MAPI
ActiveSummary
MAPI has been active since 1983 and the Belgian Official Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.7m and a net result of €604,761. Equity is growing by about 3% per year across the filed financial years. Its solvency ranks better than 65% of 993 sector peers (NACE 77, financial year 2024). The computed 12-month bankruptcy probability is 0.8% (low).
Overview
- Staff
- 0.5 FTE
- Equity
- €6.7m
- Profit
- €604,761
- Holdings
- 1
- Antoine StevensDirector
- Gerda De MaereDirector
- Maria-Hélène PirenneManaging director
Why 55raises riskCapped at 59: a confirmed filing findingFigures for financial year 2024 (filed 27-10-2025)Liquidity: current ratio 0.49, cash €321,243, halved1 financial year not filed after the legal deadline; latest accounts 88 days late; 3 of the last 3 latelowers riskFounded in 1983Show the evidence
Checked score
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 77, micro): better than 67% on solvency, 28% on liquidity, 26% on profitability and 63% on growth.
The bankruptcy probability was computed on 22-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 6 accounts on average 125 days after the deadline; the sector median (NACE 77) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
- Annual accounts filedfinancial year 2024 · abbreviated…
- Highest result from 2018 to 2024net €604,761 ▲42.2%
- Annual accounts filedfinancial year 2023 · abbreviated…
Financials · financial year 2024, abbreviated format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 Financial year closed on 31 December 2025; filing due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 23 October 2026.
2020 to 2024, 5 financial years 2018 to 2024, 7 financial years
The operating result recovers in 2024; 2024 is 62% above 2023 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 77, Rental and leasing activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,882 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €57,675 | €28,516 | €33,657 | €35,782 | ▲ 6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €97,810 | €77,714 | €74,705 | €64,470 | €48,903 | €18,516 | €24,522 | ▲ 32.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | -€320,000 | - |
| Other operating charges640/8 | - | - | - | €51,898 | €39,313 | €47,081 | €40,713 | ▼ 13.5% |
| Gross operating margin9900 | €872,187 | €790,252 | €807,996 | €890,208 | €869,984 | €601,878 | €596,296 | ▼ 0.9% |
| Operating profit (loss)9901 | €692,914 | €625,400 | €667,127 | €716,165 | €753,252 | €502,623 | €815,280 | ▲ 62.2% |
| Financial income75/76B | - | - | - | €160,517 | €226,282 | €410,498 | €388,728 | ▼ 5.3% |
| Recurring financial income75 | €299,149 | €307,103 | €355,591 | €160,517 | €226,282 | €410,498 | €388,728 | ▼ 5.3% |
| Financial charges65/66B | - | - | - | €395,864 | €439,603 | €485,204 | €553,929 | ▲ 14.2% |
| Recurring financial charges65 | €302,269 | €324,406 | €387,495 | €395,864 | €439,603 | €485,204 | €553,929 | ▲ 14.2% |
| Profit (loss) for the period before taxes9903 | €689,793 | €608,097 | €635,222 | €480,818 | €539,931 | €427,916 | €650,078 | ▲ 51.9% |
| Income taxes67/77 | €299,238 | €273,730 | €316,973 | €215,914 | €203,651 | €2,530 | €45,318 | ▲ 1,691% |
| Profit (loss) for the period9904 | €390,555 | €334,367 | €318,249 | €264,904 | €336,280 | €425,387 | €604,761 | ▲ 42.2% |
| Profit (loss) for the period to be appropriated9905 | €390,555 | €334,367 | €342,803 | €264,904 | €336,280 | €425,387 | €604,761 | ▲ 42.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €15.8m | €16.1m | €16.5m | €16.6m | €17.0m | €15.9m | €12.7m | ▼ 20.1% |
| Fixed assets21/28 | €1.2m | €1.2m | €1.2m | €1.1m | €7.0m | €9.7m | €9.9m | ▲ 2.1% |
| Tangible fixed assets22/27 | €0.6m | €0.5m | €0.5m | €0.6m | €0.5m | €0.5m | €0.5m | ▲ 5.0% |
| Land and buildings22 | - | - | - | €0.3m | €0.5m | €0.5m | €0.5m | ▼ 0.5% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.05m | €0.03m | €0.06m | ▲ 94.4% |
| Other tangible fixed assets26 | - | - | - | €0.1m | - | - | - | - |
| Financial fixed assets28 | €0.6m | €0.6m | €0.6m | €0.5m | €6.5m | €9.1m | €9.3m | ▲ 2.0% |
| Current assets29/58 | €14.6m | €14.9m | €15.3m | €15.5m | €10.0m | €6.2m | €2.8m | ▼ 54.6% |
| Amounts receivable after more than one year29 | - | - | - | - | €1.8m | €1.8m | €1.0m | ▼ 44.4% |
| Other amounts receivable291 | - | - | - | - | €1.8m | €1.8m | €1.0m | ▼ 44.4% |
| Amounts receivable within one year40/41 | €0.09m | €0.3m | €0.3m | €0.5m | €0.7m | €0.5m | €0.8m | ▲ 50.2% |
| Trade receivables40 | - | - | - | €464 | €0.04m | €0.05m | €0.008m | ▼ 82.3% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.6m | €0.5m | €0.8m | ▲ 63.3% |
| Current investments50/53 | €11.6m | €10.0m | €6.8m | €10.4m | €2.9m | €2.9m | €0.7m | ▼ 75.8% |
| Cash at bank and in hand54/58 | €2.9m | €4.6m | €8.2m | €4.6m | €4.5m | €1.0m | €0.3m | ▼ 68.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.02m | €0.02m | €0.02m | ▼ 12.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €15.8m | €16.1m | €16.5m | €16.6m | €17.0m | €15.9m | €12.7m | ▼ 20.1% |
| Equity10/15 | €8.6m | €8.9m | €9.3m | €9.5m | €9.9m | €6.1m | €6.7m | ▲ 9.9% |
| Contributions10/11 | €2.9m | €2.9m | €2.9m | €2.9m | €2.9m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €2.9m | €2.9m | €0.2m | €0.2m | = |
| Issued capital100 | - | - | - | €2.9m | €2.9m | €0.2m | €0.2m | = |
| Reserves13 | €5.1m | €5.4m | €5.7m | €6.0m | €6.3m | €5.2m | €5.8m | ▲ 11.5% |
| Non-distributable reserves130/1 | - | - | - | €0.3m | €0.3m | €0.3m | €0.02m | ▼ 93.8% |
| Legal reserve130 | - | - | - | €0.3m | €0.3m | €0.3m | €0.02m | ▼ 93.8% |
| Distributable reserves133 | - | - | - | €5.7m | €6.0m | €4.9m | €5.8m | ▲ 17.6% |
| Profit (loss) carried forward14 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | ▲ 0.7% |
| Provisions and deferred taxes16 | €0.02m | €0.01m | €271 | €271 | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €271 | - | - | - | - |
| Major repairs and maintenance162 | - | - | - | €271 | - | - | - | - |
| Amounts payable17/49 | €7.1m | €7.1m | €7.2m | €7.0m | €7.1m | €9.8m | €6.0m | ▼ 38.7% |
| Amounts payable within one year42/48 | €5.9m | €6.0m | €6.3m | €6.3m | €6.5m | €9.4m | €5.8m | ▼ 38.8% |
| Trade debts44 | €0.02m | €0.01m | €0.04m | €0.003m | €0.01m | €0.03m | €0.08m | ▲ 155% |
| Suppliers440/4 | - | - | - | €0.003m | €0.01m | €0.03m | €0.08m | ▲ 155% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.1m | €0.03m | €0.2m | ▲ 554% |
| Taxes450/3 | - | - | - | €0.05m | €0.1m | €0.02m | €0.2m | ▲ 683% |
| Remuneration and social security454/9 | - | - | - | €0.006m | €0.005m | €0.006m | €0.006m | ▲ 3.9% |
| Other amounts payable47/48 | - | - | - | €6.2m | €6.4m | €9.4m | €5.5m | ▼ 41.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.8m | €0.6m | €0.4m | €0.3m | ▼ 38.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 42.2% |
| + Depreciation and write-downs630 | €0.1m | €0.08m | €0.07m | €0.06m | €0.05m | €0.02m | €0.02m | ▲ 32.4% |
| Operating cash flow (approximation) | €0.5m | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.6m | ▲ 41.8% |
| Investment in fixed assets (approximation) | - | -€0.06m | -€0.08m | €0.03m | -€6.0m | -€2.7m | -€0.2m | ▲ 91.4% |
| Change in cash | - | €1.8m | €3.6m | -€3.6m | -€0.02m | -€3.5m | -€0.7m | ▲ 80.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 41 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2024 | abbreviated format | 27-10-2025 | 2025-00550069 |
| 31-12-2023 | abbreviated format | 13-12-2024 | 2024-00615192 |
| 31-12-2022 | abbreviated format | 16-11-2023 | 2023-00512263 |
| 31-12-2021 | abbreviated format | 23-12-2022 | 2022-20544978 |
| 31-12-2020 | abbreviated format | 14-12-2021 | 2021-80700067 |
| 31-12-2019 | abbreviated format | 17-12-2020 | 2020-76000468 |
| 31-12-2018 | abbreviated format | 16-12-2019 | 2019-76200104 |
| 31-12-2017 | abbreviated format | 18-12-2018 | 2018-74900431 |
| 31-12-2016 | abbreviated format | 13-12-2017 | 2017-71800292 |
| 31-12-2015 | abbreviated format | 15-12-2016 | 2016-70300596 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Day-to-day management 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Maria-Hélène Pirenne |
|
| Antoine Stevens |
|
| Gerda De Maere |
|
Owners and capital
Owners
No owners or capital events in the accounts and acts we read.
Group and network
Holdings and subsidiaries
1 holdingHoldings 1
-
share not stated
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. 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 include these statements in its annual accounts, or does not have to, is not listed.
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
13-12
Gazette deed
Reappointments: Maria-Hélène Pirenne, Antoine Stevens and Gerda De Maere6 facts ▸
- General meeting, 07-06-2023
- Director reappointment, Maria-Hélène Pirenne (director)
- Director reappointment, Antoine Stevens (director)
- Director reappointment, Gerda De Maere (director)
- Board meeting, 07-06-2023
- Director reappointment, Maria-Hélène Pirenne (managing director)
About the unread acts
Of the 6 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 23 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Legal Entity Identifier
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11453I0289/00E002 | Flanders | 5,961 m² | 1 · 136 m² | 18.9 m · 1 |
| 11453I0289/00M002 | Flanders | 3,766 m² | 1 · 147 m² | 9.1 m · 2 |