MATVIK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 20 filings
Turnover
≈ €980,000
Estimated: probably between €810,000 and €1.7m
Total assets
€7.7m▲ 7.9%
2024 · €7.2m
Net result
€122,651▲ 23.1%
2024 · €99,595
Working capital
-€3.9m▼ 8.2%
2024 · -€3.6m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€284,524
▲ 3.0%
2025
20182025
Net result
€122,651
▲ 23.1%
2025
highest quarter of the sector
20182025
Equity
€446,236
▲ 24.3%
2025
highest quarter of the sector
20182025
Total assets
€7.7m
▲ 7.9%
2025
highest quarter of the sector
20182025
Debt
€7.3m
▲ 7.0%
2025
20182025
Working capital
-€3.9m
▼ 8.2%
2025
lowest quarter of the sector
20182025
Solvency
5.8%
▲ 0.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.19
▼ 0.06
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▲ 0.2pp
2025
lowest 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€0.07m-€0.009m▼ 87.1%€0.04m▲ 380%€0.05m▲ 9.5%€0.03m▼ 42.8%€0.1m▲ 363%€0.3m▲ 112%€0.3m▲ 3.0%
Net result€0.03m--€0.01m€0.02mwithin the sector's middle half€0.02mwithin the sector's middle half▲ 27.4%€0.007mwithin the sector's middle half▼ 69.2%€0.04mwithin the sector's middle half▲ 556%€0.1mabove the sector's middle half▲ 131%€0.1mabove the sector's middle half▲ 23.1%
Equity€0.3m-€0.3m▼ 5.3%€0.3mabove the sector's middle half▲ 6.3%€0.09mwithin the sector's middle half▼ 67.2%€0.1mwithin the sector's middle half▲ 7.1%€0.1mwithin the sector's middle half▲ 43.4%€0.4mabove the sector's middle half▲ 152%€0.4mabove the sector's middle half▲ 24.3%
Total assets€1.7m-€1.9m▲ 15.6%€2.4mabove the sector's middle half▲ 25.8%€1.6mabove the sector's middle half▼ 32.9%€2.6mabove the sector's middle half▲ 59.3%€5.8mabove the sector's middle half▲ 124%€7.2mabove the sector's middle half▲ 24.5%€7.7mabove the sector's middle half▲ 7.9%
Debt€1.4m-€1.6m▲ 19.8%€2.1m▲ 29.0%€1.5m▼ 28.3%€2.5m▲ 62.5%€5.6m▲ 127%€6.8m▲ 21.3%€7.3m▲ 7.0%
Working capital-€0.5m--€0.7m▼ 41.9%-€1.2mbelow the sector's middle half▼ 87.8%-€0.8mbelow the sector's middle half▲ 36.3%-€1.1mbelow the sector's middle half▼ 45.1%-€3.3mbelow the sector's middle half▼ 189%-€3.6mbelow the sector's middle half▼ 9.3%-€3.9mbelow the sector's middle half▼ 8.2%
Solvency17.0%-14.0%▼ 3.1pp11.8%below the sector's middle half▼ 2.2pp5.8%below the sector's middle half▼ 6.0pp3.9%below the sector's middle half▼ 1.9pp2.5%below the sector's middle half▼ 1.4pp5.0%below the sector's middle half▲ 2.5pp5.8%below the sector's middle half▲ 0.8pp
Current ratio0.37-0.29▼ 0.070.13below the sector's middle half▼ 0.160.18below the sector's middle half▲ 0.050.23below the sector's middle half▲ 0.050.12below the sector's middle half▼ 0.110.25below the sector's middle half▲ 0.140.19below the sector's middle half▼ 0.06
Return on assets (ROA)2.1%--0.8%▼ 2.9pp0.7%within the sector's middle half▲ 1.5pp1.3%below the sector's middle half▲ 0.6pp0.3%below the sector's middle half▼ 1.1pp0.7%below the sector's middle half▲ 0.5pp1.4%below the sector's middle half▲ 0.6pp1.6%below the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 3% 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 €7.7m
Fixed assets
€6.8m ▲ 14.1%
Current assets
€935,946 ▼ 22.7%
Equity and liabilities €7.7m
Equity
€446,236 ▲ 24.3%
Provisions
€10,836 ▼ 5.6%
Debt
€7.3m ▲ 7.0%
Debt's share of the balance-sheet total falls from 94.8% to 94.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€664,461▲
2024 · €462,479
Cash flow
€502,588▲
2024 · €285,883
Debt to equity
16.32▼
2024 · 18.96
ROE
27.5%▼
2024 · 27.7%
Interest coverage
5.69▲
2024 · 3.23
Debt ≤ 1 year
€4.8m▲
2024 · €4.8m
Debt > 1 year
€2.5m▲
2024 · €2.0m
Income taxes
€59,931▲
2024 · €49,811
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 | €74,349 | €1.0m | €287,015 | €1.1m | €1.2m |
| Financial fixed assets | - | - | €3.1m | €300,000 | - |
| Depreciation and write-downs of the year | €129,389 | €236,128 | €196,048 | €186,288 | €379,938 |
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 | - | - | - | - | - | €50,993 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €111,686 | €144,205 | €128,377 | €129,389 | €236,128 | €196,048 | €186,288 | €379,938 | ▲ 104% |
| Other operating charges640/8 | - | - | - | €6,196 | €9,739 | €8,682 | €12,689 | €18,611 | ▲ 46.7% |
| Non-recurring operating charges66A | - | - | - | €8,664 | €1,586 | €232 | €466 | - | - |
| Gross operating margin9900 | €191,182 | €157,982 | €179,780 | €193,511 | €275,628 | €335,367 | €475,634 | €683,072 | ▲ 43.6% |
| Operating profit (loss)9901 | €72,541 | €9,364 | €44,980 | €49,262 | €28,175 | €130,405 | €276,191 | €284,524 | ▲ 3.0% |
| Financial income75/76B | - | - | - | €1 | - | - | €15,585 | €14,123 | ▼ 9.4% |
| Recurring financial income75 | €10 | - | - | €1 | - | - | €15,585 | €14,123 | ▼ 9.4% |
| Financial charges65/66B | - | - | - | €20,288 | €17,640 | €70,247 | €143,007 | €116,703 | ▼ 18.4% |
| Recurring financial charges65 | €29,024 | €24,106 | €23,417 | €20,288 | €17,640 | €70,247 | €143,007 | €116,703 | ▼ 18.4% |
| Profit (loss) for the period before taxes9903 | €43,527 | -€14,742 | €21,563 | €28,974 | €10,535 | €60,158 | €148,769 | €181,944 | ▲ 22.3% |
| Transfer from deferred taxes780 | - | - | - | - | - | €637 | €637 | €637 | = |
| Transfer to deferred taxes680 | - | - | - | - | - | €12,748 | - | - | - |
| Income taxes67/77 | €9,106 | €232 | €4,761 | €7,573 | €3,949 | €4,840 | €49,811 | €59,931 | ▲ 20.3% |
| Profit (loss) for the period9904 | €34,421 | -€14,974 | €16,801 | €21,402 | €6,586 | €43,207 | €99,595 | €122,651 | ▲ 23.1% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €1,912 | €1,912 | €1,912 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €38,245 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €34,421 | -€14,974 | €16,801 | €21,402 | €6,586 | €6,874 | €101,507 | €124,563 | ▲ 22.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.7m | €1.9m | €2.4m | €1.6m | €2.6m | €5.8m | €7.2m | €7.7m | ▲ 7.9% |
| Fixed assets21/28 | €1.4m | €1.6m | €2.2m | €1.4m | €2.2m | €5.3m | €6.0m | €6.8m | ▲ 14.1% |
| Tangible fixed assets22/27 | €1.4m | €1.6m | €2.2m | €1.4m | €2.2m | €2.2m | €2.6m | €3.4m | ▲ 32.8% |
| Land and buildings22 | - | - | - | €1.2m | €1.9m | €2.0m | €2.2m | €3.0m | ▲ 35.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.08m | €0.09m | ▲ 12.8% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | ▲ 15.7% |
| Financial fixed assets28 | - | - | - | - | - | €3.1m | €3.4m | €3.4m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.4m | €1.2m | €0.9m | ▼ 22.7% |
| Amounts receivable within one year40/41 | €0.08m | €0.2m | €0.1m | €0.1m | €0.3m | €0.4m | €1.0m | €0.9m | ▼ 6.7% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.7% |
| Other amounts receivable41 | - | - | - | - | €0.1m | €0.2m | €0.7m | €0.7m | ▼ 5.3% |
| Current investments50/53 | €0.1m | €0.09m | €0.001m | €0.001m | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.08m | €0.03m | €0.03m | €0.01m | €0.05m | €0.05m | €0.2m | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.002m | €0.005m | €0.005m | €0.007m | ▲ 53.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.7m | €1.9m | €2.4m | €1.6m | €2.6m | €5.8m | €7.2m | €7.7m | ▲ 7.9% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.09m | €0.1m | €0.1m | €0.4m | €0.4m | ▲ 24.3% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Reserves13 | €0.2m | €0.1m | €0.2m | €0.02m | €0.03m | €0.07m | €0.3m | €0.4m | ▲ 30.6% |
| Tax-exempt reserves132 | - | - | - | - | - | €0.04m | €0.03m | €0.03m | ▼ 5.6% |
| Distributable reserves133 | - | - | - | €0.02m | €0.03m | €0.03m | €0.3m | €0.3m | ▲ 35.5% |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | ▼ 5.6% |
| Deferred taxes168 | - | - | - | - | - | €0.01m | €0.01m | €0.01m | ▼ 5.6% |
| Amounts payable17/49 | €1.4m | €1.6m | €2.1m | €1.5m | €2.5m | €5.6m | €6.8m | €7.3m | ▲ 7.0% |
| Amounts payable after more than one year17 | €0.6m | €0.7m | €0.7m | €0.6m | €1.0m | €1.9m | €2.0m | €2.5m | ▲ 24.1% |
| Financial debts170/4 | - | - | - | €0.6m | €1.0m | €1.9m | €2.0m | €2.5m | ▲ 24.1% |
| Amounts payable within one year42/48 | €0.7m | €0.9m | €1.4m | €1.0m | €1.5m | €3.7m | €4.8m | €4.8m | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 24.4% |
| Financial debts43 | - | - | - | - | - | €1.0m | €1.0m | €0.005m | ▼ 99.5% |
| Credit institutions430/8 | - | - | - | - | - | €1.0m | €1.0m | €0.005m | ▼ 99.5% |
| Trade debts44 | €0.001m | €0.01m | €0.003m | €0.002m | €0.003m | €0.02m | €0.04m | €0.03m | ▼ 26.2% |
| Suppliers440/4 | - | - | - | €0.002m | €0.003m | €0.02m | €0.04m | €0.03m | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.009m | €0.02m | €0.04m | €0.07m | ▲ 86.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.009m | €0.02m | €0.04m | €0.07m | ▲ 86.8% |
| Other amounts payable47/48 | - | - | - | €0.8m | €1.3m | €2.4m | €3.4m | €4.3m | ▲ 26.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €137 | €0.02m | €0.02m | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | -€0.01m | €0.02m | €0.02m | €0.007m | €0.04m | €0.1m | €0.1m | ▲ 23.1% |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 104% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 75.8% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.7m | €0.6m | -€1.0m | -€3.3m | -€0.8m | -€1.2m | ▼ 49.2% |
| Change in cash | - | -€0.06m | €0.006m | -€0.02m | €0.03m | €0.006m | €0.2m | - | - |
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, 208 companies had the same profile as MATVIK has now. Two years later, 99.0% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
99.0%
was still going
0.0%
stopped otherwise
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MATVIK itself: 0.3% 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 208 companies, not a prediction for MATVIK. 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 | 11-06-2026 | 2026-00152746 | |
| 31-12-2024 | micro format | 19-07-2025 | 2025-00296017 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00177097 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00113263 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20103905 | |
| 31-12-2020 | micro format | 23-07-2021 | 2021-39100321 | |
| 31-12-2019 | micro format | 18-09-2020 | 2020-54000264 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-40900226 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57700496 | |
| 31-12-2016 | micro format | 27-07-2017 | 2017-36300035 |