MKDK
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00470530.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 16 filings
Turnover
≈ €87,000
Estimated: probably between €37,000 and €170,000
Total assets
€123,137▼ 21.7%
2024 · €157,192
Net result
-€15,419
2024 · €23,228
Working capital
-€9,317
2024 · €304
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,756
2025
20182025
Net result
-€15,419
2025
lowest quarter of the sector
20182025
Equity
-€4,471
2025
lowest quarter of the sector
20182025
Total assets
€123,137
▼ 21.7%
2025
middle half of the sector
20182025
Debt
€127,608
▼ 11.8%
2025
20182025
Working capital
-€9,317
2025
lowest quarter of the sector
20182025
Solvency
-3.6%
▼ 11.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.54
▼ 0.47
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-12.5%
▼ 27.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,446--€5,347€20,467-€7,119€5,807€14,939▲ 157%€29,847▲ 99.8%-€10,756
Net result€3,115--€12,302€13,661within the sector's middle half-€13,691below the sector's middle half€5below the sector's middle half€9,356within the sector's middle half▲ 1,995×€23,228within the sector's middle half▲ 148%-€15,419below the sector's middle half
Equity-€7,752--€20,054▼ 159%-€6,393below the sector's middle half▲ 68.1%-€20,084below the sector's middle half▼ 214%-€20,079below the sector's middle half=-€10,724below the sector's middle half▲ 46.6%€12,505below the sector's middle half-€4,471below the sector's middle half
Total assets€244,533-€225,590▼ 7.7%€218,760within the sector's middle half▼ 3.0%€192,192within the sector's middle half▼ 12.1%€172,964within the sector's middle half▼ 10.0%€155,037within the sector's middle half▼ 10.4%€157,192within the sector's middle half▲ 1.4%€123,137within the sector's middle half▼ 21.7%
Debt€252,285-€245,644▼ 2.6%€225,152▼ 8.3%€212,276▼ 5.7%€193,043▼ 9.1%€165,761▼ 14.1%€144,688▼ 12.7%€127,608▼ 11.8%
Working capital€1,686--€4,575€3,747within the sector's middle half-€5,306below the sector's middle half-€6,934below the sector's middle half▼ 30.7%-€9,077below the sector's middle half▼ 30.9%€304within the sector's middle half-€9,317below the sector's middle half
Solvency-3.2%--8.9%▼ 5.7pp-2.9%below the sector's middle half▲ 6.0pp-10.5%below the sector's middle half▼ 7.5pp-11.6%below the sector's middle half▼ 1.2pp-6.9%below the sector's middle half▲ 4.7pp8.0%below the sector's middle half▲ 14.9pp-3.6%below the sector's middle half▼ 11.6pp
Current ratio1.10-0.79▼ 0.311.25within the sector's middle half▲ 0.470.67below the sector's middle half▼ 0.580.60below the sector's middle half▼ 0.070.47below the sector's middle half▼ 0.131.01within the sector's middle half▲ 0.540.54below the sector's middle half▼ 0.47
Return on assets (ROA)1.3%--5.5%▼ 6.7pp6.2%within the sector's middle half▲ 11.7pp-7.1%below the sector's middle half▼ 13.4pp0.0%below the sector's middle half▲ 7.1pp6.0%within the sector's middle half▲ 6.0pp14.8%within the sector's middle half▲ 8.7pp-12.5%below the sector's middle half▼ 27.3pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 loss of €10,756, after a profit of €29,847 in 2024. It is the lowest result since 2021.
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 €123,137
Fixed assets
€112,043 ▼ 17.7%
Current assets
€11,094 ▼ 47.2%
Equity and liabilities
Equity-€4,471
Debt€127,608
Equity is negative. Debt (€127,608) exceeds the balance-sheet total (€123,137).
Key figures and ratios
EBITDA
€11,397▼
2024 · €49,916
Cash flow
€6,734▼
2024 · €43,297
Interest coverage
2.47▼
2024 · 8.88
Debt ≤ 1 year
€20,412▼
2024 · €20,706
Debt > 1 year
€107,196▼
2024 · €123,982
Income taxes
€80▼
2024 · €1,000
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €3,306 | €9,393 | - |
| Depreciation and write-downs of the year | €18,893 | €18,839 | €18,885 | €20,069 | €22,154 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,892 awarded · €1,892 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,965 | €17,590 | €18,785 | €18,893 | €18,839 | €18,885 | €20,069 | €22,154 | ▲ 10.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €1,750 | €3,167 | - | - | - |
| Other operating charges640/8 | - | - | - | €1,301 | €1,280 | €1,340 | €1,794 | €1,448 | ▼ 19.3% |
| Gross operating margin9900 | €30,467 | €13,985 | €40,547 | €13,075 | €27,676 | €38,331 | €51,710 | €12,846 | ▼ 75.2% |
| Operating profit (loss)9901 | €10,446 | -€5,347 | €20,467 | -€7,119 | €5,807 | €14,939 | €29,847 | -€10,756 | - |
| Financial income75/76B | - | - | - | €0 | €39 | €4 | - | €31 | - |
| Recurring financial income75 | €108 | €71 | €6 | €0 | €39 | €4 | - | €31 | - |
| Non-recurring financial income76B | - | - | - | - | €39 | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,573 | €5,842 | €5,588 | €5,619 | €4,614 | ▼ 17.9% |
| Recurring financial charges65 | €7,439 | €7,027 | €6,812 | €5,321 | €4,739 | €5,588 | €5,619 | €4,614 | ▼ 17.9% |
| Non-recurring financial charges66B | - | - | - | €1,252 | €1,102 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €3,115 | -€12,302 | €13,661 | -€13,691 | €5 | €9,356 | €24,228 | -€15,339 | - |
| Income taxes67/77 | - | - | - | - | - | - | €1,000 | €80 | ▼ 92.0% |
| Profit (loss) for the period9904 | €3,115 | -€12,302 | €13,661 | -€13,691 | €5 | €9,356 | €23,228 | -€15,419 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €2,670 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €3,115 | -€12,302 | €13,661 | -€11,021 | €5 | €9,356 | €23,228 | -€15,419 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €244,533 | €225,590 | €218,760 | €192,192 | €172,964 | €155,037 | €157,192 | €123,137 | ▼ 21.7% |
| Fixed assets21/28 | €226,271 | €208,682 | €200,170 | €181,277 | €162,438 | €146,859 | €136,183 | €112,043 | ▼ 17.7% |
| Tangible fixed assets22/27 | €226,271 | €208,682 | €200,170 | €181,277 | €162,438 | €146,859 | €136,183 | €112,043 | ▼ 17.7% |
| Plant, machinery and equipment23 | - | - | - | €98,559 | €88,287 | €78,280 | €68,915 | €58,687 | ▼ 14.8% |
| Furniture and vehicles24 | - | - | - | €739 | €370 | €2,996 | €9,883 | €4,168 | ▼ 57.8% |
| Other tangible fixed assets26 | - | - | - | €81,979 | €73,781 | €65,583 | €57,385 | €49,187 | ▼ 14.3% |
| Current assets29/58 | €18,262 | €16,909 | €18,590 | €10,915 | €10,526 | €8,178 | €21,010 | €11,094 | ▼ 47.2% |
| Stocks and contracts in progress3 | €805 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €10,629 | €11,853 | €7,181 | €6,961 | €6,518 | €3,275 | €9,926 | €7,256 | ▼ 26.9% |
| Trade receivables40 | - | - | - | €5,516 | €6,456 | €1,519 | €8,609 | €7,256 | ▼ 15.7% |
| Other amounts receivable41 | - | - | - | €1,446 | €62 | €1,756 | €1,317 | - | - |
| Current investments50/53 | €0 | €0 | €9,000 | €0 | €0 | €4 | €8,004 | - | - |
| Cash at bank and in hand54/58 | €6,279 | €5,055 | €2,016 | €3,953 | €3,921 | €4,520 | €2,816 | €3,735 | ▲ 32.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €86 | €380 | €263 | €103 | ▼ 60.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €244,533 | €225,590 | €218,760 | €192,192 | €172,964 | €155,037 | €157,192 | €123,137 | ▼ 21.7% |
| Equity10/15 | -€7,752 | -€20,054 | -€6,393 | -€20,084 | -€20,079 | -€10,724 | €12,505 | -€4,471 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €4,530 | €4,530 | €4,530 | €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 | -€30,882 | -€43,184 | -€29,523 | -€40,544 | -€40,539 | -€31,184 | -€7,955 | -€24,931 | ▼ 213% |
| Amounts payable17/49 | €252,285 | €245,644 | €225,152 | €212,276 | €193,043 | €165,761 | €144,688 | €127,608 | ▼ 11.8% |
| Amounts payable after more than one year17 | €235,709 | €224,161 | €210,309 | €196,055 | €175,584 | €148,505 | €123,982 | €107,196 | ▼ 13.5% |
| Financial debts170/4 | - | - | - | €172,026 | €155,906 | €140,334 | €123,982 | €107,196 | ▼ 13.5% |
| Other amounts payable178/9 | - | - | - | €24,029 | €19,677 | €8,171 | - | - | - |
| Amounts payable within one year42/48 | €16,576 | €21,484 | €14,844 | €16,221 | €17,460 | €17,256 | €20,706 | €20,412 | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €14,606 | €15,450 | €15,596 | €16,172 | €16,717 | ▲ 3.4% |
| Trade debts44 | €2,683 | €7,224 | €207 | €215 | €2,009 | €1,659 | €2,420 | €2,911 | ▲ 20.3% |
| Suppliers440/4 | - | - | - | €215 | €2,009 | €1,659 | €2,420 | €2,911 | ▲ 20.3% |
| Taxes, remuneration and social security45 | - | - | - | €1,400 | - | - | €1,000 | €656 | ▼ 34.4% |
| Taxes450/3 | - | - | - | - | - | - | €1,000 | €656 | ▼ 34.4% |
| Remuneration and social security454/9 | - | - | - | €1,400 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €1,114 | €127 | ▼ 88.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,115 | -€12,302 | €13,661 | -€13,691 | €5 | €9,356 | €23,228 | -€15,419 | - |
| + Depreciation and write-downs630 | €18,965 | €17,590 | €18,785 | €18,893 | €18,839 | €18,885 | €20,069 | €22,154 | ▲ 10.4% |
| Operating cash flow (approximation) | €22,079 | €5,287 | €32,446 | €5,202 | €18,843 | €28,241 | €43,297 | €6,734 | ▼ 84.4% |
| Investment in fixed assets (approximation) | - | €0 | -€10,273 | €0 | €0 | -€3,306 | -€9,393 | €1,986 | - |
| Change in cash | - | -€1,223 | -€3,039 | €1,937 | -€32 | €599 | -€1,704 | €919 | - |
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, 6,907 companies had the same profile as MKDK has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MKDK itself: 3.1% 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 6,907 companies, not a prediction for MKDK. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00470530 | |
| 31-12-2024 | micro format | 05-09-2025 | 2025-00481960 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00376256 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00386192 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20087510 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-35900338 | |
| 31-12-2019 | micro format | 17-07-2020 | 2020-30800595 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-38100029 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-39000541 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-37700214 |