MK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 7 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€339,182
EBIT margin
1.6%
Net result
€144,886▲ 13.4%
2024 · €127,764
Working capital
€103,807▼ 9.5%
2024 · €114,664
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€211,798
▲ 16.0%
2025
20192025
Net result
€144,886
▲ 13.4%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€236,150
▲ 6.7%
2025
highest quarter of the sector
20192025
Total assets
€546,258
▲ 49.8%
2025
highest quarter of the sector
20192025
Debt
€310,108
▲ 116%
2025
20192025
Working capital
€103,807
▼ 9.5%
2025
highest quarter of the sector
20192025
Solvency
43.2%
▼ 17.4pp
2025
middle half of the sector
20192025
Current ratio
1.34
▼ 0.59
2025
middle half of the sector
20192025
Return on assets (ROA)
26.5%
▼ 8.5pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€339,182-
Operating result€5,583-€39,119▲ 601%€1,780▼ 95.4%€44,678▲ 25×€50,117▲ 12.2%€182,578▲ 264%€211,798▲ 16.0%
Net result€2,144-€25,748above the sector's middle half▲ 12×-€3,015below the sector's middle half€30,270above the sector's middle half€32,152above the sector's middle half▲ 6.2%€127,764above the sector's middle half▲ 297%€144,886above the sector's middle half▲ 13.4%
EBIT margin1.6%-
Equity€8,344-€34,093within the sector's middle half▲ 309%€31,078within the sector's middle half▼ 8.8%€61,348within the sector's middle half▲ 97.4%€93,500within the sector's middle half▲ 52.4%€221,264above the sector's middle half▲ 137%€236,150above the sector's middle half▲ 6.7%
Total assets€112,852-€111,452within the sector's middle half▼ 1.2%€156,374within the sector's middle half▲ 40.3%€186,398within the sector's middle half▲ 19.2%€252,863within the sector's middle half▲ 35.7%€364,729above the sector's middle half▲ 44.2%€546,258above the sector's middle half▲ 49.8%
Debt€104,507-€77,360▼ 26.0%€125,297▲ 62.0%€125,050▼ 0.2%€159,363▲ 27.4%€143,465▼ 10.0%€310,108▲ 116%
Working capital-€20,650-€4,347below the sector's middle half-€56,010below the sector's middle half-€22,600below the sector's middle half▲ 59.6%-€10,233below the sector's middle half▲ 54.7%€114,664above the sector's middle half€103,807above the sector's middle half▼ 9.5%
Solvency7.4%-30.6%within the sector's middle half▲ 23.2pp19.9%below the sector's middle half▼ 10.7pp32.9%within the sector's middle half▲ 13.0pp37.0%within the sector's middle half▲ 4.1pp60.7%within the sector's middle half▲ 23.7pp43.2%within the sector's middle half▼ 17.4pp
Current ratio0.67-1.09below the sector's middle half▲ 0.420.43below the sector's middle half▼ 0.660.82below the sector's middle half▲ 0.390.91below the sector's middle half▲ 0.091.93within the sector's middle half▲ 1.021.34within the sector's middle half▼ 0.59
Return on assets (ROA)1.9%-23.1%above the sector's middle half▲ 21.2pp-1.9%below the sector's middle half▼ 25.0pp16.2%within the sector's middle half▲ 18.2pp12.7%within the sector's middle half▼ 3.5pp35.0%above the sector's middle half▲ 22.3pp26.5%above the sector's middle half▼ 8.5pp
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 16% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €546,258
Fixed assets
€135,604 ▲ 6.7%
Current assets
€410,654 ▲ 72.8%
Equity and liabilities €546,258
Equity
€236,150 ▲ 6.7%
Debt
€310,108 ▲ 116%
Debt's share of the balance-sheet total rises from 39.3% to 56.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€281,288▲
2024 · €244,622
Cash flow
€214,377▲
2024 · €189,808
Debt to equity
1.31▲
2024 · 0.65
ROE
61.4%▲
2024 · 57.7%
Interest coverage
94.49▲
2024 · 40.01
Debt ≤ 1 year
€306,847▲
2024 · €122,953
Debt > 1 year
€3,261▼
2024 · €20,512
Income taxes
€55,871▲
2024 · €47,241
Staff costs
€259,342▲
2024 · €121,882
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 | €82,110 | €4,281 | €106,278 | €43,889 | €92,752 |
| Financial fixed assets | €2,250 | - | - | - | - |
| Depreciation and write-downs of the year | €31,533 | €34,252 | €44,687 | €62,044 | €69,490 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €339,182 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €1,417 | €757 | - | - | - |
| Remuneration, social security and pensions62 | - | - | €8,158 | €56,257 | €109,436 | €121,882 | €259,342 | ▲ 113% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,756 | €22,363 | €31,533 | €34,252 | €44,687 | €62,044 | €69,490 | ▲ 12.0% |
| Other operating charges640/8 | - | - | €4,585 | €13,936 | €13,948 | €39,372 | €32,062 | ▼ 18.6% |
| Non-recurring operating charges66A | - | - | - | €12,000 | - | - | - | - |
| Gross operating margin9900 | €58,783 | €86,830 | €46,056 | €161,124 | €218,187 | €405,876 | €572,692 | ▲ 41.1% |
| Operating profit (loss)9901 | €5,583 | €39,119 | €1,780 | €44,678 | €50,117 | €182,578 | €211,798 | ▲ 16.0% |
| Financial income75/76B | - | - | €182 | €297 | €763 | €1,912 | €12 | ▼ 99.4% |
| Recurring financial income75 | €115 | €0 | €182 | €297 | €763 | €1,912 | €12 | ▼ 99.4% |
| Financial charges65/66B | - | - | €2,133 | €1,611 | €6,084 | €9,485 | €11,053 | ▲ 16.5% |
| Recurring financial charges65 | €2,742 | €1,532 | €2,133 | €1,361 | €5,442 | €6,114 | €2,977 | ▼ 51.3% |
| Non-recurring financial charges66B | - | - | - | €250 | €642 | €3,371 | €8,076 | ▲ 140% |
| Profit (loss) for the period before taxes9903 | €2,956 | €37,587 | -€171 | €43,364 | €44,796 | €175,005 | €200,757 | ▲ 14.7% |
| Income taxes67/77 | €811 | €11,839 | €2,844 | €13,094 | €12,644 | €47,241 | €55,871 | ▲ 18.3% |
| Profit (loss) for the period9904 | €2,144 | €25,748 | -€3,015 | €30,270 | €32,152 | €127,764 | €144,886 | ▲ 13.4% |
| Profit (loss) for the period to be appropriated9905 | €2,144 | €25,748 | -€3,015 | €30,270 | €32,152 | €127,764 | €144,886 | ▲ 13.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €112,852 | €111,452 | €156,374 | €186,398 | €252,863 | €364,729 | €546,258 | ▲ 49.8% |
| Fixed assets21/28 | €70,910 | €61,203 | €114,030 | €84,216 | €145,267 | €127,113 | €135,604 | ▲ 6.7% |
| Tangible fixed assets22/27 | €70,910 | €61,203 | €111,780 | €81,966 | €143,017 | €124,863 | €133,354 | ▲ 6.8% |
| Plant, machinery and equipment23 | - | - | €62,836 | €53,750 | €40,954 | €33,854 | €69,332 | ▲ 105% |
| Furniture and vehicles24 | - | - | €10,314 | €3,975 | €52,063 | €57,459 | €46,922 | ▼ 18.3% |
| Leasing and similar rights25 | - | - | €38,631 | €24,241 | €50,000 | €33,550 | €17,100 | ▼ 49.0% |
| Financial fixed assets28 | - | - | €2,250 | €2,250 | €2,250 | €2,250 | €2,250 | = |
| Current assets29/58 | €41,942 | €50,249 | €42,344 | €102,182 | €107,596 | €237,617 | €410,654 | ▲ 72.8% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €105,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €105,000 | - |
| Amounts receivable within one year40/41 | €25,495 | €25,632 | €21,717 | €73,725 | €99,937 | €139,344 | €189,152 | ▲ 35.7% |
| Trade receivables40 | - | - | €11,354 | €58,201 | €67,434 | €36,745 | €156,684 | ▲ 326% |
| Other amounts receivable41 | - | - | €10,363 | €15,523 | €32,503 | €102,599 | €32,467 | ▼ 68.4% |
| Cash at bank and in hand54/58 | €16,447 | €23,138 | €20,445 | €21,171 | €3,084 | €96,361 | €116,502 | ▲ 20.9% |
| Deferred charges and accrued income490/1 | - | - | €182 | €7,286 | €4,575 | €1,912 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €112,852 | €111,452 | €156,374 | €186,398 | €252,863 | €364,729 | €546,258 | ▲ 49.8% |
| Equity10/15 | €8,344 | €34,093 | €31,078 | €61,348 | €93,500 | €221,264 | €236,150 | ▲ 6.7% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €284 | €26,033 | €23,018 | €53,288 | €85,440 | €213,204 | €228,090 | ▲ 7.0% |
| Amounts payable17/49 | €104,507 | €77,360 | €125,297 | €125,050 | €159,363 | €143,465 | €310,108 | ▲ 116% |
| Amounts payable after more than one year17 | €41,915 | €31,458 | €26,942 | - | €41,534 | €20,512 | €3,261 | ▼ 84.1% |
| Financial debts170/4 | - | - | €26,942 | - | €41,534 | €20,512 | €3,261 | ▼ 84.1% |
| Amounts payable within one year42/48 | €62,592 | €45,902 | €98,354 | €124,782 | €117,829 | €122,953 | €306,847 | ▲ 150% |
| Current portion of amounts payable after more than one year42 | - | - | €32,928 | €27,044 | €29,794 | €36,396 | €17,229 | ▼ 52.7% |
| Trade debts44 | €42,984 | €8,493 | €61,696 | €86,846 | €71,399 | €30,034 | €65,496 | ▲ 118% |
| Suppliers440/4 | - | - | €61,696 | €86,846 | €71,399 | €30,034 | €65,496 | ▲ 118% |
| Taxes, remuneration and social security45 | - | - | €3,730 | €10,892 | €16,637 | €56,523 | €94,122 | ▲ 66.5% |
| Taxes450/3 | - | - | €2,921 | €8,574 | €15,738 | €46,075 | €86,938 | ▲ 88.7% |
| Remuneration and social security454/9 | - | - | €808 | €2,318 | €899 | €10,447 | €7,183 | ▼ 31.2% |
| Other amounts payable47/48 | - | - | - | - | - | - | €130,000 | - |
| Accrued charges and deferred income492/3 | - | - | - | €268 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,144 | €25,748 | -€3,015 | €30,270 | €32,152 | €127,764 | €144,886 | ▲ 13.4% |
| + Depreciation and write-downs630 | €36,756 | €22,363 | €31,533 | €34,252 | €44,687 | €62,044 | €69,490 | ▲ 12.0% |
| Operating cash flow (approximation) | €38,900 | €48,111 | €28,518 | €64,522 | €76,838 | €189,808 | €214,377 | ▲ 12.9% |
| Investment in fixed assets (approximation) | - | -€12,657 | -€84,360 | -€4,438 | -€105,738 | -€43,889 | -€77,982 | ▼ 77.7% |
| Change in cash | - | €6,691 | -€2,693 | €726 | -€18,087 | €93,277 | €20,141 | ▼ 78.4% |
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, 6,782 companies had the same profile as MK has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MK 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 6,782 companies, not a prediction for MK. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00180242 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00117911 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00147589 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00170902 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20301627 | |
| 31-12-2020 | micro format | 10-09-2021 | 2021-66900089 | |
| 31-12-2019 | micro format | 31-08-2020 | 2020-47900491 |