MBI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 20 filings
Turnover
≈ €2.4m
Estimated: probably between €1.6m and €3.4m
Total assets
€3.1m▲ 1.2%
2024 · €3.1m
Net result
€68,481▼ 46.5%
2024 · €128,116
Working capital
€1.1m▼ 10.0%
2024 · €1.2m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€111,069
▼ 52.0%
2025
20192025
Net result
€68,481
▼ 46.5%
2025
middle half of the sector
20192025
Equity
€2.6m
▼ 6.4%
2025
highest quarter of the sector
20192025
Total assets
€3.1m
▲ 1.2%
2025
highest quarter of the sector
20192025
Debt
€510,960
▲ 72.0%
2025
20192025
Working capital
€1.1m
▼ 10.0%
2025
highest quarter of the sector
20192025
Solvency
83.5%
▼ 6.8pp
2025
highest quarter of the sector
20192025
Current ratio
3.22
▼ 3.47
2025
middle half of the sector
20192025
Return on assets (ROA)
2.2%
▼ 2.0pp
2025
middle half of the sector
20192025
Staff (FTE)
3.2
▲ 10.3%
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
Operating result€0.2m-€0.3m▲ 47.0%€0.7m▲ 87.8%€0.3m▼ 61.0%€0.3m=€0.2m▼ 9.1%€0.1m▼ 52.0%
Net result€0.2m-€0.2mabove the sector's middle half▲ 35.3%€0.5mabove the sector's middle half▲ 83.5%€0.2mwithin the sector's middle half▼ 62.2%€0.2mabove the sector's middle half▼ 0.1%€0.1mwithin the sector's middle half▼ 24.9%€0.07mwithin the sector's middle half▼ 46.5%
Equity€1.5m-€1.7mabove the sector's middle half▲ 16.4%€2.2mabove the sector's middle half▲ 25.8%€2.4mabove the sector's middle half▲ 7.8%€2.5mabove the sector's middle half▲ 7.2%€2.8mabove the sector's middle half▲ 9.0%€2.6mabove the sector's middle half▼ 6.4%
Total assets€2.3m-€2.7mabove the sector's middle half▲ 20.9%€3.0mabove the sector's middle half▲ 9.3%€2.9mabove the sector's middle half▼ 1.8%€3.1mabove the sector's middle half▲ 4.1%€3.1mabove the sector's middle half▲ 0.2%€3.1mabove the sector's middle half▲ 1.2%
Debt€0.8m-€1.0m▲ 29.7%€0.8m▼ 19.8%€0.6m▼ 28.1%€0.5m▼ 9.0%€0.3m▼ 42.9%€0.5m▲ 72.0%
Working capital€0.6m-€0.4mwithin the sector's middle half▼ 33.5%€0.8mwithin the sector's middle half▲ 77.8%€1.0mabove the sector's middle half▲ 25.5%€0.9mabove the sector's middle half▼ 2.3%€1.2mabove the sector's middle half▲ 28.5%€1.1mabove the sector's middle half▼ 10.0%
Solvency66.3%-63.8%above the sector's middle half▼ 2.5pp73.5%above the sector's middle half▲ 9.6pp80.6%above the sector's middle half▲ 7.1pp83.0%above the sector's middle half▲ 2.4pp90.3%above the sector's middle half▲ 7.3pp83.5%above the sector's middle half▼ 6.8pp
Current ratio2.83-1.66within the sector's middle half▼ 1.172.49within the sector's middle half▲ 0.833.71above the sector's middle half▲ 1.223.55above the sector's middle half▼ 0.176.69above the sector's middle half▲ 3.153.22within the sector's middle half▼ 3.47
Return on assets (ROA)8.0%-9.0%within the sector's middle half▲ 1.0pp15.1%above the sector's middle half▲ 6.1pp5.8%within the sector's middle half▼ 9.3pp5.6%within the sector's middle half▼ 0.2pp4.2%within the sector's middle half▼ 1.4pp2.2%within the sector's middle half▼ 2.0pp
Staff (FTE)4.2-3.9within the sector's middle half▼ 7.1%3within the sector's middle half▼ 23.1%2.6within the sector's middle half▼ 13.3%2.9within the sector's middle half▲ 11.5%2.9within the sector's middle half=3.2within the sector's middle half▲ 10.3%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 52% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€1.5m ▼ 7.3%
Current assets
€1.6m ▲ 10.9%
Equity and liabilities €3.1m
Equity
€2.6m ▼ 6.4%
Debt
€510,960 ▲ 72.0%
Debt's share of the balance-sheet total rises from 9.7% to 16.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€291,614▼
2024 · €405,187
Cash flow
€249,025▼
2024 · €301,821
Quick ratio
2.99▼
2024 · 6.35
Debt to equity
0.20▲
2024 · 0.11
ROE
2.6%▼
2024 · 4.6%
Interest coverage
30.91▼
2024 · 48.99
Debt ≤ 1 year
€489,183▲
2024 · €212,383
Debt > 1 year
€21,777▼
2024 · €84,680
Income taxes
€35,363▼
2024 · €97,929
Staff costs
€140,276▲
2024 · €137,362
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 3 | 4 |
| full-time | 2 | 3 | 2 | 3 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 2.4 | 3.4 | 2.3 | 3.4 |
| Average over the year, in full-time equivalents | 2.6 | 2.9 | 3.6 | 3.2 |
| On a permanent contract | 3 | 2 | 2 | 4 |
| Joined | 1 | 5 | 5 | 2 |
| Left | 1 | 4 | 6 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €65,168 | €287,992 | €67,596 | €61,177 |
| Financial fixed assets | - | €1,250 | - | - |
| Depreciation and write-downs of the year | €155,571 | €161,634 | €173,705 | €180,544 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €180 awarded · €180 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €9,247 | €10,458 | €9,056 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €116,119 | €129,850 | €137,362 | €140,276 | ▲ 2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €125,532 | €126,166 | €153,767 | €155,571 | €161,634 | €173,705 | €180,544 | ▲ 3.9% |
| Other operating charges640/8 | - | - | - | €22,513 | €37,910 | €36,576 | €42,815 | ▲ 17.1% |
| Gross operating margin9900 | €547,842 | €635,950 | €943,351 | €548,996 | €584,107 | €579,126 | €474,706 | ▼ 18.0% |
| Operating profit (loss)9901 | €236,444 | €347,644 | €652,757 | €254,793 | €254,712 | €231,482 | €111,069 | ▼ 52.0% |
| Financial income75/76B | - | - | - | €1,224 | €2,537 | €2,833 | €2,209 | ▼ 22.0% |
| Recurring financial income75 | €5,539 | €4,782 | €2,697 | €747 | €2,537 | €2,833 | €2,209 | ▼ 22.0% |
| Non-recurring financial income76B | - | - | - | €478 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €7,856 | €6,962 | €8,271 | €9,435 | ▲ 14.1% |
| Recurring financial charges65 | €8,229 | €5,966 | €6,797 | €7,856 | €6,962 | €8,271 | €9,435 | ▲ 14.1% |
| Profit (loss) for the period before taxes9903 | €233,754 | €346,460 | €648,657 | €248,161 | €250,287 | €226,045 | €103,843 | ▼ 54.1% |
| Income taxes67/77 | €51,790 | €100,205 | €196,895 | €77,562 | €79,782 | €97,929 | €35,363 | ▼ 63.9% |
| Profit (loss) for the period9904 | €181,964 | €246,255 | €451,763 | €170,600 | €170,506 | €128,116 | €68,481 | ▼ 46.5% |
| Profit (loss) for the period to be appropriated9905 | €181,964 | €246,255 | €451,763 | €170,600 | €170,506 | €128,116 | €68,481 | ▼ 46.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.3m | €2.7m | €3.0m | €2.9m | €3.1m | €3.1m | €3.1m | ▲ 1.2% |
| Fixed assets21/28 | €1.3m | €1.7m | €1.7m | €1.6m | €1.8m | €1.6m | €1.5m | ▼ 7.3% |
| Tangible fixed assets22/27 | €1.3m | €1.7m | €1.7m | €1.6m | €1.7m | €1.6m | €1.5m | ▼ 7.3% |
| Land and buildings22 | - | - | - | €1.5m | €1.5m | €1.4m | €1.3m | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | ▼ 1.3% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 18.0% |
| Financial fixed assets28 | €0.004m | €0.004m | €0.004m | €0.004m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €1.0m | €1.1m | €1.3m | €1.3m | €1.3m | €1.4m | €1.6m | ▲ 10.9% |
| Stocks and contracts in progress3 | €0.04m | €0.04m | €0.03m | €0.06m | €0.06m | €0.07m | €0.1m | ▲ 59.6% |
| Stocks30/36 | - | - | - | €0.06m | €0.06m | €0.07m | €0.1m | ▲ 59.6% |
| Amounts receivable within one year40/41 | €0.6m | €0.8m | €1.0m | €0.9m | €0.7m | €0.5m | €0.6m | ▲ 11.6% |
| Trade receivables40 | - | - | - | €0.8m | €0.7m | €0.5m | €0.5m | ▲ 10.4% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.05m | €0.09m | €0.1m | ▲ 17.1% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | €0.8m | €0.8m | ▲ 4.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.01m | €0.02m | €0.04m | ▲ 76.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.3m | €2.7m | €3.0m | €2.9m | €3.1m | €3.1m | €3.1m | ▲ 1.2% |
| Equity10/15 | €1.5m | €1.7m | €2.2m | €2.4m | €2.5m | €2.8m | €2.6m | ▼ 6.4% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.5m | €1.7m | €2.2m | €2.4m | €2.5m | €2.7m | €2.6m | ▼ 6.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €2.3m | €2.5m | €2.7m | €2.6m | ▼ 6.5% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €0.8m | €1.0m | €0.8m | €0.6m | €0.5m | €0.3m | €0.5m | ▲ 72.0% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.08m | €0.02m | ▼ 74.3% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.08m | €0.02m | ▼ 74.3% |
| Amounts payable within one year42/48 | €0.4m | €0.6m | €0.5m | €0.4m | €0.4m | €0.2m | €0.5m | ▲ 130% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.06m | ▼ 4.8% |
| Trade debts44 | €0.2m | €0.4m | €0.4m | €0.3m | €0.3m | €0.1m | €0.1m | ▲ 21.2% |
| Suppliers440/4 | - | - | - | €0.3m | €0.3m | €0.1m | €0.1m | ▲ 21.2% |
| Advances received on contracts in progress46 | - | - | - | €0.008m | €0.008m | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.04m | €0.04m | €0.05m | ▲ 28.7% |
| Taxes450/3 | - | - | - | €0.006m | €0 | - | €0.02m | - |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.04m | €0.04m | €0.03m | ▼ 16.2% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.2m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €181,964 | €246,255 | €451,763 | €170,600 | €170,506 | €128,116 | €68,481 | ▼ 46.5% |
| + Depreciation and write-downs630 | €125,532 | €126,166 | €153,767 | €155,571 | €161,634 | €173,705 | €180,544 | ▲ 3.9% |
| Operating cash flow (approximation) | €307,496 | €372,421 | €605,530 | €326,170 | €332,140 | €301,821 | €249,025 | ▼ 17.5% |
| Investment in fixed assets (approximation) | - | -€521,481 | -€209,187 | -€65,168 | -€288,902 | -€67,596 | -€61,177 | ▲ 9.5% |
| Change in cash | - | -€110,121 | €80,022 | €89,644 | €165,032 | €261,053 | €31,408 | ▼ 88.0% |
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, 17,041 companies had the same profile as MBI has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MBI 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 17,041 companies, not a prediction for MBI. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 30-04-2026 | 2026-00100902 | |
| 30-09-2024 | abbreviated format | 27-03-2025 | 2025-00057168 | |
| 30-09-2023 | abbreviated format | 21-03-2024 | 2024-00048029 | |
| 30-09-2022 | abbreviated format | 22-03-2023 | 2023-00046737 | |
| 30-09-2021 | abbreviated format | 24-03-2022 | 2022-09400163 | |
| 30-09-2020 | abbreviated format | 29-03-2021 | 2021-08800111 | |
| 30-09-2019 | abbreviated format | 26-03-2020 | 2020-07600115 | |
| 30-09-2018 | abbreviated format | 26-04-2019 | 2019-10900043 | |
| 30-09-2017 | abbreviated format | 03-04-2018 | 2018-08600143 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08200029 |