MLADOST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 13 filings
Turnover
≈ €270,000
Estimated: probably between €200,000 and €390,000
Total assets
€262,164▲ 21.7%
2024 · €215,364
Net result
-€10,598
2024 · €21,559
Working capital
€39,344▼ 22.8%
2024 · €50,976
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€8,580
2025
20182025
Net result
-€10,598
2025
lowest quarter of the sector
20182025
Equity
€32,435
▼ 24.6%
2025
middle half of the sector
20182025
Total assets
€262,164
▲ 21.7%
2025
middle half of the sector
20182025
Debt
€229,728
▲ 33.3%
2025
20182025
Working capital
€39,344
▼ 22.8%
2025
middle half of the sector
20182025
Solvency
12.4%
▼ 7.6pp
2025
lowest quarter of the sector
20182025
Current ratio
1.18
▼ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.0%
▼ 14.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
9.1
▲ 15.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€15,610-€19,134€32,994▲ 72.4%€10,528▼ 68.1%€26,543▲ 152%-€12,981€27,569-€8,580
Net result-€16,762-€18,647€31,666above the sector's middle half▲ 69.8%€1,436within the sector's middle half▼ 95.5%€19,004within the sector's middle half▲ 13×-€23,166below the sector's middle half€21,559within the sector's middle half-€10,598below the sector's middle half
Equity-€26,112--€7,465▲ 71.4%€24,200within the sector's middle half€25,636within the sector's middle half▲ 5.9%€44,640within the sector's middle half▲ 74.1%€21,474within the sector's middle half▼ 51.9%€43,033within the sector's middle half▲ 100%€32,435within the sector's middle half▼ 24.6%
Total assets€1,070-€23,774▲ 22×€32,680below the sector's middle half▲ 37.5%€34,494below the sector's middle half▲ 5.6%€64,183below the sector's middle half▲ 86.1%€39,967below the sector's middle half▼ 37.7%€215,364within the sector's middle half▲ 439%€262,164within the sector's middle half▲ 21.7%
Debt€27,182-€31,239▲ 14.9%€8,479▼ 72.9%€8,858▲ 4.5%€19,543▲ 121%€18,493▼ 5.4%€172,331▲ 832%€229,728▲ 33.3%
Working capital-€22,041--€9,865▲ 55.2%€20,611within the sector's middle half€21,201within the sector's middle half▲ 2.9%€41,244within the sector's middle half▲ 94.5%€14,700within the sector's middle half▼ 64.4%€50,976within the sector's middle half▲ 247%€39,344within the sector's middle half▼ 22.8%
Solvency-31.4%74.1%above the sector's middle half▲ 105.5pp74.3%above the sector's middle half▲ 0.3pp69.6%above the sector's middle half▼ 4.8pp53.7%within the sector's middle half▼ 15.8pp20.0%below the sector's middle half▼ 33.7pp12.4%below the sector's middle half▼ 7.6pp
Current ratio0.683.43above the sector's middle half▲ 2.753.39above the sector's middle half▼ 0.043.11above the sector's middle half▼ 0.281.79within the sector's middle half▼ 1.321.32within the sector's middle half▼ 0.471.18within the sector's middle half▼ 0.14
Return on assets (ROA)78.4%96.9%above the sector's middle half▲ 18.5pp4.2%within the sector's middle half▼ 92.7pp29.6%above the sector's middle half▲ 25.4pp-58.0%below the sector's middle half▼ 87.6pp10.0%within the sector's middle half▲ 68.0pp-4.0%below the sector's middle half▼ 14.1pp
Staff (FTE)32.3▼ 23.3%7.9▲ 243%9.1▲ 15.2%
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 a loss of €8,580, after a profit of €27,569 in 2024.
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 €262,164
Fixed assets
€5,511 ▼ 22.3%
Current assets
€256,653 ▲ 23.2%
Equity and liabilities €262,164
Equity
€32,435 ▼ 24.6%
Debt
€229,728 ▲ 33.3%
Debt's share of the balance-sheet total rises from 80.0% to 87.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,044▼
2024 · €32,645
Cash flow
-€5,062▼
2024 · €26,636
Debt to equity
7.08▲
2024 · 4.00
ROE
-32.7%▼
2024 · 50.1%
Interest coverage
-0.31▼
2024 · 3.49
Debt ≤ 1 year
€217,309▲
2024 · €157,291
Debt > 1 year
€12,420▼
2024 · €15,040
Staff costs
€70,086▲
2024 · €41,433
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 4 | 10 | 13 |
| full-time | - | - | 1 | 2 |
| part-time | 2 | 4 | 9 | 11 |
| in full-time equivalents | 1 | 2 | 5.5 | 7.5 |
| Average over the year, in full-time equivalents | 1.5 | 1.1 | 4.3 | 5.7 |
| On a permanent contract | 2 | 4 | 9 | 11 |
| Joined | 2 | 1 | 17 | 24 |
| Left | 4 | 6 | 11 | 21 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,850 | €4,916 | €7,500 | €8,300 | €3,950 |
| Depreciation and write-downs of the year | €4,837 | €1,941 | €1,297 | €5,077 | €5,536 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €3,533 | €4,158 | €11,960 | €41,433 | €70,086 | ▲ 69.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €4,400 | €1,504 | €4,837 | €1,941 | €1,297 | €5,077 | €5,536 | ▲ 9.0% |
| Other operating charges640/8 | - | - | - | €1,465 | €3,122 | €2,417 | €2,797 | €2,440 | ▼ 12.8% |
| Gross operating margin9900 | -€3,853 | €30,267 | €48,429 | €20,363 | €35,764 | €2,694 | €76,876 | €69,482 | ▼ 9.6% |
| Operating profit (loss)9901 | -€15,610 | €19,134 | €32,994 | €10,528 | €26,543 | -€12,981 | €27,569 | -€8,580 | - |
| Financial income75/76B | - | - | - | €425 | €1,121 | €929 | €3,898 | €7,863 | ▲ 102% |
| Recurring financial income75 | €0 | - | €410 | €425 | €1,121 | €929 | €3,898 | €7,863 | ▲ 102% |
| Financial charges65/66B | - | - | - | €8,621 | €3,421 | €11,037 | €9,351 | €9,880 | ▲ 5.7% |
| Recurring financial charges65 | €1,152 | €487 | €153 | €8,621 | €3,421 | €11,037 | €9,351 | €9,880 | ▲ 5.7% |
| Profit (loss) for the period before taxes9903 | -€16,762 | €18,647 | €33,251 | €2,331 | €24,243 | -€23,089 | €22,115 | -€10,598 | - |
| Income taxes67/77 | - | - | €1,585 | €896 | €5,239 | €78 | €556 | - | - |
| Profit (loss) for the period9904 | -€16,762 | €18,647 | €31,666 | €1,436 | €19,004 | -€23,166 | €21,559 | -€10,598 | - |
| Profit (loss) for the period to be appropriated9905 | -€16,762 | €18,647 | €31,666 | €1,436 | €19,004 | -€23,166 | €21,559 | -€10,598 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1,070 | €23,774 | €32,680 | €34,494 | €64,183 | €39,967 | €215,364 | €262,164 | ▲ 21.7% |
| Fixed assets21/28 | €400 | €2,400 | €3,590 | €4,435 | €3,396 | €6,773 | €7,097 | €5,511 | ▼ 22.3% |
| Tangible fixed assets22/27 | - | €2,000 | €3,190 | €4,035 | €2,996 | €6,373 | €6,697 | €5,111 | ▼ 23.7% |
| Plant, machinery and equipment23 | - | - | - | €21 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €4,014 | €2,996 | €6,373 | €6,697 | €5,111 | ▼ 23.7% |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €670 | €21,374 | €29,090 | €30,059 | €60,787 | €33,193 | €208,268 | €256,653 | ▲ 23.2% |
| Amounts receivable within one year40/41 | €163 | €19,160 | €28,207 | €24,329 | €60,644 | €25,558 | €207,426 | €255,994 | ▲ 23.4% |
| Trade receivables40 | - | - | - | €13,159 | €31,286 | €10,728 | €71,878 | €78,251 | ▲ 8.9% |
| Other amounts receivable41 | - | - | - | €11,170 | €29,358 | €14,830 | €135,548 | €177,743 | ▲ 31.1% |
| Cash at bank and in hand54/58 | €507 | €2,071 | €54 | €5,398 | €14 | €6,539 | €1 | €2 | ▲ 71.8% |
| Deferred charges and accrued income490/1 | - | - | - | €332 | €129 | €1,097 | €841 | €656 | ▼ 22.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1,070 | €23,774 | €32,680 | €34,494 | €64,183 | €39,967 | €215,364 | €262,164 | ▲ 21.7% |
| Equity10/15 | -€26,112 | -€7,465 | €24,200 | €25,636 | €44,640 | €21,474 | €43,033 | €32,435 | ▼ 24.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Contributions outside capital11 | - | - | - | €18,600 | - | - | - | - | - |
| Other1109/19 | - | - | - | €18,600 | - | - | - | - | - |
| Reserves13 | €1,860 | €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 | -€46,572 | -€27,925 | €3,740 | €5,176 | €24,180 | €1,014 | €22,573 | €11,975 | ▼ 46.9% |
| Amounts payable17/49 | €27,182 | €31,239 | €8,479 | €8,858 | €19,543 | €18,493 | €172,331 | €229,728 | ▲ 33.3% |
| Amounts payable after more than one year17 | €4,471 | - | - | - | - | - | €15,040 | €12,420 | ▼ 17.4% |
| Financial debts170/4 | - | - | - | - | - | - | €15,040 | €12,420 | ▼ 17.4% |
| Amounts payable within one year42/48 | €22,711 | €31,239 | €8,479 | €8,858 | €19,543 | €18,493 | €157,291 | €217,309 | ▲ 38.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €2,404 | €2,620 | ▲ 9.0% |
| Financial debts43 | - | - | - | - | - | - | - | €3,130 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,130 | - |
| Trade debts44 | €4,889 | €808 | €1,474 | €2,977 | €12,509 | €16,125 | €154,331 | €205,749 | ▲ 33.3% |
| Suppliers440/4 | - | - | - | €2,977 | €12,509 | €16,125 | €154,331 | €205,749 | ▲ 33.3% |
| Taxes, remuneration and social security45 | - | - | - | €5,881 | €7,035 | €2,368 | €556 | €5,809 | ▲ 945% |
| Taxes450/3 | - | - | - | €2,481 | €6,135 | €2,368 | €556 | €556 | = |
| Remuneration and social security454/9 | - | - | - | €3,400 | €900 | - | - | €5,253 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€16,762 | €18,647 | €31,666 | €1,436 | €19,004 | -€23,166 | €21,559 | -€10,598 | - |
| + Depreciation and write-downs630 | - | €4,400 | €1,504 | €4,837 | €1,941 | €1,297 | €5,077 | €5,536 | ▲ 9.0% |
| Operating cash flow (approximation) | -€16,762 | €23,047 | €33,169 | €6,273 | €20,945 | -€21,870 | €26,636 | -€5,062 | - |
| Investment in fixed assets (approximation) | - | -€6,400 | -€2,693 | -€5,683 | -€902 | -€4,673 | -€5,400 | -€3,950 | ▲ 26.9% |
| Change in cash | - | €1,565 | -€2,017 | €5,344 | -€5,385 | €6,525 | -€6,538 | €1 | - |
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, 2,166 companies had the same profile as MLADOST has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MLADOST itself: 1.9% 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 2,166 companies, not a prediction for MLADOST. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00186916 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00417433 | |
| 31-12-2023 | micro format | 10-06-2024 | 2024-00117373 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00386979 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20293135 | |
| 31-12-2020 | micro format | 07-06-2021 | 2021-17400375 | |
| 31-12-2019 | micro format | 30-04-2020 | 2020-10400476 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-43500130 | |
| 31-12-2017 | micro format | 13-07-2018 | 2018-32100266 | |
| 31-12-2016 | micro format | 10-08-2017 | 2017-42100468 |