MAPULSE
ActiveSummary
MAPULSE has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €91,931 and a net result of €28,250. Equity is growing by about 7.9% per year across the filed financial years. Its solvency ranks better than 72% of 39,121 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Financials · financial year 2025, micro format
Equity
€91,931▲ 24.8%
2024 · €73,681
Total assets
€121,390▲ 1.0%
2024 · €120,242
Net result
€28,250▲ 1.7%
2024 · €27,767
Working capital
-€1,691▲ 88.0%
2024 · -€14,062
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 3% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€44,341
2025
Net result€28,250
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€121,390
2025
Equity€91,931
2025
Debt€29,458
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€1,691
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)23.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency75.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.94
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 70, Activities of head offices; management consultancy 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).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€65,340-€10,455▼ 84.0%€14,408▲ 37.8%€44,734▲ 210%€34,345▼ 23.2%€50,570▲ 47.2%€45,658▼ 9.7%€44,341▼ 2.9%
Net result€54,028-€5,413▼ 90.0%€3,247within the sector's middle half▼ 40.0%€28,677within the sector's middle half▲ 783%€28,431within the sector's middle half▼ 0.9%€38,316within the sector's middle half▲ 34.8%€27,767within the sector's middle half▼ 27.5%€28,250within the sector's middle half▲ 1.7%
Equity€50,066-€55,479▲ 10.8%€58,726within the sector's middle half▲ 5.9%€67,403within the sector's middle half▲ 14.8%€75,834within the sector's middle half▲ 12.5%€69,444within the sector's middle half▼ 8.4%€73,681within the sector's middle half▲ 6.1%€91,931within the sector's middle half▲ 24.8%
Total assets€89,866-€97,537▲ 8.5%€93,548within the sector's middle half▼ 4.1%€127,103within the sector's middle half▲ 35.9%€126,837within the sector's middle half▼ 0.2%€138,232within the sector's middle half▲ 9.0%€120,242within the sector's middle half▼ 13.0%€121,390within the sector's middle half▲ 1.0%
Debt€39,800-€42,058▲ 5.7%€34,822▼ 17.2%€59,700▲ 71.4%€51,003▼ 14.6%€68,787▲ 34.9%€46,560▼ 32.3%€29,458▼ 36.7%
Working capital-€28,705--€28,251▲ 1.6%-€15,500below the sector's middle half▲ 45.1%-€18,066below the sector's middle half▼ 16.6%-€9,201below the sector's middle half▲ 49.1%-€16,984below the sector's middle half▼ 84.6%-€14,062below the sector's middle half▲ 17.2%-€1,691below the sector's middle half▲ 88.0%
Solvency55.7%-56.9%▲ 1.2pp62.8%within the sector's middle half▲ 5.9pp53.0%within the sector's middle half▼ 9.7pp59.8%within the sector's middle half▲ 6.8pp50.2%within the sector's middle half▼ 9.6pp61.3%within the sector's middle half▲ 11.0pp75.7%within the sector's middle half▲ 14.5pp
Current ratio0.15-0.25▲ 0.090.32below the sector's middle half▲ 0.070.70below the sector's middle half▲ 0.380.82below the sector's middle half▲ 0.120.75below the sector's middle half▼ 0.070.70below the sector's middle half▼ 0.060.94below the sector's middle half▲ 0.24
Return on assets (ROA)60.1%-5.5%▼ 54.6pp3.5%within the sector's middle half▼ 2.1pp22.6%within the sector's middle half▲ 19.1pp22.4%within the sector's middle half▼ 0.1pp27.7%within the sector's middle half▲ 5.3pp23.1%within the sector's middle half▼ 4.6pp23.3%within the sector's middle half▲ 0.2pp
above
within
below
the middle half of NACE 70, Activities of head offices; management consultancy 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.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €121,390
Fixed assets
€93,622 ▲ 6.7%
Current assets
€27,768 ▼ 14.6%
Equity and liabilities €121,390
Equity
€91,931 ▲ 24.8%
Debt
€29,458 ▼ 36.7%
Debt's share of the balance-sheet total falls from 38.7% to 24.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,762▲
2024 · €47,143
Cash flow
€31,671▲
2024 · €29,251
Debt to equity
0.32▼
2024 · 0.63
ROE
30.7%▼
2024 · 37.7%
Interest coverage
54.88▼
2024 · 75.41
Debt ≤ 1 year
€29,458▼
2024 · €46,560
Income taxes
€15,223▼
2024 · €17,266
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €105 | €1,850 | €1,797 | €434 | €434 | €823 | €1,484 | €3,421 | ▲ 130% |
| Other operating charges640/8 | - | - | - | €1,723 | €878 | €3,177 | €384 | €309 | ▼ 19.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €4,931 | €1,028 | ▼ 79.1% |
| Gross operating margin9900 | €65,829 | €12,892 | €16,949 | €46,891 | €35,657 | €54,571 | €52,458 | €49,099 | ▼ 6.4% |
| Operating profit (loss)9901 | €65,340 | €10,455 | €14,408 | €44,734 | €34,345 | €50,570 | €45,658 | €44,341 | ▼ 2.9% |
| Financial income75/76B | - | - | - | - | - | - | - | €2 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €2 | - |
| Financial charges65/66B | - | - | - | €85 | €114 | €289 | €625 | €870 | ▲ 39.2% |
| Recurring financial charges65 | €229 | €2,341 | €311 | €85 | €114 | €289 | €625 | €870 | ▲ 39.2% |
| Profit (loss) for the period before taxes9903 | €65,111 | €8,114 | €14,097 | €44,649 | €34,231 | €50,282 | €45,033 | €43,473 | ▼ 3.5% |
| Income taxes67/77 | €11,083 | €2,701 | €10,850 | €15,972 | €5,800 | €11,965 | €17,266 | €15,223 | ▼ 11.8% |
| Profit (loss) for the period9904 | €54,028 | €5,413 | €3,247 | €28,677 | €28,431 | €38,316 | €27,767 | €28,250 | ▲ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €54,028 | €5,413 | €3,247 | €28,677 | €28,431 | €38,316 | €27,767 | €28,250 | ▲ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €89,866 | €97,537 | €93,548 | €127,103 | €126,837 | €138,232 | €120,242 | €121,390 | ▲ 1.0% |
| Fixed assets21/28 | €84,653 | €88,194 | €86,397 | €85,469 | €85,035 | €86,429 | €87,743 | €93,622 | ▲ 6.7% |
| Tangible fixed assets22/27 | €53 | €3,594 | €1,797 | €869 | €435 | €1,829 | €3,143 | €9,022 | ▲ 187% |
| Plant, machinery and equipment23 | - | - | - | €869 | €435 | €1,829 | €3,143 | €1,471 | ▼ 53.2% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €7,550 | - |
| Financial fixed assets28 | €84,600 | €84,600 | €84,600 | €84,600 | €84,600 | €84,600 | €84,600 | €84,600 | = |
| Current assets29/58 | €5,213 | €9,343 | €7,151 | €41,634 | €41,802 | €51,803 | €32,498 | €27,768 | ▼ 14.6% |
| Amounts receivable within one year40/41 | - | €4,657 | €2,420 | - | €21,604 | €4,760 | €349 | €10,295 | ▲ 29× |
| Trade receivables40 | - | - | - | - | €15,730 | €1,000 | - | €9,511 | - |
| Other amounts receivable41 | - | - | - | - | €5,874 | €3,760 | €349 | €784 | ▲ 125% |
| Cash at bank and in hand54/58 | €5,213 | €4,686 | €4,037 | €39,718 | €18,535 | €46,278 | €30,552 | €15,541 | ▼ 49.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,916 | €1,663 | €765 | €1,597 | €1,932 | ▲ 20.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €89,866 | €97,537 | €93,548 | €127,103 | €126,837 | €138,232 | €120,242 | €121,390 | ▲ 1.0% |
| Equity10/15 | €50,066 | €55,479 | €58,726 | €67,403 | €75,834 | €69,444 | €73,681 | €91,931 | ▲ 24.8% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | - | - | - | - | - |
| Other1109/19 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €11,860 | €11,860 | €11,860 | €11,860 | €11,860 | €11,860 | €11,860 | €21,860 | ▲ 84.3% |
| 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 | = |
| Tax-exempt reserves132 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €20,000 | ▲ 100% |
| Profit (loss) carried forward14 | €32,006 | €37,419 | €40,666 | €49,343 | €57,774 | €51,384 | €55,621 | €63,871 | ▲ 14.8% |
| Amounts payable17/49 | €39,800 | €42,058 | €34,822 | €59,700 | €51,003 | €68,787 | €46,560 | €29,458 | ▼ 36.7% |
| Amounts payable within one year42/48 | €33,918 | €37,594 | €22,651 | €59,700 | €51,003 | €68,787 | €46,560 | €29,458 | ▼ 36.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €4,014 | €3,052 | €13 | - | - |
| Trade debts44 | €21 | €1,360 | €907 | €11,272 | €9,075 | €9,323 | €11,893 | €741 | ▼ 93.8% |
| Suppliers440/4 | - | - | - | €2,197 | - | - | €2,818 | €741 | ▼ 73.7% |
| Bills of exchange payable441 | - | - | - | €9,075 | €9,075 | €9,323 | €9,075 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €25,818 | €15,381 | €14,881 | €10,610 | €10,194 | ▼ 3.9% |
| Taxes450/3 | - | - | - | €11,131 | €9,112 | €11,175 | €10,610 | €10,194 | ▼ 3.9% |
| Remuneration and social security454/9 | - | - | - | €14,687 | €6,269 | €3,706 | - | - | - |
| Other amounts payable47/48 | - | - | - | €22,610 | €22,533 | €41,532 | €24,044 | €18,524 | ▼ 23.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,028 | €5,413 | €3,247 | €28,677 | €28,431 | €38,316 | €27,767 | €28,250 | ▲ 1.7% |
| + Depreciation and write-downs630 | €105 | €1,850 | €1,797 | €434 | €434 | €823 | €1,484 | €3,421 | ▲ 130% |
| Operating cash flow (approximation) | €54,133 | €7,263 | €5,044 | €29,111 | €28,865 | €39,140 | €29,251 | €31,671 | ▲ 8.3% |
| Investment in fixed assets (approximation) | - | -€5,391 | €0 | €494 | €0 | -€2,217 | -€2,799 | -€9,300 | ▼ 232% |
| Change in cash | - | -€527 | -€649 | €35,681 | -€21,183 | €27,743 | -€15,726 | -€15,010 | ▲ 4.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 12-07-2026 | 2026-00282826 |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00317355 |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00449619 |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00203635 |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20236021 |
| 31-12-2020 | micro format | 13-07-2021 | 2021-34600424 |
| 31-12-2019 | micro format | 06-07-2020 | 2020-26400015 |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31400230 |
| 31-12-2017 | micro format | 16-07-2018 | 2018-34000402 |
| 31-12-2016 | micro format | 23-08-2017 | 2017-47400214 |
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Of the 82,449 active companies whose main activity is business and other management consultancy (NACE 70200), figures are known for 53,936. 41,530 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.