MECANO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 26 filings
Turnover
≈ €35,000
Estimated: probably between €17,000 and €68,000
Total assets
€426,544▼ 8.2%
2024 · €464,392
Net result
-€8,682
2024 · €84,519
Working capital
€276,147▲ 1.7%
2024 · €271,467
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€13,051
2025
20182025
Net result
-€8,682
2025
lowest quarter of the sector
20182025
Equity
€377,785
▼ 2.2%
2025
highest quarter of the sector
20182025
Total assets
€426,544
▼ 8.2%
2025
highest quarter of the sector
20182025
Debt
€23,026
▼ 54.7%
2025
20182025
Working capital
€276,147
▲ 1.7%
2025
highest quarter of the sector
20182025
Solvency
88.6%
▲ 5.3pp
2025
highest quarter of the sector
20182025
Current ratio
12.99
▲ 6.60
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.0%
▼ 20.2pp
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€19,229-€15,257▼ 20.7%€11,782▼ 22.8%€19,757▲ 67.7%€18,789▼ 4.9%€20,366▲ 8.4%€114,372▲ 462%-€13,051
Net result€12,624-€8,316▼ 34.1%€6,244within the sector's middle half▼ 24.9%€12,257within the sector's middle half▲ 96.3%€12,599within the sector's middle half▲ 2.8%€18,152within the sector's middle half▲ 44.1%€84,519above the sector's middle half▲ 366%-€8,682below the sector's middle half
Equity€272,952-€281,268▲ 3.0%€287,512above the sector's middle half▲ 2.2%€299,769above the sector's middle half▲ 4.3%€312,368above the sector's middle half▲ 4.2%€301,948above the sector's middle half▼ 3.3%€386,467above the sector's middle half▲ 28.0%€377,785above the sector's middle half▼ 2.2%
Total assets€535,373-€492,230▼ 8.1%€482,017above the sector's middle half▼ 2.1%€481,331above the sector's middle half▼ 0.1%€480,089above the sector's middle half▼ 0.3%€462,597above the sector's middle half▼ 3.6%€464,392above the sector's middle half▲ 0.4%€426,544above the sector's middle half▼ 8.2%
Debt€207,238-€159,669▼ 23.0%€147,100▼ 7.9%€138,046▼ 6.2%€128,094▼ 7.2%€124,910▼ 2.5%€50,786▼ 59.3%€23,026▼ 54.7%
Working capital€20,885-€25,610▲ 22.6%€35,632within the sector's middle half▲ 39.1%€51,228within the sector's middle half▲ 43.8%€65,187within the sector's middle half▲ 27.2%€44,267within the sector's middle half▼ 32.1%€271,467above the sector's middle half▲ 513%€276,147above the sector's middle half▲ 1.7%
Solvency51.0%-57.1%▲ 6.2pp59.6%within the sector's middle half▲ 2.5pp62.3%within the sector's middle half▲ 2.6pp65.1%within the sector's middle half▲ 2.8pp65.3%within the sector's middle half▲ 0.2pp83.2%above the sector's middle half▲ 17.9pp88.6%above the sector's middle half▲ 5.3pp
Current ratio1.34-1.97▲ 0.632.34within the sector's middle half▲ 0.372.67within the sector's middle half▲ 0.342.92within the sector's middle half▲ 0.252.19within the sector's middle half▼ 0.736.40above the sector's middle half▲ 4.2112.99above the sector's middle half▲ 6.60
Return on assets (ROA)2.4%-1.7%▼ 0.7pp1.3%below the sector's middle half▼ 0.4pp2.5%below the sector's middle half▲ 1.3pp2.6%below the sector's middle half▲ 0.1pp3.9%within the sector's middle half▲ 1.3pp18.2%within the sector's middle half▲ 14.3pp-2.0%below the sector's middle half▼ 20.2pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €13,051, after a profit of €114,372 in 2024. It is the lowest result since 2018.
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
2025 in colour, 2024 as the grey bar beneath
Assets €426,544
Fixed assets
€127,370 ▼ 10.7%
Current assets
€299,173 ▼ 7.0%
Equity and liabilities €426,544
Equity
€377,785 ▼ 2.2%
Provisions
€25,733 ▼ 5.2%
Debt
€23,026 ▼ 54.7%
Debt's share of the balance-sheet total falls from 10.9% to 5.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€4,622▼
2024 · €131,770
Cash flow
€8,991▼
2024 · €101,917
Debt to equity
0.06▼
2024 · 0.13
ROE
-2.3%▼
2024 · 21.9%
Interest coverage
1.75▼
2024 · 34.42
Debt ≤ 1 year
€23,026▼
2024 · €50,310
Income taxes
€2,036▼
2024 · €39,519
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 | €1,155 | €6,164 | €22,100 | €846 | €2,429 |
| Financial fixed assets | - | - | - | €10,750 | - |
| Depreciation and write-downs of the year | €21,382 | €30,773 | €26,397 | €17,398 | €17,673 |
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 | - | - | - | - | €895 | €9,138 | €107,283 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,643 | €26,123 | €25,836 | €21,382 | €30,773 | €26,397 | €17,398 | €17,673 | ▲ 1.6% |
| Other operating charges640/8 | - | - | - | €2,777 | €2,797 | €3,266 | €3,900 | €1,882 | ▼ 51.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €24 | - |
| Gross operating margin9900 | €44,258 | €45,064 | €40,669 | €43,916 | €52,359 | €50,030 | €135,670 | €6,528 | ▼ 95.2% |
| Operating profit (loss)9901 | €19,229 | €15,257 | €11,782 | €19,757 | €18,789 | €20,366 | €114,372 | -€13,051 | - |
| Financial income75/76B | - | - | - | €130 | €1,120 | €8,185 | €4,895 | €7,637 | ▲ 56.0% |
| Recurring financial income75 | €33 | €23 | €12 | €130 | €1,120 | €1,185 | €4,895 | €7,637 | ▲ 56.0% |
| Non-recurring financial income76B | - | - | - | - | - | €7,000 | €0 | - | - |
| Financial charges65/66B | - | - | - | €3,599 | €3,436 | €3,238 | €3,828 | €2,638 | ▼ 31.1% |
| Recurring financial charges65 | €5,215 | €4,503 | €3,372 | €3,599 | €3,436 | €3,238 | €3,828 | €2,638 | ▼ 31.1% |
| Profit (loss) for the period before taxes9903 | €14,047 | €10,776 | €8,422 | €16,289 | €16,473 | €25,313 | €115,439 | -€8,052 | - |
| Transfer from deferred taxes780 | - | - | - | €3,889 | €3,889 | €3,889 | €34,333 | €1,406 | ▼ 95.9% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €25,733 | €0 | ▼ 100% |
| Income taxes67/77 | €5,312 | €6,349 | €6,067 | €7,921 | €7,763 | €11,050 | €39,519 | €2,036 | ▼ 94.8% |
| Profit (loss) for the period9904 | €12,624 | €8,316 | €6,244 | €12,257 | €12,599 | €18,152 | €84,519 | -€8,682 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €6,261 | €6,261 | €6,261 | €69,706 | €7,449 | ▼ 89.3% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €77,198 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €18,884 | €14,577 | €12,505 | €18,518 | €18,860 | €24,412 | €77,027 | -€1,233 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €535,373 | €492,230 | €482,017 | €481,331 | €480,089 | €462,597 | €464,392 | €426,544 | ▼ 8.2% |
| Fixed assets21/28 | €452,952 | €440,108 | €419,733 | €399,506 | €380,962 | €381,018 | €142,614 | €127,370 | ▼ 10.7% |
| Tangible fixed assets22/27 | €452,952 | €440,108 | €419,733 | €399,506 | €380,962 | €381,018 | €131,864 | €116,620 | ▼ 11.6% |
| Land and buildings22 | - | - | - | €387,178 | €370,211 | €353,545 | €112,707 | €104,470 | ▼ 7.3% |
| Plant, machinery and equipment23 | - | - | - | €8,337 | €7,744 | €4,245 | €3,217 | €2,214 | ▼ 31.2% |
| Furniture and vehicles24 | - | - | - | €3,991 | €3,008 | €23,228 | €15,940 | €9,936 | ▼ 37.7% |
| Financial fixed assets28 | - | - | - | - | - | - | €10,750 | €10,750 | = |
| Current assets29/58 | €82,421 | €52,122 | €62,284 | €81,825 | €99,127 | €81,579 | €321,778 | €299,173 | ▼ 7.0% |
| Amounts receivable within one year40/41 | €18,042 | €23,677 | €9,129 | €10,503 | €90 | €607 | €13,808 | €18,626 | ▲ 34.9% |
| Trade receivables40 | - | - | - | €10,503 | - | - | €13,808 | €5,400 | ▼ 60.9% |
| Other amounts receivable41 | - | - | - | - | €90 | €607 | €0 | €13,226 | - |
| Current investments50/53 | - | - | - | €37,499 | €53,361 | €62,146 | €223,809 | €274,902 | ▲ 22.8% |
| Cash at bank and in hand54/58 | €63,614 | €27,240 | €52,066 | €32,672 | €35,348 | €16,815 | €76,147 | €4,611 | ▼ 93.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,151 | €10,328 | €2,011 | €8,014 | €1,034 | ▼ 87.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €535,373 | €492,230 | €482,017 | €481,331 | €480,089 | €462,597 | €464,392 | €426,544 | ▼ 8.2% |
| Equity10/15 | €272,952 | €281,268 | €287,512 | €299,769 | €312,368 | €301,948 | €386,467 | €377,785 | ▼ 2.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €200,691 | €209,007 | €215,251 | €227,508 | €240,107 | €229,687 | €314,206 | €306,757 | ▼ 2.4% |
| Non-distributable reserves130/1 | - | - | - | €2,480 | €2,480 | €2,480 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,480 | €2,480 | €2,480 | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €89,676 | €83,416 | €77,155 | €84,647 | €77,198 | ▼ 8.8% |
| Distributable reserves133 | - | - | - | €135,352 | €154,212 | €150,053 | €229,559 | €229,559 | = |
| Profit (loss) carried forward14 | €59,861 | €59,861 | €59,861 | €59,861 | €59,861 | €59,861 | €59,861 | €58,628 | ▼ 2.1% |
| Provisions and deferred taxes16 | €55,183 | €51,294 | €47,405 | €43,516 | €39,627 | €35,738 | €27,138 | €25,733 | ▼ 5.2% |
| Deferred taxes168 | - | - | - | €43,516 | €39,627 | €35,738 | €27,138 | €25,733 | ▼ 5.2% |
| Amounts payable17/49 | €207,238 | €159,669 | €147,100 | €138,046 | €128,094 | €124,910 | €50,786 | €23,026 | ▼ 54.7% |
| Amounts payable after more than one year17 | €145,702 | €133,156 | €120,448 | €107,449 | €94,154 | €87,599 | €0 | - | - |
| Financial debts170/4 | - | - | - | €107,449 | €94,154 | €87,599 | €0 | - | - |
| Amounts payable within one year42/48 | €61,536 | €26,513 | €26,652 | €30,597 | €33,939 | €37,311 | €50,310 | €23,026 | ▼ 54.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,999 | €13,296 | €20,957 | €14,628 | €3,500 | ▼ 76.1% |
| Trade debts44 | €294 | €2,825 | €1,182 | €693 | €3,600 | €2,601 | €13,705 | €476 | ▼ 96.5% |
| Suppliers440/4 | - | - | - | €693 | €3,600 | €2,601 | €13,705 | €476 | ▼ 96.5% |
| Taxes, remuneration and social security45 | - | - | - | €15,691 | €17,044 | €13,561 | €21,977 | €14,637 | ▼ 33.4% |
| Taxes450/3 | - | - | - | €9,622 | €17,044 | €13,561 | €21,977 | €14,637 | ▼ 33.4% |
| Remuneration and social security454/9 | - | - | - | €6,069 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €1,213 | - | €192 | €0 | €4,413 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €476 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,624 | €8,316 | €6,244 | €12,257 | €12,599 | €18,152 | €84,519 | -€8,682 | - |
| + Depreciation and write-downs630 | €23,643 | €26,123 | €25,836 | €21,382 | €30,773 | €26,397 | €17,398 | €17,673 | ▲ 1.6% |
| Operating cash flow (approximation) | €36,267 | €34,439 | €32,080 | €33,639 | €43,372 | €44,549 | €101,917 | €8,991 | ▼ 91.2% |
| Investment in fixed assets (approximation) | - | -€13,279 | -€5,461 | -€1,155 | -€12,230 | -€26,453 | €221,006 | -€2,429 | - |
| Change in cash | - | -€36,374 | €24,826 | -€19,394 | €2,676 | -€18,533 | €59,332 | -€71,536 | - |
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, 12,322 companies had the same profile as MECANO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MECANO 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 12,322 companies, not a prediction for MECANO. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00373674 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00339704 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00294939 | |
| 31-12-2022 | micro format | 07-06-2023 | 2023-00121861 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20242975 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-58600383 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-32500311 | |
| 31-12-2018 | micro format | 27-08-2019 | 2019-52000004 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51800333 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-38700045 |