MATH PLASTER SOLUTIONS
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 22-04-2026 PDF all 3 filings
Turnover
€90,941▲ 5.8%
2022 · €85,929
EBIT margin
-0.6%▼ 4.7pp
2022 · 4.1%
Net result
-€7,028▼ 269%
2023 · -€1,905
Working capital
-€752
2023 · €5,662
Multi-year overview
2022 to 2024, 3 financial yearsTurnover
no figure
2024
20222024
Operating result
-€592
▼ 10.4%
2024
20222024
Net result
-€7,028
▼ 269%
2024
lowest quarter of the sector
20222024
EBIT margin
no figure
2024
20222024
Equity
-€4,390
2024
lowest quarter of the sector
20222024
Total assets
€31,509
▲ 15.6%
2024
lowest quarter of the sector
20222024
Debt
€35,900
▲ 45.8%
2024
20222024
Working capital
-€752
2024
lowest quarter of the sector
20222024
Solvency
-13.9%
▼ 23.6pp
2024
lowest quarter of the sector
20222024
Current ratio
0.97
▼ 0.89
2024
lowest quarter of the sector
20222024
Return on assets (ROA)
-22.3%
▼ 15.3pp
2024
lowest quarter of the sector
20222024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202220232024
Turnover€85,929-€90,941▲ 5.8%
Operating result€3,552--€536-€592▼ 10.4%
Net result€2,542within the sector's middle half--€1,905below the sector's middle half-€7,028below the sector's middle half▼ 269%
EBIT margin4.1%--0.6%▼ 4.7pp
Equity€4,542below the sector's middle half-€2,637below the sector's middle half▼ 41.9%-€4,390below the sector's middle half
Total assets€31,734below the sector's middle half-€27,261below the sector's middle half▼ 14.1%€31,509below the sector's middle half▲ 15.6%
Debt€27,192-€24,623▼ 9.4%€35,900▲ 45.8%
Working capital-€15,417below the sector's middle half-€5,662within the sector's middle half-€752below the sector's middle half
Solvency14.3%below the sector's middle half-9.7%below the sector's middle half▼ 4.6pp-13.9%below the sector's middle half▼ 23.6pp
Current ratio0.43below the sector's middle half-1.85within the sector's middle half▲ 1.420.97below the sector's middle half▼ 0.89
Return on assets (ROA)8.0%within the sector's middle half--7.0%below the sector's middle half▼ 15.0pp-22.3%below the sector's middle half▼ 15.3pp
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 2024 is a loss of €592, larger than the loss of €536 in 2023. It is the lowest result since 2022.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €31,509
Fixed assets
€9,980 ▼ 33.3%
Current assets
€21,530 ▲ 75.2%
Equity and liabilities
Equity-€4,390
Debt€35,900
Equity is negative. Debt (€35,900) exceeds the balance-sheet total (€31,509).
Key figures and ratios
EBITDA
€4,398▼
2023 · €4,453
Cash flow
-€2,038▼
2023 · €3,085
Interest coverage
1.40▼
2023 · 3.25
Debt ≤ 1 year
€22,282▲
2023 · €6,630
Debt > 1 year
€13,618▼
2023 · €17,994
Income taxes
€3,291
Supplier credit
0 days▼
2023 · 4 days
Staff costs
€0
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 | 2022 | 2023 | 2024 |
|---|---|---|---|
| Tangible fixed assets | €19,959 | - | - |
| Depreciation and write-downs of the year | €4,990 | €4,990 | €4,990 |
Source: notes to the 2022 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Turnover70 | €85,929 | €90,941 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €76,043 | €85,954 | €72,276 | ▼ 15.9% |
| Remuneration, social security and pensions62 | - | - | €0 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,990 | €4,990 | €4,990 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | €0 | - |
| Other operating charges640/8 | €1,343 | €533 | €1,730 | ▲ 225% |
| Operating charges capitalised as restructuring costs649 | - | - | €0 | - |
| Gross operating margin9900 | €9,885 | €4,987 | €6,128 | ▲ 22.9% |
| Operating profit (loss)9901 | €3,552 | -€536 | -€592 | ▼ 10.4% |
| Financial income75/76B | - | - | €0 | - |
| Recurring financial income75 | - | - | €0 | - |
| Financial charges65/66B | €163 | €1,368 | €3,144 | ▲ 130% |
| Recurring financial charges65 | €163 | €1,368 | €3,144 | ▲ 130% |
| Profit (loss) for the period before taxes9903 | €3,389 | -€1,905 | -€3,736 | ▼ 96.2% |
| Transfer from deferred taxes780 | - | - | €0 | - |
| Transfer to deferred taxes680 | - | - | €0 | - |
| Income taxes67/77 | €847 | - | €3,291 | - |
| Profit (loss) for the period9904 | €2,542 | -€1,905 | -€7,028 | ▼ 269% |
| Transfer from tax-exempt reserves789 | - | - | €0 | - |
| Transfer to tax-exempt reserves689 | - | - | €0 | - |
| Profit (loss) for the period to be appropriated9905 | €2,542 | -€1,905 | -€7,028 | ▼ 269% |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €31,734 | €27,261 | €31,509 | ▲ 15.6% |
| Formation expenses20 | - | - | €0 | - |
| Fixed assets21/28 | €19,959 | €14,969 | €9,980 | ▼ 33.3% |
| Intangible fixed assets21 | - | - | €0 | - |
| Tangible fixed assets22/27 | €19,959 | €14,969 | €9,980 | ▼ 33.3% |
| Land and buildings22 | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | €0 | - |
| Furniture and vehicles24 | €19,959 | €14,969 | €9,980 | ▼ 33.3% |
| Leasing and similar rights25 | - | - | €0 | - |
| Other tangible fixed assets26 | - | - | €0 | - |
| Assets under construction and advance payments27 | - | - | €0 | - |
| Financial fixed assets28 | - | - | €0 | - |
| Current assets29/58 | €11,775 | €12,292 | €21,530 | ▲ 75.2% |
| Amounts receivable after more than one year29 | - | - | €0 | - |
| Trade receivables290 | - | - | €0 | - |
| Other amounts receivable291 | - | - | €0 | - |
| Stocks and contracts in progress3 | - | - | €0 | - |
| Stocks30/36 | - | - | €0 | - |
| Contracts in progress37 | - | - | €0 | - |
| Amounts receivable within one year40/41 | €9,131 | €10,282 | €21,400 | ▲ 108% |
| Trade receivables40 | €5,334 | €9,289 | €15,784 | ▲ 69.9% |
| Other amounts receivable41 | €3,797 | €993 | €5,616 | ▲ 466% |
| Current investments50/53 | - | - | €0 | - |
| Cash at bank and in hand54/58 | €2,643 | €2,010 | €129 | ▼ 93.6% |
| Deferred charges and accrued income490/1 | - | - | €0 | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €31,734 | €27,261 | €31,509 | ▲ 15.6% |
| Equity10/15 | €4,542 | €2,637 | -€4,390 | - |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Revaluation surpluses12 | - | - | €0 | - |
| Reserves13 | - | - | €0 | - |
| Non-distributable reserves130/1 | - | - | €0 | - |
| Reserves not available under the articles1311 | - | - | €0 | - |
| Own shares acquired1312 | - | - | €0 | - |
| Financial assistance1313 | - | - | €0 | - |
| Other1319 | - | - | €0 | - |
| Tax-exempt reserves132 | - | - | €0 | - |
| Distributable reserves133 | - | - | €0 | - |
| Profit (loss) carried forward14 | €2,542 | €637 | -€6,390 | - |
| Investment grants15 | - | - | €0 | - |
| Advance to shareholders on the distribution of net assets19 | - | - | €0 | - |
| Provisions and deferred taxes16 | - | - | €0 | - |
| Provisions for liabilities and charges160/5 | - | - | €0 | - |
| Pensions and similar obligations160 | - | - | €0 | - |
| Taxes161 | - | - | €0 | - |
| Major repairs and maintenance162 | - | - | €0 | - |
| Environmental obligations163 | - | - | €0 | - |
| Other liabilities and charges164/5 | - | - | €0 | - |
| Deferred taxes168 | - | - | €0 | - |
| Amounts payable17/49 | €27,192 | €24,623 | €35,900 | ▲ 45.8% |
| Amounts payable after more than one year17 | - | €17,994 | €13,618 | ▼ 24.3% |
| Financial debts170/4 | - | €17,994 | €13,618 | ▼ 24.3% |
| Trade debts175 | - | - | €0 | - |
| Advances received on contracts in progress176 | - | - | €0 | - |
| Other amounts payable178/9 | - | - | €0 | - |
| Amounts payable within one year42/48 | €27,192 | €6,630 | €22,282 | ▲ 236% |
| Current portion of amounts payable after more than one year42 | - | - | €2,304 | - |
| Financial debts43 | €121 | €121 | €10,119 | ▲ 84× |
| Credit institutions430/8 | €121 | €121 | €10,119 | ▲ 84× |
| Other loans439 | - | - | €0 | - |
| Trade debts44 | €17,274 | €998 | €0 | ▼ 100% |
| Suppliers440/4 | €17,274 | €998 | €0 | ▼ 100% |
| Bills of exchange payable441 | - | - | €0 | - |
| Advances received on contracts in progress46 | - | - | €0 | - |
| Taxes, remuneration and social security45 | €847 | €847 | €3,426 | ▲ 304% |
| Taxes450/3 | €847 | €847 | €3,426 | ▲ 304% |
| Remuneration and social security454/9 | - | - | €0 | - |
| Other amounts payable47/48 | €8,949 | €4,663 | €6,432 | ▲ 37.9% |
| Accrued charges and deferred income492/3 | - | - | €0 | - |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,542 | -€1,905 | -€7,028 | ▼ 269% |
| + Depreciation and write-downs630 | €4,990 | €4,990 | €4,990 | = |
| Operating cash flow (approximation) | €7,532 | €3,085 | -€2,038 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | - |
| Change in cash | - | -€634 | -€1,881 | ▼ 197% |
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, 7,639 companies had the same profile as MATH PLASTER SOLUTIONS has now. Two years later, 84.9% were still going and 8.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
84.9%
was still going
5.6%
stopped otherwise
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MATH PLASTER SOLUTIONS itself: 9.5% 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 7,639 companies, not a prediction for MATH PLASTER SOLUTIONS. 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.