MATHEX
ActiveSummary
MATHEX has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €127,157 and a net result of €41,836. Equity is growing by ~9% per year across the filed fiscal years. Its solvency ranks better than 69% of 18606 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability92▲+2
Solvency81▲+35
Growth78=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 1.95 against 1.14 in 2024; short-term debt: 44% and cash: 54.3% of total assets), and 44% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
56%
Return on assets
18.4%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
28 d late
2024
1 d early
2023
27 d late
2022
17 d late
2021
3 d early
2020
31 d late
2019
10 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 13 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 17 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€41,836▼ 38.8%
2024 · €68,388
Working capital
€94,345▲ 111%
2024 · €44,700
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€50,768€72,962▲ 43.7%€77,937▲ 6.8%€92,666▲ 18.9%€68,469▼ 26.1%
Net result€42,830above the sector's middle half€46,897above the sector's middle half▲ 9.5%€50,717above the sector's middle half▲ 8.1%€68,388above the sector's middle half▲ 34.8%€41,836above the sector's middle half▼ 38.8%
Equity€86,919within the sector's middle half▲ 97.1%€133,816above the sector's middle half▲ 54.0%€184,533above the sector's middle half▲ 37.9%€85,321within the sector's middle half▼ 53.8%€127,157within the sector's middle half▲ 49.0%
Total assets€309,471within the sector's middle half▲ 16.8%€269,101within the sector's middle half▼ 13.0%€344,107above the sector's middle half▲ 27.9%€398,644above the sector's middle half▲ 15.8%€226,870within the sector's middle half▼ 43.1%
Debt€222,551▲ 0.8%€135,285▼ 39.2%€159,574▲ 18.0%€313,323▲ 96.4%€99,713▼ 68.2%
Working capital€54,201within the sector's middle half€123,184above the sector's middle half▲ 127%€184,040above the sector's middle half▲ 49.4%€44,700within the sector's middle half▼ 75.7%€94,345above the sector's middle half▲ 111%
Solvency28.1%within the sector's middle half▲ 11.4pp49.7%within the sector's middle half▲ 21.6pp53.6%within the sector's middle half▲ 3.9pp21.4%within the sector's middle half▼ 32.2pp56.0%within the sector's middle half▲ 34.6pp
Current ratio1.26within the sector's middle half▲ 0.321.94within the sector's middle half▲ 0.682.15within the sector's middle half▲ 0.221.14within the sector's middle half▼ 1.011.95within the sector's middle half▲ 0.80
Return on assets (ROA)13.8%within the sector's middle half▲ 27.4pp17.4%above the sector's middle half▲ 3.6pp14.7%above the sector's middle half▼ 2.7pp17.2%above the sector's middle half▲ 2.4pp18.4%above the sector's middle half▲ 1.3pp
Staff (FTE)5.1▲ 15.9%5▼ 2.0%5.8▲ 16.0%5.7▼ 1.7%6.2▲ 8.8%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 26% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €226,870
Fixed assets
€32,812 ▼ 19.2%
Current assets
€194,058 ▼ 45.8%
Equity and liabilities €226,870
Equity
€127,157 ▲ 49.0%
Debt
€99,713 ▼ 68.2%
Debt's share of the balance-sheet total falls from 78.6% to 44.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€78,678▼
2024 · €101,784
Cash flow
€52,044▼
2024 · €77,506
Debt to equity
0.78▼
2024 · 3.67
ROE
32.9%▼
2024 · 80.2%
Interest coverage
10.43▼
2024 · 18.04
Debt ≤ 1 year
€99,713▼
2024 · €313,323
Income taxes
€23,943▼
2024 · €26,041
Staff costs
€183,970▲
2024 · €167,932
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 34,679 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €139,170 | €174,180 | €191,591 | €167,932 | €183,970 | ▲ 9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,918 | €33,402 | €13,944 | €9,118 | €10,209 | ▲ 12.0% |
| Other operating charges640/8 | €12,599 | €7,689 | €7,611 | €8,241 | €8,525 | ▲ 3.5% |
| Gross operating margin9900 | €240,455 | €288,233 | €291,083 | €277,957 | €271,173 | ▼ 2.4% |
| Operating profit (loss)9901 | €50,768 | €72,962 | €77,937 | €92,666 | €68,469 | ▼ 26.1% |
| Financial income75/76B | €10,385 | €3,074 | €4,640 | €7,405 | €4,855 | ▼ 34.4% |
| Recurring financial income75 | €28 | €3,074 | €4,640 | €7,405 | €4,855 | ▼ 34.4% |
| Non-recurring financial income76B | €10,357 | - | - | - | - | - |
| Financial charges65/66B | €9,444 | €6,160 | €7,619 | €5,642 | €7,545 | ▲ 33.7% |
| Recurring financial charges65 | €9,444 | €6,160 | €7,619 | €5,642 | €7,545 | ▲ 33.7% |
| Profit (loss) for the period before taxes9903 | €51,709 | €69,875 | €74,959 | €94,429 | €65,779 | ▼ 30.3% |
| Income taxes67/77 | €8,878 | €22,979 | €24,242 | €26,041 | €23,943 | ▼ 8.1% |
| Profit (loss) for the period9904 | €42,830 | €46,897 | €50,717 | €68,388 | €41,836 | ▼ 38.8% |
| Profit (loss) for the period to be appropriated9905 | €42,830 | €46,897 | €50,717 | €68,388 | €41,836 | ▼ 38.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €309,471 | €269,101 | €344,107 | €398,644 | €226,870 | ▼ 43.1% |
| Fixed assets21/28 | €47,839 | €14,436 | €493 | €40,622 | €32,812 | ▼ 19.2% |
| Tangible fixed assets22/27 | €47,689 | €14,286 | €343 | €40,472 | €32,662 | ▼ 19.3% |
| Land and buildings22 | €46,278 | €13,917 | €314 | €1,183 | €985 | ▼ 16.7% |
| Plant, machinery and equipment23 | - | - | - | €2,156 | €1,638 | ▼ 24.0% |
| Furniture and vehicles24 | €1,411 | €370 | €29 | €37,133 | €30,039 | ▼ 19.1% |
| Financial fixed assets28 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €261,632 | €254,664 | €343,614 | €358,022 | €194,058 | ▼ 45.8% |
| Amounts receivable within one year40/41 | €51,216 | €91,568 | €115,453 | €176,927 | €70,967 | ▼ 59.9% |
| Trade receivables40 | €363 | €309 | - | - | - | - |
| Other amounts receivable41 | €50,853 | €91,260 | €115,453 | €176,927 | €70,967 | ▼ 59.9% |
| Cash at bank and in hand54/58 | €162,864 | €163,096 | €228,161 | €181,096 | €123,090 | ▼ 32.0% |
| Deferred charges and accrued income490/1 | €47,551 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €309,471 | €269,101 | €344,107 | €398,644 | €226,870 | ▼ 43.1% |
| Equity10/15 | €86,919 | €133,816 | €184,533 | €85,321 | €127,157 | ▲ 49.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €43,696 | ▲ 2,249% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €43,696 | ▲ 2,249% |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €43,696 | ▲ 2,249% |
| Profit (loss) carried forward14 | €78,859 | €125,756 | €176,473 | €64,861 | €64,861 | = |
| Amounts payable17/49 | €222,551 | €135,285 | €159,574 | €313,323 | €99,713 | ▼ 68.2% |
| Amounts payable after more than one year17 | €15,120 | €3,804 | - | - | - | - |
| Financial debts170/4 | €15,120 | €3,804 | - | - | - | - |
| Amounts payable within one year42/48 | €207,431 | €131,480 | €159,574 | €313,323 | €99,713 | ▼ 68.2% |
| Current portion of amounts payable after more than one year42 | €14,614 | €11,316 | €3,804 | - | - | - |
| Trade debts44 | €159,157 | €90,664 | €76,987 | €38,333 | €18,096 | ▼ 52.8% |
| Suppliers440/4 | €159,157 | €90,664 | €76,987 | €38,333 | €18,096 | ▼ 52.8% |
| Taxes, remuneration and social security45 | €33,660 | €29,501 | €78,783 | €121,990 | €81,617 | ▼ 33.1% |
| Taxes450/3 | €9,409 | €22,979 | €70,719 | €106,523 | €64,510 | ▼ 39.4% |
| Remuneration and social security454/9 | €24,252 | €6,522 | €8,064 | €15,467 | €17,107 | ▲ 10.6% |
| Other amounts payable47/48 | - | - | - | €153,000 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,830 | €46,897 | €50,717 | €68,388 | €41,836 | ▼ 38.8% |
| + Depreciation and write-downs630 | €37,918 | €33,402 | €13,944 | €9,118 | €10,209 | ▲ 12.0% |
| Operating cash flow (approximation) | €80,748 | €80,299 | €64,661 | €77,506 | €52,044 | ▼ 32.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€49,247 | -€2,399 | ▲ 95.1% |
| Change in cash | - | €232 | €65,065 | -€47,066 | -€58,005 | ▼ 23.2% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Equity above €100,000Eq €127,157 ▲49%
5 profitable years in a row build equity to €127,157.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €68,388 ▲34.8%
Operating result €92,666, net result €68,388, both a record.
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Equity above €150,000Eq €184,533 ▲37.9%
3 profitable years in a row build equity to €184,533.
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 17 days late
2022
31-12
Financial
Equity above €100,000Eq €133,816 ▲54%
2 profitable years in a row build equity to €133,816.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €42,830
Net result €42,830 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet -€35,956
Net result drops to -€35,956, the lowest in the series; recovery starts the following year.
Show earlier events
21-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
15-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Estaimpuis · 2 establishment units since 2016
Ground area
7.6 ha
Building footprint
4.4 ha
Volume, LiDAR
361,318 m³
2 parcels, Wallonia · tallest building 14.3 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
MATHEX
since 20162.253.791.733
DEVRED
since 20162.255.022.445
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53402A0191/00H015 | Wallonia | 7.0 ha | 1 · 4.4 ha | 14.3 m · 3 fl. |
| 57058A0032/00B000 | Wallonia | 5,511 m² | 1 · 213 m² | 8.2 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.
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Of 6,495 companies in sector 47716 we hold annual accounts for 2,440. 1,873 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded08-06-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47712Retail trade
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
E-invoicing
Reachable via Peppol
Peppol ID
0208:0655997538
Also
9925:BE0655997538
Registered
05-12-2025
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.