mC4Tx
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 40 days after the deadline Filed on 9 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00509009.
Annual accounts 2025 filed on 09-09-2026 at the NBB all 9 filings
Equity
€208,147▼ 16.0%
2024 · €247,850
Total assets
€215,710▼ 15.7%
2024 · €255,901
Net result
-€39,703
2024 · €18,614
Working capital
€194,415▼ 14.8%
2024 · €228,235
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€40,152
2025
20182025
Net result
-€39,703
2025
lowest quarter of the sector
20182025
Equity
€208,147
▼ 16.0%
2025
middle half of the sector
20182025
Total assets
€215,710
▼ 15.7%
2025
middle half of the sector
20182025
Debt
€7,563
▼ 6.1%
2025
20182025
Working capital
€194,415
▼ 14.8%
2025
highest quarter of the sector
20182025
Solvency
96.5%
▼ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
26.71
▼ 2.64
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-18.4%
▼ 25.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€28,146--€26,432▲ 6.1%€80,813€198,014▲ 145%€90,145▼ 54.5%-€34,990€19,124-€40,152
Net result-€29,547--€27,535▲ 6.8%€72,597above the sector's middle half€147,483above the sector's middle half▲ 103%€67,615above the sector's middle half▼ 54.2%-€35,587below the sector's middle half€18,614within the sector's middle half-€39,703below the sector's middle half
Equity€4,664--€22,871€49,726within the sector's middle half€197,208within the sector's middle half▲ 297%€264,823above the sector's middle half▲ 34.3%€229,236within the sector's middle half▼ 13.4%€247,850above the sector's middle half▲ 8.1%€208,147within the sector's middle half▼ 16.0%
Total assets€64,637-€60,012▼ 7.2%€84,551within the sector's middle half▲ 40.9%€254,728within the sector's middle half▲ 201%€330,117within the sector's middle half▲ 29.6%€255,401within the sector's middle half▼ 22.6%€255,901within the sector's middle half▲ 0.2%€215,710within the sector's middle half▼ 15.7%
Debt€59,973-€82,883▲ 38.2%€34,825▼ 58.0%€57,521▲ 65.2%€65,295▲ 13.5%€26,165▼ 59.9%€8,050▼ 69.2%€7,563▼ 6.1%
Working capital-€42,685--€63,058▼ 47.7%€11,559within the sector's middle half€166,022above the sector's middle half▲ 14×€239,386above the sector's middle half▲ 44.2%€208,419above the sector's middle half▼ 12.9%€228,235above the sector's middle half▲ 9.5%€194,415above the sector's middle half▼ 14.8%
Solvency7.2%--38.1%▼ 45.3pp58.8%within the sector's middle half▲ 96.9pp77.4%within the sector's middle half▲ 18.6pp80.2%above the sector's middle half▲ 2.8pp89.8%above the sector's middle half▲ 9.5pp96.9%above the sector's middle half▲ 7.1pp96.5%above the sector's middle half▼ 0.4pp
Current ratio0.29-0.24▼ 0.051.33within the sector's middle half▲ 1.093.89within the sector's middle half▲ 2.554.67above the sector's middle half▲ 0.788.97above the sector's middle half▲ 4.3029.35above the sector's middle half▲ 20.3826.71above the sector's middle half▼ 2.64
Return on assets (ROA)-45.7%--45.9%▼ 0.2pp85.9%above the sector's middle half▲ 131.7pp57.9%above the sector's middle half▼ 28.0pp20.5%within the sector's middle half▼ 37.4pp-13.9%below the sector's middle half▼ 34.4pp7.3%within the sector's middle half▲ 21.2pp-18.4%below the sector's middle half▼ 25.7pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €40,152, after a profit of €19,124 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 €215,710
Fixed assets
€13,732 ▼ 30.0%
Current assets
€201,978 ▼ 14.5%
Equity and liabilities €215,710
Equity
€208,147 ▼ 16.0%
Debt
€7,563 ▼ 6.1%
Debt's share of the balance-sheet total rises from 3.1% to 3.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€29,633▼
2024 · €27,427
Cash flow
-€29,185▼
2024 · €26,917
Debt to equity
0.04▲
2024 · 0.03
ROE
-19.1%▼
2024 · 7.5%
Interest coverage
-96.63▼
2024 · 65.15
Debt ≤ 1 year
€7,563▼
2024 · €8,050
Income taxes
€144▲
2024 · €91
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €495 | €2,565 | €7,101 | €4,635 |
| Depreciation and write-downs of the year | €6,981 | €6,245 | €7,185 | €8,303 | €10,518 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €223,538 | €240,066 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,161 | €7,161 | €6,320 | €6,981 | €6,245 | €7,185 | €8,303 | €10,518 | ▲ 26.7% |
| Other operating charges640/8 | - | - | - | €5,766 | €2,114 | €1,303 | €42 | €876 | ▲ 21× |
| Non-recurring operating charges66A | - | - | - | - | €57 | €2,404 | - | - | - |
| Gross operating margin9900 | -€19,392 | -€18,497 | €88,203 | €210,760 | €98,561 | -€24,098 | €27,469 | -€28,758 | - |
| Operating profit (loss)9901 | -€28,146 | -€26,432 | €80,813 | €198,014 | €90,145 | -€34,990 | €19,124 | -€40,152 | - |
| Financial income75/76B | - | - | - | €897 | €1 | €1,313 | €2 | €899 | ▲ 471× |
| Recurring financial income75 | - | €288 | €355 | €0 | €1 | €30 | €2 | €899 | ▲ 471× |
| Non-recurring financial income76B | - | - | - | €897 | - | €1,283 | - | - | - |
| Financial charges65/66B | - | - | - | €889 | €1,330 | €848 | €421 | €307 | ▼ 27.2% |
| Recurring financial charges65 | €964 | €858 | €607 | €889 | €1,330 | €848 | €421 | €307 | ▼ 27.2% |
| Profit (loss) for the period before taxes9903 | -€29,110 | -€27,002 | €80,561 | €198,022 | €88,816 | -€34,524 | €18,705 | -€39,559 | - |
| Income taxes67/77 | €437 | €533 | €7,964 | €50,540 | €21,201 | €1,063 | €91 | €144 | ▲ 57.6% |
| Profit (loss) for the period9904 | -€29,547 | -€27,535 | €72,597 | €147,483 | €67,615 | -€35,587 | €18,614 | -€39,703 | - |
| Profit (loss) for the period to be appropriated9905 | -€29,547 | -€27,535 | €72,597 | €147,483 | €67,615 | -€35,587 | €18,614 | -€39,703 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €64,637 | €60,012 | €84,551 | €254,728 | €330,117 | €255,401 | €255,901 | €215,710 | ▼ 15.7% |
| Fixed assets21/28 | €47,349 | €40,187 | €38,167 | €31,186 | €25,436 | €20,817 | €19,615 | €13,732 | ▼ 30.0% |
| Intangible fixed assets21 | €45,296 | €39,796 | €34,296 | €28,796 | €23,296 | €17,796 | €12,296 | €6,796 | ▼ 44.7% |
| Tangible fixed assets22/27 | €2,053 | €391 | €3,871 | €2,390 | €2,140 | €3,021 | €7,319 | €6,936 | ▼ 5.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €1,954 | €1,517 | ▼ 22.4% |
| Furniture and vehicles24 | - | - | - | €2,390 | €2,140 | €3,021 | €5,365 | €5,420 | ▲ 1.0% |
| Current assets29/58 | €17,288 | €19,825 | €46,384 | €223,542 | €304,681 | €234,584 | €236,286 | €201,978 | ▼ 14.5% |
| Amounts receivable within one year40/41 | €13,845 | €15,724 | €10,817 | €200,954 | €253,888 | €220,001 | €215,762 | €196,963 | ▼ 8.7% |
| Trade receivables40 | - | - | - | €43,148 | €4,547 | €13,492 | €21,671 | €45,997 | ▲ 112% |
| Other amounts receivable41 | - | - | - | €157,806 | €249,341 | €206,510 | €194,091 | €150,966 | ▼ 22.2% |
| Cash at bank and in hand54/58 | €2,686 | €3,201 | €34,789 | €21,133 | €50,266 | €13,945 | €17,283 | €2,385 | ▼ 86.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,456 | €526 | €638 | €3,241 | €2,630 | ▼ 18.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €64,637 | €60,012 | €84,551 | €254,728 | €330,117 | €255,401 | €255,901 | €215,710 | ▼ 15.7% |
| Equity10/15 | €4,664 | -€22,871 | €49,726 | €197,208 | €264,823 | €229,236 | €247,850 | €208,147 | ▼ 16.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €36,860 | €183,860 | €251,860 | €215,860 | €234,860 | €194,860 | ▼ 17.0% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €182,000 | €250,000 | €214,000 | €233,000 | €193,000 | ▼ 17.2% |
| Profit (loss) carried forward14 | -€9,596 | -€37,131 | €466 | €948 | €563 | €976 | €590 | €887 | ▲ 50.3% |
| Amounts payable17/49 | €59,973 | €82,883 | €34,825 | €57,521 | €65,295 | €26,165 | €8,050 | €7,563 | ▼ 6.1% |
| Amounts payable within one year42/48 | €59,973 | €82,883 | €34,825 | €57,521 | €65,295 | €26,165 | €8,050 | €7,563 | ▼ 6.1% |
| Trade debts44 | €11,549 | €12,628 | €1,173 | €6,863 | €10,573 | €2,774 | €7,567 | €1,619 | ▼ 78.6% |
| Suppliers440/4 | - | - | - | €6,863 | €10,573 | €2,774 | €7,567 | €1,619 | ▼ 78.6% |
| Taxes, remuneration and social security45 | - | - | - | €50,657 | €54,721 | €23,391 | €483 | €5,944 | ▲ 12× |
| Taxes450/3 | - | - | - | €50,657 | €54,721 | €22,391 | €483 | €1,944 | ▲ 302% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,000 | - | €4,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,547 | -€27,535 | €72,597 | €147,483 | €67,615 | -€35,587 | €18,614 | -€39,703 | - |
| + Depreciation and write-downs630 | €7,161 | €7,161 | €6,320 | €6,981 | €6,245 | €7,185 | €8,303 | €10,518 | ▲ 26.7% |
| Operating cash flow (approximation) | -€22,386 | -€20,374 | €78,917 | €154,463 | €73,860 | -€28,402 | €26,917 | -€29,185 | - |
| Investment in fixed assets (approximation) | - | €1 | -€4,300 | €0 | -€495 | -€2,565 | -€7,101 | -€4,635 | ▲ 34.7% |
| Change in cash | - | €515 | €31,588 | -€13,656 | €29,134 | -€36,322 | €3,339 | -€14,898 | - |
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 mC4Tx 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 mC4Tx 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 mC4Tx. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-09-2026 | 2026-00509009 | |
| 31-12-2024 | micro format | 07-09-2025 | 2025-00484241 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00383760 | |
| 31-12-2022 | micro format | 27-08-2023 | 2023-00380087 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20412914 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65000585 | |
| 31-12-2019 | micro format | 28-10-2020 | 2020-67300232 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56600065 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57200130 |