MapMallow
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 91 days after the deadline Filed on 30 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00597374.
Annual accounts 2025 filed on 30-10-2026 at the NBB all 9 filings
Turnover
≈ €20,000
Estimated: probably between €9,100 and €48,000
Total assets
€40,014▼ 23.0%
2024 · €51,969
Net result
-€15,636▲ 51.9%
2024 · -€32,482
Working capital
-€69,600▲ 1.9%
2024 · -€70,959
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€15,537
▲ 51.5%
2025
20192025
Net result
-€15,636
▲ 51.9%
2025
lowest quarter of the sector
20192025
Equity
-€37,493
▼ 71.5%
2025
lowest quarter of the sector
20192025
Total assets
€40,014
▼ 23.0%
2025
middle half of the sector
20192025
Debt
€77,507
▲ 5.0%
2025
20192025
Working capital
-€69,600
▲ 1.9%
2025
lowest quarter of the sector
20192025
Solvency
-93.7%
▼ 51.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.10
▲ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-39.1%
▲ 23.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€6,917-€174▼ 97.5%-€10,942€3,005€3,480▲ 15.8%-€32,064-€15,537▲ 51.5%
Net result€5,413--€122within the sector's middle half-€11,045below the sector's middle half▼ 8,953%€1,737within the sector's middle half€2,441within the sector's middle half▲ 40.5%-€32,482below the sector's middle half-€15,636below the sector's middle half▲ 51.9%
Equity€37,614-€57,492within the sector's middle half▲ 52.8%€6,447within the sector's middle half▼ 88.8%€8,184within the sector's middle half▲ 26.9%€10,625within the sector's middle half▲ 29.8%-€21,857below the sector's middle half-€37,493below the sector's middle half▼ 71.5%
Total assets€39,615-€65,984within the sector's middle half▲ 66.6%€16,962below the sector's middle half▼ 74.3%€11,191below the sector's middle half▼ 34.0%€66,768within the sector's middle half▲ 497%€51,969within the sector's middle half▼ 22.2%€40,014within the sector's middle half▼ 23.0%
Debt€2,001-€8,492▲ 324%€10,515▲ 23.8%€3,007▼ 71.4%€56,143▲ 19×€73,826▲ 31.5%€77,507▲ 5.0%
Working capital€19,287-€18,427within the sector's middle half▼ 4.5%€254within the sector's middle half▼ 98.6%€2,472within the sector's middle half▲ 873%-€55,854below the sector's middle half-€70,959below the sector's middle half▼ 27.0%-€69,600below the sector's middle half▲ 1.9%
Solvency94.9%-87.1%above the sector's middle half▼ 7.8pp38.0%within the sector's middle half▼ 49.1pp73.1%within the sector's middle half▲ 35.1pp15.9%within the sector's middle half▼ 57.2pp-42.1%below the sector's middle half▼ 58.0pp-93.7%below the sector's middle half▼ 51.6pp
Current ratio10.64-3.17within the sector's middle half▼ 7.471.02within the sector's middle half▼ 2.151.82within the sector's middle half▲ 0.800.01below the sector's middle half▼ 1.820.04below the sector's middle half▲ 0.030.10below the sector's middle half▲ 0.06
Return on assets (ROA)13.7%--0.2%within the sector's middle half▼ 13.8pp-65.1%below the sector's middle half▼ 64.9pp15.5%within the sector's middle half▲ 80.6pp3.7%within the sector's middle half▼ 11.9pp-62.5%below the sector's middle half▼ 66.2pp-39.1%below the sector's middle half▲ 23.4pp
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 €15,537, smaller than the loss of €32,064 in 2024.
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 €40,014
Fixed assets
€32,107 ▼ 34.6%
Current assets
€7,907 ▲ 176%
Equity and liabilities
Equity-€37,493
Debt€77,507
Equity is negative. Debt (€77,507) exceeds the balance-sheet total (€40,014).
Key figures and ratios
EBITDA
€1,458▲
2024 · -€14,687
Cash flow
€1,359▲
2024 · -€15,105
Interest coverage
14.73▲
2024 · -163.19
Debt ≤ 1 year
€77,507▲
2024 · €73,826
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 | 30-09-2021 | 30-09-2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,923 | - | €79,484 | - | - |
| Financial fixed assets | - | €1,000 | - | - | - |
| Depreciation and write-downs of the year | €426 | €1,481 | €18,717 | €17,377 | €16,995 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,766 | €7,647 | €426 | €1,481 | €18,717 | €17,377 | €16,995 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €347 | - | €325 | €1,140 | ▲ 251% |
| Gross operating margin9900 | €10,005 | €8,413 | -€10,516 | €4,833 | €22,197 | -€14,362 | €2,598 | - |
| Operating profit (loss)9901 | €6,917 | €174 | -€10,942 | €3,005 | €3,480 | -€32,064 | -€15,537 | ▲ 51.5% |
| Financial income75/76B | - | - | €5 | - | - | - | - | - |
| Recurring financial income75 | - | - | €5 | - | - | - | - | - |
| Non-recurring financial income76B | - | - | €5 | - | - | - | - | - |
| Financial charges65/66B | - | - | €108 | €294 | €1,039 | €90 | €99 | ▲ 10.0% |
| Recurring financial charges65 | - | - | €108 | €294 | €1,039 | €90 | €99 | ▲ 10.0% |
| Non-recurring financial charges66B | - | - | €108 | €294 | €1,039 | €90 | - | - |
| Profit (loss) for the period before taxes9903 | €6,703 | -€122 | -€11,045 | €2,711 | €2,441 | -€32,154 | -€15,636 | ▲ 51.4% |
| Income taxes67/77 | €1,290 | - | - | €974 | - | €328 | - | - |
| Profit (loss) for the period9904 | €5,413 | -€122 | -€11,045 | €1,737 | €2,441 | -€32,482 | -€15,636 | ▲ 51.9% |
| Profit (loss) for the period to be appropriated9905 | €5,413 | -€122 | -€11,045 | €1,737 | €2,441 | -€32,482 | -€15,636 | ▲ 51.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €39,615 | €65,984 | €16,962 | €11,191 | €66,768 | €51,969 | €40,014 | ▼ 23.0% |
| Fixed assets21/28 | €18,327 | €39,065 | €6,193 | €5,712 | €66,479 | €49,102 | €32,107 | ▼ 34.6% |
| Intangible fixed assets21 | €14,850 | €38,370 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2,180 | €413 | €5,911 | €4,430 | €65,197 | €47,820 | €30,825 | ▼ 35.5% |
| Furniture and vehicles24 | - | - | €5,911 | €4,430 | €65,197 | €47,820 | €30,825 | ▼ 35.5% |
| Financial fixed assets28 | €1,297 | €282 | €282 | €1,282 | €1,282 | €1,282 | €1,282 | = |
| Current assets29/58 | €21,288 | €26,919 | €10,769 | €5,479 | €289 | €2,867 | €7,907 | ▲ 176% |
| Amounts receivable within one year40/41 | €17,638 | €14,480 | €4,557 | €4,347 | - | €2,650 | €7,907 | ▲ 198% |
| Trade receivables40 | - | - | €1,535 | €2,255 | - | - | €6,019 | - |
| Other amounts receivable41 | - | - | €3,022 | €2,092 | - | €2,650 | €1,888 | ▼ 28.8% |
| Cash at bank and in hand54/58 | €3,650 | €12,439 | €6,212 | €1,132 | €289 | €217 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €39,615 | €65,984 | €16,962 | €11,191 | €66,768 | €51,969 | €40,014 | ▼ 23.0% |
| Equity10/15 | €37,614 | €57,492 | €6,447 | €8,184 | €10,625 | -€21,857 | -€37,493 | ▼ 71.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | €18,600 | €18,600 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | €18,600 | - | - | - | - |
| Profit (loss) carried forward14 | -€986 | -€1,108 | -€12,153 | -€10,416 | -€7,975 | -€40,457 | -€56,093 | ▼ 38.6% |
| Amounts payable17/49 | €2,001 | €8,492 | €10,515 | €3,007 | €56,143 | €73,826 | €77,507 | ▲ 5.0% |
| Amounts payable within one year42/48 | €2,001 | €8,492 | €10,515 | €3,007 | €56,143 | €73,826 | €77,507 | ▲ 5.0% |
| Financial debts43 | - | - | - | - | - | - | €1,150 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €1,150 | - |
| Trade debts44 | €612 | €3,524 | €7,418 | €2,680 | €1,359 | €930 | €797 | ▼ 14.3% |
| Suppliers440/4 | - | - | €7,418 | €2,680 | €1,359 | €930 | €797 | ▼ 14.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €288 | - | - |
| Taxes, remuneration and social security45 | - | - | €3,097 | - | €971 | - | - | - |
| Taxes450/3 | - | - | €3,097 | - | €971 | - | - | - |
| Other amounts payable47/48 | - | - | - | €327 | €53,813 | €72,608 | €75,560 | ▲ 4.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,413 | -€122 | -€11,045 | €1,737 | €2,441 | -€32,482 | -€15,636 | ▲ 51.9% |
| + Depreciation and write-downs630 | €1,766 | €7,647 | €426 | €1,481 | €18,717 | €17,377 | €16,995 | ▼ 2.2% |
| Operating cash flow (approximation) | €7,179 | €7,525 | -€10,619 | €3,218 | €21,158 | -€15,105 | €1,359 | - |
| Investment in fixed assets (approximation) | - | -€28,385 | €32,446 | -€1,000 | -€79,484 | €0 | €0 | - |
| Change in cash | - | €8,789 | -€6,227 | -€5,080 | -€843 | -€72 | - | - |
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 MapMallow 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 MapMallow itself: 3.6% 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 MapMallow. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-10-2026 | 2026-00597374 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00470074 | |
| 31-12-2023 | micro format | 03-12-2024 | 2024-00611987 | |
| 30-09-2022 | micro format | 25-05-2023 | 2023-00096267 | |
| 30-09-2021 | micro format | 28-05-2022 | 2022-20038249 | |
| 30-09-2020 | micro format | 14-05-2021 | 2021-14300287 | |
| 30-09-2019 | micro format | 29-05-2020 | 2020-14200405 | |
| 30-09-2018 | micro format | 02-05-2019 | 2019-12100405 | |
| 30-09-2017 | micro format | 21-05-2018 | 2018-13700549 |