Mava Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-01-2026 PDF all 9 filings
Turnover
€0
Total assets
€24,101▼ 17.5%
2024 · €29,205
Net result
€763▲ 2.6%
2024 · €744
Working capital
-€9,277▲ 9.5%
2024 · -€10,248
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€1,734
▲ 68.0%
2025
20192025
Net result
€763
▲ 2.6%
2025
middle half of the sector
20192025
Equity
-€8,536
▲ 8.2%
2025
lowest quarter of the sector
20192025
Total assets
€24,101
▼ 17.5%
2025
lowest quarter of the sector
20192025
Debt
€32,638
▼ 15.2%
2025
20192025
Working capital
-€9,277
▲ 9.5%
2025
lowest quarter of the sector
20192025
Solvency
-35.4%
▼ 3.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.72
▼ 0.02
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.2%
▲ 0.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€0
Operating result-€2,557-€0€0€0€886€1,032▲ 16.5%€1,734▲ 68.0%
Net result-€5,291--€5,774below the sector's middle half▼ 9.1%-€73below the sector's middle half▲ 98.7%-€45below the sector's middle half▲ 38.2%€649within the sector's middle half€744within the sector's middle half▲ 14.5%€763within the sector's middle half▲ 2.6%
Equity-€4,800--€10,574below the sector's middle half▼ 120%-€10,647below the sector's middle half▼ 0.7%-€10,692below the sector's middle half▼ 0.4%-€10,043below the sector's middle half▲ 6.1%-€9,299below the sector's middle half▲ 7.4%-€8,536below the sector's middle half▲ 8.2%
Total assets€30,024-€5,904below the sector's middle half▼ 80.3%€5,911below the sector's middle half▲ 0.1%€4,450below the sector's middle half▼ 24.7%€17,044below the sector's middle half▲ 283%€29,205below the sector's middle half▲ 71.4%€24,101below the sector's middle half▼ 17.5%
Debt€34,824-€16,478▼ 52.7%€16,558▲ 0.5%€15,142▼ 8.6%€27,087▲ 78.9%€38,505▲ 42.2%€32,638▼ 15.2%
Working capital-€23,021--€15,024below the sector's middle half▲ 34.7%-€15,097below the sector's middle half▼ 0.5%-€15,142below the sector's middle half▼ 0.3%-€10,043below the sector's middle half▲ 33.7%-€10,248below the sector's middle half▼ 2.0%-€9,277below the sector's middle half▲ 9.5%
Solvency-16.0%--179.1%below the sector's middle half▼ 163.1pp-180.1%below the sector's middle half▼ 1.0pp-58.9%below the sector's middle half-31.8%below the sector's middle half▲ 27.1pp-35.4%below the sector's middle half▼ 3.6pp
Current ratio0.17-0.09below the sector's middle half▼ 0.080.09below the sector's middle half=0.63below the sector's middle half0.73below the sector's middle half▲ 0.100.72below the sector's middle half▼ 0.02
Return on assets (ROA)-17.6%--97.8%below the sector's middle half▼ 80.2pp-1.2%below the sector's middle half▲ 96.6pp3.8%within the sector's middle half2.5%within the sector's middle half▼ 1.3pp3.2%within the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 68% higher than in 2024 and the highest since 2021. It is the third rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €24,101
Fixed assets
€740 ▼ 22.0%
Current assets
€23,361 ▼ 17.3%
Equity and liabilities
Equity-€8,536
Debt€32,638
Equity is negative. Debt (€32,638) exceeds the balance-sheet total (€24,101).
Key figures and ratios
EBITDA
€1,943▲
2024 · €1,126
Cash flow
€971▲
2024 · €837
Quick ratio
0.47▼
2024 · 0.51
Interest coverage
2.83▼
2024 · 23.45
Debt ≤ 1 year
€32,638▼
2024 · €38,505
Income taxes
€286▲
2024 · €240
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €1,042 | - |
| Depreciation and write-downs of the year | - | - | €93 | €208 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €0 | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | - | €93 | €208 | ▲ 123% |
| Other operating charges640/8 | - | - | - | - | €5,006 | €64 | €184 | ▲ 188% |
| Gross operating margin9900 | -€2,557 | €0 | €0 | €0 | €5,892 | €1,189 | €2,126 | ▲ 78.8% |
| Operating profit (loss)9901 | -€2,557 | €0 | €0 | €0 | €886 | €1,032 | €1,734 | ▲ 68.0% |
| Financial charges65/66B | - | - | - | €45 | - | €48 | €686 | ▲ 14× |
| Recurring financial charges65 | €321 | €198 | €73 | €45 | - | €48 | €686 | ▲ 14× |
| Profit (loss) for the period before taxes9903 | -€5,191 | -€5,752 | -€73 | -€45 | €886 | €984 | €1,049 | ▲ 6.5% |
| Income taxes67/77 | €100 | €23 | - | - | €236 | €240 | €286 | ▲ 18.9% |
| Profit (loss) for the period9904 | -€5,291 | -€5,774 | -€73 | -€45 | €649 | €744 | €763 | ▲ 2.6% |
| Profit (loss) for the period to be appropriated9905 | -€5,291 | -€5,774 | -€73 | -€45 | €649 | €744 | €763 | ▲ 2.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €30,024 | €5,904 | €5,911 | €4,450 | €17,044 | €29,205 | €24,101 | ▼ 17.5% |
| Fixed assets21/28 | €25,388 | €4,450 | €4,450 | €4,450 | €0 | €949 | €740 | ▼ 22.0% |
| Tangible fixed assets22/27 | €25,388 | €4,450 | €4,450 | €4,450 | €0 | €949 | €740 | ▼ 22.0% |
| Land and buildings22 | - | - | - | €3,002 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | - | €949 | €740 | ▼ 22.0% |
| Furniture and vehicles24 | - | - | - | €1,447 | €0 | - | - | - |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €4,637 | €1,454 | €1,461 | €0 | €17,044 | €28,257 | €23,361 | ▼ 17.3% |
| Stocks and contracts in progress3 | - | - | - | - | €7,500 | €8,500 | €8,100 | ▼ 4.7% |
| Contracts in progress37 | - | - | - | - | €7,500 | €8,500 | €8,100 | ▼ 4.7% |
| Amounts receivable within one year40/41 | €4,637 | €1,454 | €1,454 | €0 | €7,732 | €12,645 | €14,215 | ▲ 12.4% |
| Trade receivables40 | - | - | - | €0 | €7,234 | €12,510 | €10,483 | ▼ 16.2% |
| Other amounts receivable41 | - | - | - | - | €497 | €135 | €3,732 | ▲ 28× |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0 | €0 | €7 | €0 | €1,813 | €7,111 | €741 | ▼ 89.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €305 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €30,024 | €5,904 | €5,911 | €4,450 | €17,044 | €29,205 | €24,101 | ▼ 17.5% |
| Equity10/15 | -€4,800 | -€10,574 | -€10,647 | -€10,692 | -€10,043 | -€9,299 | -€8,536 | ▲ 8.2% |
| Contributions10/11 | €8,800 | €0 | - | €8,800 | €8,800 | €8,800 | €8,800 | = |
| Reserves13 | €2,918 | €2,918 | €2,918 | €2,918 | €2,918 | €2,918 | €2,918 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €918 | €2,918 | €2,918 | €2,918 | = |
| Profit (loss) carried forward14 | -€16,518 | -€22,292 | -€22,365 | -€22,410 | -€21,761 | -€21,017 | -€20,254 | ▲ 3.6% |
| Amounts payable17/49 | €34,824 | €16,478 | €16,558 | €15,142 | €27,087 | €38,505 | €32,638 | ▼ 15.2% |
| Amounts payable after more than one year17 | €7,167 | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €27,657 | €16,478 | €16,558 | €15,142 | €27,087 | €38,505 | €32,638 | ▼ 15.2% |
| Trade debts44 | €0 | - | - | - | €9,708 | €20,885 | €16,073 | ▼ 23.0% |
| Suppliers440/4 | - | - | - | - | €9,708 | €20,885 | €16,073 | ▼ 23.0% |
| Taxes, remuneration and social security45 | - | - | - | €0 | €236 | €477 | €522 | ▲ 9.5% |
| Taxes450/3 | - | - | - | €0 | €236 | €477 | €522 | ▲ 9.5% |
| Other amounts payable47/48 | - | - | - | €15,142 | €17,142 | €17,142 | €16,042 | ▼ 6.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,291 | -€5,774 | -€73 | -€45 | €649 | €744 | €763 | ▲ 2.6% |
| + Depreciation and write-downs630 | - | - | - | - | - | €93 | €208 | ▲ 123% |
| Operating cash flow (approximation) | -€5,291 | -€5,774 | -€73 | -€45 | €649 | €837 | €971 | ▲ 16.0% |
| Investment in fixed assets (approximation) | - | €20,938 | €0 | €0 | €4,450 | -€1,042 | €0 | - |
| Change in cash | - | -€0 | €7 | -€7 | €1,813 | €5,299 | -€6,371 | - |
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, 1,379 companies had the same profile as Mava Projects has now. Two years later, 94.3% were still going and 2.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit under 5% of the balance sheet
94.3%
was still going
3.2%
stopped otherwise
2.4%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Mava Projects itself: 1.2% 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 1,379 companies, not a prediction for Mava Projects. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 31-01-2026 | 2026-00024707 | |
| 30-06-2024 | micro format | 06-02-2025 | 2025-00029757 | |
| 30-06-2023 | micro format | 31-01-2024 | 2024-00021094 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014611 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04100206 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-03900148 | |
| 30-06-2019 | micro format | 31-01-2020 | 2020-03700133 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03900407 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04100198 |