Matthness
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00112207.
Annual accounts 2025 filed on 18-05-2026 PDF all 9 filings
Turnover
≈ €130,000
Estimated: probably between €120,000 and €180,000
Total assets
€268,837▲ 9.8%
2024 · €244,751
Net result
-€19,671
2024 · €3,900
Working capital
€52,523▼ 7.1%
2024 · €56,559
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€14,332
2025
20192025
Net result
-€19,671
2025
lowest quarter of the sector
20192025
Equity
€101,336
▼ 16.3%
2025
middle half of the sector
20192025
Total assets
€268,837
▲ 9.8%
2025
middle half of the sector
20192025
Debt
€167,502
▲ 35.4%
2025
20192025
Working capital
€52,523
▼ 7.1%
2025
middle half of the sector
20192025
Solvency
37.7%
▼ 11.7pp
2025
middle half of the sector
20192025
Current ratio
1.44
▼ 0.36
2025
middle half of the sector
20192025
Return on assets (ROA)
-7.3%
▼ 8.9pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1.2
▲ 33.3%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€120,219--€5,766€4,790€1,353▼ 71.7%€10,481▲ 674%€7,858▼ 25.0%-€14,332
Net result€91,077--€6,667below the sector's middle half€2,321within the sector's middle half€435within the sector's middle half▼ 81.3%€4,855within the sector's middle half▲ 11×€3,900within the sector's middle half▼ 19.7%-€19,671below the sector's middle half
Equity€116,162-€109,495within the sector's middle half▼ 5.7%€111,816within the sector's middle half▲ 2.1%€112,251within the sector's middle half▲ 0.4%€117,106within the sector's middle half▲ 4.3%€121,006within the sector's middle half▲ 3.3%€101,336within the sector's middle half▼ 16.3%
Total assets€323,412-€272,565within the sector's middle half▼ 15.7%€259,989within the sector's middle half▼ 4.6%€256,040within the sector's middle half▼ 1.5%€252,446within the sector's middle half▼ 1.4%€244,751within the sector's middle half▼ 3.0%€268,837within the sector's middle half▲ 9.8%
Debt€207,250-€163,070▼ 21.3%€148,173▼ 9.1%€143,790▼ 3.0%€135,339▼ 5.9%€123,745▼ 8.6%€167,502▲ 35.4%
Working capital€90,076-€52,558within the sector's middle half▼ 41.7%€37,140within the sector's middle half▼ 29.3%€40,857within the sector's middle half▲ 10.0%€62,623within the sector's middle half▲ 53.3%€56,559within the sector's middle half▼ 9.7%€52,523within the sector's middle half▼ 7.1%
Solvency35.9%-40.2%within the sector's middle half▲ 4.3pp43.0%within the sector's middle half▲ 2.8pp43.8%within the sector's middle half▲ 0.8pp46.4%within the sector's middle half▲ 2.5pp49.4%within the sector's middle half▲ 3.1pp37.7%within the sector's middle half▼ 11.7pp
Current ratio1.52-1.36within the sector's middle half▼ 0.161.30within the sector's middle half▼ 0.061.31within the sector's middle half▲ 0.011.51within the sector's middle half▲ 0.201.80within the sector's middle half▲ 0.291.44within the sector's middle half▼ 0.36
Return on assets (ROA)28.2%--2.4%below the sector's middle half▼ 30.6pp0.9%within the sector's middle half▲ 3.3pp0.2%within the sector's middle half▼ 0.7pp1.9%within the sector's middle half▲ 1.8pp1.6%within the sector's middle half▼ 0.3pp-7.3%below the sector's middle half▼ 8.9pp
Staff (FTE)1-1within the sector's middle half=1=1=1=0.9▼ 10.0%1.2▲ 33.3%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €14,332, after a profit of €7,858 in 2024. It is the lowest result since 2021.
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 €268,837
Fixed assets
€97,769 ▼ 16.8%
Current assets
€171,068 ▲ 34.4%
Equity and liabilities €268,837
Equity
€101,336 ▼ 16.3%
Debt
€167,502 ▲ 35.4%
Debt's share of the balance-sheet total rises from 50.6% to 62.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16,941▼
2024 · €27,664
Cash flow
€11,603▼
2024 · €23,707
Debt to equity
1.65▲
2024 · 1.02
ROE
-19.4%▼
2024 · 3.2%
Interest coverage
3.25▼
2024 · 6.28
Debt ≤ 1 year
€118,545▲
2024 · €70,722
Debt > 1 year
€37,260▼
2024 · €48,830
Income taxes
€131▼
2024 · €517
Staff costs
€44,398▲
2024 · €43,834
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | - | - |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 0.9 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Joined | - | 1 | - | - | 1 |
| Left | - | 1 | - | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €57,065 | €13,180 | €8,903 | €72,824 | €11,572 |
| Depreciation and write-downs of the year | €29,998 | €28,833 | €25,547 | €19,807 | €31,273 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €25,798 | €39,146 | €41,232 | €43,834 | €44,398 | ▲ 1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,886 | €26,687 | €29,998 | €28,833 | €25,547 | €19,807 | €31,273 | ▲ 57.9% |
| Other operating charges640/8 | - | - | €1,034 | €584 | €1,125 | €1,634 | €1,511 | ▼ 7.6% |
| Gross operating margin9900 | €154,134 | €49,043 | €61,620 | €69,916 | €78,384 | €73,133 | €62,850 | ▼ 14.1% |
| Operating profit (loss)9901 | €120,219 | -€5,766 | €4,790 | €1,353 | €10,481 | €7,858 | -€14,332 | - |
| Financial income75/76B | - | - | €2,500 | €5 | €0 | €966 | - | - |
| Recurring financial income75 | - | €2 | €0 | €5 | €0 | €966 | - | - |
| Non-recurring financial income76B | - | - | €2,500 | - | - | - | - | - |
| Financial charges65/66B | - | - | €4,621 | €706 | €5,012 | €4,407 | €5,208 | ▲ 18.2% |
| Recurring financial charges65 | €1,133 | €707 | €4,621 | €706 | €5,012 | €4,407 | €5,208 | ▲ 18.2% |
| Profit (loss) for the period before taxes9903 | €119,086 | -€6,472 | €2,670 | €652 | €5,469 | €4,417 | -€19,540 | - |
| Income taxes67/77 | €28,008 | €195 | €348 | €217 | €614 | €517 | €131 | ▼ 74.7% |
| Profit (loss) for the period9904 | €91,077 | -€6,667 | €2,321 | €435 | €4,855 | €3,900 | -€19,671 | - |
| Profit (loss) for the period to be appropriated9905 | €91,077 | -€6,667 | €2,321 | €435 | €4,855 | €3,900 | -€19,671 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €323,412 | €272,565 | €259,989 | €256,040 | €252,446 | €244,751 | €268,837 | ▲ 9.8% |
| Fixed assets21/28 | €60,921 | €74,232 | €100,299 | €84,646 | €68,002 | €117,470 | €97,769 | ▼ 16.8% |
| Tangible fixed assets22/27 | €60,921 | €73,232 | €100,299 | €84,646 | €68,002 | €117,470 | €97,769 | ▼ 16.8% |
| Land and buildings22 | - | - | €33,471 | €32,770 | €29,289 | €24,309 | €23,636 | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | €6,116 | €9,779 | €9,655 | €8,111 | €9,686 | ▲ 19.4% |
| Furniture and vehicles24 | - | - | €60,712 | €42,096 | €29,057 | €85,051 | €64,447 | ▼ 24.2% |
| Financial fixed assets28 | - | €1,000 | - | - | - | - | - | - |
| Current assets29/58 | €262,491 | €198,333 | €159,690 | €171,394 | €184,444 | €127,281 | €171,068 | ▲ 34.4% |
| Amounts receivable within one year40/41 | €37,425 | €29,530 | €27,400 | €60,140 | €65,636 | €87,467 | €61,152 | ▼ 30.1% |
| Trade receivables40 | - | - | €27,400 | €35,135 | €40,631 | €44,940 | €33,146 | ▼ 26.2% |
| Other amounts receivable41 | - | - | - | €25,005 | €25,005 | €42,528 | €28,006 | ▼ 34.1% |
| Cash at bank and in hand54/58 | €225,066 | €168,802 | €132,291 | €111,254 | €118,808 | €39,813 | €109,917 | ▲ 176% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €323,412 | €272,565 | €259,989 | €256,040 | €252,446 | €244,751 | €268,837 | ▲ 9.8% |
| Equity10/15 | €116,162 | €109,495 | €111,816 | €112,251 | €117,106 | €121,006 | €101,336 | ▼ 16.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €107,860 | €100,360 | €102,660 | €103,090 | €107,940 | €111,840 | €91,840 | ▼ 17.9% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €100,800 | €101,230 | €106,080 | €109,980 | €89,980 | ▼ 18.2% |
| Profit (loss) carried forward14 | €2,102 | €2,935 | €2,956 | €2,961 | €2,966 | €2,966 | €3,296 | ▲ 11.1% |
| Amounts payable17/49 | €207,250 | €163,070 | €148,173 | €143,790 | €135,339 | €123,745 | €167,502 | ▲ 35.4% |
| Amounts payable after more than one year17 | €25,586 | €8,295 | €16,366 | €3,956 | - | €48,830 | €37,260 | ▼ 23.7% |
| Financial debts170/4 | - | - | €16,366 | €3,956 | - | €48,830 | €37,260 | ▼ 23.7% |
| Amounts payable within one year42/48 | €172,415 | €145,775 | €122,551 | €130,537 | €121,821 | €70,722 | €118,545 | ▲ 67.6% |
| Current portion of amounts payable after more than one year42 | - | - | €19,268 | €12,410 | €3,956 | €11,170 | €11,570 | ▲ 3.6% |
| Trade debts44 | €115,611 | €2,194 | €3,730 | €18,660 | €19,421 | €28,949 | €37,672 | ▲ 30.1% |
| Suppliers440/4 | - | - | €3,730 | €18,660 | €19,421 | €28,949 | €37,672 | ▲ 30.1% |
| Taxes, remuneration and social security45 | - | - | €9,632 | €13,999 | €13,882 | €8,252 | €1,472 | ▼ 82.2% |
| Taxes450/3 | - | - | €4,787 | €7,776 | €9,380 | €1,346 | €1,302 | ▼ 3.3% |
| Remuneration and social security454/9 | - | - | €4,845 | €6,224 | €4,502 | €6,906 | €170 | ▼ 97.5% |
| Other amounts payable47/48 | - | - | €89,921 | €85,468 | €84,562 | €22,351 | €67,831 | ▲ 203% |
| Accrued charges and deferred income492/3 | - | - | €9,256 | €9,296 | €13,518 | €4,192 | €11,696 | ▲ 179% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €91,077 | -€6,667 | €2,321 | €435 | €4,855 | €3,900 | -€19,671 | - |
| + Depreciation and write-downs630 | €25,886 | €26,687 | €29,998 | €28,833 | €25,547 | €19,807 | €31,273 | ▲ 57.9% |
| Operating cash flow (approximation) | €116,964 | €20,020 | €32,319 | €29,268 | €30,403 | €23,707 | €11,603 | ▼ 51.1% |
| Investment in fixed assets (approximation) | - | -€39,999 | -€56,065 | -€13,180 | -€8,903 | -€69,275 | -€11,572 | ▲ 83.3% |
| Change in cash | - | -€56,264 | -€36,511 | -€21,037 | €7,554 | -€78,995 | €70,104 | - |
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, 6,908 companies had the same profile as Matthness has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Matthness itself: 0.2% 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 6,908 companies, not a prediction for Matthness. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 18-05-2026 | 2026-00112207 | |
| 30-09-2024 | micro format | 07-05-2025 | 2025-00090286 | |
| 30-09-2023 | micro format | 28-04-2024 | 2024-00071229 | |
| 30-09-2022 | micro format | 15-05-2023 | 2023-00087034 | |
| 30-09-2021 | micro format | 20-05-2022 | 2022-20030755 | |
| 30-09-2020 | micro format | 28-04-2021 | 2021-12100191 | |
| 30-09-2019 | micro format | 26-05-2020 | 2020-13400539 | |
| 30-09-2018 | micro format | 06-05-2019 | 2019-12200170 | |
| 30-09-2017 | micro format | 03-05-2018 | 2018-11600234 |