Mavane
ActiveSummary
Mavane has been active since 1962 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.7m and a net result of €74,512. Equity is growing by ~7.7% per year across the filed fiscal years. Its solvency ranks better than 19% of 74 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability46▼-2
Solvency43▲+1
Growth64▼-2
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity tight (current ratio 1.09 against 1.09 in 2024; short-term debt: 60.8% and cash: 12.6% of total assets), and 82.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 17
Relative position
BE, all sectors
reference
Manufacture of paper and paper products (NACE 17)
about 49% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.9%
Return on assets
0.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 74 sector peers (2025).
NBB · sector comparisonPosition among 74 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
8 d early
2023
19 d early
2022
5 d early
2021
5 d early
2020
5 d early
2019
53 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 1 day before the deadline; the sector median for financial year 2024 is 13 days before the deadline, and 34% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#3 company by total assets in Waterloo, Manufacturing sector#4 company by equity in Waterloo, Manufacturing sector#4 oldest company in Waterloo, Manufacturing sector
Turnover
€13.6m▼ 9.2%
2024 · €15.0m
EBIT margin
4.4%▲ 0.1pp
2024 · 4.3%
Net result
€74,512▼ 70.8%
2024 · €254,957
Working capital
€492,627▼ 1.7%
2024 · €501,194
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€14.4m▲ 14.9%€17.1m▲ 19.1%€13.6m▼ 20.6%€15.0m▲ 10.4%€13.6m▼ 9.2%
Operating result€384,263▲ 11.9%€492,425▲ 28.1%€815,404▲ 65.6%€640,390▼ 21.5%€593,593▼ 7.3%
Net result€153,118within the sector's middle half▲ 37.8%€78,926within the sector's middle half▼ 48.5%€194,583within the sector's middle half▲ 147%€254,957within the sector's middle half▲ 31.0%€74,512within the sector's middle half▼ 70.8%
EBIT margin2.7%▼ 0.1pp2.9%▲ 0.2pp6.0%▲ 3.1pp4.3%▼ 1.7pp4.4%▲ 0.1pp
Equity€1.1mbelow the sector's middle half▲ 1.7%€1.2mbelow the sector's middle half▲ 7.3%€1.3mwithin the sector's middle half▲ 16.9%€1.6mwithin the sector's middle half▲ 18.9%€1.7mwithin the sector's middle half▲ 4.6%
Total assets€8.8mwithin the sector's middle half▲ 16.8%€8.4mwithin the sector's middle half▼ 4.9%€9.1mwithin the sector's middle half▲ 8.0%€9.3mwithin the sector's middle half▲ 2.5%€9.4mwithin the sector's middle half▲ 0.9%
Debt€7.7m▲ 18.5%€7.1m▼ 8.1%€7.6m▲ 7.4%€7.6m▼ 0.4%€7.6m▲ 0.2%
Working capital€612,996▲ 23.8%€345,018▼ 43.7%€162,792▼ 52.8%€501,194▲ 208%€492,627▼ 1.7%
Solvency12.2%below the sector's middle half▼ 1.8pp13.8%below the sector's middle half▲ 1.6pp14.9%below the sector's middle half▲ 1.1pp17.3%below the sector's middle half▲ 2.4pp17.9%below the sector's middle half▲ 0.6pp
Staff (FTE)3below the sector's middle half▼ 6.3%3.4below the sector's middle half▲ 13.3%3.2below the sector's middle half▼ 5.9%3.7below the sector's middle half▲ 15.6%3.8below the sector's middle half▲ 2.7%
above
within
below
the middle half (P25 to P75) of NACE 17, Manufacture of paper and paper products, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 7% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.4m
Fixed assets
€3.2m ▼ 2.0%
Current assets
€6.2m ▲ 2.4%
Equity and liabilities €9.4m
Equity
€1.7m ▲ 4.6%
Provisions
€118,009 ▼ 4.1%
Debt
€7.6m ▲ 0.2%
Debt's share of the balance-sheet total falls from 81.4% to 80.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€715,746▼
2024 · €824,797
Cash flow
€196,665▼
2024 · €439,364
Current ratio
1.09▼
2024 · 1.09
Debt to equity
4.52▼
2024 · 4.72
ROE
4.4%▼
2024 · 15.9%
ROA
0.8%▼
2024 · 2.7%
Interest coverage
3.45=
2024 · 3.45
Debt ≤ 1 year
€5.7m▲
2024 · €5.5m
Debt > 1 year
€1.8m▼
2024 · €2.0m
Income taxes
€42,880▲
2024 · €32,650
Staff costs
€276,902▲
2024 · €226,542
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,972 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.2%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 3,972 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €14.4m | €17.2m | €13.7m | €15.1m | €13.7m | ▼ 8.9% |
| Turnover70 | €14.4m | €17.1m | €13.6m | €15.0m | €13.6m | ▼ 9.2% |
| Other operating income74 | €41,475 | €70,578 | €60,755 | €47,340 | €88,140 | ▲ 86.2% |
| Non-recurring operating income76A | €158 | €7,067 | - | €4,276 | - | - |
| Operating charges60/66A | €14.0m | €16.7m | €12.8m | €14.4m | €13.1m | ▼ 9.0% |
| Goods for resale, raw materials and consumables60 | €12.7m | €14.8m | €11.3m | €12.9m | €11.5m | ▼ 10.7% |
| Purchases600/8 | €12.7m | €14.8m | €11.3m | €12.9m | €11.5m | ▼ 10.7% |
| Services and other goods61 | €1.0m | €1.1m | €1.2m | €1.2m | €1.2m | ▲ 1.9% |
| Remuneration, social security and pensions62 | €82,805 | €136,727 | €181,031 | €226,542 | €276,902 | ▲ 22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133,818 | €111,771 | €179,499 | €184,407 | €122,153 | ▼ 33.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €421,705 | -€19,056 | -€100,352 | -€13,200 | ▲ 86.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €50,000 | €111,124 | -€41,754 | €3,637 | -€4,998 | ▼ 237% |
| Other operating charges640/8 | €14,667 | €13,030 | €28,221 | €12,257 | €7,835 | ▼ 36.1% |
| Non-recurring operating charges66A | €3,889 | €10,086 | €42,117 | €4,933 | - | - |
| Operating profit (loss)9901 | €384,263 | €492,425 | €815,404 | €640,390 | €593,593 | ▼ 7.3% |
| Financial income75/76B | €10,583 | €52,441 | €69,150 | €50,797 | €15,941 | ▼ 68.6% |
| Recurring financial income75 | €10,082 | €42,915 | €10,525 | €14,786 | €11,584 | ▼ 21.7% |
| Other financial income752/9 | €10,082 | €42,915 | €10,525 | €14,786 | €11,584 | ▼ 21.7% |
| Non-recurring financial income76B | €501 | €9,526 | €58,625 | €36,011 | €4,357 | ▼ 87.9% |
| Financial charges65/66B | €173,640 | €346,675 | €486,780 | €403,580 | €492,142 | ▲ 21.9% |
| Recurring financial charges65 | €173,640 | €346,675 | €486,780 | €403,580 | €492,142 | ▲ 21.9% |
| Debt charges650 | €42,487 | €74,985 | €190,522 | €238,949 | €207,327 | ▼ 13.2% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | €9,051 | €11,553 | - | €14,619 | €12,514 | ▼ 14.4% |
| Other financial charges652/9 | €122,102 | €260,137 | €296,258 | €150,012 | €272,301 | ▲ 81.5% |
| Profit (loss) for the period before taxes9903 | €221,206 | €198,191 | €397,774 | €287,607 | €117,392 | ▼ 59.2% |
| Income taxes67/77 | €68,088 | €119,265 | €203,191 | €32,650 | €42,880 | ▲ 31.3% |
| Taxes670/3 | €68,088 | €119,265 | €203,191 | €32,650 | €42,880 | ▲ 31.3% |
| Profit (loss) for the period9904 | €153,118 | €78,926 | €194,583 | €254,957 | €74,512 | ▼ 70.8% |
| Profit (loss) for the period to be appropriated9905 | €153,118 | €78,926 | €194,583 | €254,957 | €74,512 | ▼ 70.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.8m | €8.4m | €9.1m | €9.3m | €9.4m | ▲ 0.9% |
| Fixed assets21/28 | €552,413 | €1.9m | €3.4m | €3.2m | €3.2m | ▼ 2.0% |
| Tangible fixed assets22/27 | €469,120 | €1.8m | €3.3m | €3.2m | €3.1m | ▼ 2.0% |
| Land and buildings22 | - | - | - | €2.8m | €2.8m | ▼ 2.1% |
| Furniture and vehicles24 | €183,640 | €147,334 | €310,998 | €265,452 | €276,205 | ▲ 4.1% |
| Other tangible fixed assets26 | €285,480 | €210,016 | €143,062 | €66,818 | €50,557 | ▼ 24.3% |
| Assets under construction and advance payments27 | - | €1.4m | €2.9m | - | - | - |
| Financial fixed assets28 | €83,293 | €83,293 | €83,293 | €83,293 | €83,293 | = |
| Affiliated companies280/1 | €82,181 | €82,181 | €82,181 | €82,181 | €82,181 | = |
| Participating interests280 | €82,181 | €82,181 | €82,181 | €82,181 | €82,181 | = |
| Other financial fixed assets284/8 | €1,112 | €1,112 | €1,112 | €1,112 | €1,112 | = |
| Shares284 | €1,112 | €1,112 | €1,112 | €1,112 | €1,112 | = |
| Current assets29/58 | €8.3m | €6.5m | €5.6m | €6.0m | €6.2m | ▲ 2.4% |
| Amounts receivable within one year40/41 | €7.5m | €5.9m | €5.1m | €5.4m | €5.0m | ▼ 8.5% |
| Trade receivables40 | €7.3m | €5.7m | €4.8m | €5.2m | €4.7m | ▼ 10.6% |
| Other amounts receivable41 | €150,977 | €271,946 | €287,691 | €195,260 | €289,070 | ▲ 48.0% |
| Cash at bank and in hand54/58 | €788,470 | €538,842 | €518,704 | €564,332 | €1.2m | ▲ 110% |
| Deferred charges and accrued income490/1 | €11,055 | €16,753 | €14,802 | €30,868 | €23,317 | ▼ 24.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.8m | €8.4m | €9.1m | €9.3m | €9.4m | ▲ 0.9% |
| Equity10/15 | €1.1m | €1.2m | €1.3m | €1.6m | €1.7m | ▲ 4.6% |
| Contributions10/11 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | = |
| Capital10 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | = |
| Issued capital100 | €600,000 | €600,000 | €600,000 | €600,000 | €600,000 | = |
| Reserves13 | €474,341 | €553,267 | €747,850 | €1.0m | €1.1m | ▲ 7.4% |
| Non-distributable reserves130/1 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Legal reserve130 | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Distributable reserves133 | €414,341 | €493,267 | €687,850 | €942,807 | €1.0m | ▲ 7.9% |
| Provisions and deferred taxes16 | €50,000 | €161,124 | €119,370 | €123,007 | €118,009 | ▼ 4.1% |
| Provisions for liabilities and charges160/5 | €50,000 | €161,124 | €119,370 | €123,007 | €118,009 | ▼ 4.1% |
| Environmental obligations163 | €50,000 | - | €119,370 | €123,007 | €118,009 | ▼ 4.1% |
| Other liabilities and charges164/5 | - | €161,124 | - | - | - | - |
| Amounts payable17/49 | €7.7m | €7.1m | €7.6m | €7.6m | €7.6m | ▲ 0.2% |
| Amounts payable after more than one year17 | - | €888,500 | €2.1m | €2.0m | €1.8m | ▼ 6.8% |
| Financial debts170/4 | - | €888,500 | €2.1m | €2.0m | €1.8m | ▼ 6.8% |
| Credit institutions173 | - | €888,500 | €2.1m | €2.0m | €1.8m | ▼ 6.8% |
| Amounts payable within one year42/48 | €7.7m | €6.2m | €5.5m | €5.5m | €5.7m | ▲ 2.8% |
| Current portion of amounts payable after more than one year42 | - | - | €125,589 | €129,437 | €133,402 | ▲ 3.1% |
| Financial debts43 | €1.5m | €1.8m | €2.3m | €1.8m | €2.3m | ▲ 27.5% |
| Credit institutions430/8 | €1.5m | €1.8m | €2.3m | €1.8m | €2.3m | ▲ 27.5% |
| Trade debts44 | €5.8m | €3.7m | €2.5m | €3.0m | €2.7m | ▼ 10.0% |
| Suppliers440/4 | €5.8m | €3.7m | €2.5m | €3.0m | €2.7m | ▼ 10.0% |
| Taxes, remuneration and social security45 | €109,989 | €157,588 | €183,783 | €138,937 | €81,637 | ▼ 41.2% |
| Taxes450/3 | €86,320 | €137,455 | €163,521 | €112,130 | €48,750 | ▼ 56.5% |
| Remuneration and social security454/9 | €23,669 | €20,133 | €20,262 | €26,807 | €32,887 | ▲ 22.7% |
| Other amounts payable47/48 | €231,957 | €465,942 | €370,732 | €495,804 | €500,879 | ▲ 1.0% |
| Accrued charges and deferred income492/3 | €41,068 | €26,520 | €29,192 | €58,397 | €49,960 | ▼ 14.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €153,118 | €78,926 | €194,583 | €254,957 | €74,512 | ▼ 70.8% |
| + Depreciation and write-downs630 | €133,818 | €111,771 | €179,499 | €184,407 | €122,153 | ▼ 33.8% |
| Operating cash flow (approximation) | €286,936 | €190,697 | €374,082 | €439,364 | €196,665 | ▼ 55.2% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€1.7m | -€4,367 | -€58,395 | ▼ 1,237% |
| Change in cash | - | -€249,628 | -€20,138 | €45,628 | €619,737 | ▲ 1,258% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
24-03
State Gazette act
Resignation: Philippe Maon (director)Director discharge3 facts ▸
State Gazette act
Resignation: Philippe Maon (director)
Director discharge3 facts ▸
- General meeting, 24/11/2025
- Director resignation, Philippe Maon
- Director discharge, Philippe Maon
2025
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €254,957 ▲31%
Net result €254,957, the highest in the series.
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
22-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 53 days late
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
09-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 9 days late
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 18 acts read
About the unread acts
Of the 18 Belgian State Gazette acts we know for this company, 1 has been read. The other 17 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
Not every act has been read: a resignation may be missing here
17 of this company's 18 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Waterloo · 1 establishment unit since 1962
Ground area
1.2 ha
Building footprint
1,950 m²
Volume, LiDAR
33,713 m³
2 parcels, Wallonia · tallest building 22.9 m, ±6 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Drève Richelle 161, 1410 Waterloo
since 19622.036.881.422
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25763M0621/00F000indicative | Wallonia | 1.0 ha | 1 · 1,772 m² | 22.9 m · 6 fl. |
| 25762H0848/00A000 | Wallonia | 1,519 m² | 1 · 178 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Mandate history
1 person since 2026, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Philippe MAON |
|
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
99.9%
According to the 2025 annual accounts of Mavane and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
549300H6TT46NE8V9D62
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Identification & contact
Identification
Legal formPublic limited company
Founded05-09-1962
Fiscal year end31-12
Activities, NACEBEL 2025
17120Manufacture of paper and paper products
46492Wholesale trade
E-invoicing
Reachable via Peppol
Peppol ID
0208:0402681147
Also
9925:BE0402681147
Registered
22-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.