MIRCOR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 49 filings
Turnover
€137,981▼ 27.0%
2020 · €188,932
EBIT margin
13.6%▲ 7.2pp
2020 · 6.4%
Net result
€13,709
2024 · -€18,526
Working capital
€59,596▼ 34.9%
2024 · €91,592
In the rankings
#2 oldest company in Tellin#10 company by equity in Tellin
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€18,007
2025
20182025
Net result
€13,709
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€531,013
▲ 2.7%
2025
highest quarter of the sector
20182025
Total assets
€537,904
▼ 15.9%
2025
middle half of the sector
20182025
Debt
€6,891
▼ 94.4%
2025
20182025
Working capital
€59,596
▼ 34.9%
2025
highest quarter of the sector
20182025
Solvency
98.7%
▲ 17.8pp
2025
highest quarter of the sector
20182025
Current ratio
9.65
▲ 4.91
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.5%
▲ 5.4pp
2025
middle half of the sector
20182025
Staff (FTE)
2.3
▲ 35.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€213,514-€275,258▲ 28.9%€188,932▼ 31.4%€137,981▼ 27.0%
Operating result€36,019-€114,914▲ 219%€12,140▼ 89.4%€18,751▲ 54.5%-€97,436-€42,790▲ 56.1%-€8,866▲ 79.3%€18,007
Net result€29,015-€74,905▲ 158%-€1,064within the sector's middle half€13,641within the sector's middle half-€108,786below the sector's middle half-€48,371below the sector's middle half▲ 55.5%-€18,526below the sector's middle half▲ 61.7%€13,709within the sector's middle half
EBIT margin16.9%-41.7%▲ 24.9pp6.4%▼ 35.3pp13.6%▲ 7.2pp
Equity€691,787-€738,692▲ 6.8%€693,628above the sector's middle half▼ 6.1%€705,669above the sector's middle half▲ 1.7%€596,884above the sector's middle half▼ 15.4%€535,830above the sector's middle half▼ 10.2%€517,305above the sector's middle half▼ 3.5%€531,013above the sector's middle half▲ 2.7%
Total assets€833,008-€793,440▼ 4.8%€764,312within the sector's middle half▼ 3.7%€725,076within the sector's middle half▼ 5.1%€773,192within the sector's middle half▲ 6.6%€702,917within the sector's middle half▼ 9.1%€639,638within the sector's middle half▼ 9.0%€537,904within the sector's middle half▼ 15.9%
Debt€141,221-€54,748▼ 61.2%€70,684▲ 29.1%€19,407▼ 72.5%€176,309▲ 808%€167,087▼ 5.2%€122,334▼ 26.8%€6,891▼ 94.4%
Working capital€136,255-€232,742▲ 70.8%€254,934above the sector's middle half▲ 9.5%€287,495above the sector's middle half▲ 12.8%€35,840within the sector's middle half▼ 87.5%€79,597above the sector's middle half▲ 122%€91,592above the sector's middle half▲ 15.1%€59,596above the sector's middle half▼ 34.9%
Solvency83.0%-93.1%▲ 10.1pp90.8%above the sector's middle half▼ 2.3pp97.3%above the sector's middle half▲ 6.6pp77.2%above the sector's middle half▼ 20.1pp76.2%above the sector's middle half▼ 1.0pp80.9%above the sector's middle half▲ 4.6pp98.7%above the sector's middle half▲ 17.8pp
Current ratio2.04-5.25▲ 3.214.67above the sector's middle half▼ 0.5815.81above the sector's middle half▲ 11.141.72within the sector's middle half▼ 14.102.45above the sector's middle half▲ 0.744.74above the sector's middle half▲ 2.299.65above the sector's middle half▲ 4.91
Return on assets (ROA)3.5%-9.4%▲ 6.0pp-0.1%within the sector's middle half▼ 9.6pp1.9%within the sector's middle half▲ 2.0pp-14.1%below the sector's middle half▼ 16.0pp-6.9%below the sector's middle half▲ 7.2pp-2.9%within the sector's middle half▲ 4.0pp2.5%within the sector's middle half▲ 5.4pp
Staff (FTE)1.41.72.3▲ 35.3%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 profit of €18,007, after a loss of €8,866 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €537,904
Fixed assets
€471,417 ▼ 10.0%
Current assets
€66,487 ▼ 42.7%
Equity and liabilities €537,904
Equity
€531,013 ▲ 2.7%
Debt
€6,891 ▼ 94.4%
Debt's share of the balance-sheet total falls from 19.1% to 1.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80,717▲
2024 · €54,011
Cash flow
€76,418▲
2024 · €44,352
Debt to equity
0.01▼
2024 · 0.24
ROE
2.6%▲
2024 · -3.6%
Interest coverage
15.26▲
2024 · 11.12
Debt ≤ 1 year
€6,891▼
2024 · €24,491
Income taxes
€14
Staff costs
€25,288▲
2024 · €21,068
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 3 |
| full-time | 2 | 2 | 1 |
| part-time | 1 | 2 | 2 |
| in full-time equivalents | 2.4 | 2.8 | 1.6 |
| Average over the year, in full-time equivalents | 1.4 | 1.2 | 1.3 |
| Joined | 10 | 12 | 12 |
| Left | 7 | 9 | 13 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €33,647 | €357,327 | €37,061 | €24,248 | €10,571 |
| Intangible fixed assets | - | €3,390 | - | - | - |
| Depreciation and write-downs of the year | €55,419 | €63,149 | €66,721 | €62,877 | €62,709 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €213,514 | €275,258 | €188,932 | €137,981 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €57,390 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €34,970 | €41,751 | €21,068 | €25,288 | ▲ 20.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €113,860 | €100,869 | €93,203 | €55,419 | €63,149 | €66,721 | €62,877 | €62,709 | ▼ 0.3% |
| Other operating charges640/8 | - | - | - | €6,420 | €6,695 | €8,265 | €7,970 | €8,015 | ▲ 0.6% |
| Gross operating margin9900 | €156,513 | €221,876 | €112,996 | €80,591 | €7,379 | €73,947 | €83,050 | €114,020 | ▲ 37.3% |
| Operating profit (loss)9901 | €36,019 | €114,914 | €12,140 | €18,751 | -€97,436 | -€42,790 | -€8,866 | €18,007 | - |
| Financial income75/76B | - | - | - | €2,893 | €579 | €1,279 | €1,539 | €1,005 | ▼ 34.7% |
| Recurring financial income75 | €1 | - | - | €0 | €79 | €28 | €1,539 | €1,005 | ▼ 34.7% |
| Non-recurring financial income76B | - | - | - | €2,893 | €500 | €1,251 | - | - | - |
| Financial charges65/66B | - | - | - | €510 | €11,461 | €6,859 | €11,199 | €5,290 | ▼ 52.8% |
| Recurring financial charges65 | €1,985 | €947 | €566 | €510 | €3,013 | €6,859 | €4,859 | €5,290 | ▲ 8.9% |
| Non-recurring financial charges66B | - | - | - | - | €8,448 | - | €6,340 | - | - |
| Profit (loss) for the period before taxes9903 | €34,035 | €113,967 | €11,574 | €21,134 | -€108,317 | -€48,371 | -€18,526 | €13,722 | - |
| Income taxes67/77 | €5,020 | €39,062 | €12,638 | €7,493 | €468 | - | - | €14 | - |
| Profit (loss) for the period9904 | €29,015 | €74,905 | -€1,064 | €13,641 | -€108,786 | -€48,371 | -€18,526 | €13,709 | - |
| Profit (loss) for the period to be appropriated9905 | €29,015 | €74,905 | €107,686 | €13,641 | -€108,786 | -€48,371 | -€18,526 | €13,709 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €833,008 | €793,440 | €764,312 | €725,076 | €773,192 | €702,917 | €639,638 | €537,904 | ▼ 15.9% |
| Fixed assets21/28 | €565,959 | €505,950 | €439,946 | €418,174 | €687,293 | €568,525 | €523,555 | €471,417 | ▼ 10.0% |
| Intangible fixed assets21 | - | - | - | - | €2,811 | €1,681 | €551 | - | - |
| Tangible fixed assets22/27 | €565,600 | €505,591 | €439,587 | €417,815 | €684,123 | €566,844 | €523,004 | €471,417 | ▼ 9.9% |
| Land and buildings22 | - | - | - | €96,909 | €260,840 | €251,313 | €250,962 | €240,475 | ▼ 4.2% |
| Plant, machinery and equipment23 | - | - | - | €449 | €1,436 | €1,096 | €10,781 | €16,219 | ▲ 50.4% |
| Furniture and vehicles24 | - | - | - | €29,971 | €141,269 | €63,565 | €46,490 | €31,875 | ▼ 31.4% |
| Other tangible fixed assets26 | - | - | - | €290,486 | €280,578 | €250,870 | €214,771 | €182,848 | ▼ 14.9% |
| Financial fixed assets28 | €359 | €359 | €359 | €359 | €359 | - | - | - | - |
| Current assets29/58 | €267,049 | €287,490 | €324,366 | €306,902 | €85,899 | €134,392 | €116,083 | €66,487 | ▼ 42.7% |
| Stocks and contracts in progress3 | - | - | - | - | €6,736 | €200 | - | - | - |
| Stocks30/36 | - | - | - | - | €6,736 | €200 | - | - | - |
| Amounts receivable within one year40/41 | €33,532 | €94,590 | €41,842 | €36,686 | €20,060 | €12,232 | €3,642 | €621 | ▼ 83.0% |
| Trade receivables40 | - | - | - | €157 | €10,447 | €7,274 | €1,182 | - | - |
| Other amounts receivable41 | - | - | - | €36,528 | €9,613 | €4,959 | €2,460 | €621 | ▼ 74.8% |
| Current investments50/53 | - | - | - | - | - | - | €100,000 | - | - |
| Cash at bank and in hand54/58 | €230,738 | €190,621 | €281,092 | €266,495 | €57,529 | €119,828 | €10,965 | €63,390 | ▲ 478% |
| Deferred charges and accrued income490/1 | - | - | - | €3,721 | €1,575 | €2,132 | €1,476 | €2,477 | ▲ 67.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €833,008 | €793,440 | €764,312 | €725,076 | €773,192 | €702,917 | €639,638 | €537,904 | ▼ 15.9% |
| Equity10/15 | €691,787 | €738,692 | €693,628 | €705,669 | €596,884 | €535,830 | €517,305 | €531,013 | ▲ 2.7% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Reserves13 | €179,074 | €227,074 | €118,324 | €118,324 | €118,324 | €105,641 | €105,641 | €105,641 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €116,464 | €116,464 | €103,781 | €103,781 | €103,781 | = |
| Profit (loss) carried forward14 | €494,121 | €493,026 | €556,712 | €568,753 | €459,968 | €411,597 | €393,071 | €406,780 | ▲ 3.5% |
| Amounts payable17/49 | €141,221 | €54,748 | €70,684 | €19,407 | €176,309 | €167,087 | €122,334 | €6,891 | ▼ 94.4% |
| Amounts payable after more than one year17 | €9,924 | - | - | - | €126,250 | €111,250 | €96,250 | - | - |
| Financial debts170/4 | - | - | - | - | €126,250 | €111,250 | €96,250 | - | - |
| Amounts payable within one year42/48 | €130,794 | €54,748 | €69,432 | €19,407 | €50,059 | €54,795 | €24,491 | €6,891 | ▼ 71.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €15,000 | €15,000 | €15,000 | - | - |
| Trade debts44 | €10,603 | €8,858 | €14,600 | €5,926 | €16,691 | €26,015 | €5,801 | €1,849 | ▼ 68.1% |
| Suppliers440/4 | - | - | - | €5,926 | €16,691 | €26,015 | €5,801 | €1,849 | ▼ 68.1% |
| Advances received on contracts in progress46 | - | - | - | - | €750 | €4,757 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €8,456 | €12,735 | €4,982 | - | €3,125 | - |
| Taxes450/3 | - | - | - | €8,456 | €8,044 | €3,805 | - | €1,019 | - |
| Remuneration and social security454/9 | - | - | - | - | €4,690 | €1,177 | - | €2,106 | - |
| Other amounts payable47/48 | - | - | - | €5,025 | €4,883 | €4,040 | €3,690 | €1,918 | ▼ 48.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €1,042 | €1,592 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,015 | €74,905 | -€1,064 | €13,641 | -€108,786 | -€48,371 | -€18,526 | €13,709 | - |
| + Depreciation and write-downs630 | €113,860 | €100,869 | €93,203 | €55,419 | €63,149 | €66,721 | €62,877 | €62,709 | ▼ 0.3% |
| Operating cash flow (approximation) | €142,875 | €175,774 | €92,139 | €69,060 | -€45,636 | €18,351 | €44,352 | €76,418 | ▲ 72.3% |
| Investment in fixed assets (approximation) | - | -€40,860 | -€27,199 | -€33,647 | -€332,269 | €52,047 | -€17,908 | -€10,571 | ▲ 41.0% |
| Change in cash | - | -€40,117 | €90,471 | -€14,597 | -€208,966 | €62,300 | -€108,863 | €52,425 | - |
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, 17,041 companies had the same profile as MIRCOR has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MIRCOR itself: < 0.1% 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 17,041 companies, not a prediction for MIRCOR. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-07-2026 | 2026-00338636 | |
| 31-12-2024 | micro format | 24-03-2025 | 2025-00053195 | |
| 31-12-2023 | micro format | 09-07-2024 | 2024-00227560 | |
| 31-12-2022 | micro format | 22-06-2023 | 2023-00146202 | |
| 31-12-2021 | micro format | 26-08-2022 | 2022-20324312 | |
| 31-12-2020 | micro format | 29-09-2021 | 2021-69000577 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-33300391 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40100380 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-46000419 | |
| 31-12-2016 | full format | 16-08-2017 | 2017-44000395 |