MC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-06-2026 at the NBB all 5 filings
Turnover
€53,123▼ 7.2%
2024 · €57,239
EBIT margin
-50.4%▼ 51.5pp
2024 · 1.1%
Net result
-€25,589
2024 · €883
Working capital
€35,414▼ 37.5%
2024 · €56,651
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€53,123
▼ 7.2%
2025
20212025
Operating result
-€26,774
2025
20212025
Net result
-€25,589
2025
lowest quarter of the sector
20212025
EBIT margin
-50.4%
▼ 51.5pp
2025
20212025
Equity
€35,963
▼ 41.6%
2025
middle half of the sector
20212025
Total assets
€37,819
▼ 40.5%
2025
lowest quarter of the sector
20212025
Debt
€1,856
▼ 5.9%
2025
20212025
Working capital
€35,414
▼ 37.5%
2025
middle half of the sector
20212025
Solvency
95.1%
▼ 1.8pp
2025
highest quarter of the sector
20212025
Current ratio
63.94
▲ 27.82
2025
highest quarter of the sector
20212025
Return on assets (ROA)
-67.7%
▼ 69.1pp
2025
lowest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€50,924€57,239▲ 12.4%€53,123▼ 7.2%
Operating result€92,417--€16,789-€11,975▲ 28.7%€626-€26,774
Net result€74,446above the sector's middle half--€16,700below the sector's middle half-€12,077below the sector's middle half▲ 27.7%€883within the sector's middle half-€25,589below the sector's middle half
EBIT margin-23.5%1.1%▲ 24.6pp-50.4%▼ 51.5pp
Equity€89,446within the sector's middle half-€72,746within the sector's middle half▼ 18.7%€60,669within the sector's middle half▼ 16.6%€61,552within the sector's middle half▲ 1.5%€35,963within the sector's middle half▼ 41.6%
Total assets€145,971within the sector's middle half-€99,461within the sector's middle half▼ 31.9%€64,445below the sector's middle half▼ 35.2%€63,525below the sector's middle half▼ 1.4%€37,819below the sector's middle half▼ 40.5%
Debt€56,525-€26,715▼ 52.7%€3,776▼ 85.9%€1,973▼ 47.8%€1,856▼ 5.9%
Working capital€47,224within the sector's middle half-€38,537within the sector's middle half▼ 18.4%€34,697within the sector's middle half▼ 10.0%€56,651within the sector's middle half▲ 63.3%€35,414within the sector's middle half▼ 37.5%
Solvency61.3%within the sector's middle half-73.1%above the sector's middle half▲ 11.9pp94.1%above the sector's middle half▲ 21.0pp96.9%above the sector's middle half▲ 2.8pp95.1%above the sector's middle half▼ 1.8pp
Current ratio1.84within the sector's middle half-2.44within the sector's middle half▲ 0.6010.19above the sector's middle half▲ 7.7536.12above the sector's middle half▲ 25.9363.94above the sector's middle half▲ 27.82
Return on assets (ROA)51.0%above the sector's middle half--16.8%below the sector's middle half▼ 67.8pp-18.7%below the sector's middle half▼ 1.9pp1.4%within the sector's middle half▲ 20.1pp-67.7%below the sector's middle half▼ 69.1pp
Staff (FTE)1-0.8▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €26,774, after a profit of €626 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €37,819
Fixed assets
€1,842 ▼ 65.0%
Current assets
€35,976 ▼ 38.3%
Equity and liabilities €37,819
Equity
€35,963 ▼ 41.6%
Debt
€1,856 ▼ 5.9%
Debt's share of the balance-sheet total rises from 3.1% to 4.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€24,063▼
2024 · €8,084
Cash flow
-€22,878▼
2024 · €8,340
Debt to equity
0.05▲
2024 · 0.03
ROE
-71.2%▼
2024 · 1.4%
Interest coverage
-230.55▼
2024 · 72.76
Debt ≤ 1 year
€563▼
2024 · €1,613
Customer credit
7 days▲
2024 · 6 days
Supplier credit
1 day▼
2024 · 9 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| part-time | 1 | - |
| in full-time equivalents | 0.4 | - |
| Average over the year, in full-time equivalents | 0.4 | 0.8 |
| On a permanent contract | 1 | - |
| Joined | 1 | 2 |
| Left | 0 | 3 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €33,253 | - | - | €746 | €1,174 |
| Financial fixed assets | €14,000 | - | - | - | - |
| Depreciation and write-downs of the year | €4,807 | €8,237 | €8,237 | €7,458 | €2,711 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €50,924 | €57,239 | €53,123 | ▼ 7.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | €39,189 | €48,377 | €76,909 | ▲ 59.0% |
| Remuneration, social security and pensions62 | €13,060 | €35,065 | €143 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,807 | €8,237 | €8,237 | €7,458 | €2,711 | ▼ 63.7% |
| Other operating charges640/8 | €341 | €163 | €569 | €778 | €277 | ▼ 64.4% |
| Gross operating margin9900 | €110,625 | €26,676 | -€3,026 | €8,862 | -€23,786 | - |
| Operating profit (loss)9901 | €92,417 | -€16,789 | -€11,975 | €626 | -€26,774 | - |
| Financial income75/76B | €624 | €188 | €0 | €588 | €1,289 | ▲ 119% |
| Recurring financial income75 | €624 | €188 | €0 | €588 | €171 | ▼ 71.0% |
| Non-recurring financial income76B | - | - | - | - | €1,118 | - |
| Financial charges65/66B | €333 | €100 | €103 | €111 | €104 | ▼ 6.1% |
| Recurring financial charges65 | €333 | €100 | €103 | €111 | €104 | ▼ 6.1% |
| Profit (loss) for the period before taxes9903 | €92,708 | -€16,700 | -€12,077 | €1,103 | -€25,589 | - |
| Income taxes67/77 | €18,262 | - | - | €221 | - | - |
| Profit (loss) for the period9904 | €74,446 | -€16,700 | -€12,077 | €883 | -€25,589 | - |
| Profit (loss) for the period to be appropriated9905 | €74,446 | -€16,700 | -€12,077 | €883 | -€25,589 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €145,971 | €99,461 | €64,445 | €63,525 | €37,819 | ▼ 40.5% |
| Fixed assets21/28 | €42,446 | €34,208 | €25,972 | €5,261 | €1,842 | ▼ 65.0% |
| Tangible fixed assets22/27 | €28,446 | €20,208 | €11,972 | €5,261 | €1,842 | ▼ 65.0% |
| Plant, machinery and equipment23 | €2,568 | €2,039 | €1,510 | €1,479 | €701 | ▼ 52.6% |
| Furniture and vehicles24 | €25,877 | €18,169 | €10,461 | €3,781 | €1,141 | ▼ 69.8% |
| Financial fixed assets28 | €14,000 | €14,000 | €14,000 | - | - | - |
| Current assets29/58 | €103,525 | €65,253 | €38,473 | €58,264 | €35,976 | ▼ 38.3% |
| Stocks and contracts in progress3 | €3,515 | €3,515 | €17,269 | €21,500 | - | - |
| Stocks30/36 | €3,515 | €3,515 | €17,269 | €21,500 | - | - |
| Amounts receivable within one year40/41 | €32,591 | €6,232 | €1,000 | €1,347 | €2,709 | ▲ 101% |
| Trade receivables40 | €31,253 | €4,336 | €1,000 | €1,000 | €1,000 | = |
| Other amounts receivable41 | €1,338 | €1,896 | - | €347 | €1,709 | ▲ 393% |
| Cash at bank and in hand54/58 | €67,419 | €53,412 | €18,109 | €33,323 | €33,267 | ▼ 0.2% |
| Deferred charges and accrued income490/1 | - | €2,095 | €2,095 | €2,095 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €145,971 | €99,461 | €64,445 | €63,525 | €37,819 | ▼ 40.5% |
| Equity10/15 | €89,446 | €72,746 | €60,669 | €61,552 | €35,963 | ▼ 41.6% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Reserves13 | €74,446 | €57,746 | €45,669 | €45,669 | - | - |
| Distributable reserves133 | €74,446 | €57,746 | €45,669 | €45,669 | - | - |
| Profit (loss) carried forward14 | - | - | - | €883 | €20,963 | ▲ 24× |
| Amounts payable17/49 | €56,525 | €26,715 | €3,776 | €1,973 | €1,856 | ▼ 5.9% |
| Amounts payable within one year42/48 | €56,301 | €26,715 | €3,776 | €1,613 | €563 | ▼ 65.1% |
| Trade debts44 | €17,444 | €2,511 | €669 | €1,218 | €182 | ▼ 85.1% |
| Suppliers440/4 | €17,444 | €2,511 | €669 | €1,218 | €182 | ▼ 85.1% |
| Taxes, remuneration and social security45 | €23,165 | €20,862 | €2,765 | €395 | €381 | ▼ 3.6% |
| Taxes450/3 | €18,766 | €18,508 | €369 | €395 | €381 | ▼ 3.6% |
| Remuneration and social security454/9 | €4,399 | €2,354 | €2,396 | - | - | - |
| Other amounts payable47/48 | €15,692 | €3,342 | €342 | - | - | - |
| Accrued charges and deferred income492/3 | €224 | - | - | €360 | €1,293 | ▲ 259% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €74,446 | -€16,700 | -€12,077 | €883 | -€25,589 | - |
| + Depreciation and write-downs630 | €4,807 | €8,237 | €8,237 | €7,458 | €2,711 | ▼ 63.7% |
| Operating cash flow (approximation) | €79,253 | -€8,463 | -€3,840 | €8,340 | -€22,878 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €13,254 | €707 | ▼ 94.7% |
| Change in cash | - | -€14,008 | -€35,302 | €15,213 | -€56 | - |
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, 3,591 companies had the same profile as MC has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MC itself: 0.8% 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 3,591 companies, not a prediction for MC. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-06-2026 | 2026-00207512 | |
| 31-12-2024 | micro format | 26-09-2025 | 2025-00505070 | |
| 31-12-2023 | micro format | 11-10-2024 | 2024-00504493 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00121781 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20183419 |