age of the figures
9 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 8763 sector peers (2025).
NBB · sector comparisonPosition among 8763 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
17 d early
2023
37 d early
2022
28 d early
2021
34 d early
2020
32 d early
2019
52 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 32 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€191,029▼ 8.7%
2024 · €209,206
EBIT margin
16.3%▲ 4.1pp
2024 · 12.1%
Net result
€15,241▲ 47.5%
2024 · €10,330
Working capital
€11,119▲ 132%
2024 · €4,800
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Turnover€210,224▲ 3.4%€182,886▼ 13.0%€190,018▲ 3.9%€209,206▲ 10.1%€191,029▼ 8.7%
Operating result€18,141▼ 51.3%€14,896▼ 17.9%€13,755▼ 7.7%€25,385▲ 84.5%€31,077▲ 22.4%
Net result€3,267within the sector's middle half▼ 79.3%€523below the sector's middle half▼ 84.0%€1,415within the sector's middle half▲ 171%€10,330within the sector's middle half▲ 630%€15,241within the sector's middle half▲ 47.5%
EBIT margin8.6%▼ 9.7pp8.1%▼ 0.5pp7.2%▼ 0.9pp12.1%▲ 4.9pp16.3%▲ 4.1pp
Equity€47,638below the sector's middle half▲ 7.4%€48,161below the sector's middle half▲ 1.1%€49,576below the sector's middle half▲ 2.9%€59,906below the sector's middle half▲ 20.8%€75,147below the sector's middle half▲ 25.4%
Total assets€688,369within the sector's middle half▲ 11.6%€654,920within the sector's middle half▼ 4.9%€611,488within the sector's middle half▼ 6.6%€578,672within the sector's middle half▼ 5.4%€536,040within the sector's middle half▼ 7.4%
Debt€640,730▲ 11.9%€606,759▼ 5.3%€561,912▼ 7.4%€518,766▼ 7.7%€460,893▼ 11.2%
Working capital-€565,082below the sector's middle half▼ 10.9%-€771within the sector's middle half▲ 99.9%€204within the sector's middle half€4,800within the sector's middle half▲ 2,256%€11,119within the sector's middle half▲ 132%
Solvency6.9%below the sector's middle half▼ 0.3pp7.4%below the sector's middle half▲ 0.4pp8.1%below the sector's middle half▲ 0.8pp10.4%below the sector's middle half▲ 2.2pp14.0%below the sector's middle half▲ 3.7pp
Current ratio0.12below the sector's middle half▲ 0.010.99within the sector's middle half▲ 0.871.00within the sector's middle half▲ 0.011.06within the sector's middle half▲ 0.061.18within the sector's middle half▲ 0.11
Return on assets (ROA)0.5%within the sector's middle half▼ 2.1pp0.1%below the sector's middle half▼ 0.4pp0.2%within the sector's middle half▲ 0.2pp1.8%within the sector's middle half▲ 1.6pp2.8%within the sector's middle half▲ 1.1pp
Staff (FTE)1within the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 22% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €536,040
Fixed assets
€462,570 ▼ 7.2%
Current assets
€73,470 ▼ 8.7%
Equity and liabilities €536,040
Equity
€75,147 ▲ 25.4%
Debt
€460,893 ▼ 11.2%
Debt's share of the balance-sheet total falls from 89.6% to 86.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,918▲
2024 · €66,383
Cash flow
€51,082▼
2024 · €51,328
Debt to equity
6.13▼
2024 · 8.66
ROE
20.3%▲
2024 · 17.2%
Interest coverage
6.42▲
2024 · 5.78
Debt ≤ 1 year
€62,350▼
2024 · €75,660
Debt > 1 year
€398,543▼
2024 · €443,106
Income taxes
€5,882▲
2024 · €4,222
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 0.9% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
0.9%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 4,105 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €210,224 | €182,886 | €190,018 | €209,206 | €191,029 | ▼ 8.7% |
| Goods, raw materials, services and sundry goods60/61 | €92,043 | €66,518 | €99,116 | €183,821 | €112,635 | ▼ 38.7% |
| Remuneration, social security and pensions62 | €36,557 | €34,530 | -€85 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,658 | €42,093 | €42,145 | €40,998 | €35,841 | ▼ 12.6% |
| Other operating charges640/8 | €25,824 | €22,674 | €35,087 | €32,995 | €11,476 | ▼ 65.2% |
| Non-recurring operating charges66A | - | €2,075 | - | - | - | - |
| Gross operating margin9900 | €118,181 | €116,268 | €90,902 | €99,377 | €78,393 | ▼ 21.1% |
| Operating profit (loss)9901 | €18,141 | €14,896 | €13,755 | €25,385 | €31,077 | ▲ 22.4% |
| Financial income75/76B | - | €1,514 | €445 | €656 | €471 | ▼ 28.2% |
| Recurring financial income75 | - | €1,514 | €445 | €656 | €471 | ▼ 28.2% |
| Non-recurring financial income76B | - | €1,514 | - | - | - | - |
| Financial charges65/66B | €13,852 | €13,345 | €12,428 | €11,488 | €10,425 | ▼ 9.3% |
| Recurring financial charges65 | €13,852 | €13,345 | €12,428 | €11,488 | €10,425 | ▼ 9.3% |
| Profit (loss) for the period before taxes9903 | €4,289 | €3,065 | €1,773 | €14,552 | €21,122 | ▲ 45.2% |
| Income taxes67/77 | €1,022 | €2,542 | €358 | €4,222 | €5,882 | ▲ 39.3% |
| Profit (loss) for the period9904 | €3,267 | €523 | €1,415 | €10,330 | €15,241 | ▲ 47.5% |
| Profit (loss) for the period to be appropriated9905 | €3,267 | €523 | €1,415 | €10,330 | €15,241 | ▲ 47.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €688,369 | €654,920 | €611,488 | €578,672 | €536,040 | ▼ 7.4% |
| Fixed assets21/28 | €612,721 | €578,159 | €536,014 | €498,211 | €462,570 | ▼ 7.2% |
| Tangible fixed assets22/27 | €612,572 | €578,010 | €535,865 | €498,062 | €462,221 | ▼ 7.2% |
| Land and buildings22 | €606,617 | €575,347 | €534,022 | €497,038 | €462,017 | ▼ 7.0% |
| Furniture and vehicles24 | €5,558 | €2,663 | €1,843 | €1,024 | €205 | ▼ 80.0% |
| Leasing and similar rights25 | €397 | - | - | - | - | - |
| Financial fixed assets28 | €149 | €149 | €149 | €149 | €349 | ▲ 134% |
| Current assets29/58 | €75,648 | €76,761 | €75,474 | €80,461 | €73,470 | ▼ 8.7% |
| Amounts receivable within one year40/41 | €13,459 | €4,183 | €2,825 | €1,626 | €10,381 | ▲ 539% |
| Trade receivables40 | €13,459 | €4,183 | €2,472 | €523 | €6,582 | ▲ 1,159% |
| Other amounts receivable41 | - | - | €353 | €1,103 | €3,799 | ▲ 244% |
| Cash at bank and in hand54/58 | €61,575 | €72,517 | €72,588 | €78,073 | €62,958 | ▼ 19.4% |
| Deferred charges and accrued income490/1 | €614 | €61 | €61 | €762 | €131 | ▼ 82.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €688,369 | €654,920 | €611,488 | €578,672 | €536,040 | ▼ 7.4% |
| Equity10/15 | €47,638 | €48,161 | €49,576 | €59,906 | €75,147 | ▲ 25.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €27,178 | €27,701 | €29,116 | €39,446 | €54,687 | ▲ 38.6% |
| Amounts payable17/49 | €640,730 | €606,759 | €561,912 | €518,766 | €460,893 | ▼ 11.2% |
| Amounts payable after more than one year17 | - | €529,226 | €486,641 | €443,106 | €398,543 | ▼ 10.1% |
| Financial debts170/4 | - | €529,226 | €486,641 | €443,106 | €398,543 | ▼ 10.1% |
| Amounts payable within one year42/48 | €640,730 | €77,533 | €75,271 | €75,660 | €62,350 | ▼ 17.6% |
| Financial debts43 | €570,855 | - | - | - | - | - |
| Credit institutions430/8 | €473,190 | - | - | - | - | - |
| Other loans439 | €97,665 | - | - | - | - | - |
| Trade debts44 | €60,355 | €74,584 | €74,386 | €71,448 | €54,256 | ▼ 24.1% |
| Suppliers440/4 | €60,355 | €74,584 | €74,386 | €71,448 | €54,256 | ▼ 24.1% |
| Taxes, remuneration and social security45 | €9,520 | €2,948 | €885 | €4,200 | €8,082 | ▲ 92.4% |
| Taxes450/3 | €4,133 | €2,948 | €885 | €4,200 | €8,082 | ▲ 92.4% |
| Remuneration and social security454/9 | €5,387 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €13 | €13 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,267 | €523 | €1,415 | €10,330 | €15,241 | ▲ 47.5% |
| + Depreciation and write-downs630 | €37,658 | €42,093 | €42,145 | €40,998 | €35,841 | ▼ 12.6% |
| Operating cash flow (approximation) | €40,925 | €42,616 | €43,560 | €51,328 | €51,082 | ▼ 0.5% |
| Investment in fixed assets (approximation) | - | -€7,531 | €0 | -€3,195 | -€200 | ▲ 93.7% |
| Change in cash | - | €10,942 | €71 | €5,484 | -€15,114 | ▼ 376% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Highest result since 2018net €15,781 ▲104%
Operating result €37,286, net result €15,781, both a record.
09-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
20-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
14-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Watermaal-Bosvoorde · 1 establishment unit since 2014
Ground area
3,935 m²
Building footprint
1,441 m²
Volume, LiDAR
19,053 m³
Parcel 21017D0038/00D000, Brussels · tallest building 18.1 m, ±5 floors. Linked by address, not a title deed.
41
companies at this address
See who is registered here
1 establishment unit
Groenkraaglaan 3, 1170 Watermaal-Bosvoorde
since 20142.237.537.897
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21017D0038/00D000 | Brussels | 3,935 m² | 1 · 1,441 m² | 18.1 m · 5 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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
40%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts 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 82,642 companies in sector 70200 we hold annual accounts for 52,626. 39,928 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
Founded28-08-2014
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
69101Activities of lawyers
73300Public relations and communication consultancy
82300Organisation of conventions and trade shows
Contact
Phone
0475/866223Watermaal-Bosvoorde
E-invoicing
Reachable via Peppol
Peppol ID
0208:0560782635
Also
9925:BE0560782635
Registered
26-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.