MECA-SERVICES
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 33 days after the deadline Filed on 2 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00498704.
Annual accounts 2025 filed on 02-09-2026 at the NBB all 27 filings
Turnover
≈ €670,000
Estimated: probably between €320,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€33,767▲ 485%
2024 · €5,771
Working capital
€292,045▲ 1.0%
2024 · €289,078
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€63,826
▲ 410%
2025
20182025
Net result
€33,767
▲ 485%
2025
highest quarter of the sector
20182025
Equity
€139,031
▲ 32.1%
2025
middle half of the sector
20182025
Total assets
€426,047
▲ 6.7%
2025
highest quarter of the sector
20182025
Debt
€287,016
▼ 2.4%
2025
20182025
Working capital
€292,045
▲ 1.0%
2025
highest quarter of the sector
20182025
Solvency
32.6%
▲ 6.3pp
2025
middle half of the sector
20182025
Current ratio
3.20
▼ 0.46
2025
middle half of the sector
20182025
Return on assets (ROA)
7.9%
▲ 6.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.3
▼ 8.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,001-€3,109▼ 71.7%€27,213▲ 775%-€31,712€9,030€28,064▲ 211%€12,527▼ 55.4%€63,826▲ 410%
Net result€8,108--€202€24,420within the sector's middle half-€20,215below the sector's middle half€5,854below the sector's middle half€24,551within the sector's middle half▲ 319%€5,771within the sector's middle half▼ 76.5%€33,767above the sector's middle half▲ 485%
Equity€65,084-€64,882▼ 0.3%€89,303below the sector's middle half▲ 37.6%€69,087below the sector's middle half▼ 22.6%€74,941below the sector's middle half▲ 8.5%€99,492below the sector's middle half▲ 32.8%€105,263within the sector's middle half▲ 5.8%€139,031within the sector's middle half▲ 32.1%
Total assets€656,679-€648,322▼ 1.3%€566,359below the sector's middle half▼ 12.6%€513,021below the sector's middle half▼ 9.4%€503,824below the sector's middle half▼ 1.8%€491,674below the sector's middle half▼ 2.4%€399,209within the sector's middle half▼ 18.8%€426,047above the sector's middle half▲ 6.7%
Debt€591,595-€583,440▼ 1.4%€477,056▼ 18.2%€443,934▼ 6.9%€428,883▼ 3.4%€392,182▼ 8.6%€293,945▼ 25.0%€287,016▼ 2.4%
Working capital€232,011-€215,142▼ 7.3%€211,048within the sector's middle half▼ 1.9%€180,873within the sector's middle half▼ 14.3%€185,953within the sector's middle half▲ 2.8%€198,710within the sector's middle half▲ 6.9%€289,078above the sector's middle half▲ 45.5%€292,045above the sector's middle half▲ 1.0%
Solvency9.9%-10.0%▲ 0.1pp15.8%below the sector's middle half▲ 5.8pp13.5%below the sector's middle half▼ 2.3pp14.9%below the sector's middle half▲ 1.4pp20.2%below the sector's middle half▲ 5.4pp26.4%within the sector's middle half▲ 6.1pp32.6%within the sector's middle half▲ 6.3pp
Current ratio1.59-1.56▼ 0.041.70within the sector's middle half▲ 0.141.61within the sector's middle half▼ 0.091.63within the sector's middle half▲ 0.021.70within the sector's middle half▲ 0.073.66above the sector's middle half▲ 1.963.20within the sector's middle half▼ 0.46
Return on assets (ROA)1.2%-0.0%▼ 1.3pp4.3%within the sector's middle half▲ 4.3pp-3.9%below the sector's middle half▼ 8.3pp1.2%within the sector's middle half▲ 5.1pp5.0%within the sector's middle half▲ 3.8pp1.4%within the sector's middle half▼ 3.5pp7.9%within the sector's middle half▲ 6.5pp
Staff (FTE)4.7-5.9▲ 25.5%4.7within the sector's middle half▼ 20.3%3.7within the sector's middle half▼ 21.3%3.7within the sector's middle half=3.5within the sector's middle half▼ 5.4%2.5▼ 28.6%2.3▼ 8.0%
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 5.1 times that of 2024 and the highest since 2018. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €426,047
Fixed assets
€992 ▼ 30.6%
Current assets
€425,055 ▲ 6.9%
Equity and liabilities €426,047
Equity
€139,031 ▲ 32.1%
Debt
€287,016 ▼ 2.4%
Debt's share of the balance-sheet total falls from 73.6% to 67.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€64,128▲
2024 · €13,035
Cash flow
€34,070▲
2024 · €6,279
Quick ratio
0.99▲
2024 · 0.91
Debt to equity
2.06▼
2024 · 2.79
ROE
24.3%▲
2024 · 5.5%
Interest coverage
8.52▲
2024 · 3.12
Debt ≤ 1 year
€133,010▲
2024 · €108,701
Debt > 1 year
€153,807▼
2024 · €185,244
Income taxes
€16,368▲
2024 · €2,993
Staff costs
€67,369▼
2024 · €133,860
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 | 5 | 5 | 5 | 2 | 2 |
| full-time | 2 | 2 | 2 | - | - |
| part-time | 3 | 3 | 3 | 2 | 2 |
| in full-time equivalents | 3.7 | 3.7 | 3.2 | 1 | 1 |
| Average over the year, in full-time equivalents | 3.7 | 3.7 | 3.5 | 2.5 | 1.3 |
| On a permanent contract | 5 | 5 | 5 | 2 | 2 |
| Joined | - | - | - | 1 | 2 |
| Left | - | - | - | 4 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | - | - | - | - | €110,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,479 | €2,918 | - | €1,329 | - |
| Depreciation and write-downs of the year | €17,123 | €11,951 | €9,999 | €508 | €302 |
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 | - | - | - | - | - | - | €8,571 | €826 | ▼ 90.4% |
| Remuneration, social security and pensions62 | - | - | - | €128,713 | €132,597 | €129,610 | €133,860 | €67,369 | ▼ 49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,283 | €15,890 | €14,573 | €17,123 | €11,951 | €9,999 | €508 | €302 | ▼ 40.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€34,111 | - | €23,159 | €2,577 | €771 | ▼ 70.1% |
| Other operating charges640/8 | - | - | - | €382 | €1,461 | €1,611 | €30 | €1,883 | ▲ 63× |
| Non-recurring operating charges66A | - | - | - | €1,616 | €5,089 | - | - | - | - |
| Gross operating margin9900 | €183,013 | €213,013 | €234,538 | €82,010 | €160,128 | €192,442 | €149,502 | €134,151 | ▼ 10.3% |
| Operating profit (loss)9901 | €11,001 | €3,109 | €27,213 | -€31,712 | €9,030 | €28,064 | €12,527 | €63,826 | ▲ 410% |
| Financial income75/76B | - | - | - | €14,125 | €191 | €646 | €421 | €714 | ▲ 69.8% |
| Recurring financial income75 | €2,136 | €749 | €5,103 | €1,375 | €191 | €646 | €421 | €310 | ▼ 26.3% |
| Non-recurring financial income76B | - | - | - | €12,750 | - | - | - | €404 | - |
| Financial charges65/66B | - | - | - | €2,628 | €3,367 | €3,556 | €4,183 | €14,405 | ▲ 244% |
| Recurring financial charges65 | €2,279 | €4,170 | €2,352 | €2,521 | €3,367 | €3,556 | €4,182 | €7,526 | ▲ 80.0% |
| Non-recurring financial charges66B | - | - | - | €107 | - | - | €1 | €6,879 | ▲ 5,251× |
| Profit (loss) for the period before taxes9903 | €10,771 | €409 | €28,636 | -€20,215 | €5,854 | €25,154 | €8,765 | €50,135 | ▲ 472% |
| Income taxes67/77 | €2,663 | €611 | €4,216 | - | - | €604 | €2,993 | €16,368 | ▲ 447% |
| Profit (loss) for the period9904 | €8,108 | -€202 | €24,420 | -€20,215 | €5,854 | €24,551 | €5,771 | €33,767 | ▲ 485% |
| Profit (loss) for the period to be appropriated9905 | €8,108 | -€202 | €24,420 | -€20,215 | €5,854 | €24,551 | €5,771 | €33,767 | ▲ 485% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €656,679 | €648,322 | €566,359 | €513,021 | €503,824 | €491,674 | €399,209 | €426,047 | ▲ 6.7% |
| Fixed assets21/28 | €34,688 | €48,928 | €52,923 | €37,007 | €22,886 | €9,037 | €1,429 | €992 | ▼ 30.6% |
| Intangible fixed assets21 | - | - | - | €0 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €27,583 | €41,699 | €52,788 | €36,872 | €22,751 | €8,902 | €1,294 | €992 | ▼ 23.4% |
| Land and buildings22 | - | - | - | €691 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €30,180 | €20,938 | €8,602 | €32 | - | - |
| Furniture and vehicles24 | - | - | - | €4,204 | €1,813 | €301 | €566 | €368 | ▼ 35.0% |
| Other tangible fixed assets26 | - | - | - | €1,798 | - | - | €696 | €623 | ▼ 10.5% |
| Financial fixed assets28 | €7,105 | €7,229 | €135 | €135 | €135 | €135 | €135 | - | - |
| Current assets29/58 | €621,991 | €599,394 | €513,436 | €476,014 | €480,938 | €482,637 | €397,780 | €425,055 | ▲ 6.9% |
| Stocks and contracts in progress3 | €334,128 | €342,918 | €349,031 | €281,718 | €275,691 | €286,953 | €298,477 | €292,840 | ▼ 1.9% |
| Stocks30/36 | - | - | - | €281,718 | €275,691 | €286,953 | €298,477 | €292,840 | ▼ 1.9% |
| Amounts receivable within one year40/41 | €168,628 | €188,730 | €95,155 | €110,862 | €134,844 | €113,887 | €62,550 | €51,398 | ▼ 17.8% |
| Trade receivables40 | - | - | - | €110,523 | €134,844 | €113,887 | €61,971 | €50,252 | ▼ 18.9% |
| Other amounts receivable41 | - | - | - | €339 | - | - | €579 | €1,146 | ▲ 97.9% |
| Cash at bank and in hand54/58 | €115,201 | €66,744 | €68,069 | €81,684 | €69,010 | €80,408 | €35,196 | €80,728 | ▲ 129% |
| Deferred charges and accrued income490/1 | - | - | - | €1,749 | €1,393 | €1,389 | €1,557 | €89 | ▼ 94.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €656,679 | €648,322 | €566,359 | €513,021 | €503,824 | €491,674 | €399,209 | €426,047 | ▲ 6.7% |
| Equity10/15 | €65,084 | €64,882 | €89,303 | €69,087 | €74,941 | €99,492 | €105,263 | €139,031 | ▲ 32.1% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €46,492 | €46,290 | €70,711 | €50,495 | €56,349 | €80,900 | €86,671 | €116,671 | ▲ 34.6% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €4,777 | €4,777 | €4,777 | €4,777 | €4,777 | = |
| Distributable reserves133 | - | - | - | €43,859 | €49,713 | €76,123 | €81,894 | €111,894 | ▲ 36.6% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €3,767 | - |
| Amounts payable17/49 | €591,595 | €583,440 | €477,056 | €443,934 | €428,883 | €392,182 | €293,945 | €287,016 | ▼ 2.4% |
| Amounts payable after more than one year17 | €201,470 | €199,188 | €174,668 | €148,793 | €133,898 | €108,256 | €185,244 | €153,807 | ▼ 17.0% |
| Financial debts170/4 | - | - | - | €8,785 | €4,348 | - | - | €98,661 | - |
| Other amounts payable178/9 | - | - | - | €140,008 | €129,550 | €108,256 | €185,244 | €55,146 | ▼ 70.2% |
| Amounts payable within one year42/48 | €389,980 | €384,252 | €302,388 | €295,141 | €294,984 | €283,927 | €108,701 | €133,010 | ▲ 22.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,345 | €4,437 | €4,348 | - | €21,047 | - |
| Trade debts44 | €206,177 | €193,818 | €112,289 | €105,482 | €103,489 | €102,201 | €85,505 | €89,576 | ▲ 4.8% |
| Suppliers440/4 | - | - | - | €105,482 | €103,489 | €102,201 | €85,505 | €89,576 | ▲ 4.8% |
| Taxes, remuneration and social security45 | - | - | - | €48,944 | €47,088 | €37,114 | €21,897 | €21,710 | ▼ 0.9% |
| Taxes450/3 | - | - | - | €8,629 | €9,844 | €9,706 | €7,077 | €11,335 | ▲ 60.2% |
| Remuneration and social security454/9 | - | - | - | €40,315 | €37,245 | €27,408 | €14,819 | €10,375 | ▼ 30.0% |
| Other amounts payable47/48 | - | - | - | €136,370 | €139,970 | €140,264 | €1,300 | €678 | ▼ 47.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €199 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,108 | -€202 | €24,420 | -€20,215 | €5,854 | €24,551 | €5,771 | €33,767 | ▲ 485% |
| + Depreciation and write-downs630 | €13,283 | €15,890 | €14,573 | €17,123 | €11,951 | €9,999 | €508 | €302 | ▼ 40.5% |
| Operating cash flow (approximation) | €21,391 | €15,688 | €38,993 | -€3,093 | €17,805 | €34,550 | €6,279 | €34,070 | ▲ 443% |
| Investment in fixed assets (approximation) | - | -€30,129 | -€18,568 | -€1,207 | €2,171 | €3,850 | €7,100 | €135 | ▼ 98.1% |
| Change in cash | - | -€48,457 | €1,326 | €13,615 | -€12,675 | €11,399 | -€45,212 | €45,532 | - |
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, 31,368 companies had the same profile as MECA-SERVICES has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MECA-SERVICES itself: 0.5% 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 31,368 companies, not a prediction for MECA-SERVICES. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-09-2026 | 2026-00498704 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00291440 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00419382 | |
| 31-12-2022 | full format | 26-07-2023 | 2023-00273133 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20404037 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-45100059 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57200102 | |
| 31-12-2018 | full format | 31-08-2019 | 2019-60400020 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-42500504 | |
| 31-12-2016 | full format | 14-08-2017 | 2017-43600439 |