MECARO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 34 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€885,106▲ 5.3%
2020 · €840,824
EBIT margin
4.8%▲ 4.3pp
2020 · 0.6%
Net result
-€59,088▼ 1,717%
2024 · -€3,252
Working capital
€2,364▼ 96.5%
2024 · €67,731
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€52,472
▼ 2,713%
2025
20182025
Net result
-€59,088
▼ 1,717%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€20,426
▼ 74.3%
2025
lowest quarter of the sector
20182025
Total assets
€403,243
▲ 65.1%
2025
lowest quarter of the sector
20182025
Debt
€382,817
▲ 132%
2025
20182025
Working capital
€2,364
▼ 96.5%
2025
middle half of the sector
20182025
Solvency
5.1%
▼ 27.5pp
2025
lowest quarter of the sector
20182025
Current ratio
1.01
▼ 0.83
2025
middle half of the sector
20182025
Return on assets (ROA)
-14.7%
▼ 13.3pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
4.5
▲ 2.3%
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
Turnover€961,977-€906,981▼ 5.7%€840,824▼ 7.3%€885,106▲ 5.3%
Operating result€8,007-€3,680▼ 54.0%€4,735▲ 28.6%€42,766▲ 803%€16,869▼ 60.6%-€28,277-€1,865▲ 93.4%-€52,472▼ 2,713%
Net result€5,789-€429▼ 92.6%€2,215within the sector's middle half▲ 416%€41,142within the sector's middle half▲ 19×€16,491within the sector's middle half▼ 59.9%-€28,076below the sector's middle half-€3,252below the sector's middle half▲ 88.4%-€59,088below the sector's middle half▼ 1,717%
EBIT margin0.8%-0.4%▼ 0.4pp0.6%▲ 0.2pp4.8%▲ 4.3pp
Equity€50,566-€50,995▲ 0.8%€53,210within the sector's middle half▲ 4.3%€94,352within the sector's middle half▲ 77.3%€110,843below the sector's middle half▲ 17.5%€82,767below the sector's middle half▼ 25.3%€79,515below the sector's middle half▼ 3.9%€20,426below the sector's middle half▼ 74.3%
Total assets€380,439-€184,982▼ 51.4%€204,853below the sector's middle half▲ 10.7%€170,641below the sector's middle half▼ 16.7%€168,576below the sector's middle half▼ 1.2%€121,450below the sector's middle half▼ 28.0%€244,189below the sector's middle half▲ 101%€403,243below the sector's middle half▲ 65.1%
Debt€329,873-€133,987▼ 59.4%€151,643▲ 13.2%€76,289▼ 49.7%€57,733▼ 24.3%€38,683▼ 33.0%€164,674▲ 326%€382,817▲ 132%
Working capital€14,535-€12,532▼ 13.8%€33,598within the sector's middle half▲ 168%€90,155within the sector's middle half▲ 168%€110,303within the sector's middle half▲ 22.3%€82,227within the sector's middle half▼ 25.5%€67,731within the sector's middle half▼ 17.6%€2,364within the sector's middle half▼ 96.5%
Solvency13.3%-27.6%▲ 14.3pp26.0%within the sector's middle half▼ 1.6pp55.3%within the sector's middle half▲ 29.3pp65.8%above the sector's middle half▲ 10.5pp68.1%above the sector's middle half▲ 2.4pp32.6%within the sector's middle half▼ 35.6pp5.1%below the sector's middle half▼ 27.5pp
Current ratio1.05-1.10▲ 0.051.22within the sector's middle half▲ 0.122.18above the sector's middle half▲ 0.962.91above the sector's middle half▲ 0.733.13above the sector's middle half▲ 0.221.84within the sector's middle half▼ 1.281.01within the sector's middle half▼ 0.83
Return on assets (ROA)1.5%-0.2%▼ 1.3pp1.1%within the sector's middle half▲ 0.8pp24.1%above the sector's middle half▲ 23.0pp9.8%within the sector's middle half▼ 14.3pp-23.1%below the sector's middle half▼ 32.9pp-1.3%below the sector's middle half▲ 21.8pp-14.7%below the sector's middle half▼ 13.3pp
Staff (FTE)5.4-5.9▲ 9.3%5.9below the sector's middle half=5.2below the sector's middle half▼ 11.9%5.3within the sector's middle half▲ 1.9%4.6within the sector's middle half▼ 13.2%4.4within the sector's middle half▼ 4.3%4.5below the sector's middle half▲ 2.3%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 €52,472, larger than the loss of €1,865 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €403,243
Fixed assets
€178,254 ▲ 85.4%
Current assets
€224,989 ▲ 52.0%
Equity and liabilities €403,243
Equity
€20,426 ▼ 74.3%
Debt
€382,817 ▲ 132%
Debt's share of the balance-sheet total rises from 67.4% to 94.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€24,764▼
2024 · €2,448
Cash flow
-€31,380▼
2024 · €1,060
Debt to equity
18.74▲
2024 · 2.07
ROE
-289.3%▼
2024 · -4.1%
Interest coverage
-3.74▼
2024 · 1.76
Debt ≤ 1 year
€222,625▲
2024 · €80,330
Debt > 1 year
€160,191▲
2024 · €84,344
Staff costs
€130,101▼
2024 · €142,923
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 | 13 | 13 | 13 | 13 | 14 |
| full-time | 3 | 3 | 3 | 3 | 3 |
| part-time | 10 | 10 | 10 | 10 | 11 |
| in full-time equivalents | 5.1 | 5.1 | 4.4 | 4.4 | 4.5 |
| Average over the year, in full-time equivalents | 5.2 | 5.3 | 4.6 | 4.4 | 4.5 |
| On a permanent contract | 13 | 13 | 13 | 13 | 14 |
| Joined | 1 | - | 1 | - | 1 |
| Left | 1 | - | 1 | - | 0 |
| Training hours | - | - | 16 | 16 | 32 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €99,900 | €109,700 |
| Financial fixed assets | - | - | - | - | €135 |
| Depreciation and write-downs of the year | €14,200 | €3,657 | - | €4,313 | €27,708 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,029 awarded · €2,029 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €874 | €874 |
| 2024 | 1 | €405 | €405 |
| 2023 | 1 | €375 | €375 |
| 2022 | 1 | €375 | €375 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €898,593 | - | - | - | - | - |
| Turnover70 | €961,977 | €906,981 | €840,824 | €885,106 | - | - | - | - | - |
| Other operating income74 | - | - | - | €9,487 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €4,000 | - | €2,631 | €7,328 | €3,000 | ▼ 59.1% |
| Operating charges60/66A | - | - | - | €855,827 | - | - | - | - | - |
| Services and other goods61 | - | - | - | €683,940 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €155,020 | €109,698 | €121,108 | €142,923 | €130,101 | ▼ 9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,400 | €28,400 | €25,365 | €14,200 | €3,657 | - | €4,313 | €27,708 | ▲ 542% |
| Other operating charges640/8 | - | - | - | €2,666 | €2,134 | €2,074 | €1,699 | €4,358 | ▲ 156% |
| Gross operating margin9900 | - | - | - | - | €132,358 | €94,905 | €147,070 | €109,695 | ▼ 25.4% |
| Operating profit (loss)9901 | €8,007 | €3,680 | €4,735 | €42,766 | €16,869 | -€28,277 | -€1,865 | -€52,472 | ▼ 2,713% |
| Financial income75/76B | - | - | - | - | €831 | €520 | - | - | - |
| Recurring financial income75 | €0 | €0 | €0 | - | €831 | €520 | - | - | - |
| Financial charges65/66B | - | - | - | €1,624 | €469 | €319 | €1,387 | €6,616 | ▲ 377% |
| Recurring financial charges65 | €2,218 | €3,251 | €2,520 | €1,624 | €469 | €319 | €1,387 | €6,616 | ▲ 377% |
| Debt charges650 | €2,218 | €3,251 | €2,459 | €1,624 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €5,789 | €429 | €2,215 | €41,142 | €17,231 | -€28,076 | -€3,252 | -€59,088 | ▼ 1,717% |
| Income taxes67/77 | €0 | €0 | €0 | - | €740 | - | - | - | - |
| Profit (loss) for the period9904 | €5,789 | €429 | €2,215 | €41,142 | €16,491 | -€28,076 | -€3,252 | -€59,088 | ▼ 1,717% |
| Profit (loss) for the period to be appropriated9905 | €5,789 | €429 | €2,215 | €41,142 | €16,491 | -€28,076 | -€3,252 | -€59,088 | ▼ 1,717% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €380,439 | €184,982 | €204,853 | €170,641 | €168,576 | €121,450 | €244,189 | €403,243 | ▲ 65.1% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €74,052 | €45,652 | €19,612 | €4,197 | €540 | €540 | €96,127 | €178,254 | ▲ 85.4% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €71,622 | €43,222 | €17,857 | €3,657 | - | - | €95,587 | €177,579 | ▲ 85.8% |
| Furniture and vehicles24 | - | - | - | €3,657 | - | - | - | - | - |
| Leasing and similar rights25 | - | - | - | - | - | - | €95,587 | €177,579 | ▲ 85.8% |
| Financial fixed assets28 | €2,430 | €2,430 | €1,755 | €540 | €540 | €540 | €540 | €675 | ▲ 25.0% |
| Other financial fixed assets284/8 | - | - | - | €540 | - | - | - | - | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | €540 | - | - | - | - | - |
| Current assets29/58 | €306,386 | €139,330 | €185,241 | €166,444 | €168,036 | €120,910 | €148,061 | €224,989 | ▲ 52.0% |
| Amounts receivable within one year40/41 | €297,276 | €133,199 | €181,082 | €161,249 | €165,317 | €117,285 | €147,156 | €224,503 | ▲ 52.6% |
| Trade receivables40 | - | - | - | €161,249 | €165,317 | €117,285 | €147,156 | €224,503 | ▲ 52.6% |
| Cash at bank and in hand54/58 | €7,303 | €4,271 | €2,256 | €3,522 | €989 | €1,756 | €906 | €486 | ▼ 46.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,674 | €1,730 | €1,869 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €380,439 | €184,982 | €204,853 | €170,641 | €168,576 | €121,450 | €244,189 | €403,243 | ▲ 65.1% |
| Equity10/15 | €50,566 | €50,995 | €53,210 | €94,352 | €110,843 | €82,767 | €79,515 | €20,426 | ▼ 74.3% |
| Contributions10/11 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Capital10 | - | - | - | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Issued capital100 | - | - | - | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Reserves13 | €15,224 | €15,224 | €15,224 | €15,224 | €23,843 | €8,700 | €8,700 | €8,700 | = |
| Non-distributable reserves130/1 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Legal reserve130 | - | - | - | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Distributable reserves133 | - | - | - | €6,524 | €15,143 | - | - | - | - |
| Profit (loss) carried forward14 | -€51,658 | -€51,229 | -€49,014 | -€7,872 | - | -€12,933 | -€16,185 | -€75,274 | ▼ 365% |
| Amounts payable17/49 | €329,873 | €133,987 | €151,643 | €76,289 | €57,733 | €38,683 | €164,674 | €382,817 | ▲ 132% |
| Amounts payable after more than one year17 | €38,022 | €7,189 | - | - | - | - | €84,344 | €160,191 | ▲ 89.9% |
| Financial debts170/4 | - | - | - | - | - | - | €84,344 | €160,191 | ▲ 89.9% |
| Amounts payable within one year42/48 | €291,851 | €126,798 | €151,643 | €76,289 | €57,733 | €38,683 | €80,330 | €222,625 | ▲ 177% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €12,496 | €26,965 | ▲ 116% |
| Trade debts44 | €244,045 | €69,889 | €121,843 | €55,671 | €42,594 | €22,452 | €44,259 | €182,981 | ▲ 313% |
| Suppliers440/4 | - | - | - | €55,671 | €42,594 | €22,452 | €44,259 | €182,981 | ▲ 313% |
| Taxes, remuneration and social security45 | - | - | - | €20,618 | €15,139 | €16,231 | €23,576 | €12,679 | ▼ 46.2% |
| Taxes450/3 | - | - | - | €940 | €1,668 | €1,280 | €1,083 | €637 | ▼ 41.1% |
| Remuneration and social security454/9 | - | - | - | €19,679 | €13,472 | €14,951 | €22,493 | €12,042 | ▼ 46.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,789 | €429 | €2,215 | €41,142 | €16,491 | -€28,076 | -€3,252 | -€59,088 | ▼ 1,717% |
| + Depreciation and write-downs630 | €28,400 | €28,400 | €25,365 | €14,200 | €3,657 | - | €4,313 | €27,708 | ▲ 542% |
| Operating cash flow (approximation) | €34,189 | €28,829 | €27,580 | €55,342 | €20,148 | -€28,076 | €1,060 | -€31,380 | - |
| Investment in fixed assets (approximation) | - | €0 | €675 | €1,215 | €0 | €0 | -€99,900 | -€109,835 | ▼ 9.9% |
| Change in cash | - | -€3,032 | -€2,015 | €1,266 | -€2,533 | €767 | -€850 | -€420 | ▲ 50.6% |
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, 540 companies had the same profile as MECARO has now. Two years later, 85.9% were still going and 5.2% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a loss of 10% of the balance sheet or more
85.9%
was still going
8.3%
stopped otherwise
5.2%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MECARO itself: 4.2% 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 540 companies, not a prediction for MECARO. 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 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 20-07-2026 | 2026-00311521 | |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00191374 | |
| 31-12-2023 | abbreviated format | 03-07-2024 | 2024-00203882 | |
| 31-12-2022 | abbreviated format | 08-06-2023 | 2023-00114141 | |
| 31-12-2021 | full format | 29-06-2022 | 2022-20107196 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-24500503 | |
| 31-12-2019 | full format | 02-07-2020 | 2020-25000569 | |
| 31-12-2018 | full format | 05-07-2019 | 2019-28700267 | |
| 31-12-2017 | full format | 22-08-2018 | 2018-47600210 | |
| 31-12-2016 | full format | 09-06-2017 | 2017-15700217 |