MATHILDESTUDIOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-08-2026 at the NBB all 11 filings
Turnover
≈ €110,000
Estimated: probably between €56,000 and €220,000
Total assets
€130,955▲ 12.3%
2024 · €116,607
Net result
€19
2024 · -€6,128
Working capital
€49,018▲ 2.8%
2024 · €47,693
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,604
2025
20182025
Net result
€19
2025
middle half of the sector
20182025
Equity
€86,704
=
2025
middle half of the sector
20182025
Total assets
€130,955
▲ 12.3%
2025
middle half of the sector
20182025
Debt
€44,251
▲ 47.9%
2025
20182025
Working capital
€49,018
▲ 2.8%
2025
middle half of the sector
20182025
Solvency
66.2%
▼ 8.1pp
2025
middle half of the sector
20182025
Current ratio
2.99
▲ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
0.0%
▲ 5.3pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€41-€5,597-€26,273-€21,322▲ 18.8%€5,116€1,661▼ 67.5%-€5,772€1,604
Net result-€1,494-€4,352-€26,499below the sector's middle half-€21,912below the sector's middle half▲ 17.3%€4,762within the sector's middle half€1,271within the sector's middle half▼ 73.3%-€6,128below the sector's middle half€19within the sector's middle half
Equity€130,839-€135,191▲ 3.3%€108,692above the sector's middle half▼ 19.6%€86,780within the sector's middle half▼ 20.2%€91,542within the sector's middle half▲ 5.5%€92,813within the sector's middle half▲ 1.4%€86,685within the sector's middle half▼ 6.6%€86,704within the sector's middle half=
Total assets€221,470-€211,934▼ 4.3%€163,617within the sector's middle half▼ 22.8%€163,091within the sector's middle half▼ 0.3%€149,784within the sector's middle half▼ 8.2%€153,904within the sector's middle half▲ 2.8%€116,607within the sector's middle half▼ 24.2%€130,955within the sector's middle half▲ 12.3%
Debt€90,632-€76,743▼ 15.3%€54,925▼ 28.4%€76,311▲ 38.9%€58,242▼ 23.7%€61,091▲ 4.9%€29,921▼ 51.0%€44,251▲ 47.9%
Working capital€68,649-€91,064▲ 32.7%€63,839within the sector's middle half▼ 29.9%€48,077within the sector's middle half▼ 24.7%€58,738within the sector's middle half▲ 22.2%€56,498within the sector's middle half▼ 3.8%€47,693within the sector's middle half▼ 15.6%€49,018within the sector's middle half▲ 2.8%
Solvency59.1%-63.8%▲ 4.7pp66.4%within the sector's middle half▲ 2.6pp53.2%within the sector's middle half▼ 13.2pp61.1%within the sector's middle half▲ 7.9pp60.3%within the sector's middle half▼ 0.8pp74.3%above the sector's middle half▲ 14.0pp66.2%within the sector's middle half▼ 8.1pp
Current ratio2.05-2.47▲ 0.422.32within the sector's middle half▼ 0.151.63within the sector's middle half▼ 0.692.01within the sector's middle half▲ 0.381.92within the sector's middle half▼ 0.082.59within the sector's middle half▲ 0.672.99within the sector's middle half▲ 0.39
Return on assets (ROA)-0.7%-2.1%▲ 2.7pp-16.2%below the sector's middle half▼ 18.2pp-13.4%below the sector's middle half▲ 2.8pp3.2%within the sector's middle half▲ 16.6pp0.8%within the sector's middle half▼ 2.4pp-5.3%below the sector's middle half▼ 6.1pp0.0%within the sector's middle half▲ 5.3pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 a profit of €1,604, after a loss of €5,772 in 2024.
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 €130,955
Fixed assets
€57,261 ▲ 46.9%
Current assets
€73,694 ▼ 5.1%
Equity and liabilities €130,955
Equity
€86,704 =
Debt
€44,251 ▲ 47.9%
Debt's share of the balance-sheet total rises from 25.7% to 33.8%. Debt is higher.
Key figures and ratios
EBITDA
€17,124▲
2024 · €7,553
Cash flow
€15,538▲
2024 · €7,197
Quick ratio
1.61▲
2024 · 1.14
Debt to equity
0.51▲
2024 · 0.35
ROE
0.0%▲
2024 · -7.1%
Interest coverage
14.58▼
2024 · 71.95
Debt ≤ 1 year
€24,676▼
2024 · €29,921
Debt > 1 year
€19,575
Income taxes
€441▲
2024 · €272
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,105 | €9,173 | €14,789 | €16,002 | €33,788 |
| Depreciation and write-downs of the year | €17,672 | €15,071 | €11,278 | €13,325 | €15,520 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,059 | €35,590 | €23,248 | €17,672 | €15,071 | €11,278 | €13,325 | €15,520 | ▲ 16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €5,860 | - | - | - |
| Other operating charges640/8 | - | - | - | €627 | €735 | €1,220 | €1,321 | €1,864 | ▲ 41.2% |
| Gross operating margin9900 | €49,590 | €42,170 | -€2,540 | -€3,023 | €20,922 | €20,019 | €8,874 | €18,988 | ▲ 114% |
| Operating profit (loss)9901 | -€41 | €5,597 | -€26,273 | -€21,322 | €5,116 | €1,661 | -€5,772 | €1,604 | - |
| Financial income75/76B | - | - | - | - | - | €1 | €21 | €30 | ▲ 41.2% |
| Recurring financial income75 | €69 | €96 | €601 | - | - | €1 | €21 | €30 | ▲ 41.2% |
| Financial charges65/66B | - | - | - | €590 | €234 | €83 | €105 | €1,175 | ▲ 11× |
| Recurring financial charges65 | €1,521 | €1,341 | €827 | €590 | €234 | €83 | €105 | €1,175 | ▲ 11× |
| Profit (loss) for the period before taxes9903 | -€1,494 | €4,352 | -€26,499 | -€21,912 | €4,881 | €1,580 | -€5,856 | €460 | - |
| Income taxes67/77 | - | - | - | - | €119 | €309 | €272 | €441 | ▲ 62.1% |
| Profit (loss) for the period9904 | -€1,494 | €4,352 | -€26,499 | -€21,912 | €4,762 | €1,271 | -€6,128 | €19 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,494 | €4,352 | -€26,499 | -€21,912 | €4,762 | €1,271 | -€6,128 | €19 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €221,470 | €211,934 | €163,617 | €163,091 | €149,784 | €153,904 | €116,607 | €130,955 | ▲ 12.3% |
| Fixed assets21/28 | €87,282 | €58,991 | €51,562 | €38,703 | €32,805 | €36,315 | €38,993 | €57,261 | ▲ 46.9% |
| Tangible fixed assets22/27 | €85,521 | €57,204 | €50,070 | €37,503 | €31,605 | €35,115 | €37,793 | €56,061 | ▲ 48.3% |
| Plant, machinery and equipment23 | - | - | - | €7,257 | €11,789 | €8,545 | €5,335 | €2,407 | ▼ 54.9% |
| Furniture and vehicles24 | - | - | - | €8,816 | €6,301 | €8,038 | €4,549 | €2,455 | ▼ 46.0% |
| Leasing and similar rights25 | - | - | - | - | - | - | - | €22,720 | - |
| Other tangible fixed assets26 | - | - | - | €21,430 | €13,514 | €18,532 | €27,908 | €28,479 | ▲ 2.0% |
| Financial fixed assets28 | €1,761 | €1,787 | €1,492 | €1,200 | €1,200 | €1,200 | €1,200 | €1,200 | = |
| Current assets29/58 | €134,188 | €152,943 | €112,055 | €124,389 | €116,979 | €117,589 | €77,614 | €73,694 | ▼ 5.1% |
| Stocks and contracts in progress3 | €9,250 | €14,888 | €4,960 | €41,168 | €50,387 | €38,140 | €43,650 | €34,005 | ▼ 22.1% |
| Stocks30/36 | - | - | - | €6,010 | €12,000 | €12,500 | €15,000 | €12,000 | ▼ 20.0% |
| Contracts in progress37 | - | - | - | €35,158 | €38,387 | €25,640 | €28,650 | €22,005 | ▼ 23.2% |
| Amounts receivable within one year40/41 | €57,559 | €54,276 | €33,786 | €76,045 | €37,174 | €39,124 | €15,038 | €11,500 | ▼ 23.5% |
| Trade receivables40 | - | - | - | €62,315 | €23,444 | €25,394 | €15,038 | €11,500 | ▼ 23.5% |
| Other amounts receivable41 | - | - | - | €13,730 | €13,730 | €13,730 | - | - | - |
| Cash at bank and in hand54/58 | €67,379 | €24,454 | €26,239 | €3,063 | €25,374 | €33,893 | €12,396 | €21,848 | ▲ 76.3% |
| Deferred charges and accrued income490/1 | - | - | - | €4,113 | €4,044 | €6,432 | €6,530 | €6,342 | ▼ 2.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €221,470 | €211,934 | €163,617 | €163,091 | €149,784 | €153,904 | €116,607 | €130,955 | ▲ 12.3% |
| Equity10/15 | €130,839 | €135,191 | €108,692 | €86,780 | €91,542 | €92,813 | €86,685 | €86,704 | = |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €115,897 | €115,897 | €115,897 | €115,897 | €115,897 | €115,897 | €115,897 | €114,037 | ▼ 1.6% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €114,037 | €114,037 | €115,897 | €115,897 | €114,037 | ▼ 1.6% |
| Profit (loss) carried forward14 | -€3,659 | €694 | -€25,805 | -€47,717 | -€42,955 | -€41,684 | -€47,812 | -€45,933 | ▲ 3.9% |
| Amounts payable17/49 | €90,632 | €76,743 | €54,925 | €76,311 | €58,242 | €61,091 | €29,921 | €44,251 | ▲ 47.9% |
| Amounts payable after more than one year17 | €25,092 | €14,864 | €6,710 | - | - | - | - | €19,575 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €19,575 | - |
| Amounts payable within one year42/48 | €65,540 | €61,879 | €48,216 | €76,311 | €58,242 | €61,091 | €29,921 | €24,676 | ▼ 17.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,880 | - | - | - | €4,070 | - |
| Financial debts43 | - | - | - | - | €30 | - | €2,414 | €45 | ▼ 98.1% |
| Credit institutions430/8 | - | - | - | - | €30 | - | €2,414 | €45 | ▼ 98.1% |
| Trade debts44 | €37,937 | €31,133 | €14,907 | €20,977 | €4,954 | €28,566 | €19,140 | €9,632 | ▼ 49.7% |
| Suppliers440/4 | - | - | - | €20,977 | €4,954 | €28,566 | €19,140 | €9,632 | ▼ 49.7% |
| Taxes, remuneration and social security45 | - | - | - | €8,024 | €4,514 | €6,429 | €4,737 | €4,496 | ▼ 5.1% |
| Taxes450/3 | - | - | - | €8,024 | €4,514 | €6,429 | €4,737 | €4,496 | ▼ 5.1% |
| Other amounts payable47/48 | - | - | - | €41,430 | €48,743 | €26,096 | €3,630 | €6,432 | ▲ 77.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,494 | €4,352 | -€26,499 | -€21,912 | €4,762 | €1,271 | -€6,128 | €19 | - |
| + Depreciation and write-downs630 | €49,059 | €35,590 | €23,248 | €17,672 | €15,071 | €11,278 | €13,325 | €15,520 | ▲ 16.5% |
| Operating cash flow (approximation) | €47,566 | €39,942 | -€3,251 | -€4,240 | €19,833 | €12,549 | €7,197 | €15,538 | ▲ 116% |
| Investment in fixed assets (approximation) | - | -€7,299 | -€15,820 | -€4,812 | -€9,173 | -€14,789 | -€16,002 | -€33,788 | ▼ 111% |
| Change in cash | - | -€42,925 | €1,785 | -€23,175 | €22,310 | €8,519 | -€21,497 | €9,452 | - |
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, 17,041 companies had the same profile as MATHILDESTUDIOS has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MATHILDESTUDIOS 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 17,041 companies, not a prediction for MATHILDESTUDIOS. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00463107 | |
| 31-12-2024 | micro format | 26-07-2025 | 2025-00312301 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00308641 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00270963 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20216048 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-38500114 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-26900333 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-35800595 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-30400061 | |
| 31-12-2016 | abbreviated format | 24-07-2017 | 2017-34700116 |