MAVACA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-06-2026 PDF all 19 filings
Equity
€115,109▼ 5.9%
2024 · €122,374
Total assets
€117,264▼ 4.2%
2024 · €122,463
Net result
-€7,265▼ 1,916%
2024 · -€360
Working capital
€115,026▼ 5.8%
2024 · €122,098
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€5,974
2025
20182025
Net result
-€7,265
▼ 1,916%
2025
lowest quarter of the sector
20182025
Equity
€115,109
▼ 5.9%
2025
middle half of the sector
20182025
Total assets
€117,264
▼ 4.2%
2025
middle half of the sector
20182025
Debt
€2,155
▲ 24×
2025
20182025
Working capital
€115,026
▼ 5.8%
2025
highest quarter of the sector
20182025
Solvency
98.2%
▼ 1.8pp
2025
highest quarter of the sector
20182025
Current ratio
54.37
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-6.2%
▼ 5.9pp
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€14,484-€92,269▲ 537%€1,207▼ 98.7%-€20,145-€11,784▲ 41.5%€59,119€2,037▼ 96.6%-€5,974
Net result€9,739-€58,836▲ 504%€2,050within the sector's middle half▼ 96.5%-€19,936below the sector's middle half-€10,615below the sector's middle half▲ 46.8%€47,390above the sector's middle half-€360within the sector's middle half-€7,265below the sector's middle half▼ 1,916%
Equity€45,010-€103,846▲ 131%€105,895within the sector's middle half▲ 2.0%€85,959within the sector's middle half▼ 18.8%€75,344within the sector's middle half▼ 12.3%€122,735above the sector's middle half▲ 62.9%€122,374above the sector's middle half▼ 0.3%€115,109within the sector's middle half▼ 5.9%
Total assets€130,676-€156,940▲ 20.1%€145,085within the sector's middle half▼ 7.6%€107,807within the sector's middle half▼ 25.7%€79,100within the sector's middle half▼ 26.6%€124,798within the sector's middle half▲ 57.8%€122,463within the sector's middle half▼ 1.9%€117,264within the sector's middle half▼ 4.2%
Debt€85,667-€53,095▼ 38.0%€39,190▼ 26.2%€21,847▼ 44.3%€3,756▼ 82.8%€2,063▼ 45.1%€89▼ 95.7%€2,155▲ 24×
Working capital€43,530-€103,550▲ 138%€105,748above the sector's middle half▲ 2.1%€85,959above the sector's middle half▼ 18.7%€75,344within the sector's middle half▼ 12.3%€122,266above the sector's middle half▲ 62.3%€122,098above the sector's middle half▼ 0.1%€115,026above the sector's middle half▼ 5.8%
Solvency34.4%-66.2%▲ 31.7pp73.0%above the sector's middle half▲ 6.8pp79.7%above the sector's middle half▲ 6.7pp95.3%above the sector's middle half▲ 15.5pp98.3%above the sector's middle half▲ 3.1pp99.9%above the sector's middle half▲ 1.6pp98.2%above the sector's middle half▼ 1.8pp
Current ratio1.51-2.95▲ 1.443.70above the sector's middle half▲ 0.754.93above the sector's middle half▲ 1.2421.06above the sector's middle half▲ 16.1360.27above the sector's middle half▲ 39.2154.37above the sector's middle half
Return on assets (ROA)7.5%-37.5%▲ 30.0pp1.4%within the sector's middle half▼ 36.1pp-18.5%below the sector's middle half▼ 19.9pp-13.4%below the sector's middle half▲ 5.1pp38.0%above the sector's middle half▲ 51.4pp-0.3%within the sector's middle half▼ 38.3pp-6.2%below the sector's middle half▼ 5.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €5,974, after a profit of €2,037 in 2024. It is the lowest result since 2022.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €117,264
Fixed assets
€84 ▼ 69.6%
Current assets
€117,181 ▼ 4.1%
Equity and liabilities €117,264
Equity
€115,109 ▼ 5.9%
Debt
€2,155 ▲ 24×
Debt's share of the balance-sheet total rises from 0.1% to 1.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,782▼
2024 · €2,230
Cash flow
-€7,073▼
2024 · -€168
Quick ratio
46.11
Debt to equity
0.02▲
2024 · 0.00
ROE
-6.3%▼
2024 · -0.3%
Interest coverage
-3.85▼
2024 · 1.30
Debt ≤ 1 year
€2,155▲
2024 · €89
Income taxes
€223▼
2024 · €836
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 | - | - | €577 | - | - |
| Depreciation and write-downs of the year | €148 | - | €108 | €192 | €192 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,046 | €1,184 | €148 | €148 | - | €108 | €192 | €192 | = |
| Other operating charges640/8 | - | - | - | €205 | €7,722 | €490 | €1,106 | €558 | ▼ 49.5% |
| Gross operating margin9900 | €19,017 | €95,631 | €1,570 | -€19,793 | -€4,062 | €59,718 | €3,336 | -€5,224 | - |
| Operating profit (loss)9901 | €14,484 | €92,269 | €1,207 | -€20,145 | -€11,784 | €59,119 | €2,037 | -€5,974 | - |
| Financial income75/76B | - | - | - | €281 | €1,232 | €299 | €158 | €434 | ▲ 175% |
| Recurring financial income75 | €1,625 | €1,322 | €845 | €281 | €1,232 | €299 | €158 | €434 | ▲ 175% |
| Financial charges65/66B | - | - | - | €72 | €63 | €916 | €1,720 | €1,502 | ▼ 12.7% |
| Recurring financial charges65 | €126 | €70 | €72 | €72 | €63 | €916 | €1,720 | €1,502 | ▼ 12.7% |
| Profit (loss) for the period before taxes9903 | €15,982 | €93,521 | €1,980 | -€19,936 | -€10,615 | €58,502 | €476 | -€7,042 | - |
| Income taxes67/77 | €6,244 | €34,686 | -€70 | - | - | €11,112 | €836 | €223 | ▼ 73.3% |
| Profit (loss) for the period9904 | €9,739 | €58,836 | €2,050 | -€19,936 | -€10,615 | €47,390 | -€360 | -€7,265 | ▼ 1,916% |
| Profit (loss) for the period to be appropriated9905 | €9,739 | €58,836 | €2,050 | -€19,936 | -€10,615 | €47,390 | -€360 | -€7,265 | ▼ 1,916% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €130,676 | €156,940 | €145,085 | €107,807 | €79,100 | €124,798 | €122,463 | €117,264 | ▼ 4.2% |
| Fixed assets21/28 | €1,479 | €296 | €148 | - | - | €468 | €276 | €84 | ▼ 69.6% |
| Tangible fixed assets22/27 | €1,479 | €296 | €148 | - | - | €468 | €276 | €84 | ▼ 69.6% |
| Furniture and vehicles24 | - | - | - | - | - | €468 | €276 | €84 | ▼ 69.6% |
| Current assets29/58 | €129,197 | €156,645 | €144,938 | €107,807 | €79,100 | €124,329 | €122,187 | €117,181 | ▼ 4.1% |
| Stocks and contracts in progress3 | - | - | €4,847 | €2,390 | €4,820 | €7,068 | €7,521 | €17,800 | ▲ 137% |
| Stocks30/36 | - | - | - | €2,390 | €4,820 | €7,068 | €7,521 | €17,800 | ▲ 137% |
| Amounts receivable within one year40/41 | €65,005 | €100,602 | €76,923 | €76,072 | €56,557 | €42,197 | €24,540 | €36,457 | ▲ 48.6% |
| Trade receivables40 | - | - | - | €74,314 | €55,020 | €40,114 | €22,092 | €31,000 | ▲ 40.3% |
| Other amounts receivable41 | - | - | - | €1,758 | €1,537 | €2,083 | €2,448 | €5,457 | ▲ 123% |
| Cash at bank and in hand54/58 | €64,192 | €55,907 | €62,565 | €28,821 | €17,533 | €69,441 | €84,877 | €58,174 | ▼ 31.5% |
| Deferred charges and accrued income490/1 | - | - | - | €525 | €191 | €5,623 | €5,250 | €4,750 | ▼ 9.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €130,676 | €156,940 | €145,085 | €107,807 | €79,100 | €124,798 | €122,463 | €117,264 | ▼ 4.2% |
| Equity10/15 | €45,010 | €103,846 | €105,895 | €85,959 | €75,344 | €122,735 | €122,374 | €115,109 | ▼ 5.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €8,519 | €67,355 | €67,355 | €67,355 | €67,355 | €104,135 | €104,135 | €104,135 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €6,659 | €6,659 | €6,659 | €6,659 | €6,659 | = |
| Distributable reserves133 | - | - | - | €58,836 | €58,836 | €97,476 | €97,476 | €97,476 | = |
| Profit (loss) carried forward14 | €17,891 | €17,891 | €19,941 | €5 | -€10,611 | - | -€360 | -€7,625 | ▼ 2,016% |
| Amounts payable17/49 | €85,667 | €53,095 | €39,190 | €21,847 | €3,756 | €2,063 | €89 | €2,155 | ▲ 24× |
| Amounts payable within one year42/48 | €85,667 | €53,095 | €39,190 | €21,847 | €3,756 | €2,063 | €89 | €2,155 | ▲ 24× |
| Trade debts44 | €14,505 | €24,830 | €17,837 | €20,746 | €2,415 | €1,580 | €89 | €2,155 | ▲ 24× |
| Suppliers440/4 | - | - | - | €20,746 | €2,415 | €1,580 | €89 | €2,155 | ▲ 24× |
| Taxes, remuneration and social security45 | - | - | - | - | - | €112 | - | - | - |
| Taxes450/3 | - | - | - | - | - | €112 | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,101 | €1,341 | €372 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,739 | €58,836 | €2,050 | -€19,936 | -€10,615 | €47,390 | -€360 | -€7,265 | ▼ 1,916% |
| + Depreciation and write-downs630 | €4,046 | €1,184 | €148 | €148 | - | €108 | €192 | €192 | = |
| Operating cash flow (approximation) | €13,785 | €60,020 | €2,198 | -€19,788 | -€10,615 | €47,499 | -€168 | -€7,073 | ▼ 4,105% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | - | €0 | €0 | - |
| Change in cash | - | -€8,284 | €6,658 | -€33,744 | -€11,288 | €51,908 | €15,436 | -€26,704 | - |
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, 12,322 companies had the same profile as MAVACA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAVACA 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 12,322 companies, not a prediction for MAVACA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 11-06-2026 | 2026-00153849 | |
| 31-12-2024 | micro format | 28-05-2025 | 2025-00110781 | |
| 31-12-2023 | micro format | 11-06-2024 | 2024-00124651 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00136408 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20097468 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-23000144 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22700377 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17200423 | |
| 31-12-2017 | micro format | 15-06-2018 | 2018-19200409 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-23500400 |