MF Elec
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 6 filings
Turnover
≈ €160,000
Estimated: probably between €100,000 and €330,000
Total assets
€73,199▼ 6.2%
2024 · €78,005
Net result
€3,013▼ 76.0%
2024 · €12,577
Working capital
€45,561▼ 9.8%
2024 · €50,531
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€10,093
▼ 44.5%
2025
20202025
Net result
€3,013
▼ 76.0%
2025
middle half of the sector
20202025
Equity
€50,300
▼ 16.9%
2025
middle half of the sector
20202025
Total assets
€73,199
▼ 6.2%
2025
middle half of the sector
20202025
Debt
€22,899
▲ 31.2%
2025
20202025
Working capital
€45,561
▼ 9.8%
2025
middle half of the sector
20202025
Solvency
68.7%
▼ 8.9pp
2025
middle half of the sector
20202025
Current ratio
3.03
▼ 0.94
2025
middle half of the sector
20202025
Return on assets (ROA)
4.1%
▼ 12.0pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€17,081-€10,412▼ 39.0%€28,252▲ 171%€30,363▲ 7.5%€18,178▼ 40.1%€10,093▼ 44.5%
Net result€11,507within the sector's middle half-€5,026within the sector's middle half▼ 56.3%€18,758within the sector's middle half▲ 273%€20,807within the sector's middle half▲ 10.9%€12,577within the sector's middle half▼ 39.6%€3,013within the sector's middle half▼ 76.0%
Equity€17,507below the sector's middle half-€22,533within the sector's middle half▲ 28.7%€41,290within the sector's middle half▲ 83.2%€62,097within the sector's middle half▲ 50.4%€60,557within the sector's middle half▼ 2.5%€50,300within the sector's middle half▼ 16.9%
Total assets€53,811below the sector's middle half-€58,084below the sector's middle half▲ 7.9%€59,947below the sector's middle half▲ 3.2%€86,345within the sector's middle half▲ 44.0%€78,005within the sector's middle half▼ 9.7%€73,199within the sector's middle half▼ 6.2%
Debt€36,304-€35,551▼ 2.1%€18,657▼ 47.5%€24,248▲ 30.0%€17,448▼ 28.0%€22,899▲ 31.2%
Working capital-€14,233below the sector's middle half-€18,054within the sector's middle half€29,942within the sector's middle half▲ 65.8%€50,359within the sector's middle half▲ 68.2%€50,531within the sector's middle half▲ 0.3%€45,561within the sector's middle half▼ 9.8%
Solvency32.5%within the sector's middle half-38.8%within the sector's middle half▲ 6.3pp68.9%above the sector's middle half▲ 30.1pp71.9%above the sector's middle half▲ 3.0pp77.6%above the sector's middle half▲ 5.7pp68.7%within the sector's middle half▼ 8.9pp
Current ratio0.61below the sector's middle half-2.89within the sector's middle half▲ 2.285.93above the sector's middle half▲ 3.043.96above the sector's middle half▼ 1.973.96above the sector's middle half▲ 0.013.03within the sector's middle half▼ 0.94
Return on assets (ROA)21.4%above the sector's middle half-8.7%within the sector's middle half▼ 12.7pp31.3%above the sector's middle half▲ 22.6pp24.1%above the sector's middle half▼ 7.2pp16.1%within the sector's middle half▼ 8.0pp4.1%within the sector's middle half▼ 12.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 44% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
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 €73,199
Fixed assets
€5,138 ▼ 50.6%
Current assets
€68,061 ▲ 0.7%
Equity and liabilities €73,199
Equity
€50,300 ▼ 16.9%
Debt
€22,899 ▲ 31.2%
Debt's share of the balance-sheet total rises from 22.4% to 31.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€15,365▼
2024 · €23,885
Cash flow
€8,284▼
2024 · €18,284
Quick ratio
2.77▼
2024 · 3.76
Debt to equity
0.46▲
2024 · 0.29
ROE
6.0%▼
2024 · 20.8%
Interest coverage
9.66▼
2024 · 20.56
Debt ≤ 1 year
€22,499▲
2024 · €17,064
Income taxes
€5,498▲
2024 · €4,697
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,086 | €3,329 | - | - |
| Financial fixed assets | €225 | - | - | - |
| Depreciation and write-downs of the year | €5,914 | €6,206 | €5,706 | €5,271 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,324 | €6,073 | €5,914 | €6,206 | €5,706 | €5,271 | ▼ 7.6% |
| Other operating charges640/8 | - | - | €964 | €2,840 | €1,135 | €3,582 | ▲ 216% |
| Non-recurring operating charges66A | - | - | - | - | €2,829 | - | - |
| Gross operating margin9900 | €26,656 | €18,801 | €35,129 | €39,409 | €27,849 | €18,947 | ▼ 32.0% |
| Operating profit (loss)9901 | €17,081 | €10,412 | €28,252 | €30,363 | €18,178 | €10,093 | ▼ 44.5% |
| Financial income75/76B | - | - | €35 | - | €258 | €8 | ▼ 96.9% |
| Recurring financial income75 | - | €0 | €35 | - | €258 | €8 | ▼ 96.9% |
| Financial charges65/66B | - | - | €2,197 | €1,644 | €1,162 | €1,591 | ▲ 37.0% |
| Recurring financial charges65 | €779 | €2,216 | €2,197 | €1,644 | €1,162 | €1,591 | ▲ 37.0% |
| Profit (loss) for the period before taxes9903 | €16,302 | €8,196 | €26,089 | €28,719 | €17,275 | €8,510 | ▼ 50.7% |
| Income taxes67/77 | €4,795 | €3,170 | €7,332 | €7,912 | €4,697 | €5,498 | ▲ 17.0% |
| Profit (loss) for the period9904 | €11,507 | €5,026 | €18,758 | €20,807 | €12,577 | €3,013 | ▼ 76.0% |
| Profit (loss) for the period to be appropriated9905 | €11,507 | €5,026 | €18,758 | €20,807 | €12,577 | €3,013 | ▼ 76.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €53,811 | €58,084 | €59,947 | €86,345 | €78,005 | €73,199 | ▼ 6.2% |
| Fixed assets21/28 | €31,740 | €30,479 | €23,926 | €18,945 | €10,410 | €5,138 | ▼ 50.6% |
| Intangible fixed assets21 | €30,000 | €24,999 | €19,997 | €14,996 | €9,994 | €4,993 | ▼ 50.0% |
| Tangible fixed assets22/27 | €1,740 | €5,480 | €3,704 | €3,950 | €416 | €146 | ▼ 64.9% |
| Plant, machinery and equipment23 | - | - | €1,826 | €3,950 | €416 | €146 | ▼ 64.9% |
| Furniture and vehicles24 | - | - | €1,879 | - | - | - | - |
| Financial fixed assets28 | - | - | €225 | - | - | - | - |
| Current assets29/58 | €22,071 | €27,605 | €36,021 | €67,400 | €67,595 | €68,061 | ▲ 0.7% |
| Stocks and contracts in progress3 | €4,152 | €6,322 | €4,954 | €5,126 | €3,470 | €5,642 | ▲ 62.6% |
| Stocks30/36 | - | - | €4,954 | €5,126 | €3,470 | €5,642 | ▲ 62.6% |
| Amounts receivable within one year40/41 | €9,526 | €8,183 | €5,355 | €9,805 | €14,264 | €3,603 | ▼ 74.7% |
| Trade receivables40 | - | - | €3,035 | €7,901 | €10,962 | €3,540 | ▼ 67.7% |
| Other amounts receivable41 | - | - | €2,320 | €1,904 | €3,303 | €62 | ▼ 98.1% |
| Cash at bank and in hand54/58 | €8,045 | €12,755 | €24,532 | €51,250 | €49,498 | €57,919 | ▲ 17.0% |
| Deferred charges and accrued income490/1 | - | - | €1,180 | €1,219 | €363 | €897 | ▲ 147% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €53,811 | €58,084 | €59,947 | €86,345 | €78,005 | €73,199 | ▼ 6.2% |
| Equity10/15 | €17,507 | €22,533 | €41,290 | €62,097 | €60,557 | €50,300 | ▼ 16.9% |
| Contributions10/11 | - | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Reserves13 | €10,000 | €15,000 | €33,500 | €54,300 | €54,300 | €44,300 | ▼ 18.4% |
| Distributable reserves133 | - | - | €33,500 | €54,300 | €54,300 | €44,300 | ▼ 18.4% |
| Profit (loss) carried forward14 | €1,507 | €1,533 | €1,790 | €1,797 | €257 | - | - |
| Amounts payable17/49 | €36,304 | €35,551 | €18,657 | €24,248 | €17,448 | €22,899 | ▲ 31.2% |
| Amounts payable after more than one year17 | - | €25,000 | €11,500 | €6,500 | - | - | - |
| Financial debts170/4 | - | - | €11,500 | €6,500 | - | - | - |
| Amounts payable within one year42/48 | €36,304 | €9,551 | €6,079 | €17,041 | €17,064 | €22,499 | ▲ 31.9% |
| Trade debts44 | €2,652 | €7,128 | €1,531 | €12,943 | €2,104 | €5,063 | ▲ 141% |
| Suppliers440/4 | - | - | €1,531 | €12,943 | €2,104 | €5,063 | ▲ 141% |
| Taxes, remuneration and social security45 | - | - | €4,332 | €3,912 | €176 | €1,498 | ▲ 751% |
| Taxes450/3 | - | - | €4,332 | €3,912 | €176 | €1,498 | ▲ 751% |
| Other amounts payable47/48 | - | - | €217 | €186 | €14,783 | €15,938 | ▲ 7.8% |
| Accrued charges and deferred income492/3 | - | - | €1,078 | €708 | €384 | €400 | ▲ 4.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,507 | €5,026 | €18,758 | €20,807 | €12,577 | €3,013 | ▼ 76.0% |
| + Depreciation and write-downs630 | €7,324 | €6,073 | €5,914 | €6,206 | €5,706 | €5,271 | ▼ 7.6% |
| Operating cash flow (approximation) | €18,831 | €11,098 | €24,671 | €27,013 | €18,284 | €8,284 | ▼ 54.7% |
| Investment in fixed assets (approximation) | - | -€4,812 | €639 | -€1,225 | €2,829 | €0 | ▼ 100% |
| Change in cash | - | €4,711 | €11,777 | €26,718 | -€1,752 | €8,421 | - |
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, 5,047 companies had the same profile as MF Elec has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MF Elec itself is lower: 0.1% within 12 months. It rests on far more data about MF Elec 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 5,047 companies, not a prediction for MF Elec. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-03-2026 | 2026-00066912 | |
| 30-09-2024 | micro format | 07-03-2025 | 2025-00045806 | |
| 30-09-2023 | micro format | 27-02-2024 | 2024-00037826 | |
| 30-09-2022 | micro format | 07-03-2023 | 2023-00036944 | |
| 30-09-2021 | micro format | 04-03-2022 | 2022-07100180 | |
| 30-09-2020 | micro format | 03-03-2021 | 2021-07100372 |