MATELEK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 40 filings
Turnover
€940,349▼ 3.6%
2023 · €975,340
EBIT margin
4.3%▲ 0.6pp
2023 · 3.7%
Net result
€38,480▲ 41.4%
2024 · €27,204
Working capital
€485,938▲ 4.2%
2024 · €466,190
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€50,829
▲ 26.5%
2025
20182025
Net result
€38,480
▲ 41.4%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€536,772
▲ 7.7%
2025
middle half of the sector
20182025
Total assets
€584,566
▲ 7.1%
2025
middle half of the sector
20182025
Debt
€47,291
▲ 0.1%
2025
20182025
Working capital
€485,938
▲ 4.2%
2025
middle half of the sector
20182025
Solvency
91.8%
▲ 0.6pp
2025
highest quarter of the sector
20182025
Current ratio
11.28
▲ 0.41
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.6%
▲ 1.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.1m-€0.9m€1.0m€0.9m▼ 3.6%
Operating result€0.02m-€0.003m▼ 87.4%€0.02m▲ 728%€0.02m▼ 14.0%€0.04m▲ 116%€0.04m▼ 15.8%€0.04m▲ 12.0%€0.05m▲ 26.5%
Net result€0.01m-€261▼ 98.0%€0.02mwithin the sector's middle half▲ 62×€0.01mwithin the sector's middle half▼ 15.0%€0.03mwithin the sector's middle half▲ 136%€0.03mwithin the sector's middle half▼ 16.4%€0.03mwithin the sector's middle half▲ 0.1%€0.04mwithin the sector's middle half▲ 41.4%
EBIT margin2.0%-2.1%3.7%4.3%▲ 0.6pp
Equity€0.4m-€0.4m▲ 0.1%€0.4mwithin the sector's middle half▲ 4.3%€0.4mwithin the sector's middle half▲ 3.5%€0.4mwithin the sector's middle half▲ 7.9%€0.5mwithin the sector's middle half▲ 6.1%€0.5mwithin the sector's middle half▲ 5.8%€0.5mwithin the sector's middle half▲ 7.7%
Total assets€0.6m-€0.6m▼ 8.2%€0.6mbelow the sector's middle half▲ 5.3%€0.6mbelow the sector's middle half▼ 4.4%€0.5mbelow the sector's middle half▼ 8.0%€0.5mbelow the sector's middle half▼ 1.7%€0.5mbelow the sector's middle half▲ 3.1%€0.6mwithin the sector's middle half▲ 7.1%
Debt€0.3m-€0.2m▼ 20.9%€0.2m▲ 7.4%€0.2m▼ 19.0%€0.09m▼ 45.8%€0.06m▼ 38.5%€0.05m▼ 18.2%€0.05m▲ 0.1%
Working capital€0.3m-€0.3m▲ 0.4%€0.3mwithin the sector's middle half▲ 8.5%€0.4mwithin the sector's middle half▲ 5.2%€0.4mwithin the sector's middle half▲ 11.9%€0.5mwithin the sector's middle half▲ 10.2%€0.5mwithin the sector's middle half▲ 3.2%€0.5mwithin the sector's middle half▲ 4.2%
Solvency60.2%-65.7%▲ 5.4pp65.0%above the sector's middle half▼ 0.7pp70.3%above the sector's middle half▲ 5.3pp82.4%above the sector's middle half▲ 12.1pp89.0%above the sector's middle half▲ 6.5pp91.3%above the sector's middle half▲ 2.3pp91.8%above the sector's middle half▲ 0.6pp
Current ratio2.34-2.69▲ 0.352.68within the sector's middle half▼ 0.023.13above the sector's middle half▲ 0.455.42above the sector's middle half▲ 2.2910.44above the sector's middle half▲ 5.0310.87above the sector's middle half▲ 0.4211.28above the sector's middle half▲ 0.41
Return on assets (ROA)2.0%-0.0%▼ 2.0pp2.7%within the sector's middle half▲ 2.6pp2.4%within the sector's middle half▼ 0.3pp6.0%within the sector's middle half▲ 3.7pp5.1%within the sector's middle half▼ 0.9pp5.0%within the sector's middle half▼ 0.2pp6.6%within the sector's middle half▲ 1.6pp
Staff (FTE)1below the sector's middle half1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 27% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €584,566
Fixed assets
€51,337 ▲ 57.4%
Current assets
€533,229 ▲ 3.9%
Equity and liabilities €584,566
Equity
€536,772 ▲ 7.7%
Provisions
€503 =
Debt
€47,291 ▲ 0.1%
Debt's share of the balance-sheet total falls from 8.7% to 8.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€60,472▲
2024 · €43,483
Cash flow
€48,122▲
2024 · €30,518
Quick ratio
10.04▲
2024 · 8.85
Debt to equity
0.09▼
2024 · 0.09
ROE
7.2%▲
2024 · 5.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€47,291▲
2024 · €47,255
Income taxes
€14,719▲
2024 · €14,385
Staff costs
€50,921▲
2024 · €49,797
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | 1 |
| full-time | - | 1 | 1 | 1 |
| in full-time equivalents | - | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | - | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €0 | €0 | €36,167 | €0 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,620 | - | €0 | €5,915 | €28,374 |
| Depreciation and write-downs of the year | €13,105 | €10,766 | €5,678 | €3,314 | €9,643 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.1m | - | - | €0.9m | - | €1.0m | €0.9m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.8m | - | €0.9m | €0.9m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | ▲ 2.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.02m | €0.01m | €0.01m | €0.01m | €0.006m | €0.003m | €0.01m | ▲ 191% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €253 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.01m | €0.006m | €0.005m | ▼ 21.5% |
| Gross operating margin9900 | €0.08m | €0.08m | €0.09m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 17.0% |
| Operating profit (loss)9901 | €0.02m | €0.003m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 26.5% |
| Financial income75/76B | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 41.9% |
| Recurring financial income75 | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | ▲ 41.9% |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €0.001m | €288 | €55 | ▼ 80.8% |
| Recurring financial charges65 | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €288 | €55 | ▼ 80.8% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.002m | €0.02m | €0.02m | €0.04m | €0.04m | €0.04m | €0.05m | ▲ 27.9% |
| Income taxes67/77 | €0.006m | €0.002m | €0.007m | €0.006m | €0.01m | €0.009m | €0.01m | €0.01m | ▲ 2.3% |
| Profit (loss) for the period9904 | €0.01m | €261 | €0.02m | €0.01m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 41.4% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €261 | €0.02m | €0.01m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 41.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €632,862 | €580,780 | €611,818 | €585,041 | €538,454 | €529,395 | €546,051 | €584,566 | ▲ 7.1% |
| Fixed assets21/28 | €74,364 | €70,374 | €55,934 | €46,449 | €35,683 | €30,005 | €32,606 | €51,337 | ▲ 57.4% |
| Tangible fixed assets22/27 | €74,093 | €70,103 | €55,662 | €46,178 | €35,412 | €29,734 | €32,335 | €51,066 | ▲ 57.9% |
| Land and buildings22 | - | - | - | €37,343 | €33,120 | €29,734 | €27,095 | €24,456 | ▼ 9.7% |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | €2,357 | €1,487 | ▼ 36.9% |
| Furniture and vehicles24 | - | - | - | €8,647 | €2,292 | €0 | €2,883 | €25,123 | ▲ 771% |
| Other tangible fixed assets26 | - | - | - | €188 | €0 | €0 | €0 | €0 | - |
| Financial fixed assets28 | €271 | €271 | €271 | €271 | €271 | €271 | €271 | €271 | = |
| Current assets29/58 | €558,498 | €510,406 | €555,885 | €538,592 | €502,771 | €499,390 | €513,445 | €533,229 | ▲ 3.9% |
| Stocks and contracts in progress3 | €59,429 | €100,905 | €147,204 | €139,672 | €145,643 | €113,860 | €95,430 | €58,450 | ▼ 38.8% |
| Stocks30/36 | - | - | - | €139,672 | €145,643 | €113,860 | €95,430 | €58,450 | ▼ 38.8% |
| Amounts receivable within one year40/41 | €265,362 | €241,367 | €170,628 | €163,961 | €155,602 | €153,117 | €125,953 | €175,351 | ▲ 39.2% |
| Trade receivables40 | - | - | - | €110,481 | €97,122 | €87,752 | €60,625 | €105,872 | ▲ 74.6% |
| Other amounts receivable41 | - | - | - | €53,479 | €58,479 | €65,365 | €65,328 | €69,479 | ▲ 6.4% |
| Cash at bank and in hand54/58 | €227,764 | €163,323 | €238,052 | €234,202 | €201,027 | €232,413 | €291,350 | €298,873 | ▲ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | €757 | €499 | - | €712 | €555 | ▼ 22.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €632,862 | €580,780 | €611,818 | €585,041 | €538,454 | €529,395 | €546,051 | €584,566 | ▲ 7.1% |
| Equity10/15 | €381,143 | €381,403 | €397,624 | €411,407 | €443,905 | €471,089 | €498,293 | €536,772 | ▲ 7.7% |
| Contributions10/11 | €30,491 | €30,491 | €30,491 | €30,491 | €30,491 | €30,491 | €30,491 | €30,491 | = |
| Capital10 | - | - | - | €30,491 | €30,491 | - | - | - | - |
| Issued capital100 | - | - | - | €30,491 | €30,491 | - | - | - | - |
| Reserves13 | €33,746 | €33,746 | €33,746 | €33,746 | €33,746 | €33,746 | €33,746 | €33,746 | = |
| Non-distributable reserves130/1 | - | - | - | €25,299 | €25,299 | €0 | €0 | €0 | - |
| Legal reserve130 | - | - | - | €4,934 | €4,934 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €20,365 | €20,365 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €8,447 | €8,447 | €8,447 | €8,447 | €8,447 | = |
| Distributable reserves133 | - | - | - | - | - | €25,299 | €25,299 | €25,299 | = |
| Profit (loss) carried forward14 | €316,905 | €317,166 | €333,387 | €347,170 | €379,668 | €406,851 | €434,056 | €472,535 | ▲ 8.9% |
| Provisions and deferred taxes16 | - | €251 | €251 | €251 | €503 | €503 | €503 | €503 | = |
| Provisions for liabilities and charges160/5 | - | - | - | €251 | €503 | €503 | €503 | €503 | = |
| Taxes161 | - | - | - | €251 | €503 | €503 | €503 | €503 | = |
| Amounts payable17/49 | €251,720 | €199,126 | €213,944 | €173,383 | €94,046 | €57,803 | €47,255 | €47,291 | ▲ 0.1% |
| Amounts payable after more than one year17 | €12,833 | €8,166 | €3,500 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €238,886 | €189,562 | €207,664 | €172,183 | €92,846 | €47,815 | €47,255 | €47,291 | ▲ 0.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,500 | €0 | - | - | - | - |
| Trade debts44 | €218,192 | €177,317 | €189,983 | €143,552 | €64,292 | €10,708 | €9,656 | €10,877 | ▲ 12.7% |
| Suppliers440/4 | - | - | - | €143,552 | €64,292 | €10,708 | €9,656 | €10,582 | ▲ 9.6% |
| Bills of exchange payable441 | - | - | - | - | - | - | - | €295 | - |
| Taxes, remuneration and social security45 | - | - | - | €25,132 | €28,554 | €37,108 | €37,599 | €36,414 | ▼ 3.2% |
| Taxes450/3 | - | - | - | €19,897 | €22,921 | €27,617 | €27,869 | €30,044 | ▲ 7.8% |
| Remuneration and social security454/9 | - | - | - | €5,235 | €5,633 | €9,491 | €9,731 | €6,370 | ▼ 34.5% |
| Accrued charges and deferred income492/3 | - | - | - | €1,200 | €1,200 | €9,988 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,856 | €261 | €16,221 | €13,783 | €32,498 | €27,183 | €27,204 | €38,480 | ▲ 41.4% |
| + Depreciation and write-downs630 | €16,377 | €19,186 | €14,440 | €13,105 | €10,766 | €5,678 | €3,314 | €9,643 | ▲ 191% |
| Operating cash flow (approximation) | €29,233 | €19,447 | €30,661 | €26,888 | €43,264 | €32,862 | €30,518 | €48,122 | ▲ 57.7% |
| Investment in fixed assets (approximation) | - | -€15,196 | €0 | -€3,620 | €0 | €0 | -€5,915 | -€28,374 | ▼ 380% |
| Change in cash | - | -€64,440 | €74,729 | -€3,850 | -€33,175 | €31,386 | €58,937 | €7,524 | ▼ 87.2% |
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, 31,368 companies had the same profile as MATELEK has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MATELEK itself: < 0.1% 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 31,368 companies, not a prediction for MATELEK. 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.
Latest 10 of 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 28-07-2026 | 2026-00342229 | |
| 31-12-2024 | full format | 18-07-2025 | 2025-00283626 | |
| 31-12-2023 | full format | 19-08-2024 | 2024-00350214 | |
| 31-12-2022 | full format | 04-08-2023 | 2023-00312691 | |
| 31-12-2021 | full format | 19-07-2022 | 2022-20198234 | |
| 31-12-2020 | full format | 08-02-2022 | 2022-05100153 | |
| 31-12-2019 | full format | 21-08-2020 | 2020-43800151 | |
| 31-12-2018 | full format | 22-07-2019 | 2019-35100383 | |
| 31-12-2017 | full format | 19-09-2018 | 2018-63800453 | |
| 31-12-2016 | full format | 19-08-2017 | 2017-44600012 |