MESA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 33 filings
Equity
-€3,470
2024 · €32,771
Total assets
€58,920▼ 29.4%
2024 · €83,485
Net result
-€36,241▼ 490%
2024 · -€6,142
Working capital
-€16,992
2024 · €29,651
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€34,242
2025
20182025
Net result
-€36,241
▼ 490%
2025
lowest quarter of the sector
20182025
Equity
-€3,470
2025
lowest quarter of the sector
20182025
Total assets
€58,920
▼ 29.4%
2025
lowest quarter of the sector
20182025
Debt
€62,390
▲ 23.0%
2025
20182025
Working capital
-€16,992
2025
lowest quarter of the sector
20182025
Solvency
-5.9%
▼ 45.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.61
▼ 0.97
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-61.5%
▼ 54.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€193--€3,326▼ 1,622%€15,803-€1,857€9,233€24,543▲ 166%€4,255▼ 82.7%-€34,242
Net result-€1,411--€4,403▼ 212%€14,514within the sector's middle half-€6,498below the sector's middle half€6,052within the sector's middle half€16,551within the sector's middle half▲ 173%-€6,142below the sector's middle half-€36,241below the sector's middle half▼ 490%
Equity€22,697-€18,293▼ 19.4%€32,807within the sector's middle half▲ 79.3%€26,309within the sector's middle half▼ 19.8%€34,029within the sector's middle half▲ 29.3%€48,912within the sector's middle half▲ 43.7%€32,771below the sector's middle half▼ 33.0%-€3,470below the sector's middle half
Total assets€29,638-€29,696▲ 0.2%€38,526below the sector's middle half▲ 29.7%€33,665below the sector's middle half▼ 12.6%€38,173below the sector's middle half▲ 13.4%€66,676within the sector's middle half▲ 74.7%€83,485below the sector's middle half▲ 25.2%€58,920below the sector's middle half▼ 29.4%
Debt€6,941-€11,402▲ 64.3%€5,719▼ 49.8%€7,356▲ 28.6%€4,144▼ 43.7%€17,763▲ 329%€50,715▲ 186%€62,390▲ 23.0%
Working capital€22,615-€18,212▼ 19.5%€31,597within the sector's middle half▲ 73.5%€25,482within the sector's middle half▼ 19.4%€33,584within the sector's middle half▲ 31.8%€47,513within the sector's middle half▲ 41.5%€29,651within the sector's middle half▼ 37.6%-€16,992below the sector's middle half
Solvency76.6%-61.6%▼ 15.0pp85.2%above the sector's middle half▲ 23.6pp78.2%above the sector's middle half▼ 7.0pp89.1%above the sector's middle half▲ 11.0pp73.4%above the sector's middle half▼ 15.8pp39.3%within the sector's middle half▼ 34.1pp-5.9%below the sector's middle half▼ 45.1pp
Current ratio4.26-2.60▼ 1.666.53above the sector's middle half▲ 3.934.46above the sector's middle half▼ 2.069.10above the sector's middle half▲ 4.643.67above the sector's middle half▼ 5.431.58within the sector's middle half▼ 2.090.61below the sector's middle half▼ 0.97
Return on assets (ROA)-4.8%--14.8%▼ 10.1pp37.7%above the sector's middle half▲ 52.5pp-19.3%below the sector's middle half▼ 57.0pp15.9%above the sector's middle half▲ 35.2pp24.8%above the sector's middle half▲ 9.0pp-7.4%below the sector's middle half▼ 32.2pp-61.5%below the sector's middle half▼ 54.2pp
Staff (FTE)0.3-
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €34,242, after a profit of €4,255 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €58,920
Fixed assets
€32,262 ▲ 934%
Current assets
€26,657 ▼ 66.8%
Equity and liabilities
Equity-€3,470
Debt€62,390
Equity is negative. Debt (€62,390) exceeds the balance-sheet total (€58,920).
Key figures and ratios
EBITDA
-€31,605▼
2024 · €5,234
Cash flow
-€33,604▼
2024 · -€5,163
Quick ratio
0.40▼
2024 · 1.40
Interest coverage
-15.70▼
2024 · 17.48
Debt ≤ 1 year
€43,649▼
2024 · €50,715
Debt > 1 year
€18,741
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | - | - | - | €2,700 | €31,780 |
| Depreciation and write-downs of the year | €383 | €383 | €376 | €979 | €2,637 |
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 | - | - | - | €7,386 | €2,350 | €70 | €8,695 | €9,151 | ▲ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €32 | €383 | €383 | €376 | €979 | €2,637 | ▲ 169% |
| Other operating charges640/8 | - | - | - | €3,761 | €2,137 | €1,730 | €2,041 | €1,683 | ▼ 17.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,972 | - | - |
| Gross operating margin9900 | €11,203 | -€525 | €17,483 | €2,287 | €11,753 | €26,648 | €9,247 | -€29,922 | - |
| Operating profit (loss)9901 | -€193 | -€3,326 | €15,803 | -€1,857 | €9,233 | €24,543 | €4,255 | -€34,242 | - |
| Financial income75/76B | - | - | - | - | €54 | €24 | €101 | €14 | ▼ 86.1% |
| Recurring financial income75 | €72 | €0 | €0 | - | €54 | €24 | €101 | €14 | ▼ 86.1% |
| Financial charges65/66B | - | - | - | €953 | €666 | €1,553 | €299 | €2,013 | ▲ 572% |
| Recurring financial charges65 | €1,060 | €779 | €1,126 | €953 | €666 | €1,553 | €299 | €2,013 | ▲ 572% |
| Profit (loss) for the period before taxes9903 | -€1,180 | -€4,105 | €14,677 | -€2,810 | €8,621 | €23,015 | €4,056 | -€36,241 | - |
| Income taxes67/77 | €230 | €299 | €163 | €3,687 | €2,569 | €6,464 | €10,198 | - | - |
| Profit (loss) for the period9904 | -€1,411 | -€4,403 | €14,514 | -€6,498 | €6,052 | €16,551 | -€6,142 | -€36,241 | ▼ 490% |
| Profit (loss) for the period to be appropriated9905 | -€1,411 | -€4,403 | €14,514 | -€6,498 | €6,052 | €16,551 | -€6,142 | -€36,241 | ▼ 490% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €29,638 | €29,696 | €38,526 | €33,665 | €38,173 | €66,676 | €83,485 | €58,920 | ▼ 29.4% |
| Fixed assets21/28 | €82 | €82 | €1,210 | €827 | €444 | €1,399 | €3,120 | €32,262 | ▲ 934% |
| Tangible fixed assets22/27 | - | - | €1,128 | €745 | €362 | €1,318 | €3,038 | €32,181 | ▲ 959% |
| Plant, machinery and equipment23 | - | - | - | €745 | €362 | €1,318 | €878 | €2,080 | ▲ 137% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €28,481 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | €2,160 | €1,620 | ▼ 25.0% |
| Financial fixed assets28 | €82 | €82 | €82 | €82 | €82 | €82 | €82 | €82 | = |
| Current assets29/58 | €29,556 | €29,614 | €37,316 | €32,838 | €37,729 | €65,276 | €80,365 | €26,657 | ▼ 66.8% |
| Stocks and contracts in progress3 | €7,450 | €6,577 | €5,980 | €7,177 | €7,286 | €8,852 | €9,486 | €9,405 | ▼ 0.9% |
| Stocks30/36 | - | - | - | €7,177 | €7,286 | €8,852 | €9,486 | €9,405 | ▼ 0.9% |
| Amounts receivable within one year40/41 | €4,954 | €10,319 | €4,665 | €5,645 | €7,823 | €7,258 | €9,732 | €4,791 | ▼ 50.8% |
| Trade receivables40 | - | - | - | €3,977 | €6,236 | €4,923 | €2,937 | €2,984 | ▲ 1.6% |
| Other amounts receivable41 | - | - | - | €1,668 | €1,587 | €2,335 | €6,795 | €1,807 | ▼ 73.4% |
| Cash at bank and in hand54/58 | €15,360 | €10,762 | €24,316 | €18,286 | €20,714 | €47,009 | €58,461 | €8,677 | ▼ 85.2% |
| Deferred charges and accrued income490/1 | - | - | - | €1,730 | €1,905 | €2,157 | €2,686 | €3,784 | ▲ 40.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €29,638 | €29,696 | €38,526 | €33,665 | €38,173 | €66,676 | €83,485 | €58,920 | ▼ 29.4% |
| Equity10/15 | €22,697 | €18,293 | €32,807 | €26,309 | €34,029 | €48,912 | €32,771 | -€3,470 | - |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €8,592 | €8,592 | = |
| Contributions outside capital11 | - | - | - | €18,592 | €18,592 | €18,592 | €8,592 | €8,592 | = |
| Share premium1100/10 | - | - | - | - | - | €18,592 | €8,592 | €8,592 | = |
| Other1109/19 | - | - | - | €18,592 | €18,592 | - | - | - | - |
| Reserves13 | €4,105 | €1,859 | €14,215 | €7,717 | €15,437 | €30,320 | €24,179 | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €3,526 | - | - | - | - |
| Legal reserve130 | - | - | - | - | €1,667 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €5,858 | €11,910 | €30,320 | €24,179 | - | - |
| Profit (loss) carried forward14 | - | -€2,158 | - | - | - | - | - | -€12,062 | - |
| Amounts payable17/49 | €6,941 | €11,402 | €5,719 | €7,356 | €4,144 | €17,763 | €50,715 | €62,390 | ▲ 23.0% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €18,741 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €18,741 | - |
| Amounts payable within one year42/48 | €6,941 | €11,402 | €5,719 | €7,356 | €4,144 | €17,763 | €50,715 | €43,649 | ▼ 13.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €23,000 | €4,904 | ▼ 78.7% |
| Financial debts43 | - | - | - | - | - | €2,346 | €1,870 | €2,324 | ▲ 24.3% |
| Credit institutions430/8 | - | - | - | - | - | €2,346 | €1,870 | €2,324 | ▲ 24.3% |
| Trade debts44 | €1,784 | €5,070 | €1,847 | €2,612 | €1,868 | €6,090 | €16,944 | €35,517 | ▲ 110% |
| Suppliers440/4 | - | - | - | €1,517 | €1,868 | €6,090 | €16,944 | €35,517 | ▲ 110% |
| Bills of exchange payable441 | - | - | - | €1,094 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,744 | €2,276 | €9,327 | €8,901 | €904 | ▼ 89.8% |
| Taxes450/3 | - | - | - | €1,195 | €2,276 | €4,677 | €2,467 | €904 | ▼ 63.4% |
| Remuneration and social security454/9 | - | - | - | €3,549 | - | €4,650 | €6,434 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,411 | -€4,403 | €14,514 | -€6,498 | €6,052 | €16,551 | -€6,142 | -€36,241 | ▼ 490% |
| + Depreciation and write-downs630 | - | - | €32 | €383 | €383 | €376 | €979 | €2,637 | ▲ 169% |
| Operating cash flow (approximation) | -€1,411 | -€4,403 | €14,546 | -€6,115 | €6,435 | €16,927 | -€5,163 | -€33,604 | ▼ 551% |
| Investment in fixed assets (approximation) | - | €0 | -€1,160 | €0 | €0 | -€1,331 | -€2,700 | -€31,780 | ▼ 1,077% |
| Change in cash | - | -€4,597 | €13,553 | -€6,029 | €2,428 | €26,295 | €11,452 | -€49,784 | - |
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, 6,619 companies had the same profile as MESA has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MESA itself: 2.2% 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 6,619 companies, not a prediction for MESA. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-07-2026 | 2026-00271026 | |
| 31-12-2024 | abbreviated format | 30-09-2025 | 2025-00525504 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00210574 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00208858 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00137429 | |
| 31-12-2021 | micro format | 27-06-2022 | 2022-20101513 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30800033 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-24900539 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-21000215 | |
| 31-12-2017 | full format | 20-06-2018 | 2018-20800164 |