MAYPOLE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 6 filings
Equity
-€97,198▼ 58.3%
2024 · -€61,395
Total assets
€509,157▼ 0.2%
2024 · €509,973
Net result
-€35,803▼ 7.8%
2024 · -€33,216
Working capital
-€97,698▼ 57.8%
2024 · -€61,895
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€4,210
▼ 19.0%
2025
20202025
Net result
-€35,803
▼ 7.8%
2025
lowest quarter of the sector
20202025
Equity
-€97,198
▼ 58.3%
2025
lowest quarter of the sector
20202025
Total assets
€509,157
▼ 0.2%
2025
middle half of the sector
20202025
Debt
€606,355
▲ 6.1%
2025
20202025
Working capital
-€97,698
▼ 57.8%
2025
lowest quarter of the sector
20202025
Solvency
-19.1%
▼ 7.1pp
2025
lowest quarter of the sector
20202025
Current ratio
0.84
▼ 0.05
2025
middle half of the sector
20202025
Return on assets (ROA)
-7.0%
▼ 0.5pp
2025
lowest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€1,650--€1,138▲ 31.0%-€2,546▼ 124%-€3,039▼ 19.3%-€3,540▼ 16.5%-€4,210▼ 19.0%
Net result-€4,471within the sector's middle half--€7,536within the sector's middle half▼ 68.6%-€11,048below the sector's middle half▼ 46.6%-€23,724below the sector's middle half▼ 115%-€33,216below the sector's middle half▼ 40.0%-€35,803below the sector's middle half▼ 7.8%
Equity€14,129below the sector's middle half-€6,593below the sector's middle half▼ 53.3%-€4,455below the sector's middle half-€28,180below the sector's middle half▼ 533%-€61,395below the sector's middle half▼ 118%-€97,198below the sector's middle half▼ 58.3%
Total assets€183,326within the sector's middle half-€252,649within the sector's middle half▲ 37.8%€351,691within the sector's middle half▲ 39.2%€503,616within the sector's middle half▲ 43.2%€509,973within the sector's middle half▲ 1.3%€509,157within the sector's middle half▼ 0.2%
Debt€169,196-€246,056▲ 45.4%€356,147▲ 44.7%€531,796▲ 49.3%€571,368▲ 7.4%€606,355▲ 6.1%
Working capital€14,129within the sector's middle half-€6,593within the sector's middle half▼ 53.3%-€4,955within the sector's middle half-€28,680within the sector's middle half▼ 479%-€61,895within the sector's middle half▼ 116%-€97,698below the sector's middle half▼ 57.8%
Solvency7.7%within the sector's middle half-2.6%below the sector's middle half▼ 5.1pp-1.3%below the sector's middle half▼ 3.9pp-5.6%below the sector's middle half▼ 4.3pp-12.0%below the sector's middle half▼ 6.4pp-19.1%below the sector's middle half▼ 7.1pp
Current ratio1.08within the sector's middle half-1.03within the sector's middle half▼ 0.060.99within the sector's middle half▼ 0.040.95within the sector's middle half▼ 0.040.89within the sector's middle half▼ 0.050.84within the sector's middle half▼ 0.05
Return on assets (ROA)-2.4%below the sector's middle half--3.0%below the sector's middle half▼ 0.5pp-3.1%below the sector's middle half▼ 0.2pp-4.7%below the sector's middle half▼ 1.6pp-6.5%below the sector's middle half▼ 1.8pp-7.0%below the sector's middle half▼ 0.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €4,210, larger than the loss of €3,540 in 2024. It is the lowest result since 2021.
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 €509,157
Fixed assets
€500 =
Current assets
€508,657 ▼ 0.2%
Equity and liabilities
Equity-€97,198
Debt€606,355
Equity is negative. Debt (€606,355) exceeds the balance-sheet total (€509,157).
Key figures and ratios
Quick ratio
0.13▼
2024 · 0.14
Debt ≤ 1 year
€606,355▲
2024 · €571,368
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 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | €500 | - | - | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | €449 | €450 | €109 | €927 | €520 | ▼ 43.9% |
| Gross operating margin9900 | -€1,303 | -€690 | -€2,097 | -€2,930 | -€2,613 | -€3,691 | ▼ 41.3% |
| Operating profit (loss)9901 | -€1,650 | -€1,138 | -€2,546 | -€3,039 | -€3,540 | -€4,210 | ▼ 19.0% |
| Financial charges65/66B | - | €6,398 | €8,502 | €20,686 | €29,676 | €31,593 | ▲ 6.5% |
| Recurring financial charges65 | €2,821 | €6,398 | €8,502 | €20,686 | €29,676 | €31,593 | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | -€4,471 | -€7,536 | -€11,048 | -€23,724 | -€33,216 | -€35,803 | ▼ 7.8% |
| Profit (loss) for the period9904 | -€4,471 | -€7,536 | -€11,048 | -€23,724 | -€33,216 | -€35,803 | ▼ 7.8% |
| Profit (loss) for the period to be appropriated9905 | -€4,471 | -€7,536 | -€11,048 | -€23,724 | -€33,216 | -€35,803 | ▼ 7.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €183,326 | €252,649 | €351,691 | €503,616 | €509,973 | €509,157 | ▼ 0.2% |
| Fixed assets21/28 | - | - | €500 | €500 | €500 | €500 | = |
| Financial fixed assets28 | - | - | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €183,326 | €252,649 | €351,191 | €503,116 | €509,473 | €508,657 | ▼ 0.2% |
| Stocks and contracts in progress3 | €139,200 | €208,208 | €278,383 | €426,040 | €432,035 | €432,035 | = |
| Stocks30/36 | - | €208,208 | €278,383 | €426,040 | €432,035 | €432,035 | = |
| Amounts receivable within one year40/41 | €29,495 | €42,426 | €47,919 | €73,781 | €75,575 | €76,337 | ▲ 1.0% |
| Other amounts receivable41 | - | €42,426 | €47,919 | €73,781 | €75,575 | €76,337 | ▲ 1.0% |
| Cash at bank and in hand54/58 | €14,630 | €2,014 | €24,889 | €3,295 | €1,862 | €285 | ▼ 84.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €183,326 | €252,649 | €351,691 | €503,616 | €509,973 | €509,157 | ▼ 0.2% |
| Equity10/15 | €14,129 | €6,593 | -€4,455 | -€28,180 | -€61,395 | -€97,198 | ▼ 58.3% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€4,471 | -€12,007 | -€23,055 | -€46,780 | -€79,995 | -€115,798 | ▼ 44.8% |
| Amounts payable17/49 | €169,196 | €246,056 | €356,147 | €531,796 | €571,368 | €606,355 | ▲ 6.1% |
| Amounts payable within one year42/48 | €169,196 | €246,056 | €356,147 | €531,796 | €571,368 | €606,355 | ▲ 6.1% |
| Trade debts44 | €36,376 | €76,837 | €48,567 | €48,684 | €48,733 | €48,781 | ▲ 0.1% |
| Suppliers440/4 | - | €76,837 | €48,567 | €48,684 | €48,733 | €48,781 | ▲ 0.1% |
| Other amounts payable47/48 | - | €169,219 | €307,580 | €483,112 | €522,635 | €557,574 | ▲ 6.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,471 | -€7,536 | -€11,048 | -€23,724 | -€33,216 | -€35,803 | ▼ 7.8% |
| Operating cash flow (approximation) | -€4,471 | -€7,536 | -€11,048 | -€23,724 | -€33,216 | -€35,803 | ▼ 7.8% |
| Investment in fixed assets (approximation) | - | - | - | €0 | €0 | €0 | - |
| Change in cash | - | -€12,616 | €22,875 | -€21,594 | -€1,433 | -€1,577 | ▼ 10.0% |
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, 1,167 companies had the same profile as MAYPOLE has now. Two years later, 94.9% were still going and 2.0% had gone bankrupt.
- Small
- 5 to 10 years old
- negative equity
- a small loss
94.9%
was still going
2.8%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAYPOLE 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 1,167 companies, not a prediction for MAYPOLE. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-07-2026 | 2026-00286401 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00341111 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00309043 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00313910 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20135197 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25300042 |