MCA TECHNOLOGY
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00473358.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 17 filings
Turnover
≈ €740,000
Estimated: probably between €650,000 and €910,000
Total assets
€589,016▲ 42.2%
2024 · €414,321
Net result
€42,130▲ 4.8%
2024 · €40,202
Working capital
€197,751▼ 24.0%
2024 · €260,185
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€103,104
▲ 65.3%
2025
20182025
Net result
€42,130
▲ 4.8%
2025
middle half of the sector
20182025
Equity
€329,637
▲ 14.7%
2025
middle half of the sector
20182025
Total assets
€589,016
▲ 42.2%
2025
middle half of the sector
20182025
Debt
€259,379
▲ 105%
2025
20182025
Working capital
€197,751
▼ 24.0%
2025
middle half of the sector
20182025
Solvency
56.0%
▼ 13.4pp
2025
middle half of the sector
20182025
Current ratio
2.14
▼ 0.96
2025
middle half of the sector
20182025
Return on assets (ROA)
7.2%
▼ 2.6pp
2025
middle half of the sector
20182025
Staff (FTE)
4.5
▲ 4.7%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,262-€42,399▲ 35.6%€66,369▲ 56.5%€66,369=-€9,077€55,987€62,392▲ 11.4%€103,104▲ 65.3%
Net result€25,514-€32,786▲ 28.5%€40,514above the sector's middle half▲ 23.6%€40,514above the sector's middle half=-€31,729below the sector's middle half€56,609above the sector's middle half€40,202above the sector's middle half▼ 29.0%€42,130within the sector's middle half▲ 4.8%
Equity€83,877-€95,234▲ 13.5%€135,748above the sector's middle half▲ 42.5%€135,748above the sector's middle half=€190,696above the sector's middle half▲ 40.5%€247,305above the sector's middle half▲ 29.7%€287,507above the sector's middle half▲ 16.3%€329,637within the sector's middle half▲ 14.7%
Total assets€126,829-€167,365▲ 32.0%€187,812within the sector's middle half▲ 12.2%€187,812within the sector's middle half=€273,732within the sector's middle half▲ 45.7%€344,115above the sector's middle half▲ 25.7%€414,321above the sector's middle half▲ 20.4%€589,016within the sector's middle half▲ 42.2%
Debt€42,952-€72,131▲ 67.9%€52,064▼ 27.8%€52,064=€83,037▲ 59.5%€96,810▲ 16.6%€126,814▲ 31.0%€259,379▲ 105%
Working capital€82,073-€92,484▲ 12.7%€133,939above the sector's middle half▲ 44.8%€133,939above the sector's middle half=€159,372above the sector's middle half▲ 19.0%€220,547above the sector's middle half▲ 38.4%€260,185above the sector's middle half▲ 18.0%€197,751within the sector's middle half▼ 24.0%
Solvency66.1%-56.9%▼ 9.2pp72.3%above the sector's middle half▲ 15.4pp72.3%above the sector's middle half=69.7%above the sector's middle half▼ 2.6pp71.9%above the sector's middle half▲ 2.2pp69.4%above the sector's middle half▼ 2.5pp56.0%within the sector's middle half▼ 13.4pp
Current ratio2.91-2.28▼ 0.633.57above the sector's middle half▲ 1.293.57above the sector's middle half=3.32above the sector's middle half▼ 0.253.50above the sector's middle half▲ 0.183.10within the sector's middle half▼ 0.402.14within the sector's middle half▼ 0.96
Return on assets (ROA)20.1%-19.6%▼ 0.5pp21.6%above the sector's middle half▲ 2.0pp21.6%above the sector's middle half=-11.6%below the sector's middle half▼ 33.2pp16.5%within the sector's middle half▲ 28.0pp9.7%within the sector's middle half▼ 6.7pp7.2%within the sector's middle half▼ 2.6pp
Staff (FTE)3.8-5.8▲ 52.6%5.1above the sector's middle half▼ 12.1%5.1=5▼ 2.0%4.3▼ 14.0%4.3=4.5within the sector's middle half▲ 4.7%
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 65% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €589,016
Fixed assets
€217,541 ▲ 619%
Current assets
€371,475 ▼ 3.3%
Equity and liabilities €589,016
Equity
€329,637 ▲ 14.7%
Debt
€259,379 ▲ 105%
Debt's share of the balance-sheet total rises from 30.6% to 44.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€134,052▲
2024 · €72,315
Cash flow
€73,078▲
2024 · €50,126
Debt to equity
0.79▲
2024 · 0.44
ROE
12.8%▼
2024 · 14.0%
Interest coverage
32.78▲
2024 · 29.31
Debt ≤ 1 year
€173,725▲
2024 · €123,889
Debt > 1 year
€85,655▲
2024 · €2,926
Income taxes
€56,885▲
2024 · €19,722
Staff costs
€197,106▼
2024 · €208,339
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 5 | 4 | 5 | 5 |
| full-time | 4 | 5 | 4 | 4 | 4 |
| part-time | - | - | - | 1 | 1 |
| in full-time equivalents | 4 | 5 | 4 | 4.5 | 4.5 |
| Average over the year, in full-time equivalents | 5.1 | 5 | 4.3 | 4.3 | 4.5 |
| On a permanent contract | 3 | 4 | 4 | 4 | 4 |
| Joined | 2 | - | 2 | 1 | - |
| Left | 4 | - | 3 | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €10,460 | - | - | €222,921 |
| Financial fixed assets | - | €840 | - | €4,680 | - |
| Depreciation and write-downs of the year | €941 | €10,047 | €10,317 | €9,923 | €30,949 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,014 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €120,316 | €187,297 | €208,728 | €208,339 | €197,106 | ▼ 5.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,103 | €1,013 | €941 | €941 | €10,047 | €10,317 | €9,923 | €30,949 | ▲ 212% |
| Other operating charges640/8 | - | - | - | €1,003 | €852 | €384 | €387 | €557 | ▲ 43.7% |
| Non-recurring operating charges66A | - | - | - | - | €18,150 | - | - | - | - |
| Gross operating margin9900 | €96,373 | €160,994 | €188,629 | €188,629 | €207,269 | €275,416 | €281,042 | €331,715 | ▲ 18.0% |
| Operating profit (loss)9901 | €31,262 | €42,399 | €66,369 | €66,369 | -€9,077 | €55,987 | €62,392 | €103,104 | ▲ 65.3% |
| Financial income75/76B | - | - | - | - | €77 | €4 | - | - | - |
| Recurring financial income75 | €17 | - | - | - | €77 | €4 | - | - | - |
| Financial charges65/66B | - | - | - | €1,119 | €3,955 | €2,744 | €2,468 | €4,089 | ▲ 65.7% |
| Recurring financial charges65 | €1,021 | €1,670 | €1,119 | €1,119 | €3,955 | €2,744 | €2,468 | €4,089 | ▲ 65.7% |
| Profit (loss) for the period before taxes9903 | €30,258 | €40,729 | €65,250 | €65,250 | -€12,955 | €53,247 | €59,924 | €99,014 | ▲ 65.2% |
| Income taxes67/77 | €4,744 | €7,944 | €24,736 | €24,736 | €18,774 | -€3,362 | €19,722 | €56,885 | ▲ 188% |
| Profit (loss) for the period9904 | €25,514 | €32,786 | €40,514 | €40,514 | -€31,729 | €56,609 | €40,202 | €42,130 | ▲ 4.8% |
| Profit (loss) for the period to be appropriated9905 | €25,514 | €32,786 | €40,514 | €40,514 | -€31,729 | €56,609 | €40,202 | €42,130 | ▲ 4.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €126,829 | €167,365 | €187,812 | €187,812 | €273,732 | €344,115 | €414,321 | €589,016 | ▲ 42.2% |
| Fixed assets21/28 | €1,804 | €2,750 | €1,809 | €1,809 | €45,809 | €35,492 | €30,248 | €217,541 | ▲ 619% |
| Tangible fixed assets22/27 | €1,804 | €2,750 | €1,809 | €1,809 | €38,789 | €28,471 | €18,548 | €210,520 | ▲ 11× |
| Land and buildings22 | - | - | - | - | - | - | - | €127,449 | - |
| Plant, machinery and equipment23 | - | - | - | €1,155 | €2,339 | €1,651 | €963 | €73,041 | ▲ 76× |
| Furniture and vehicles24 | - | - | - | €653 | €25,277 | €16,878 | €8,872 | €2,547 | ▼ 71.3% |
| Other tangible fixed assets26 | - | - | - | - | €11,173 | €9,943 | €8,713 | €7,483 | ▼ 14.1% |
| Financial fixed assets28 | - | - | - | - | €7,020 | €7,020 | €11,700 | €7,020 | ▼ 40.0% |
| Current assets29/58 | €125,025 | €164,615 | €186,003 | €186,003 | €227,923 | €308,624 | €384,073 | €371,475 | ▼ 3.3% |
| Stocks and contracts in progress3 | €20,110 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €52,675 | €120,379 | €118,594 | €118,594 | €197,034 | €79,099 | €127,506 | €155,984 | ▲ 22.3% |
| Trade receivables40 | - | - | - | €90,251 | €171,867 | €60,658 | €110,593 | €137,784 | ▲ 24.6% |
| Other amounts receivable41 | - | - | - | €28,342 | €25,167 | €18,441 | €16,913 | €18,200 | ▲ 7.6% |
| Cash at bank and in hand54/58 | €52,240 | €44,236 | €67,410 | €67,410 | €30,740 | €229,525 | €247,757 | €205,496 | ▼ 17.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €149 | - | €8,810 | €9,996 | ▲ 13.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €126,829 | €167,365 | €187,812 | €187,812 | €273,732 | €344,115 | €414,321 | €589,016 | ▲ 42.2% |
| Equity10/15 | €83,877 | €95,234 | €135,748 | €135,748 | €190,696 | €247,305 | €287,507 | €329,637 | ▲ 14.7% |
| Contributions10/11 | €18,318 | €18,318 | €18,318 | €18,318 | €18,318 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,318 | €18,318 | - | - | - | - |
| Issued capital100 | - | - | - | €18,318 | €18,318 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Other1109/19 | - | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,698 | €1,698 | €1,698 | €1,698 | €1,698 | €1,416 | €1,416 | €43,416 | ▲ 31× |
| Non-distributable reserves130/1 | - | - | - | €1,698 | €1,698 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,698 | €1,698 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,416 | €1,416 | €43,416 | ▲ 31× |
| Profit (loss) carried forward14 | €63,861 | €75,218 | €115,732 | €115,732 | €170,680 | €227,289 | €267,491 | €267,621 | = |
| Amounts payable17/49 | €42,952 | €72,131 | €52,064 | €52,064 | €83,037 | €96,810 | €126,814 | €259,379 | ▲ 105% |
| Amounts payable after more than one year17 | - | - | - | - | €14,485 | €8,734 | €2,926 | €85,655 | ▲ 29× |
| Financial debts170/4 | - | - | - | - | €14,485 | €8,734 | €2,926 | €85,655 | ▲ 29× |
| Amounts payable within one year42/48 | €42,952 | €72,131 | €52,064 | €52,064 | €68,551 | €88,076 | €123,889 | €173,725 | ▲ 40.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,695 | €5,751 | €5,808 | €17,537 | ▲ 202% |
| Financial debts43 | - | - | - | €8 | €8 | €8 | €8 | €8 | = |
| Credit institutions430/8 | - | - | - | €8 | €8 | €8 | €8 | €8 | = |
| Trade debts44 | €24,467 | €7,856 | €5,411 | €5,411 | €10,553 | €42,282 | €71,582 | €81,896 | ▲ 14.4% |
| Suppliers440/4 | - | - | - | €5,411 | €10,553 | €42,282 | €71,582 | €81,896 | ▲ 14.4% |
| Taxes, remuneration and social security45 | - | - | - | €46,646 | €41,585 | €29,325 | €24,239 | €56,555 | ▲ 133% |
| Taxes450/3 | - | - | - | €19,004 | €5,368 | €8,730 | €6,171 | €38,254 | ▲ 520% |
| Remuneration and social security454/9 | - | - | - | €27,642 | €36,217 | €20,594 | €18,068 | €18,301 | ▲ 1.3% |
| Other amounts payable47/48 | - | - | - | - | €10,711 | €10,711 | €22,252 | €17,728 | ▼ 20.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,514 | €32,786 | €40,514 | €40,514 | -€31,729 | €56,609 | €40,202 | €42,130 | ▲ 4.8% |
| + Depreciation and write-downs630 | €2,103 | €1,013 | €941 | €941 | €10,047 | €10,317 | €9,923 | €30,949 | ▲ 212% |
| Operating cash flow (approximation) | €27,617 | €33,799 | €41,456 | €41,456 | -€21,682 | €66,927 | €50,126 | €73,078 | ▲ 45.8% |
| Investment in fixed assets (approximation) | - | -€1,960 | €0 | -€941 | -€54,047 | €0 | -€4,680 | -€218,241 | ▼ 4,563% |
| Change in cash | - | -€8,004 | €23,174 | €0 | -€36,669 | €198,784 | €18,232 | -€42,261 | - |
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, 34,693 companies had the same profile as MCA TECHNOLOGY has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MCA TECHNOLOGY 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 34,693 companies, not a prediction for MCA TECHNOLOGY. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-08-2026 | 2026-00473358 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00445755 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00421071 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00396432 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20351814 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64400040 | |
| 31-12-2019 | micro format | 28-09-2020 | 2020-56400030 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-52600021 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61200088 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-57000328 |