MCFD
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 08-09-2026 at the NBB all 19 filings
Turnover
≈ €590,000
Estimated: probably between €510,000 and €700,000
Total assets
€1.4m▲ 15.7%
2025 · €1.2m
Net result
€216,083▼ 17.2%
2025 · €261,087
Working capital
€1.1m▲ 13.5%
2025 · €961,386
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€299,088
▼ 10.5%
2026
20192026
Net result
€216,083
▼ 17.2%
2026
20192026
Equity
€1.1m
▲ 13.0%
2026
20192026
Total assets
€1.4m
▲ 15.7%
2026
20192026
Debt
€256,913
▲ 28.9%
2026
20192026
Working capital
€1.1m
▲ 13.5%
2026
20192026
Solvency
81.4%
▼ 1.9pp
2026
20192026
Current ratio
5.25
▼ 0.58
2026
20192026
Return on assets (ROA)
15.7%
▼ 6.2pp
2026
20192026
Staff (FTE)
0.6
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.1m-€0.1m▼ 3.6%€0.1m▲ 15.5%€0.2m▲ 18.2%€0.3m▲ 45.5%€0.3m▲ 22.7%€0.3m▲ 8.1%€0.3m▼ 10.5%
Net result€0.09m-€0.09m▼ 5.5%€0.1mabove the sector's middle half▲ 16.0%€0.1mabove the sector's middle half▲ 17.0%€0.2mabove the sector's middle half▲ 45.8%€0.2mabove the sector's middle half▲ 24.6%€0.3mabove the sector's middle half▲ 20.7%€0.2m▼ 17.2%
Equity€0.4m-€0.4m▲ 24.8%€0.5mabove the sector's middle half▲ 9.0%€0.6mabove the sector's middle half▲ 24.8%€0.6mabove the sector's middle half▲ 0.8%€0.7mabove the sector's middle half▲ 20.9%€1.0mabove the sector's middle half▲ 35.7%€1.1m▲ 13.0%
Total assets€0.5m-€0.6m▲ 17.2%€0.6mabove the sector's middle half▲ 11.0%€0.7mabove the sector's middle half▲ 16.3%€0.9mabove the sector's middle half▲ 23.3%€1.1mabove the sector's middle half▲ 19.1%€1.2mabove the sector's middle half▲ 11.1%€1.4m▲ 15.7%
Debt€0.1m-€0.1m▼ 3.5%€0.1m▲ 18.1%€0.1m▼ 11.3%€0.3m▲ 127%€0.3m▲ 15.3%€0.2m▼ 41.6%€0.3m▲ 28.9%
Working capital€0.3m-€0.4m▲ 30.8%€0.4mabove the sector's middle half▲ 12.2%€0.6mabove the sector's middle half▲ 27.3%€0.6mabove the sector's middle half▲ 1.8%€0.7mabove the sector's middle half▲ 23.4%€1.0mabove the sector's middle half▲ 38.6%€1.1m▲ 13.5%
Solvency73.3%-78.0%▲ 4.7pp76.6%above the sector's middle half▼ 1.4pp82.2%above the sector's middle half▲ 5.6pp67.1%within the sector's middle half▼ 15.0pp68.2%within the sector's middle half▲ 1.0pp83.3%above the sector's middle half▲ 15.1pp81.4%▼ 1.9pp
Current ratio3.50-4.23▲ 0.733.98within the sector's middle half▼ 0.255.24above the sector's middle half▲ 1.262.91within the sector's middle half▼ 2.333.04within the sector's middle half▲ 0.135.82above the sector's middle half▲ 2.785.25▼ 0.58
Return on assets (ROA)19.2%-15.5%▼ 3.7pp16.2%within the sector's middle half▲ 0.7pp16.3%within the sector's middle half▲ 0.1pp19.3%within the sector's middle half▲ 3.0pp20.2%within the sector's middle half▲ 0.9pp21.9%within the sector's middle half▲ 1.7pp15.7%▼ 6.2pp
Staff (FTE)0.6-0.5▼ 16.7%0.5=0.20.6
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 2026 is 10% lower than in 2025.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.4m
Fixed assets
€30,322 ▼ 0.9%
Current assets
€1.3m ▲ 16.1%
Equity and liabilities €1.4m
Equity
€1.1m ▲ 13.0%
Debt
€256,913 ▲ 28.9%
Debt's share of the balance-sheet total rises from 16.7% to 18.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€305,523▼
2025 · €340,486
Cash flow
€222,518▼
2025 · €267,581
Debt to equity
0.23▲
2025 · 0.20
ROE
19.3%▼
2025 · 26.3%
Interest coverage
over 100
2025 · over 100
Debt ≤ 1 year
€256,913▲
2025 · €199,341
Income taxes
€99,025▲
2025 · €88,985
Staff costs
€31,418
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2024 | 30-06-2026 |
|---|---|---|
| Employees at the balance-sheet date | - | 1 |
| part-time | - | 1 |
| in full-time equivalents | - | 0.8 |
| Average over the year, in full-time equivalents | 0.1 | 0.5 |
| On a permanent contract | - | 1 |
| Joined | 1 | 1 |
| Left | 1 | 0 |
Source: social balance sheet in the 2024 to 2026 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12,163 | €3,278 | €289 | - | €6,171 |
| Depreciation and write-downs of the year | €13,152 | €6,561 | €6,452 | €6,494 | €6,436 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €4,132 | - | €31,418 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,719 | €11,856 | €12,790 | €13,152 | €6,561 | €6,452 | €6,494 | €6,436 | ▼ 0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €2,083 | €22,403 | -€17,555 | -€9,603 | -€34 | ▲ 99.6% |
| Other operating charges640/8 | - | - | - | €891 | €1,537 | €10,095 | €5,859 | €2,349 | ▼ 59.9% |
| Gross operating margin9900 | €162,041 | €157,191 | €181,319 | €189,174 | €282,202 | €312,042 | €336,742 | €339,257 | ▲ 0.7% |
| Operating profit (loss)9901 | €131,505 | €126,740 | €146,434 | €173,048 | €251,700 | €308,918 | €333,992 | €299,088 | ▼ 10.5% |
| Financial income75/76B | - | - | - | €80 | €738 | €5,757 | €16,241 | €16,167 | ▼ 0.5% |
| Recurring financial income75 | €528 | €1,130 | €14 | €80 | €738 | €5,757 | €16,241 | €16,167 | ▼ 0.5% |
| Financial charges65/66B | - | - | - | €349 | €2 | €94 | €161 | €146 | ▼ 8.9% |
| Recurring financial charges65 | €210 | €339 | €70 | €349 | €2 | €94 | €161 | €146 | ▼ 8.9% |
| Profit (loss) for the period before taxes9903 | €131,823 | €127,531 | €146,378 | €172,779 | €252,437 | €314,581 | €350,072 | €315,108 | ▼ 10.0% |
| Income taxes67/77 | €39,004 | €39,817 | €44,599 | €53,692 | €78,765 | €98,243 | €88,985 | €99,025 | ▲ 11.3% |
| Profit (loss) for the period9904 | €92,819 | €87,714 | €101,779 | €119,087 | €173,672 | €216,337 | €261,087 | €216,083 | ▼ 17.2% |
| Profit (loss) for the period to be appropriated9905 | €92,819 | €87,714 | €101,779 | €119,087 | €173,672 | €216,337 | €261,087 | €216,083 | ▼ 17.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.6m | €0.6m | €0.7m | €0.9m | €1.1m | €1.2m | €1.4m | ▲ 15.7% |
| Fixed assets21/28 | €0.07m | €0.06m | €0.05m | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 0.9% |
| Tangible fixed assets22/27 | €0.07m | €0.06m | €0.05m | €0.05m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 0.9% |
| Land and buildings22 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.002m | €0.002m | €0.001m | €90 | ▼ 88.5% |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.002m | ▲ 201% |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 26.7% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | - | - | - |
| Current assets29/58 | €0.4m | €0.5m | €0.6m | €0.7m | €0.9m | €1.0m | €1.2m | €1.3m | ▲ 16.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.2m | €0.09m | - | - |
| Other amounts receivable291 | - | - | - | - | - | €0.2m | €0.09m | - | - |
| Amounts receivable within one year40/41 | €0.09m | €0.08m | €0.05m | €0.07m | €0.1m | €0.2m | €0.09m | €0.1m | ▲ 26.9% |
| Trade receivables40 | - | - | - | €0.07m | €0.1m | €0.2m | €0.09m | €0.1m | ▲ 26.9% |
| Other amounts receivable41 | - | - | - | €0.003m | €5 | - | - | - | - |
| Current investments50/53 | - | - | - | - | - | €0.3m | €0.3m | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | €0.4m | €0.7m | €1.2m | ▲ 69.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €237 | €237 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.6m | €0.6m | €0.7m | €0.9m | €1.1m | €1.2m | €1.4m | ▲ 15.7% |
| Equity10/15 | €0.4m | €0.4m | €0.5m | €0.6m | €0.6m | €0.7m | €1.0m | €1.1m | ▲ 13.0% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.4m | €0.4m | €0.6m | €0.6m | €0.7m | €1.0m | €1.1m | ▲ 13.5% |
| Non-distributable reserves130/1 | - | - | - | €0.6m | €0.6m | €0.7m | €1.0m | €1.1m | ▲ 13.5% |
| Other1319 | - | - | - | €0.6m | €0.6m | €0.7m | €1.0m | €1.1m | ▲ 13.5% |
| Profit (loss) carried forward14 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 0.3% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 28.9% |
| Amounts payable after more than one year17 | €0.009m | €0.004m | €0.002m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.1m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 28.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.002m | - | - | - | - | - |
| Trade debts44 | €0.07m | €0.09m | €0.09m | €0.09m | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 19.3% |
| Suppliers440/4 | - | - | - | €0.09m | €0.1m | €0.1m | €0.08m | €0.1m | ▲ 19.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.05m | €0.1m | €0.02m | €0.06m | ▲ 163% |
| Taxes450/3 | - | - | - | €0.03m | €0.05m | €0.1m | €0.02m | €0.06m | ▲ 163% |
| Other amounts payable47/48 | - | - | - | €175 | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 7.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.002m | €0.001m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,819 | €87,714 | €101,779 | €119,087 | €173,672 | €216,337 | €261,087 | €216,083 | ▼ 17.2% |
| + Depreciation and write-downs630 | €11,719 | €11,856 | €12,790 | €13,152 | €6,561 | €6,452 | €6,494 | €6,436 | ▼ 0.9% |
| Operating cash flow (approximation) | €104,538 | €99,570 | €114,569 | €132,239 | €180,233 | €222,790 | €267,581 | €222,518 | ▼ 16.8% |
| Investment in fixed assets (approximation) | - | -€2,454 | -€2,268 | -€12,163 | -€3,278 | -€289 | €900 | -€6,171 | - |
| Change in cash | - | €111,433 | €97,574 | €83,369 | €148,650 | -€384,350 | €350,720 | €506,327 | ▲ 44.4% |
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 MCFD 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 MCFD 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 MCFD. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 08-09-2026 | 2026-00507283 | |
| 30-06-2025 | micro format | 08-02-2026 | 2026-00035152 | |
| 30-06-2024 | micro format | 09-02-2025 | 2025-00033172 | |
| 30-06-2023 | micro format | 24-03-2024 | 2024-00049740 | |
| 30-06-2022 | micro format | 11-02-2023 | 2023-00026413 | |
| 30-06-2021 | micro format | 28-01-2022 | 2022-03200406 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04500541 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03800136 | |
| 30-06-2018 | micro format | 07-02-2019 | 2019-04700491 | |
| 30-06-2017 | micro format | 06-02-2018 | 2018-04500519 |