MATHAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-01-2026 PDF all 21 filings
Turnover
≈ €1.7m
Estimated: probably between €750,000 and €3.1m
Total assets
€1.1m▲ 6.8%
2024 · €1.0m
Net result
€111,102▲ 141%
2024 · €46,156
Working capital
€5,234
2024 · -€69,000
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€163,874
▲ 100%
2025
20192025
Net result
€111,102
▲ 141%
2025
highest quarter of the sector
20192025
Equity
€594,535
▲ 20.0%
2025
highest quarter of the sector
20192025
Total assets
€1.1m
▲ 6.8%
2025
highest quarter of the sector
20192025
Debt
€435,732
▼ 6.7%
2025
20192025
Working capital
€5,234
2025
middle half of the sector
20192025
Solvency
55.4%
▲ 6.1pp
2025
middle half of the sector
20192025
Current ratio
1.04
▲ 0.65
2025
middle half of the sector
20192025
Return on assets (ROA)
10.3%
▲ 5.8pp
2025
middle half of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.02m-€0.03m▲ 69.8%€0.02m▼ 44.5%€0.03m▲ 68.9%€0.04m▲ 37.3%€0.08m▲ 114%€0.2m▲ 100%
Net result-€0.005m-€0.001mwithin the sector's middle half-€0.006mbelow the sector's middle half€0.004mwithin the sector's middle half€0.01mwithin the sector's middle half▲ 216%€0.05mabove the sector's middle half▲ 306%€0.1mabove the sector's middle half▲ 141%
Equity€0.4m-€0.4mabove the sector's middle half▲ 0.2%€0.4mabove the sector's middle half▼ 1.3%€0.4mabove the sector's middle half▲ 0.8%€0.4mabove the sector's middle half▲ 2.6%€0.5mabove the sector's middle half▲ 10.3%€0.6mabove the sector's middle half▲ 20.0%
Total assets€1.1m-€1.0mabove the sector's middle half▼ 3.9%€1.0mabove the sector's middle half▼ 5.9%€0.9mabove the sector's middle half▼ 4.6%€1.0mabove the sector's middle half▲ 9.7%€1.0mabove the sector's middle half▼ 2.6%€1.1mabove the sector's middle half▲ 6.8%
Debt€0.6m-€0.6m▼ 7.1%€0.5m▼ 10.0%€0.5m▼ 9.7%€0.5m▲ 17.4%€0.5m▼ 13.6%€0.4m▼ 6.7%
Working capital-€0.09m--€0.08mbelow the sector's middle half▲ 8.0%-€0.1mbelow the sector's middle half▼ 18.6%-€0.09mbelow the sector's middle half▲ 10.7%-€0.05mbelow the sector's middle half▲ 40.2%-€0.07mbelow the sector's middle half▼ 32.3%€0.005mwithin the sector's middle half
Solvency40.2%-41.9%within the sector's middle half▲ 1.7pp44.0%within the sector's middle half▲ 2.1pp46.5%within the sector's middle half▲ 2.5pp43.5%within the sector's middle half▼ 3.0pp49.3%within the sector's middle half▲ 5.8pp55.4%within the sector's middle half▲ 6.1pp
Current ratio0.40-0.43below the sector's middle half▲ 0.030.32below the sector's middle half▼ 0.110.35below the sector's middle half▲ 0.020.62below the sector's middle half▲ 0.280.40below the sector's middle half▼ 0.231.04within the sector's middle half▲ 0.65
Return on assets (ROA)-0.4%-0.1%within the sector's middle half▲ 0.5pp-0.6%within the sector's middle half▼ 0.7pp0.4%within the sector's middle half▲ 1.0pp1.1%within the sector's middle half▲ 0.7pp4.6%within the sector's middle half▲ 3.5pp10.3%within the sector's middle half▲ 5.8pp
Staff (FTE)0.5-0.5below the sector's middle half=0.5=1▲ 100%1=1=1=
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 100% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €1.1m
Fixed assets
€947,180 ▼ 1.4%
Current assets
€126,678 ▲ 178%
Equity and liabilities €1.1m
Equity
€594,535 ▲ 20.0%
Provisions
€43,591 =
Debt
€435,732 ▼ 6.7%
Debt's share of the balance-sheet total falls from 46.4% to 40.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€177,040▲
2024 · €99,499
Cash flow
€124,268▲
2024 · €63,800
Debt to equity
0.73▼
2024 · 0.94
ROE
18.7%▲
2024 · 9.3%
Interest coverage
10.52▲
2024 · 6.82
Debt ≤ 1 year
€121,444▲
2024 · €114,560
Debt > 1 year
€314,289▼
2024 · €352,323
Income taxes
€48,974▲
2024 · €21,132
Staff costs
€32,407▲
2024 · €13,102
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,139 | €104,099 | €31,378 | - |
| Depreciation and write-downs of the year | €47,873 | €52,731 | €17,644 | €13,166 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 2 entries · €48,708 awarded · €39,320 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €39,320 |
| 2022 | 1 | €48,708 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €86 | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €27,224 | €21,419 | €13,102 | €32,407 | ▲ 147% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,108 | €47,558 | €48,466 | €47,873 | €52,731 | €17,644 | €13,166 | ▼ 25.4% |
| Other operating charges640/8 | - | - | - | €2,725 | €3,034 | €3,013 | €3,127 | ▲ 3.8% |
| Non-recurring operating charges66A | - | - | - | €68 | €0 | - | - | - |
| Gross operating margin9900 | €121,292 | €103,474 | €92,266 | €105,686 | €115,356 | €115,614 | €212,574 | ▲ 83.9% |
| Operating profit (loss)9901 | €17,474 | €29,663 | €16,453 | €27,796 | €38,173 | €81,855 | €163,874 | ▲ 100% |
| Financial income75/76B | - | - | - | €21 | €0 | €13 | €13,031 | ▲ 1,012× |
| Recurring financial income75 | - | €1 | €0 | €21 | €0 | €13 | €13,031 | ▲ 1,012× |
| Financial charges65/66B | - | - | - | €13,274 | €14,856 | €14,580 | €16,828 | ▲ 15.4% |
| Recurring financial charges65 | €14,265 | €16,760 | €14,900 | €13,274 | €14,856 | €14,580 | €16,828 | ▲ 15.4% |
| Profit (loss) for the period before taxes9903 | €3,209 | €12,904 | €1,553 | €14,543 | €23,316 | €67,288 | €160,076 | ▲ 138% |
| Income taxes67/77 | €7,967 | €11,948 | €7,250 | €10,941 | €11,948 | €21,132 | €48,974 | ▲ 132% |
| Profit (loss) for the period9904 | -€4,758 | €956 | -€5,696 | €3,602 | €11,368 | €46,156 | €111,102 | ▲ 141% |
| Profit (loss) for the period to be appropriated9905 | -€4,758 | €956 | -€5,696 | €3,602 | €11,368 | €46,156 | €111,102 | ▲ 141% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | €1.1m | ▲ 6.8% |
| Fixed assets21/28 | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €1.0m | €0.9m | ▼ 1.4% |
| Intangible fixed assets21 | €0.1m | €0.08m | €0.05m | €0.03m | €0 | - | - | - |
| Tangible fixed assets22/27 | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 2.7% |
| Land and buildings22 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €193 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.007m | €0.007m | €0.005m | ▼ 25.9% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Current assets29/58 | €0.06m | €0.06m | €0.05m | €0.05m | €0.09m | €0.05m | €0.1m | ▲ 178% |
| Amounts receivable within one year40/41 | €0.05m | €0.03m | €0.02m | €0.008m | €0.009m | €0.005m | €0.03m | ▲ 356% |
| Trade receivables40 | - | - | - | €0.001m | €71 | €0 | €0.03m | - |
| Other amounts receivable41 | - | - | - | €0.007m | €0.009m | €0.005m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.01m | €0.03m | €0.03m | €0.04m | €0.08m | €0.04m | €0.1m | ▲ 162% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 5.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | €1.1m | ▲ 6.8% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 20.0% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 54.8% |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 54.8% |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Provisions and deferred taxes16 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Pensions and similar obligations160 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Amounts payable17/49 | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.7% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.8% |
| Financial debts170/4 | - | - | - | €0.3m | €0.4m | €0.4m | €0.3m | ▼ 10.8% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 6.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.03m | €0.03m | €0.03m | ▲ 2.7% |
| Financial debts43 | - | - | - | €0.005m | €0.007m | €0 | - | - |
| Other loans439 | - | - | - | €0.005m | €0.007m | €0 | - | - |
| Trade debts44 | €0.004m | €75 | €0.008m | €0.002m | €0.004m | €0.003m | €0.002m | ▼ 32.5% |
| Suppliers440/4 | - | - | - | €0.002m | €0.004m | €0.003m | €0.002m | ▼ 32.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.007m | €0.006m | €0.01m | €0.02m | ▲ 83.9% |
| Taxes450/3 | - | - | - | €0.006m | €0.006m | €0.009m | €0.02m | ▲ 98.1% |
| Remuneration and social security454/9 | - | - | - | €0.002m | €0 | €0.002m | €0.002m | ▲ 2.3% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.07m | €0.07m | ▼ 2.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,758 | €956 | -€5,696 | €3,602 | €11,368 | €46,156 | €111,102 | ▲ 141% |
| + Depreciation and write-downs630 | €42,108 | €47,558 | €48,466 | €47,873 | €52,731 | €17,644 | €13,166 | ▼ 25.4% |
| Operating cash flow (approximation) | €37,350 | €48,514 | €42,770 | €51,475 | €64,099 | €63,800 | €124,268 | ▲ 94.8% |
| Investment in fixed assets (approximation) | - | -€3,690 | -€1,635 | -€2,071 | -€104,185 | -€31,378 | -€0 | ▲ 100.0% |
| Change in cash | - | €18,290 | -€1,887 | €8,353 | €38,696 | -€37,228 | €61,479 | - |
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 MATHAN 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 MATHAN 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 MATHAN. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 29-01-2026 | 2026-00017565 | |
| 30-06-2024 | micro format | 06-01-2025 | 2025-00630097 | |
| 30-06-2023 | micro format | 17-01-2024 | 2024-00002600 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00018060 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-05100130 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02100276 | |
| 30-06-2019 | micro format | 09-01-2020 | 2020-00500425 | |
| 30-06-2018 | micro format | 22-01-2019 | 2019-01800333 | |
| 30-06-2017 | micro format | 26-01-2018 | 2018-02100584 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01200032 |