MATHEL
ActiveSummary
MATHEL has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€57,851) and a net result of €7,070. Equity is shrinking by ~5% per year across the filed fiscal years. Its solvency ranks better than 20% of 1323 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▲+49
Solvency11▲+2
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.25 against 0.29 in 2024; short-term debt: 8.1% and cash: 1.3% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13.7%
Return on assets
1.7%
Age of the figures
15 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 55
Relative position
BE, all sectors
reference
Accommodation (NACE 55)
about 6% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 1323 sector peers (2025).
NBB · sector comparisonPosition among 1323 sector peers
Solvency
better than 20%
← weakest
strongest →
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 22-12-2025, 40 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
40 d early
2024
39 d early
2023
44 d early
2022
38 d early
2021
33 d early
2020
36 d early
2019
32 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 37 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 45% of the sector filed late.
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. Usually files around 22 December (3 of the last 3 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€57,851▲ 10.9%
2024 · -€64,921
Total assets
€422,672▲ 2.2%
2024 · €413,444
Net result
€7,070
2024 · -€24,044
Working capital
-€25,520▼ 13.8%
2024 · -€22,428
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8,941▲ 2,044%€18,409▲ 106%-€7,576-€16,948▼ 124%€13,468
Net result€2,038within the sector's middle half€11,822within the sector's middle half▲ 480%-€11,323within the sector's middle half-€24,044below the sector's middle half▼ 112%€7,070within the sector's middle half
Equity-€41,376below the sector's middle half▲ 4.7%-€29,554below the sector's middle half▲ 28.6%-€40,876below the sector's middle half▼ 38.3%-€64,921below the sector's middle half▼ 58.8%-€57,851below the sector's middle half▲ 10.9%
Total assets€466,296within the sector's middle half▼ 1.3%€450,266within the sector's middle half▼ 3.4%€483,304within the sector's middle half▲ 7.3%€413,444within the sector's middle half▼ 14.5%€422,672within the sector's middle half▲ 2.2%
Debt€507,672▼ 1.6%€479,820▼ 5.5%€524,180▲ 9.2%€478,364▼ 8.7%€480,522▲ 0.5%
Working capital-€16,774within the sector's middle half▼ 39.7%-€11,170within the sector's middle half▲ 33.4%-€25,509within the sector's middle half▼ 128%-€22,428within the sector's middle half▲ 12.1%-€25,520within the sector's middle half▼ 13.8%
Solvency-8.9%below the sector's middle half▲ 0.3pp-6.6%below the sector's middle half▲ 2.3pp-8.5%below the sector's middle half▼ 1.9pp-15.7%below the sector's middle half▼ 7.2pp-13.7%below the sector's middle half▲ 2.0pp
Current ratio0.56within the sector's middle half▲ 0.020.63within the sector's middle half▲ 0.070.56within the sector's middle half▼ 0.070.29within the sector's middle half▼ 0.270.25within the sector's middle half▼ 0.04
Return on assets (ROA)0.4%within the sector's middle half▲ 1.9pp2.6%within the sector's middle half▲ 2.2pp-2.3%within the sector's middle half▼ 5.0pp-5.8%below the sector's middle half▼ 3.5pp1.7%within the sector's middle half▲ 7.5pp
above
within
below
the middle half (P25 to P75) of NACE 55, Accommodation, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €13,468 after a loss of €16,948 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €422,672
Fixed assets
€413,987 ▲ 2.4%
Current assets
€8,685 ▼ 5.6%
Key figures and ratios
EBITDA
€35,080▲
2024 · €5,200
Cash flow
€28,682▲
2024 · -€1,897
Debt to equity
-8.31▼
2024 · -7.37
Interest coverage
5.48▲
2024 · 0.73
Debt ≤ 1 year
€34,205▲
2024 · €31,632
Debt > 1 year
€442,408▲
2024 · €441,400
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,381 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
2.0%
went bankrupt
3.1%
stopped otherwise
94%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,381 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,299 | €22,560 | €12,435 | €22,148 | €21,612 | ▼ 2.4% |
| Other operating charges640/8 | €3,645 | €3,136 | €1,566 | €5,839 | €4,661 | ▼ 20.2% |
| Non-recurring operating charges66A | - | - | - | €29,739 | - | - |
| Gross operating margin9900 | €33,885 | €44,106 | €6,425 | €40,778 | €39,740 | ▼ 2.5% |
| Operating profit (loss)9901 | €8,941 | €18,409 | -€7,576 | -€16,948 | €13,468 | ▲ 179% |
| Financial income75/76B | - | €1 | €9 | - | - | - |
| Recurring financial income75 | - | €1 | €9 | - | - | - |
| Financial charges65/66B | €6,903 | €6,588 | €3,756 | €7,097 | €6,398 | ▼ 9.9% |
| Recurring financial charges65 | €6,903 | €6,588 | €3,756 | €7,097 | €6,398 | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €2,038 | €11,822 | -€11,323 | -€24,044 | €7,070 | ▲ 129% |
| Profit (loss) for the period9904 | €2,038 | €11,822 | -€11,323 | -€24,044 | €7,070 | ▲ 129% |
| Profit (loss) for the period to be appropriated9905 | €2,038 | €11,822 | -€11,323 | -€24,044 | €7,070 | ▲ 129% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €466,296 | €450,266 | €483,304 | €413,444 | €422,672 | ▲ 2.2% |
| Fixed assets21/28 | €445,112 | €431,134 | €450,940 | €404,239 | €413,987 | ▲ 2.4% |
| Tangible fixed assets22/27 | €445,112 | €431,134 | €450,940 | €404,239 | €413,987 | ▲ 2.4% |
| Land and buildings22 | €410,349 | €395,448 | €387,998 | €373,096 | €358,195 | ▼ 4.0% |
| Plant, machinery and equipment23 | €30,655 | €30,440 | €58,856 | €28,682 | €53,229 | ▲ 85.6% |
| Furniture and vehicles24 | €4,108 | €5,247 | €4,086 | €2,461 | €2,563 | ▲ 4.1% |
| Current assets29/58 | €21,184 | €19,132 | €32,364 | €9,204 | €8,685 | ▼ 5.6% |
| Amounts receivable within one year40/41 | €5,249 | €1,135 | €25,475 | €4,520 | €3,006 | ▼ 33.5% |
| Trade receivables40 | €5,249 | €966 | €22,515 | €4,507 | €2,303 | ▼ 48.9% |
| Other amounts receivable41 | €0 | €168 | €2,960 | €13 | €703 | ▲ 5,414% |
| Cash at bank and in hand54/58 | €15,156 | €17,135 | €6,889 | €4,685 | €5,679 | ▲ 21.2% |
| Deferred charges and accrued income490/1 | €779 | €863 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €466,296 | €450,266 | €483,304 | €413,444 | €422,672 | ▲ 2.2% |
| Equity10/15 | -€41,376 | -€29,554 | -€40,876 | -€64,921 | -€57,851 | ▲ 10.9% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€61,376 | -€49,554 | -€60,876 | -€84,921 | -€77,851 | ▲ 8.3% |
| Amounts payable17/49 | €507,672 | €479,820 | €524,180 | €478,364 | €480,522 | ▲ 0.5% |
| Amounts payable after more than one year17 | €469,714 | €449,018 | €464,741 | €441,400 | €442,408 | ▲ 0.2% |
| Financial debts170/4 | €249,714 | €229,018 | €244,741 | €221,400 | €197,408 | ▼ 10.8% |
| Other amounts payable178/9 | €220,000 | €220,000 | €220,000 | €220,000 | €245,000 | ▲ 11.4% |
| Amounts payable within one year42/48 | €37,958 | €30,302 | €57,873 | €31,632 | €34,205 | ▲ 8.1% |
| Current portion of amounts payable after more than one year42 | €20,240 | €20,696 | €25,324 | €23,341 | €23,992 | ▲ 2.8% |
| Trade debts44 | €15,529 | €8,661 | €30,510 | €4,768 | €5,983 | ▲ 25.5% |
| Suppliers440/4 | €15,529 | €8,661 | €30,510 | €4,768 | €5,983 | ▲ 25.5% |
| Taxes, remuneration and social security45 | €243 | €0 | €0 | €0 | €0 | - |
| Taxes450/3 | €243 | €0 | - | €0 | €0 | - |
| Other amounts payable47/48 | €1,946 | €946 | €2,039 | €3,523 | €4,229 | ▲ 20.1% |
| Accrued charges and deferred income492/3 | - | €500 | €1,566 | €5,332 | €3,910 | ▼ 26.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,038 | €11,822 | -€11,323 | -€24,044 | €7,070 | ▲ 129% |
| + Depreciation and write-downs630 | €21,299 | €22,560 | €12,435 | €22,148 | €21,612 | ▼ 2.4% |
| Operating cash flow (approximation) | €23,336 | €34,382 | €1,112 | -€1,897 | €28,682 | ▲ 1,612% |
| Investment in fixed assets (approximation) | - | -€8,582 | -€32,241 | €24,553 | -€31,359 | ▼ 228% |
| Change in cash | - | €1,979 | -€10,246 | -€2,204 | €995 | ▲ 145% |
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
Resignation: Monique CONSTANT (director)Director discharge3 facts ▸
State Gazette act
Resignation: Monique CONSTANT (director)
Director discharge3 facts ▸
- Director resignation, Monique CONSTANT (director)
- Director discharge, Monique CONSTANT
- General meeting, 08-07-2026
2025
22-12
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Back to profitnet €7,070
Net result €7,070 after 2 loss-making years.
2024
23-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
30-06
Financial
Weakest financial yearnet -€24,044
Net result drops to -€24,044, the lowest in the series; recovery starts the following year.
2023
18-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
23-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €11,822 ▲480%
Operating result €18,409, net result €11,822, both a record.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €2,038
Net result €2,038 after one loss-making year.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
29-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
17-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
20-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro 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
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Stavelot · 2 establishment units since 2013
Ground area
3,344 m²
Building footprint
477 m²
Volume, LiDAR
3,128 m³
2 parcels, Wallonia · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
MATHEL
since 20132.218.246.874
MATHEL
since 20132.343.041.235
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63080E0047/00S000 | Wallonia | 2,066 m² | 1 · 196 m² | 9.1 m · 2 fl. |
| 63027A0649/00G000 | Wallonia | 1,278 m² | 1 · 282 m² | 8.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Monique CONSTANT |
|
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 3,007 companies in sector 55203 we hold annual accounts for 694. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded17-04-2013
Fiscal year end30-06
Activities, NACEBEL 2025
55203Holiday cottages, homes and apartments
E-invoicing
Reachable via Peppol
Peppol ID
0208:0526875591
Also
9925:BE0526875591
Registered
06-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.