MATIZ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-05-2026 PDF all 23 filings
Turnover
≈ €300,000
Estimated: probably between €200,000 and €510,000
Total assets
€288,196▲ 51.7%
2024 · €189,956
Net result
€58,552▲ 77.5%
2024 · €32,980
Working capital
€125,630▲ 41.7%
2024 · €88,629
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€81,968
▲ 50.0%
2025
20182025
Net result
€58,552
▲ 77.5%
2025
highest quarter of the sector
20182025
Equity
€167,029
▲ 40.5%
2025
highest quarter of the sector
20182025
Total assets
€288,196
▲ 51.7%
2025
middle half of the sector
20182025
Debt
€121,167
▲ 70.5%
2025
20182025
Working capital
€125,630
▲ 41.7%
2025
highest quarter of the sector
20182025
Solvency
58.0%
▼ 4.6pp
2025
middle half of the sector
20182025
Current ratio
2.04
▼ 0.25
2025
middle half of the sector
20182025
Return on assets (ROA)
20.3%
▲ 3.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,535--€6,867-€8,340▼ 21.5%€14,120-€14,034€18,107€54,634▲ 202%€81,968▲ 50.0%
Net result-€3,922--€9,167▼ 134%-€14,619below the sector's middle half▼ 59.5%€76within the sector's middle half-€15,432below the sector's middle half€9,855within the sector's middle half€32,980above the sector's middle half▲ 235%€58,552above the sector's middle half▲ 77.5%
Equity€130,996-€120,229▼ 8.2%€105,610within the sector's middle half▼ 12.2%€104,086within the sector's middle half▼ 1.4%€79,322within the sector's middle half▼ 23.8%€87,577within the sector's middle half▲ 10.4%€118,891within the sector's middle half▲ 35.8%€167,029above the sector's middle half▲ 40.5%
Total assets€208,000-€195,531▼ 6.0%€171,535within the sector's middle half▼ 12.3%€143,819within the sector's middle half▼ 16.2%€157,329within the sector's middle half▲ 9.4%€146,768within the sector's middle half▼ 6.7%€189,956within the sector's middle half▲ 29.4%€288,196within the sector's middle half▲ 51.7%
Debt€77,004-€75,302▼ 2.2%€65,925▼ 12.5%€39,733▼ 39.7%€78,006▲ 96.3%€59,191▼ 24.1%€71,064▲ 20.1%€121,167▲ 70.5%
Working capital€15,168-€20,563▲ 35.6%€21,346within the sector's middle half▲ 3.8%€31,758within the sector's middle half▲ 48.8%€33,223within the sector's middle half▲ 4.6%€57,920within the sector's middle half▲ 74.3%€88,629within the sector's middle half▲ 53.0%€125,630above the sector's middle half▲ 41.7%
Solvency63.0%-61.5%▼ 1.5pp61.6%within the sector's middle half▲ 0.1pp72.4%above the sector's middle half▲ 10.8pp50.4%within the sector's middle half▼ 22.0pp59.7%within the sector's middle half▲ 9.3pp62.6%within the sector's middle half▲ 2.9pp58.0%within the sector's middle half▼ 4.6pp
Current ratio1.45-1.45=1.42within the sector's middle half▼ 0.031.98within the sector's middle half▲ 0.561.48within the sector's middle half▼ 0.502.01within the sector's middle half▲ 0.532.28within the sector's middle half▲ 0.282.04within the sector's middle half▼ 0.25
Return on assets (ROA)-1.9%--4.7%▼ 2.8pp-8.5%below the sector's middle half▼ 3.8pp0.1%within the sector's middle half▲ 8.6pp-9.8%below the sector's middle half▼ 9.9pp6.7%within the sector's middle half▲ 16.5pp17.4%above the sector's middle half▲ 10.6pp20.3%above the sector's middle half▲ 3.0pp
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). 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 50% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €288,196
Fixed assets
€41,398 ▲ 28.3%
Current assets
€246,797 ▲ 56.5%
Equity and liabilities €288,196
Equity
€167,029 ▲ 40.5%
Debt
€121,167 ▲ 70.5%
Debt's share of the balance-sheet total rises from 37.4% to 42.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€94,745▲
2024 · €82,453
Cash flow
€71,328▲
2024 · €60,800
Debt to equity
0.73▲
2024 · 0.60
ROE
35.1%▲
2024 · 27.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€121,167▲
2024 · €69,068
Income taxes
€25,120▲
2024 · €21,354
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 | €9,212 | €2,189 | €2,596 | €28,732 | €23,426 |
| Depreciation and write-downs of the year | €28,820 | €27,422 | €25,712 | €27,820 | €12,777 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €9,457 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,597 | €30,227 | €29,606 | €28,820 | €27,422 | €25,712 | €27,820 | €12,777 | ▼ 54.1% |
| Other operating charges640/8 | - | - | - | €3,075 | €3,403 | €3,258 | €3,999 | €3,503 | ▼ 12.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €166 | - |
| Gross operating margin9900 | €40,346 | €26,692 | €24,505 | €46,015 | €16,790 | €47,077 | €86,452 | €98,414 | ▲ 13.8% |
| Operating profit (loss)9901 | €5,535 | -€6,867 | -€8,340 | €14,120 | -€14,034 | €18,107 | €54,634 | €81,968 | ▲ 50.0% |
| Financial income75/76B | - | - | - | €981 | €920 | €67 | €182 | €2,022 | ▲ 11× |
| Recurring financial income75 | €1 | €284 | €122 | €981 | €920 | €67 | €182 | €2,022 | ▲ 11× |
| Financial charges65/66B | - | - | - | €734 | €601 | €408 | €482 | €318 | ▼ 33.9% |
| Recurring financial charges65 | €2,656 | €1,888 | €1,394 | €734 | €601 | €408 | €482 | €318 | ▼ 33.9% |
| Profit (loss) for the period before taxes9903 | €2,880 | -€8,471 | -€9,612 | €14,367 | -€13,716 | €17,766 | €54,334 | €83,672 | ▲ 54.0% |
| Income taxes67/77 | €6,801 | €696 | €5,007 | €14,291 | €1,717 | €7,911 | €21,354 | €25,120 | ▲ 17.6% |
| Profit (loss) for the period9904 | -€3,922 | -€9,167 | -€14,619 | €76 | -€15,432 | €9,855 | €32,980 | €58,552 | ▲ 77.5% |
| Transfer from tax-exempt reserves789 | - | - | - | €32,314 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€3,922 | -€9,167 | €5,381 | €32,390 | -€15,432 | €9,855 | €32,980 | €58,552 | ▲ 77.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €208,000 | €195,531 | €171,535 | €143,819 | €157,329 | €146,768 | €189,956 | €288,196 | ▲ 51.7% |
| Fixed assets21/28 | €159,136 | €128,909 | €99,303 | €79,695 | €54,463 | €31,347 | €32,259 | €41,398 | ▲ 28.3% |
| Intangible fixed assets21 | €106,448 | €88,946 | €71,444 | €53,942 | €36,440 | €18,938 | €1,436 | - | - |
| Tangible fixed assets22/27 | €52,689 | €39,963 | €27,860 | €25,754 | €18,023 | €12,409 | €30,823 | €41,398 | ▲ 34.3% |
| Land and buildings22 | - | - | - | €9,813 | €6,190 | €3,778 | €1,366 | - | - |
| Plant, machinery and equipment23 | - | - | - | €2,617 | €1,224 | €2,797 | €2,938 | €3,022 | ▲ 2.9% |
| Furniture and vehicles24 | - | - | - | €13,324 | €10,609 | €5,834 | €26,519 | €38,377 | ▲ 44.7% |
| Current assets29/58 | €48,864 | €66,622 | €72,231 | €64,124 | €102,866 | €115,422 | €157,697 | €246,797 | ▲ 56.5% |
| Amounts receivable within one year40/41 | €46,716 | €57,170 | €69,704 | €41,405 | €85,166 | €89,249 | €111,866 | €186,673 | ▲ 66.9% |
| Trade receivables40 | - | - | - | €41,405 | €81,883 | €84,266 | €109,629 | €180,130 | ▲ 64.3% |
| Other amounts receivable41 | - | - | - | - | €3,283 | €4,983 | €2,237 | €6,543 | ▲ 192% |
| Cash at bank and in hand54/58 | €108 | €9,114 | €1,752 | €20,756 | €16,008 | €25,141 | €40,460 | €55,463 | ▲ 37.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,963 | €1,691 | €1,031 | €5,371 | €4,661 | ▼ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €208,000 | €195,531 | €171,535 | €143,819 | €157,329 | €146,768 | €189,956 | €288,196 | ▲ 51.7% |
| Equity10/15 | €130,996 | €120,229 | €105,610 | €104,086 | €79,322 | €87,577 | €118,891 | €167,029 | ▲ 40.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €124,796 | €114,029 | €99,410 | €97,886 | €73,122 | €81,377 | €112,691 | €160,829 | ▲ 42.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €96,026 | €71,262 | €81,377 | €112,691 | €160,829 | ▲ 42.7% |
| Amounts payable17/49 | €77,004 | €75,302 | €65,925 | €39,733 | €78,006 | €59,191 | €71,064 | €121,167 | ▲ 70.5% |
| Amounts payable after more than one year17 | €42,870 | €28,572 | €14,869 | €6,960 | €8,058 | €1,432 | €1,678 | - | - |
| Other amounts payable178/9 | - | - | - | €6,960 | €8,058 | €1,432 | €1,678 | - | - |
| Amounts payable within one year42/48 | €33,696 | €46,059 | €50,886 | €32,366 | €69,643 | €57,501 | €69,068 | €121,167 | ▲ 75.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,169 | - | - | - | - | - |
| Financial debts43 | - | - | - | - | - | - | €3,381 | - | - |
| Credit institutions430/8 | - | - | - | - | - | - | €3,381 | - | - |
| Trade debts44 | €14,492 | €26,511 | €32,612 | €12,754 | €58,069 | €46,620 | €54,781 | €97,693 | ▲ 78.3% |
| Suppliers440/4 | - | - | - | €12,754 | €58,069 | €46,620 | €54,781 | €97,693 | ▲ 78.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €5,159 | - | €334 | - |
| Taxes, remuneration and social security45 | - | - | - | €9,443 | €11,574 | €5,722 | €9,740 | €21,474 | ▲ 120% |
| Taxes450/3 | - | - | - | €7,743 | €9,974 | €4,322 | €8,340 | €18,974 | ▲ 128% |
| Remuneration and social security454/9 | - | - | - | €1,700 | €1,600 | €1,400 | €1,400 | €2,500 | ▲ 78.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €1,166 | €1,666 | ▲ 42.9% |
| Accrued charges and deferred income492/3 | - | - | - | €407 | €306 | €258 | €318 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,922 | -€9,167 | -€14,619 | €76 | -€15,432 | €9,855 | €32,980 | €58,552 | ▲ 77.5% |
| + Depreciation and write-downs630 | €31,597 | €30,227 | €29,606 | €28,820 | €27,422 | €25,712 | €27,820 | €12,777 | ▼ 54.1% |
| Operating cash flow (approximation) | €27,676 | €21,060 | €14,987 | €28,897 | €11,989 | €35,567 | €60,800 | €71,328 | ▲ 17.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€9,212 | -€2,189 | -€2,596 | -€28,732 | -€21,916 | ▲ 23.7% |
| Change in cash | - | €9,006 | -€7,362 | €19,004 | -€4,748 | €9,133 | €15,319 | €15,003 | ▼ 2.1% |
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 MATIZ 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 MATIZ 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 MATIZ. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-05-2026 | 2026-00126798 | |
| 31-12-2024 | micro format | 16-06-2025 | 2025-00141740 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00165110 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00139854 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20053869 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-21800306 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-24400500 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-24300167 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-25800023 | |
| 31-12-2016 | micro format | 09-06-2017 | 2017-16800373 |