MATH-X
InactiveInactive since 12-09-2026; last annual accounts for fiscal year 2025. Dissolved and wound up in a single deed on 20-08-2026; books and records kept by DE FRENNE Anne in Uccle (5 years).
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-21k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 10-09-2025, 143 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
143 d early
2024
94 d early
2023
125 d early
2022
63 d early
2021
67 d early
2020
11 d early
2019
49 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
History
Financials · fiscal year 2025, micro schema
Equity
€114k▼ 15.8%
2024 · €136k
Total assets
€116k▼ 15.3%
2024 · €137k
Net result
€-21k▼ 11.0%
2024 · €-19k
Working capital
€111k▼ 15.4%
2024 · €132k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€-554▲ 87.3%€-4k▼ 569%€-10k▼ 157%€-20k▼ 107%€-22k▼ 12.9%
Net result€-811▲ 85.7%€20k€-10k€-19k▼ 98.2%€-21k▼ 11.0%
Equity€145k▼ 0.6%€165k▲ 13.8%€155k▼ 5.9%€136k▼ 12.5%€114k▼ 15.8%
Total assets€157k▼ 0.1%€171k▲ 9.1%€156k▼ 8.7%€137k▼ 12.7%€116k▼ 15.3%
Debt€12k▲ 5.3%€6k▼ 48.2%€1k▼ 83.5%€568▼ 44.2%€1k▲ 94.1%
Working capital€144k▲ 0.1%€157k▲ 8.7%€148k▼ 5.8%€132k▼ 11.0%€111k▼ 15.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €22k in 2025 against €20k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €116k
Fixed assets
€4k ▼ 26.3%
Current assets
€112k ▼ 14.9%
Equity and liabilities €116k
Equity
€114k ▼ 15.8%
Debt
€1k ▲ 94.1%
Debt's share of the balance-sheet total rises from 0.4% to 1.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-19k▼
2024 · €-17k
Cash flow
€-18k▼
2024 · €-16k
Debt to equity
0.01▲
2024 · 0.00
ROE
-18.7%▼
2024 · -14.2%
ROA
-18.6%▼
2024 · -14.2%
Interest coverage
-153.64▼
2024 · -102.64
Debt ≤ 1 year
€715▲
2024 · €184
Income taxes
€199▲
2024 · €192
A ratio outside any meaningful range has been withheld (balance sheet total €116k, equity €114k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €869 | €2k | €3k | €3k | €3k | ▼ 0.2% |
| Other operating charges640/8 | - | €2k | €776 | €818 | €721 | ▼ 11.9% |
| Gross operating margin9900 | €2k | €185 | €-6k | €-16k | €-18k | ▼ 16.7% |
| Operating profit (loss)9901 | €-554 | €-4k | €-10k | €-20k | €-22k | ▼ 12.9% |
| Financial income75/76B | - | €33k | €30 | €707 | €1k | ▲ 54.6% |
| Recurring financial income75 | - | €33k | €30 | €707 | €1k | ▲ 54.6% |
| Financial charges65/66B | - | €122 | €75 | €162 | €125 | ▼ 23.0% |
| Recurring financial charges65 | €90 | €122 | €75 | €162 | €125 | ▼ 23.0% |
| Profit (loss) for the period before taxes9903 | €-644 | €29k | €-10k | €-19k | €-21k | ▼ 11.1% |
| Income taxes67/77 | €167 | €9k | €196 | €192 | €199 | ▲ 3.5% |
| Profit (loss) for the period9904 | €-811 | €20k | €-10k | €-19k | €-21k | ▼ 11.0% |
| Profit (loss) for the period to be appropriated9905 | €-811 | €20k | €-10k | €-19k | €-21k | ▼ 11.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €157k | €171k | €156k | €137k | €116k | ▼ 15.3% |
| Fixed assets21/28 | €1k | €9k | €8k | €5k | €4k | ▼ 26.3% |
| Tangible fixed assets22/27 | €803 | €8k | €8k | €4k | €3k | ▼ 27.8% |
| Furniture and vehicles24 | - | €5k | €5k | €3k | €593 | ▼ 79.3% |
| Other tangible fixed assets26 | - | €3k | €2k | €2k | €3k | ▲ 63.0% |
| Financial fixed assets28 | €260 | €260 | €260 | €260 | €260 | = |
| Current assets29/58 | €156k | €163k | €148k | €132k | €112k | ▼ 14.9% |
| Amounts receivable within one year40/41 | - | €2k | €2k | €4k | €5k | ▲ 42.6% |
| Trade receivables40 | - | - | - | €64 | - | - |
| Other amounts receivable41 | - | €2k | €2k | €4k | €5k | ▲ 45.0% |
| Current investments50/53 | €99k | - | - | - | - | - |
| Cash at bank and in hand54/58 | €54k | €158k | €144k | €127k | €106k | ▼ 16.8% |
| Deferred charges and accrued income490/1 | - | €2k | €3k | €809 | €798 | ▼ 1.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €157k | €171k | €156k | €137k | €116k | ▼ 15.3% |
| Equity10/15 | €145k | €165k | €155k | €136k | €114k | ▼ 15.8% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €57k | €77k | €77k | €77k | €77k | = |
| Non-distributable reserves130/1 | - | €2k | - | - | - | - |
| Reserves not available under the articles1311 | - | €2k | - | - | - | - |
| Distributable reserves133 | - | €75k | €77k | €77k | €77k | = |
| Profit (loss) carried forward14 | €70k | €70k | €60k | €41k | €19k | ▼ 52.7% |
| Amounts payable17/49 | €12k | €6k | €1k | €568 | €1k | ▲ 94.1% |
| Amounts payable within one year42/48 | €12k | €6k | €670 | €184 | €715 | ▲ 290% |
| Financial debts43 | - | €122 | - | - | - | - |
| Credit institutions430/8 | - | €122 | - | - | - | - |
| Trade debts44 | €317 | €37 | €475 | €184 | €715 | ▲ 290% |
| Suppliers440/4 | - | €37 | €475 | €184 | €715 | ▲ 290% |
| Taxes, remuneration and social security45 | - | €245 | €196 | - | - | - |
| Taxes450/3 | - | €245 | €196 | - | - | - |
| Other amounts payable47/48 | - | €5k | - | - | - | - |
| Accrued charges and deferred income492/3 | - | €348 | €348 | €384 | €387 | ▲ 0.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-811 | €20k | €-10k | €-19k | €-21k | ▼ 11.0% |
| + Depreciation and write-downs630 | €869 | €2k | €3k | €3k | €3k | ▼ 0.2% |
| Operating cash flow (approximation) | €59 | €22k | €-7k | €-16k | €-18k | ▼ 13.1% |
| Investment in fixed assets (approximation) | - | €-9k | €-2k | €0 | €-2k | - |
| Change in cash | - | €104k | €-14k | €-17k | €-21k | ▼ 26.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-09
State Gazette act
End & cessation · MiscellaneousDissolution · Auditor report · Liquidation closure5 facts ▸
State Gazette act
End & cessation · Miscellaneous
Dissolution · Auditor report · Liquidation closure5 facts ▸
- Dissolution, 20-08-2026
- Auditor report, EUR, 93106.34
- Liquidation closure, définitive
- Custody of records, 1180 Uccle, Avenue des Tilleuls 8, 5
- Liquidation distribution, déposées à la Caisse des Dépôts et Consignations
2025
10-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Weakest financial yearnet €-21k
Net result drops to €-21k, the lowest in the series.
2024
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
30-06
Financial
Liquidity triplescurrent ratio 718.06
Current ratio from 221.44 to 718.06; short-term debt falls from €670 to €184.
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
30-06
Financial
Liquidity times 8current ratio 221.44
Current ratio from 27.94 to 221.44; short-term debt falls from €6k to €670.
2022
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Back to profitnet €20k
Net result €20k after 2 loss-making years.
30-06
Financial
Liquidity doublescurrent ratio 27.94
Current ratio from 13.48 to 27.94; short-term debt falls from €12k to €6k.
30-06
Financial
Equity above €150kEq €165k ▲13.8%
Equity rises from €145k to €165k.
2021
25-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Show earlier events
20-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2019
13-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
13-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
16-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ukkel
Ground area
1,343 m²
Building footprint
254 m²
Volume, LiDAR
1,260 m³
Parcel 21614F0170/00D007, Brussels · tallest building 19.4 m, ±1 floor. Linked by address, not a title deed.
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21614F0170/00D007 | Brussels | 1,343 m² | 1 · 254 m² | 19.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.