MATTHIEU MARECHAL
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00477575.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 20 filings
Turnover
≈ €37,000
Estimated: probably between €21,000 and €89,000
EBIT margin
Not included in this filing
Net result
-€5,390▲ 28.5%
2024 · -€7,542
Working capital
-€13,790▲ 13.6%
2024 · -€15,958
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€5,308
▲ 28.0%
2025
20192025
Net result
-€5,390
▲ 28.5%
2025
lowest quarter of the sector
20192025
Equity
-€11,590
▼ 86.9%
2025
lowest quarter of the sector
20192025
Total assets
€3,004
▼ 95.0%
2025
lowest quarter of the sector
20192025
Debt
€14,594
▼ 78.1%
2025
20192025
Working capital
-€13,790
▲ 13.6%
2025
lowest quarter of the sector
20192025
Solvency
no figure
2025
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€43,340--€13,780€17,432€7,704▼ 55.8%€3,955▼ 48.7%-€7,369-€5,308▲ 28.0%
Net result€42,732--€14,083below the sector's middle half€16,487within the sector's middle half€7,413within the sector's middle half▼ 55.0%€3,549below the sector's middle half▼ 52.1%-€7,542below the sector's middle half-€5,390below the sector's middle half▲ 28.5%
Equity-€12,023--€26,106below the sector's middle half▼ 117%-€9,621below the sector's middle half▲ 63.1%-€2,207below the sector's middle half▲ 77.1%€1,342below the sector's middle half-€6,200below the sector's middle half-€11,590below the sector's middle half▼ 86.9%
Total assets€31,042-€10,692below the sector's middle half▼ 65.6%€88,479below the sector's middle half▲ 728%€75,380below the sector's middle half▼ 14.8%€80,556below the sector's middle half▲ 6.9%€60,385below the sector's middle half▼ 25.0%€3,004below the sector's middle half▼ 95.0%
Debt€43,065-€36,798▼ 14.6%€98,100▲ 167%€77,587▼ 20.9%€79,214▲ 2.1%€66,585▼ 15.9%€14,594▼ 78.1%
Working capital-€12,023--€26,106below the sector's middle half▼ 117%-€20,790below the sector's middle half▲ 20.4%-€14,799below the sector's middle half▲ 28.8%-€1,459below the sector's middle half▲ 90.1%-€15,958below the sector's middle half▼ 994%-€13,790below the sector's middle half▲ 13.6%
Solvency-38.7%--244.2%below the sector's middle half▼ 205.4pp-10.9%below the sector's middle half▲ 233.3pp-2.9%below the sector's middle half▲ 7.9pp1.7%below the sector's middle half▲ 4.6pp-10.3%below the sector's middle half▼ 11.9pp
Current ratio0.72-0.29below the sector's middle half▼ 0.430.71below the sector's middle half▲ 0.420.76below the sector's middle half▲ 0.040.98below the sector's middle half▲ 0.220.76below the sector's middle half▼ 0.22
Return on assets (ROA)137.7%--131.7%below the sector's middle half▼ 269.4pp18.6%within the sector's middle half▲ 150.3pp9.8%within the sector's middle half▼ 8.8pp4.4%below the sector's middle half▼ 5.4pp-12.5%below the sector's middle half▼ 16.9pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 loss of €5,308, smaller than the loss of €7,369 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3,004
Fixed assets
€2,200 ▼ 77.5%
Current assets
€804 ▼ 98.4%
Equity and liabilities
Equity-€11,590
Debt€14,594
Equity is negative. Debt (€14,594) exceeds the balance-sheet total (€3,004).
Key figures and ratios
EBITDA
€2,250▼
2024 · €2,422
Cash flow
€2,168▼
2024 · €2,249
Interest coverage
27.66▲
2024 · 14.04
Debt ≤ 1 year
€14,594▼
2024 · €66,585
The ratios are withheld because a balance sheet total of €3,004 is too small for a meaningful ratio.
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 | €48,955 | - | - | - | - |
| Depreciation and write-downs of the year | €12,024 | €9,791 | €9,791 | €9,791 | €7,558 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €12,024 | €9,791 | €9,791 | €9,791 | €7,558 | ▼ 22.8% |
| Other operating charges640/8 | - | - | €3,278 | €452 | €1,251 | €387 | €4,151 | ▲ 972% |
| Gross operating margin9900 | €46,374 | -€13,126 | €32,734 | €17,947 | €14,998 | €2,809 | €6,400 | ▲ 128% |
| Operating profit (loss)9901 | €43,340 | -€13,780 | €17,432 | €7,704 | €3,955 | -€7,369 | -€5,308 | ▲ 28.0% |
| Recurring financial income75 | €2 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | €699 | €291 | €406 | €172 | €81 | ▼ 52.9% |
| Recurring financial charges65 | €324 | €56 | €699 | €291 | €406 | €172 | €81 | ▼ 52.9% |
| Profit (loss) for the period before taxes9903 | €43,018 | -€13,836 | €16,733 | €7,413 | €3,549 | -€7,542 | -€5,390 | ▲ 28.5% |
| Income taxes67/77 | €286 | €247 | €246 | - | - | - | - | - |
| Profit (loss) for the period9904 | €42,732 | -€14,083 | €16,487 | €7,413 | €3,549 | -€7,542 | -€5,390 | ▲ 28.5% |
| Profit (loss) for the period to be appropriated9905 | €42,732 | -€14,083 | €16,487 | €7,413 | €3,549 | -€7,542 | -€5,390 | ▲ 28.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €31,042 | €10,692 | €88,479 | €75,380 | €80,556 | €60,385 | €3,004 | ▼ 95.0% |
| Fixed assets21/28 | - | - | €36,931 | €29,340 | €19,549 | €9,758 | €2,200 | ▼ 77.5% |
| Tangible fixed assets22/27 | - | - | €36,931 | €29,340 | €19,549 | €9,758 | €2,200 | ▼ 77.5% |
| Furniture and vehicles24 | - | - | €36,931 | €29,340 | €19,549 | €9,758 | €2,200 | ▼ 77.5% |
| Current assets29/58 | €31,042 | €10,692 | €51,548 | €46,040 | €61,007 | €50,627 | €804 | ▼ 98.4% |
| Amounts receivable within one year40/41 | €6,027 | €10,121 | €51,176 | €46,006 | €60,225 | €50,547 | - | - |
| Trade receivables40 | - | - | €46,587 | €15,751 | €15,751 | €15,751 | - | - |
| Other amounts receivable41 | - | - | €4,589 | €30,255 | €44,474 | €34,796 | - | - |
| Cash at bank and in hand54/58 | €25,015 | €571 | €372 | €34 | €782 | €80 | €804 | ▲ 904% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €31,042 | €10,692 | €88,479 | €75,380 | €80,556 | €60,385 | €3,004 | ▼ 95.0% |
| Equity10/15 | -€12,023 | -€26,106 | -€9,621 | -€2,207 | €1,342 | -€6,200 | -€11,590 | ▼ 86.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€32,483 | -€46,566 | -€30,081 | -€22,667 | -€19,118 | -€26,660 | -€32,050 | ▼ 20.2% |
| Amounts payable17/49 | €43,065 | €36,798 | €98,100 | €77,587 | €79,214 | €66,585 | €14,594 | ▼ 78.1% |
| Amounts payable after more than one year17 | - | - | €25,762 | €16,748 | €16,748 | - | - | - |
| Financial debts170/4 | - | - | €25,762 | €16,748 | €16,748 | - | - | - |
| Amounts payable within one year42/48 | €43,065 | €36,798 | €72,338 | €60,839 | €62,466 | €66,585 | €14,594 | ▼ 78.1% |
| Current portion of amounts payable after more than one year42 | - | - | €8,928 | €9,014 | - | €7,649 | - | - |
| Trade debts44 | €2,022 | €853 | €55 | - | - | - | €14,594 | - |
| Suppliers440/4 | - | - | €55 | - | - | - | €14,594 | - |
| Taxes, remuneration and social security45 | - | - | - | €678 | - | - | - | - |
| Taxes450/3 | - | - | - | €678 | - | - | - | - |
| Other amounts payable47/48 | - | - | €63,355 | €51,147 | €62,466 | €58,936 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €42,732 | -€14,083 | €16,487 | €7,413 | €3,549 | -€7,542 | -€5,390 | ▲ 28.5% |
| + Depreciation and write-downs630 | - | - | €12,024 | €9,791 | €9,791 | €9,791 | €7,558 | ▼ 22.8% |
| Operating cash flow (approximation) | €42,732 | -€14,083 | €28,511 | €17,205 | €13,340 | €2,249 | €2,168 | ▼ 3.6% |
| Investment in fixed assets (approximation) | - | - | - | -€2,200 | €0 | €0 | €0 | - |
| Change in cash | - | -€24,444 | -€199 | -€338 | €748 | -€702 | €724 | - |
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, 6,619 companies had the same profile as MATTHIEU MARECHAL has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MATTHIEU MARECHAL itself is lower: 0.6% within 12 months. It rests on far more data about MATTHIEU MARECHAL than the profile alone.
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 6,619 companies, not a prediction for MATTHIEU MARECHAL. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00477575 | |
| 31-12-2024 | full format | 13-10-2025 | 2025-00540372 | |
| 31-12-2023 | micro format | 09-10-2024 | 2024-00501345 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00391721 | |
| 31-12-2021 | micro format | 21-10-2022 | 2022-20469068 | |
| 30-06-2020 | micro format | 23-02-2021 | 2021-05800456 | |
| 30-06-2019 | full format | 20-02-2020 | 2020-05300456 | |
| 30-06-2018 | full format | 25-02-2019 | 2019-06000480 | |
| 30-06-2017 | full format | 08-02-2018 | 2018-04600124 | |
| 30-06-2016 | full format | 31-03-2017 | 2017-07700371 |