MF HOLD
InactiveInactive; last annual accounts for fiscal year 2025.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year -€113,254
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 12-01-2026, 19 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
19 d early
2024
57 d early
2023
65 d early
2022
60 d early
2021
62 d early
2020
67 d early
2019
52 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 55 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Which other companies belong to the same group?Floré · 9 companies
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
€178,800▼ 42.3%
2024 · €310,000
EBIT margin
-24.4%▲ 99.1pp
2024 · -123.5%
Net result
-€113,254▲ 88.5%
2024 · -€982,022
Working capital
€3.5m▼ 0.6%
2024 · €3.5m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€962,740▲ 58.6%€1.0m▲ 5.9%€513,241▼ 49.7%€310,000▼ 39.6%€178,800▼ 42.3%
Operating result€46,064€38,016▼ 17.5%€48,297▲ 27.0%-€382,730-€43,566▲ 88.6%
Net result-€542,512▲ 5.4%-€615,319▼ 13.4%-€653,857▼ 6.3%-€982,022▼ 50.2%-€113,254▲ 88.5%
EBIT margin4.8%▲ 6.6pp3.7%▼ 1.1pp9.4%▲ 5.7pp-123.5%▼ 132.9pp-24.4%▲ 99.1pp
Equity€11.0m▼ 4.7%€12.4m▲ 12.6%€11.7m▼ 5.3%€15.6m▲ 33.4%€15.5m▼ 0.7%
Total assets€21.6m▲ 0.2%€22.1m▲ 2.6%€22.9m▲ 3.5%€28.8m▲ 26.0%€29.1m▲ 0.8%
Debt€10.6m▲ 5.8%€9.8m▼ 7.8%€11.2m▲ 14.7%€13.2m▲ 18.2%€13.6m▲ 2.7%
Working capital€956,117▲ 4.9%€3.0m▲ 211%€3.0m▲ 1.0%€3.5m▲ 16.5%€3.5m▼ 0.6%
Staff (FTE)4.8▲ 129%4.8=1.3▼ 72.9%0▼ 100%
Why a figure moved sharply
- 2025 Net result +88% on 2024. This fiscal year ran 6 months, the previous one 12.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €43,566 in 2025 against €382,730 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29.1m
Fixed assets
€17.5m =
Current assets
€11.6m ▲ 2.1%
Equity and liabilities €29.1m
Equity
€15.5m ▼ 0.7%
Debt
€13.6m ▲ 2.7%
Debt's share of the balance-sheet total rises from 45.9% to 46.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€43,566▲
2024 · -€382,690
Cash flow
-€113,254▲
2024 · -€981,982
Current ratio
1.43▼
2024 · 1.45
Debt to equity
0.88▲
2024 · 0.85
ROE
-0.7%▲
2024 · -6.3%
ROA
-0.4%▲
2024 · -3.4%
Interest coverage
-0.17▲
2024 · -0.45
Debt ≤ 1 year
€8.1m▲
2024 · €7.8m
Debt > 1 year
€5.4m=
2024 · €5.4m
Income taxes
€0▲
2024 · -€23,547
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €970,153 | €1.0m | €516,079 | €310,000 | €178,800 | ▼ 42.3% |
| Turnover70 | €962,740 | €1.0m | €513,241 | €310,000 | €178,800 | ▼ 42.3% |
| Other operating income74 | €7,413 | €7,993 | €2,838 | €0 | - | - |
| Operating charges60/66A | €924,089 | €989,999 | €467,782 | €692,730 | €222,366 | ▼ 67.9% |
| Services and other goods61 | €447,247 | €487,926 | €355,324 | €691,087 | €222,222 | ▼ 67.8% |
| Remuneration, social security and pensions62 | €474,892 | €499,285 | €109,970 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,462 | €1,462 | €1,356 | €40 | €0 | ▼ 100% |
| Other operating charges640/8 | €488 | €1,327 | €1,132 | €1,602 | €144 | ▼ 91.0% |
| Operating profit (loss)9901 | €46,064 | €38,016 | €48,297 | -€382,730 | -€43,566 | ▲ 88.6% |
| Financial income75/76B | - | €4,428 | €78,443 | €235,593 | €184,095 | ▼ 21.9% |
| Recurring financial income75 | - | €4,428 | €78,443 | €235,593 | €184,095 | ▼ 21.9% |
| Income from current assets751 | - | €4,428 | €78,443 | €235,592 | €184,095 | ▼ 21.9% |
| Other financial income752/9 | - | - | - | €1 | €0 | ▼ 100% |
| Financial charges65/66B | €587,916 | €656,973 | €756,836 | €858,432 | €253,783 | ▼ 70.4% |
| Recurring financial charges65 | €587,916 | €656,973 | €756,836 | €858,432 | €253,783 | ▼ 70.4% |
| Debt charges650 | €587,383 | €643,366 | €747,186 | €849,326 | €249,150 | ▼ 70.7% |
| Other financial charges652/9 | €533 | €13,607 | €9,650 | €9,106 | €4,633 | ▼ 49.1% |
| Profit (loss) for the period before taxes9903 | -€541,852 | -€614,528 | -€630,096 | -€1.0m | -€113,254 | ▲ 88.7% |
| Income taxes67/77 | €660 | €791 | €23,762 | -€23,547 | €0 | ▲ 100% |
| Taxes670/3 | €660 | €791 | €23,762 | €0 | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €23,547 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€542,512 | -€615,319 | -€653,857 | -€982,022 | -€113,254 | ▲ 88.5% |
| Profit (loss) for the period to be appropriated9905 | -€542,512 | -€615,319 | -€653,857 | -€982,022 | -€113,254 | ▲ 88.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €21.6m | €22.1m | €22.9m | €28.8m | €29.1m | ▲ 0.8% |
| Fixed assets21/28 | €17.9m | €17.9m | €17.9m | €17.5m | €17.5m | = |
| Intangible fixed assets21 | €2,858 | €1,396 | €40 | €0 | - | - |
| Financial fixed assets28 | €17.9m | €17.9m | €17.9m | €17.5m | €17.5m | = |
| Affiliated companies280/1 | €17.9m | €17.9m | €17.9m | €17.5m | €17.5m | = |
| Participating interests280 | €17.9m | €17.9m | €17.9m | €17.5m | €17.5m | = |
| Current assets29/58 | €3.6m | €4.2m | €5.0m | €11.3m | €11.6m | ▲ 2.1% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | - |
| Amounts receivable within one year40/41 | €2,623 | €84,186 | €47,432 | €9.4m | €9.9m | ▲ 6.0% |
| Trade receivables40 | €2,623 | €84,186 | €39,446 | €28,282 | €64,173 | ▲ 127% |
| Other amounts receivable41 | - | - | €7,986 | €9.3m | €9.9m | ▲ 5.6% |
| Current investments50/53 | - | - | €4.5m | €0 | - | - |
| Other investments51/53 | - | - | €4.5m | €0 | - | - |
| Cash at bank and in hand54/58 | €3.6m | €4.1m | €426,584 | €2.0m | €1.6m | ▼ 16.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €21.6m | €22.1m | €22.9m | €28.8m | €29.1m | ▲ 0.8% |
| Equity10/15 | €11.0m | €12.4m | €11.7m | €15.6m | €15.5m | ▼ 0.7% |
| Contributions10/11 | €12.5m | €14.5m | €14.5m | €19.2m | €19.2m | = |
| Profit (loss) carried forward14 | -€1.5m | -€2.1m | -€2.8m | -€3.6m | -€3.8m | ▼ 3.1% |
| Amounts payable17/49 | €10.6m | €9.8m | €11.2m | €13.2m | €13.6m | ▲ 2.7% |
| Amounts payable after more than one year17 | €7.9m | €8.5m | €9.2m | €5.4m | €5.4m | = |
| Financial debts170/4 | €7.9m | €8.5m | €9.2m | €5.4m | €5.4m | = |
| Other loans174 | €7.9m | €8.5m | €9.2m | €5.4m | €5.4m | = |
| Amounts payable within one year42/48 | €2.7m | €1.2m | €2.0m | €7.8m | €8.1m | ▲ 3.3% |
| Financial debts43 | - | - | - | €6.0m | €6.0m | = |
| Credit institutions430/8 | - | - | - | €6.0m | €6.0m | = |
| Trade debts44 | €27,812 | €23,737 | €15,195 | €36,412 | €96,577 | ▲ 165% |
| Suppliers440/4 | €27,812 | €23,737 | €15,195 | €36,412 | €96,577 | ▲ 165% |
| Taxes, remuneration and social security45 | €118,290 | €120,376 | €18,806 | €0 | - | - |
| Taxes450/3 | €26,321 | €32,980 | €229 | €0 | - | - |
| Remuneration and social security454/9 | €91,969 | €87,395 | €18,577 | €0 | - | - |
| Other amounts payable47/48 | €2.5m | €1.1m | €1.9m | €1.8m | €2.0m | ▲ 11.2% |
| Accrued charges and deferred income492/3 | - | - | - | €40,802 | €134,017 | ▲ 228% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€542,512 | -€615,319 | -€653,857 | -€982,022 | -€113,254 | ▲ 88.5% |
| + Depreciation and write-downs630 | €1,462 | €1,462 | €1,356 | €40 | €0 | ▼ 100% |
| Operating cash flow (approximation) | -€541,050 | -€613,857 | -€652,502 | -€981,982 | -€113,254 | ▲ 88.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €411,104 | €0 | ▼ 100% |
| Change in cash | - | €473,525 | -€3.7m | €1.5m | -€318,612 | ▼ 121% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
12-01
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€982,022
Net result drops to -€982,022, the lowest in the series.
27-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
01-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Liquidity triplescurrent ratio 3.44
Current ratio from 1.36 to 3.44; short-term debt falls from €2.7m to €1.2m.
30-05
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
09-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 17 acts read
About the unread acts
We know of 17 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Structure & network
Part of the group
Floré
9 companies
Group, risk and exposure
Owners and holdings
1 owner · 1 holding · 3 subsidiaries in the treeChain of control
- Floré
- MF HOLD
Highest known parent: Floré. The sources do not say who stands above it.
Owners 1
- FloréparentSourceaccounts Floré 2024100%
Holdings 1
-
100%
All subsidiaries, including indirect ones 3
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
Microflor 100%2 subsidiaries
- Microflor Biyoteknoloji ve Tarim Sanayi SASTR 100%
- Microflor SK s.r.o.SK 100%
According to the annual accounts to 30-06-2025 of MF HOLD and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.