METESAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-03-2026 PDF all 34 filings
Turnover
≈ €180,000
Estimated: probably between €150,000 and €230,000
EBIT margin
Not included in this filing
Net result
€16,625▲ 32×
2024 · €527
Working capital
-€41,918▲ 2.7%
2024 · -€43,074
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€38,776
▲ 28.8%
2025
20192025
Net result
€16,625
▲ 32×
2025
middle half of the sector
20192025
Equity
-€41,657
▲ 28.5%
2025
lowest quarter of the sector
20192025
Total assets
€160,398
▼ 7.0%
2025
middle half of the sector
20192025
Debt
€202,056
▼ 12.5%
2025
20192025
Working capital
-€41,918
▲ 2.7%
2025
lowest quarter of the sector
20192025
Solvency
-26.0%
▲ 7.8pp
2025
lowest quarter of the sector
20192025
Current ratio
0.40
▼ 0.03
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
10.4%
▲ 10.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,940-€18,195▼ 13.1%€19,264▲ 5.9%€32,007▲ 66.1%€5,704▼ 82.2%€30,110▲ 428%€38,776▲ 28.8%
Net result€2,510--€3,405within the sector's middle half€3,281within the sector's middle half€12,392within the sector's middle half▲ 278%-€12,901below the sector's middle half€527within the sector's middle half€16,625within the sector's middle half▲ 32×
Equity-€58,176--€61,581below the sector's middle half▼ 5.9%-€58,300below the sector's middle half▲ 5.3%-€45,908below the sector's middle half▲ 21.3%-€58,810below the sector's middle half▼ 28.1%-€58,283below the sector's middle half▲ 0.9%-€41,657below the sector's middle half▲ 28.5%
Total assets€297,297-€300,984within the sector's middle half▲ 1.2%€221,791within the sector's middle half▼ 26.3%€262,076above the sector's middle half▲ 18.2%€177,995within the sector's middle half▼ 32.1%€172,562within the sector's middle half▼ 3.1%€160,398within the sector's middle half▼ 7.0%
Debt€355,473-€362,565▲ 2.0%€280,091▼ 22.7%€307,984▲ 10.0%€236,805▼ 23.1%€230,845▼ 2.5%€202,056▼ 12.5%
Working capital-€50,235--€50,064within the sector's middle half▲ 0.3%-€43,920below the sector's middle half▲ 12.3%-€51,424below the sector's middle half▼ 17.1%-€63,122below the sector's middle half▼ 22.7%-€43,074below the sector's middle half▲ 31.8%-€41,918below the sector's middle half▲ 2.7%
Solvency-19.6%--20.5%below the sector's middle half▼ 0.9pp-26.3%below the sector's middle half▼ 5.8pp-17.5%below the sector's middle half▲ 8.8pp-33.0%below the sector's middle half▼ 15.5pp-33.8%below the sector's middle half▼ 0.7pp-26.0%below the sector's middle half▲ 7.8pp
Current ratio0.67-0.70within the sector's middle half▲ 0.030.53below the sector's middle half▼ 0.170.66within the sector's middle half▲ 0.130.29below the sector's middle half▼ 0.370.43below the sector's middle half▲ 0.140.40below the sector's middle half▼ 0.03
Return on assets (ROA)0.8%--1.1%within the sector's middle half▼ 2.0pp1.5%within the sector's middle half▲ 2.6pp4.7%within the sector's middle half▲ 3.2pp-7.2%within the sector's middle half▼ 12.0pp0.3%within the sector's middle half▲ 7.6pp10.4%within the sector's middle half▲ 10.1pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 29% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €160,398
Fixed assets
€132,351 ▼ 5.6%
Current assets
€28,048 ▼ 13.2%
Equity and liabilities
Equity-€41,657
Debt€202,056
Equity is negative. Debt (€202,056) exceeds the balance-sheet total (€160,398).
Key figures and ratios
EBITDA
€46,668▲
2024 · €40,477
Cash flow
€24,518▲
2024 · €10,895
Interest coverage
2.46▲
2024 · 1.37
Debt ≤ 1 year
€69,965▼
2024 · €75,394
Debt > 1 year
€132,090▼
2024 · €155,451
Income taxes
€3,207
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.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,591 | €10,368 | €10,367 | €10,367 | €10,367 | €10,367 | €7,892 | ▼ 23.9% |
| Other operating charges640/8 | - | - | €10,116 | €14,116 | €2,890 | €9,240 | €8,145 | ▼ 11.8% |
| Gross operating margin9900 | €37,249 | €44,843 | €39,748 | €56,491 | €18,961 | €49,718 | €54,813 | ▲ 10.2% |
| Operating profit (loss)9901 | €20,940 | €18,195 | €19,264 | €32,007 | €5,704 | €30,110 | €38,776 | ▲ 28.8% |
| Financial income75/76B | - | - | €242 | €196 | €50 | - | - | - |
| Recurring financial income75 | €160 | €24 | €242 | €196 | €50 | - | - | - |
| Financial charges65/66B | - | - | €15,398 | €15,300 | €18,655 | €29,583 | €18,944 | ▼ 36.0% |
| Recurring financial charges65 | €18,933 | €20,477 | €15,398 | €15,300 | €18,655 | €29,583 | €18,944 | ▼ 36.0% |
| Profit (loss) for the period before taxes9903 | €3,667 | -€2,258 | €4,109 | €16,903 | -€12,901 | €527 | €19,832 | ▲ 38× |
| Income taxes67/77 | €1,157 | €1,147 | €828 | €4,511 | - | - | €3,207 | - |
| Profit (loss) for the period9904 | €2,510 | -€3,405 | €3,281 | €12,392 | -€12,901 | €527 | €16,625 | ▲ 32× |
| Profit (loss) for the period to be appropriated9905 | €2,510 | -€3,405 | €3,281 | €12,392 | -€12,901 | €527 | €16,625 | ▲ 32× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €297,297 | €300,984 | €221,791 | €262,076 | €177,995 | €172,562 | €160,398 | ▼ 7.0% |
| Fixed assets21/28 | €193,504 | €183,136 | €172,769 | €162,401 | €152,034 | €140,243 | €132,351 | ▼ 5.6% |
| Tangible fixed assets22/27 | €192,080 | €181,712 | €171,345 | €160,978 | €150,610 | €140,243 | €132,351 | ▼ 5.6% |
| Land and buildings22 | - | - | €171,345 | €160,978 | €150,610 | €140,243 | €132,351 | ▼ 5.6% |
| Financial fixed assets28 | €1,424 | €1,424 | €1,424 | €1,424 | €1,424 | - | - | - |
| Current assets29/58 | €103,793 | €117,848 | €49,022 | €99,674 | €25,961 | €32,320 | €28,048 | ▼ 13.2% |
| Stocks and contracts in progress3 | €71,002 | €62,502 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €24,618 | €49,449 | €46,972 | €97,748 | €22,488 | €4,532 | €4,310 | ▼ 4.9% |
| Trade receivables40 | - | - | €43,037 | €95,248 | €19,835 | - | - | - |
| Other amounts receivable41 | - | - | €3,934 | €2,500 | €2,654 | €4,532 | €4,310 | ▼ 4.9% |
| Current investments50/53 | - | - | €2,051 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €8,173 | €5,897 | - | €1,927 | €3,473 | €1,701 | €1,665 | ▼ 2.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €26,086 | €22,073 | ▼ 15.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €297,297 | €300,984 | €221,791 | €262,076 | €177,995 | €172,562 | €160,398 | ▼ 7.0% |
| Equity10/15 | -€58,176 | -€61,581 | -€58,300 | -€45,908 | -€58,810 | -€58,283 | -€41,657 | ▲ 28.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | €18,592 | €18,592 | - | - | - | - |
| Issued capital100 | - | - | €18,592 | €18,592 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,592 | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | - | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | - | - | €1,859 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€78,627 | -€82,032 | -€78,751 | -€66,360 | -€79,261 | -€78,734 | -€62,109 | ▲ 21.1% |
| Amounts payable17/49 | €355,473 | €362,565 | €280,091 | €307,984 | €236,805 | €230,845 | €202,056 | ▼ 12.5% |
| Amounts payable after more than one year17 | €201,445 | €194,653 | €187,148 | €156,885 | €147,722 | €155,451 | €132,090 | ▼ 15.0% |
| Financial debts170/4 | - | - | €187,148 | €156,885 | €147,722 | €155,451 | €132,090 | ▼ 15.0% |
| Amounts payable within one year42/48 | €154,028 | €167,912 | €92,943 | €151,099 | €89,083 | €75,394 | €69,965 | ▼ 7.2% |
| Current portion of amounts payable after more than one year42 | - | - | €7,505 | €16,766 | €9,164 | €21,541 | €23,361 | ▲ 8.5% |
| Trade debts44 | €73,546 | €66,129 | €2,220 | €8,936 | €755 | - | €3,179 | - |
| Suppliers440/4 | - | - | €2,220 | €8,936 | €755 | - | €3,179 | - |
| Advances received on contracts in progress46 | - | - | €52,075 | €90,375 | €22,525 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €4,958 | €4,511 | €17,133 | €607 | €3,573 | ▲ 488% |
| Taxes450/3 | - | - | €4,958 | €4,511 | €17,133 | €607 | €3,573 | ▲ 488% |
| Other amounts payable47/48 | - | - | €26,185 | €30,511 | €39,507 | €53,246 | €39,852 | ▼ 25.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,510 | -€3,405 | €3,281 | €12,392 | -€12,901 | €527 | €16,625 | ▲ 32× |
| + Depreciation and write-downs630 | €2,591 | €10,368 | €10,367 | €10,367 | €10,367 | €10,367 | €7,892 | ▼ 23.9% |
| Operating cash flow (approximation) | €5,101 | €6,963 | €13,648 | €22,759 | -€2,534 | €10,895 | €24,518 | ▲ 125% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €1,424 | €0 | ▼ 100% |
| Change in cash | - | -€2,276 | - | - | €1,546 | -€1,772 | -€36 | ▲ 98.0% |
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, 3,794 companies had the same profile as METESAN has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of METESAN itself: 2.0% 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 3,794 companies, not a prediction for METESAN. 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 |
|---|---|---|---|---|
| 30-09-2025 | micro format | 02-03-2026 | 2026-00047968 | |
| 30-09-2024 | micro format | 27-08-2025 | 2025-00426842 | |
| 30-09-2023 | micro format | 06-04-2024 | 2024-00060286 | |
| 30-09-2022 | micro format | 29-04-2023 | 2023-00078743 | |
| 30-09-2021 | full format | 23-04-2022 | 2022-20009209 | |
| 30-09-2020 | full format | 27-04-2021 | 2021-11400340 | |
| 30-09-2019 | full format | 04-08-2020 | 2020-39900381 | |
| 30-09-2018 | micro format | 11-04-2019 | 2019-09800382 | |
| 30-09-2017 | micro format | 24-10-2018 | 2018-70300540 | |
| 30-09-2016 | full format | 21-04-2017 | 2017-09800383 |