MAVARO
MAVARO has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €972k and a net result of €32k. Equity remains stable across the filed fiscal years (±1.5% per year). Its solvency ranks better than 20% of 118 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
| Equity | €972k |
| Net result | €32k |
| Staff (FTE) | 17.3 |
| Better than sector | 20% |
Mixed profile: strong on stability, weaker on profitability.
All 5 axes are computed from data Checked has read.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 20.1% | 40.1% | |
| Net result | €32k | €73k | |
| Equity | €972k | €2.87M | |
| Gross operating margin | €1.69M | €645k | |
| Staff costs | €1.41M | €2.25M |
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | full schema | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | €231k | €336k | €77k | €204k | €328k |
| Net profit | €32k | €124k | €-139k | €50k | €300k |
| Cash flow | €106k | €203k | €-52k | €138k | €389k |
| Staff costs | €1.41M | €1.37M | €1.49M | €1.63M | - |
| Income taxes | €22k | €2k | €2k | €2k | €1k |
| Dividends | - | - | - | - | - |
| Total assets | €4.85M | €4.61M | €5.09M | €4.99M | €4.69M |
| Equity | €972k | €940k | €816k | €955k | €905k |
| Debt | €3.86M | €3.66M | €4.26M | €4.03M | €3.77M |
| of which ≤ 1y | €3.62M | €3.10M | €3.54M | €3.65M | €3.17M |
| of which > 1y | €247k | €566k | €723k | €381k | €600k |
| Working capital | €1.07M | €1.28M | €1.29M | €1.01M | €1.14M |
| Employees (FTE) | 17.3 | 19.4 | 21.9 | 23.3 | 25.6 |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 1.30 | 1.41 | 1.37 | 1.28 | 1.36 |
| Quick ratio | 0.69 | 0.72 | 0.74 | 0.80 | 1.06 |
| Working capital ratio | 22.1% | 27.7% | 25.4% | 20.3% | 24.4% |
| Solvency | 20.1% | 20.4% | 16.0% | 19.1% | 19.3% |
| Debt / equity | 3.97 | 3.89 | 5.22 | 4.22 | 0.66 |
| Long-term debt ratio | 0.25 | 0.60 | 0.89 | 0.40 | 0.66 |
| Interest coverage | 2.23 | 2.57 | 0.56 | 3.12 | - |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 0.7% | 2.7% | -2.7% | 1.0% | 6.4% |
| ROE | 3.3% | 13.2% | -17.0% | 5.2% | 33.2% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Full annual accounts (25 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €4.85M | €4.61M | €5.09M | €4.99M | €4.69M |
| Fixed assets | 21/28 | €158k | €237k | €262k | €333k | €370k |
| Tangible fixed assets | 22/27 | €157k | €237k | €262k | €332k | €370k |
| Financial fixed assets | 28 | €285 | €285 | €285 | €285 | €135 |
| Current assets | 29/58 | €4.69M | €4.38M | €4.83M | €4.66M | €4.32M |
| Stocks & contracts in progress | 3 | €2.20M | €2.13M | €2.21M | €1.74M | €956k |
| Amounts receivable within one year | 40/41 | €2.09M | €2.00M | €1.87M | €2.32M | €1.81M |
| Cash & bank | 54/58 | €344k | €206k | €705k | €458k | €432k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €4.85M | €4.61M | €5.09M | €4.99M | €4.69M |
| Equity | 10/15 | €972k | €940k | €816k | €955k | €905k |
| Contributions / capital | 10/11 | €80k | €80k | €80k | €80k | €80k |
| Reserves | 13 | €892k | €860k | €736k | €875k | €825k |
| Provisions & deferred taxes | 16 | €10k | €10k | €10k | €10k | €10k |
| Amounts payable | 17/49 | €3.86M | €3.66M | €4.26M | €4.03M | €3.77M |
| Amounts payable after one year | 17 | €247k | €566k | €723k | €381k | €600k |
| Amounts payable within one year | 42/48 | €3.62M | €3.10M | €3.54M | €3.65M | €3.17M |
| Trade debts payable within one year | 44 | €870k | €794k | €844k | €1.14M | €817k |
| Income statement | ||||||
| Gross operating margin | 9900 | €1.69M | €1.84M | €1.58M | €1.85M | €2.05M |
| Operating result | 9901 | €157k | €256k | €-9k | €116k | €239k |
| Financial income | 75 | €109 | €51 | €512 | €1k | €2k |
| Financial charges | 65 | €104k | €131k | €138k | €65k | €140k |
| Result before taxes | 9903 | €53k | €126k | €-137k | €52k | €302k |
| Income taxes | 67/77 | €22k | €2k | €2k | €2k | €1k |
| Net result for the period | 9904 | €32k | €124k | €-139k | €50k | €300k |
| Result to be appropriated | 9905 | €32k | €124k | €-139k | €50k | €300k |
Former directors (1)
-
Danny LenaertsDirectorState Gazette act 22095213 (09-08-2022)Former- → 09-08-2022
| NACE primary | Manufacture of basic metals(24420) |
| Legal form | Public limited company(014) |
| Incorporation | 26-06-2001 |
| Status | Active |
| Postal code | 3980 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71363C0211/00C000 | Flanders | 5,640 m² | 1 · 1,559 m² | 7.6 m · 2 fl. |
We know of 15 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
09-08-2022 Danny Lenaerts resigns as director
- Danny Lenaerts, Bestuurder
Technical details
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}| Legal nameNL | MAVARO |