Mecarudi
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 9 filings
Turnover
≈ €1.0m
Estimated: probably between €610,000 and €1.7m
EBIT margin
Not included in this filing
Net result
€136,936▲ 21.9%
2024 · €112,361
Working capital
€498,925▲ 23.2%
2024 · €404,829
In the rankings
#8 company by total assets in Sint-Agatha-Berchem, Manufacturing sector#8 company by equity in Sint-Agatha-Berchem, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€186,793
▲ 23.0%
2025
20182025
Net result
€136,936
▲ 21.9%
2025
middle half of the sector
20182025
Equity
€527,278
▲ 17.1%
2025
middle half of the sector
20182025
Total assets
€743,821
▲ 17.7%
2025
lowest quarter of the sector
20182025
Debt
€216,544
▲ 19.1%
2025
20182025
Working capital
€498,925
▲ 23.2%
2025
middle half of the sector
20182025
Solvency
70.9%
▼ 0.3pp
2025
highest quarter of the sector
20182025
Current ratio
3.30
▲ 0.08
2025
highest quarter of the sector
20182025
Return on assets (ROA)
18.4%
▲ 0.6pp
2025
highest quarter of the sector
20182025
Staff (FTE)
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
Operating result€20,511-€75,359▲ 267%-€14,520€52,851€43,903▼ 16.9%€200,022▲ 356%€151,850▼ 24.1%€186,793▲ 23.0%
Net result€13,670-€51,250▲ 275%-€13,893below the sector's middle half€50,277within the sector's middle half€31,939within the sector's middle half▼ 36.5%€147,392within the sector's middle half▲ 361%€112,361within the sector's middle half▼ 23.8%€136,936within the sector's middle half▲ 21.9%
Equity€191,016-€232,266▲ 21.6%€218,373below the sector's middle half▼ 6.0%€248,650below the sector's middle half▲ 13.9%€270,589below the sector's middle half▲ 8.8%€377,981within the sector's middle half▲ 39.7%€450,342within the sector's middle half▲ 19.1%€527,278within the sector's middle half▲ 17.1%
Total assets€254,526-€315,545▲ 24.0%€282,749below the sector's middle half▼ 10.4%€391,553below the sector's middle half▲ 38.5%€388,514below the sector's middle half▼ 0.8%€548,828below the sector's middle half▲ 41.3%€632,210below the sector's middle half▲ 15.2%€743,821below the sector's middle half▲ 17.7%
Debt€63,510-€83,279▲ 31.1%€64,376▼ 22.7%€142,902▲ 122%€117,925▼ 17.5%€170,847▲ 44.9%€181,869▲ 6.5%€216,544▲ 19.1%
Working capital€188,618-€230,866▲ 22.4%€213,261within the sector's middle half▼ 7.6%€229,247within the sector's middle half▲ 7.5%€231,285within the sector's middle half▲ 0.9%€342,117within the sector's middle half▲ 47.9%€404,829within the sector's middle half▲ 18.3%€498,925within the sector's middle half▲ 23.2%
Solvency75.0%-73.6%▼ 1.4pp77.2%above the sector's middle half▲ 3.6pp63.5%above the sector's middle half▼ 13.7pp69.6%above the sector's middle half▲ 6.1pp68.9%above the sector's middle half▼ 0.8pp71.2%above the sector's middle half▲ 2.4pp70.9%above the sector's middle half▼ 0.3pp
Current ratio4.03-3.82▼ 0.214.31above the sector's middle half▲ 0.502.88above the sector's middle half▼ 1.443.12above the sector's middle half▲ 0.243.00above the sector's middle half▼ 0.123.23above the sector's middle half▲ 0.223.30above the sector's middle half▲ 0.08
Return on assets (ROA)5.4%-16.2%▲ 10.9pp-4.9%below the sector's middle half▼ 21.2pp12.8%above the sector's middle half▲ 17.8pp8.2%within the sector's middle half▼ 4.6pp26.9%above the sector's middle half▲ 18.6pp17.8%above the sector's middle half▼ 9.1pp18.4%above the sector's middle half▲ 0.6pp
Staff (FTE)3-3=3below the sector's middle half=5below the sector's middle half▲ 66.7%4.3below the sector's middle half▼ 14.0%3below the sector's middle half▼ 30.2%3below the sector's middle half=3below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 23% higher than in 2024. 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 €743,821
Fixed assets
€28,376 ▼ 37.7%
Current assets
€715,445 ▲ 21.9%
Equity and liabilities €743,821
Equity
€527,278 ▲ 17.1%
Debt
€216,544 ▲ 19.1%
Debt's share of the balance-sheet total rises from 28.8% to 29.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€203,944▲
2024 · €166,202
Cash flow
€154,087▲
2024 · €126,712
Quick ratio
2.48▲
2024 · 2.39
Debt to equity
0.41▲
2024 · 0.40
ROE
26.0%▲
2024 · 25.0%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€216,520▲
2024 · €181,853
Income taxes
€49,552▲
2024 · €39,232
Staff costs
€218,961▼
2024 · €226,960
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 | 3 | 3 | 3 | 4 |
| full-time | 5 | 3 | 3 | 3 | 4 |
| in full-time equivalents | 5 | 3 | 3 | 3 | 4 |
| Average over the year, in full-time equivalents | 3.7 | 4.3 | 3 | 3 | 3 |
| On a permanent contract | 5 | 3 | 3 | 3 | 3 |
| Joined | 2 | 0 | - | - | 1 |
| Left | 0 | 2 | - | - | 0 |
| Training hours | 79 | 93 | 81 | 92 | 64 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €41,800 | €19,958 | - | €24,000 | - |
| Depreciation and write-downs of the year | €3,390 | €11,937 | €12,352 | €14,352 | €17,152 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €211,429 | €284,752 | €211,055 | €226,960 | €218,961 | ▼ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €900 | €900 | €1,700 | €3,390 | €11,937 | €12,352 | €14,352 | €17,152 | ▲ 19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€24,122 | -€1,100 | €5 | €3,863 | €5,415 | ▲ 40.2% |
| Other operating charges640/8 | - | - | - | €3,056 | €653 | €713 | €731 | €754 | ▲ 3.1% |
| Gross operating margin9900 | €212,242 | €278,715 | €199,705 | €246,603 | €340,145 | €424,147 | €397,756 | €429,074 | ▲ 7.9% |
| Operating profit (loss)9901 | €20,511 | €75,359 | -€14,520 | €52,851 | €43,903 | €200,022 | €151,850 | €186,793 | ▲ 23.0% |
| Financial income75/76B | - | - | - | €10,386 | - | - | - | - | - |
| Recurring financial income75 | €10 | - | - | €10,386 | - | - | - | - | - |
| Non-recurring financial income76B | - | - | - | €10,386 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €418 | €523 | €401 | €257 | €305 | ▲ 18.5% |
| Recurring financial charges65 | €131 | €143 | €168 | €418 | €523 | €401 | €257 | €305 | ▲ 18.5% |
| Profit (loss) for the period before taxes9903 | €20,390 | €75,216 | -€14,688 | €62,818 | €43,380 | €199,621 | €151,593 | €186,488 | ▲ 23.0% |
| Income taxes67/77 | €6,720 | €23,966 | -€796 | €12,541 | €11,441 | €52,229 | €39,232 | €49,552 | ▲ 26.3% |
| Profit (loss) for the period9904 | €13,670 | €51,250 | -€13,893 | €50,277 | €31,939 | €147,392 | €112,361 | €136,936 | ▲ 21.9% |
| Profit (loss) for the period to be appropriated9905 | €13,670 | €51,250 | -€13,893 | €50,277 | €31,939 | €147,392 | €112,361 | €136,936 | ▲ 21.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €254,526 | €315,545 | €282,749 | €391,553 | €388,514 | €548,828 | €632,210 | €743,821 | ▲ 17.7% |
| Fixed assets21/28 | €3,600 | €2,700 | €5,112 | €40,210 | €48,231 | €35,879 | €45,528 | €28,376 | ▼ 37.7% |
| Tangible fixed assets22/27 | €3,600 | €2,700 | €5,112 | €40,210 | €48,231 | €35,879 | €45,528 | €28,376 | ▼ 37.7% |
| Plant, machinery and equipment23 | - | - | - | €3,350 | €19,131 | €14,540 | €31,948 | €22,556 | ▼ 29.4% |
| Furniture and vehicles24 | - | - | - | €36,860 | €29,100 | €21,340 | €13,580 | €5,820 | ▼ 57.1% |
| Current assets29/58 | €250,926 | €312,845 | €277,637 | €351,343 | €340,283 | €512,949 | €586,682 | €715,445 | ▲ 21.9% |
| Stocks and contracts in progress3 | €76,093 | €110,210 | €93,499 | €71,659 | €93,757 | €124,492 | €151,297 | €178,153 | ▲ 17.8% |
| Stocks30/36 | - | - | - | €71,659 | €93,757 | €124,492 | €151,297 | €178,153 | ▲ 17.8% |
| Amounts receivable within one year40/41 | €128,716 | €90,474 | €136,729 | €256,541 | €154,905 | €214,106 | €218,767 | €196,670 | ▼ 10.1% |
| Trade receivables40 | - | - | - | €248,083 | €147,496 | €213,719 | €218,767 | €194,110 | ▼ 11.3% |
| Other amounts receivable41 | - | - | - | €8,458 | €7,409 | €387 | - | €2,560 | - |
| Cash at bank and in hand54/58 | €45,394 | €109,521 | €46,457 | €20,735 | €90,135 | €173,108 | €215,711 | €339,530 | ▲ 57.4% |
| Deferred charges and accrued income490/1 | - | - | - | €2,408 | €1,487 | €1,243 | €907 | €1,092 | ▲ 20.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €254,526 | €315,545 | €282,749 | €391,553 | €388,514 | €548,828 | €632,210 | €743,821 | ▲ 17.7% |
| Equity10/15 | €191,016 | €232,266 | €218,373 | €248,650 | €270,589 | €377,981 | €450,342 | €527,278 | ▲ 17.1% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Issued capital100 | - | - | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €6,000 | €8,600 | €108,600 | €130,000 | €150,000 | €250,000 | €310,000 | €360,000 | ▲ 16.1% |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Legal reserve130 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | - | - | €120,000 | €140,000 | €240,000 | €300,000 | €350,000 | ▲ 16.7% |
| Profit (loss) carried forward14 | €85,016 | €123,666 | €9,773 | €18,650 | €20,589 | €27,981 | €40,342 | €67,278 | ▲ 66.8% |
| Amounts payable17/49 | €63,510 | €83,279 | €64,376 | €142,902 | €117,925 | €170,847 | €181,869 | €216,544 | ▲ 19.1% |
| Amounts payable after more than one year17 | - | - | - | €20,789 | €8,909 | - | - | - | - |
| Financial debts170/4 | - | - | - | €20,789 | €8,909 | - | - | - | - |
| Amounts payable within one year42/48 | €62,309 | €81,979 | €64,376 | €122,096 | €108,998 | €170,832 | €181,853 | €216,520 | ▲ 19.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €11,879 | €11,879 | €8,909 | - | - | - |
| Trade debts44 | €37,480 | €30,342 | €34,197 | €54,936 | €39,717 | €44,303 | €45,650 | €83,435 | ▲ 82.8% |
| Suppliers440/4 | - | - | - | €54,936 | €39,717 | €44,303 | €45,650 | €83,435 | ▲ 82.8% |
| Taxes, remuneration and social security45 | - | - | - | €38,282 | €48,901 | €83,619 | €102,203 | €77,585 | ▼ 24.1% |
| Taxes450/3 | - | - | - | €14,025 | €23,880 | €68,876 | €80,706 | €59,229 | ▼ 26.6% |
| Remuneration and social security454/9 | - | - | - | €24,256 | €25,021 | €14,743 | €21,497 | €18,356 | ▼ 14.6% |
| Other amounts payable47/48 | - | - | - | €17,000 | €8,500 | €34,000 | €34,000 | €55,500 | ▲ 63.2% |
| Accrued charges and deferred income492/3 | - | - | - | €17 | €17 | €15 | €15 | €24 | ▲ 55.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,670 | €51,250 | -€13,893 | €50,277 | €31,939 | €147,392 | €112,361 | €136,936 | ▲ 21.9% |
| + Depreciation and write-downs630 | €900 | €900 | €1,700 | €3,390 | €11,937 | €12,352 | €14,352 | €17,152 | ▲ 19.5% |
| Operating cash flow (approximation) | €14,570 | €52,150 | -€12,193 | €53,667 | €43,875 | €159,743 | €126,712 | €154,087 | ▲ 21.6% |
| Investment in fixed assets (approximation) | - | €0 | -€4,112 | -€38,487 | -€19,958 | €0 | -€24,000 | €0 | - |
| Change in cash | - | €64,128 | -€63,064 | -€25,722 | €69,400 | €82,973 | €42,603 | €123,819 | ▲ 191% |
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, 26,972 companies had the same profile as Mecarudi has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Mecarudi itself is lower: < 0.1% within 12 months. It rests on far more data about Mecarudi than the profile alone.
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 26,972 companies, not a prediction for Mecarudi. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 24-06-2026 | 2026-00200413 | |
| 31-12-2024 | full format | 26-06-2025 | 2025-00190044 | |
| 31-12-2023 | full format | 24-06-2024 | 2024-00156711 | |
| 31-12-2022 | full format | 05-05-2023 | 2023-00080618 | |
| 31-12-2021 | full format | 02-06-2022 | 2022-20051173 | |
| 31-12-2020 | full format | 25-06-2021 | 2021-25200246 | |
| 31-12-2019 | full format | 30-04-2020 | 2020-11300175 | |
| 31-12-2018 | micro format | 20-06-2019 | 2019-20600432 | |
| 31-12-2017 | micro format | 06-07-2018 | 2018-29700505 |