Result
Back in profit in 2025, after a loss of €30,102 in 2024.
Back in profit in 2025, after a loss of €30,102 in 2024.
Of this, €41,938 falls due within a year.
The last five annual accounts were filed 0 to 2 days before the end of the period.
The dashed line is the sector median: 0.1% across 48,555 companies (NACE 70, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, micro). It does better than 24% of them on solvency, 49% on liquidity, 46% on profitability and 85% on growth.
The bankruptcy probability was computed on 06-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 6,713 companies had the same profile as Mathcha has now. Each dot stands for 17 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Mathcha itself is lower: 0.3% within 12 months. It rests on far more data about Mathcha than the profile alone.
The method was tested on the 497,447 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 6,713 companies, not a prediction for Mathcha. 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.
Liquidity is insufficient, with a current ratio of 0.85 (1.21 in 2024), below 1. Short-term debt is 10.1% and cash 6.2% of total assets. 79% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 6 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Mathcha Diepenbeek | €416,199 | €67,208 | 21.0% | - |
| Buvit Consulting Wellen | €408,657 | €65,482 | 86.2% | - |
| Tim's Management & Consulting Hasselt | €452,593 | €71,025 | 10.1% | - |
| RPJ SOLUTIONS Alken | €378,338 | €63,797 | 80.0% | - |
| ELALCO Hasselt | €377,035 | €80,494 | 48.4% | - |
| HELEMAT Bilzen-Hoeselt | €388,703 | €74,016 | 24.7% | - |
| PRAGMATS Ghent | €399,004 | €65,499 | 96.8% | - |
These companies have the same main activity as Mathcha: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €377,000 and €453,000, founded between 2017 and 2020.
Mathcha files the micro format. That format states no turnover. The gross margin fell from €104,959 in 2020 to €67,208 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €140,000. Estimated: probably between €100,000 and €170,000.
Higher than 24% of 39,335 companies in 2025.
Higher than 19% of 38,020 companies in 2025.
Higher than 39% of 38,492 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
416,199 | 434,079 | 473,056 | 528,325 | 534,992 | 457,215 | |
21/28 |
380,485 | 388,665 | 404,082 | 415,856 | 424,680 | 416,180 | |
22/27 |
380,485 | 388,665 | 404,082 | 415,856 | 424,680 | 416,180 | |
22 |
368,169 | 381,750 | 395,332 | 408,913 | 417,783 | 407,547 | |
23 |
2,983 | 2,633 | 2,416 | 3,190 | 1,584 | 1,760 | |
24 |
9,334 | 4,282 | 6,335 | 3,753 | 5,313 | 6,873 | |
29/58 |
35,714 | 45,414 | 68,974 | 112,469 | 110,312 | 41,035 | |
40/41 |
6,639 | 12,859 | 17,936 | 8 | 6,097 | 19,320 | |
40 |
6,639 | 12,859 | 17,708 | - | 2,427 | 9,300 | |
41 |
- | - | 229 | 8 | 3,670 | 10,021 | |
54/58 |
25,775 | 29,647 | 47,866 | 109,007 | 101,153 | 19,514 | |
490/1 |
3,300 | 2,907 | 3,172 | 3,454 | 3,061 | 2,200 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
416,199 | 434,079 | 473,056 | 528,325 | 534,992 | 457,215 | |
10/15 |
87,207 | 51,130 | 81,232 | 99,302 | 73,514 | 45,004 | |
10/11 |
12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
86,897 | 86,897 | 86,897 | 86,902 | 61,114 | 32,604 | |
133 |
86,897 | 86,897 | 86,897 | 86,902 | 61,114 | 32,604 | |
14 |
-12,090 | -48,167 | -18,065 | - | - | - | |
17/49 |
328,992 | 382,949 | 391,824 | 429,023 | 461,477 | 412,211 | |
17 |
284,249 | 343,532 | 356,376 | 380,420 | 408,081 | 369,442 | |
170/4 |
245,178 | 269,416 | 293,368 | 317,038 | 340,429 | 300,000 | |
178/9 |
39,072 | 74,117 | 63,008 | 63,382 | 67,651 | 69,442 | |
42/48 |
41,938 | 37,616 | 33,648 | 45,631 | 51,437 | 42,768 | |
42 |
26,212 | 25,926 | 21,708 | 23,391 | 23,115 | - | |
44 |
3,975 | 3,932 | 2,137 | 5,472 | 1,924 | 15,585 | |
440/4 |
3,975 | 3,932 | 2,137 | 5,472 | 1,924 | 15,585 | |
45 |
11,552 | 7,415 | 9,459 | 16,425 | 26,055 | 26,841 | |
450/3 |
11,552 | 5,655 | 9,459 | 16,425 | 26,055 | 26,841 | |
454/9 |
- | 1,760 | - | - | - | - | |
47/48 |
200 | 343 | 343 | 343 | 343 | 343 | |
492/3 |
2,805 | 1,800 | 1,800 | 2,972 | 1,960 | - | |
| Income statement | |||||||
9900 |
67,208 | 31,851 | 37,700 | 93,619 | 68,006 | 104,959 | |
62 |
- | -40 | - | - | 2,777 | - | |
630 |
16,732 | 16,657 | 16,438 | 15,232 | 15,133 | 51,250 | |
640/8 |
2,480 | 2,160 | 1,988 | 1,909 | 2,161 | 2,635 | |
9901 |
47,997 | 13,074 | 19,274 | 76,478 | 47,935 | 51,073 | |
75/76B |
0 | 842 | 61 | - | 340 | 0 | |
75 |
0 | 842 | 61 | - | 340 | 0 | |
65/66B |
9,809 | 43,800 | 37,172 | 40,290 | 7,747 | 2,584 | |
65 |
9,809 | 43,800 | 37,172 | 40,290 | 7,747 | 2,584 | |
9903 |
38,188 | -29,884 | -17,837 | 36,188 | 40,528 | 48,490 | |
67/77 |
2,111 | 218 | 233 | 10,399 | 12,018 | 15,885 | |
9904 |
36,077 | -30,102 | -18,070 | 25,788 | 28,510 | 32,604 | |
9905 |
36,077 | -30,102 | -18,070 | 25,788 | 28,510 | 32,604 | |
| Appropriation of the result | |||||||
9906 |
-12,090 | -48,167 | -18,070 | 25,788 | 28,510 | 32,604 | |
14P |
-48,167 | -18,065 | - | - | - | - | |
791/2 |
- | - | 5 | - | - | - | |
691/2 |
- | - | - | 25,788 | 28,510 | 32,604 | |
6921 |
- | - | - | 25,788 | 28,510 | 32,604 | |
| Document | |||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 30-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 30-04-2026 | 2026-00095594 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00088015 | |
| 30-09-2023 | micro format | 29-04-2024 | 2024-00081484 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00080239 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20021111 | |
| 30-09-2020 | micro format | 31-03-2021 | 2021-09100561 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 64,729 | 29,732 | 35,712 | 91,710 | 63,068 | 102,324 | ||
| 52,809 | -13,444 | -1,632 | 41,020 | 43,643 | 83,855 | ||
| 8,552 | 1,240 | 4,665 | 6,408 | 23,633 | 467,431 | ||
| -3,872 | -18,219 | -61,141 | 7,853 | 81,639 | - | ||
| -6,224 | 7,798 | 35,326 | 66,838 | 58,875 | -1,734 | ||
| 21.0% | 11.8% | 17.2% | 18.8% | 13.7% | 9.8% | ||
| 0.85 | 1.21 | 2.05 | 2.46 | 2.14 | 0.96 | ||
| 3.77 | 7.49 | 4.82 | 4.32 | 6.28 | 9.16 | ||
| 41.4% | -58.9% | -22.2% | 26.0% | 38.8% | 72.4% | ||
| 8.7% | -6.9% | -3.8% | 4.9% | 5.3% | 7.1% | ||
| 6.60 | 0.68 | 0.96 | 2.28 | 8.14 | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-09-2025 | 30-09-2024 | 30-09-2023 | 30-09-2022 | 30-09-2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,552 | €1,240 | €4,665 | €6,408 | €23,633 |
| €16,732 | €16,657 | €16,438 | €15,232 | €15,133 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is nearly 3.7 times that of 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 88.2% to 79.0%. Equity is higher and debt is lower.
Mathcha has no parent and no holdings in its annual accounts. WELS Christophe is the only director.
| ULTRACOM via Christophe Wels, no longer at ULTRACOM · Permanent representative · deed of 28-04-2025 founded in 2010 |
total assets €759,292 (2025) |
The connected companies are in the list below.
Deadline for the 2026 accounts: 30-04-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Herenstraat 30 registered office 3590 Diepenbeek | 10-01-2019 | 2.285.199.343 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 71011I1605/00D000 | 400 m² | 1 · 114 m² | 12.9 m · 3 |
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