MMDA
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, 2026-00488593.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 10 filings
Turnover
€129,243▲ 11.3%
2021 · €116,110
EBIT margin
36.8%▲ 7.2pp
2021 · 29.6%
Net result
-€140,427
2024 · €59,337
Working capital
-€89,074▲ 42.2%
2024 · -€154,163
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€128,675
2025
20182025
Net result
-€140,427
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€42,572
▼ 76.7%
2025
20182025
Total assets
€1.2m
▲ 10.0%
2025
20182025
Debt
€1.1m
▲ 27.9%
2025
20182025
Working capital
-€89,074
▲ 42.2%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.1m-€0.1m▲ 6.7%€0.1m▼ 13.2%€0.1m▲ 20.2%€0.1m▲ 11.3%
Operating result€0.02m-€0.02m▼ 1.3%€0.02m▲ 41.5%€0.03m▲ 37.7%€0.05m▲ 38.4%€0.1m▲ 115%€0.1m▲ 1.1%-€0.1m
Net result€0.003m-€0.002m▼ 38.0%€0.009m▲ 417%€0.01m▲ 31.4%€0.03m▲ 134%€0.05m▲ 98.5%€0.06m▲ 12.5%-€0.1m
EBIT margin17.1%-15.8%▼ 1.3pp25.8%▲ 10.0pp29.6%▲ 3.8pp36.8%▲ 7.2pp
Equity€0.009m-€0.01m▲ 18.9%€0.02m▲ 82.4%€0.03m▲ 59.3%€0.07m▲ 132%€0.1m▲ 74.4%€0.2m▲ 48.0%€0.04m▼ 76.7%
Total assets€1.0m-€1.1m▲ 9.4%€1.1m▼ 5.1%€1.2m▲ 14.7%€1.2m▼ 2.7%€1.1m▼ 6.3%€1.1m▼ 3.4%€1.2m▲ 10.0%
Debt€1.0m-€1.1m▲ 9.3%€1.0m▼ 6.0%€1.2m▲ 13.9%€1.1m▼ 6.1%€1.0m▼ 11.4%€0.9m▼ 9.9%€1.1m▲ 27.9%
Working capital-€0.3m--€0.3m▼ 13.7%-€0.4m▼ 11.4%-€0.5m▼ 36.2%-€0.5m▼ 3.5%-€0.2m▲ 61.2%-€0.2m▲ 21.8%-€0.09m▲ 42.2%
The operating result for 2025 is a loss of €128,675, after a profit of €103,141 in 2024. It is the lowest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€1.1m ▲ 9.6%
Current assets
€31,439 ▲ 27.5%
Equity and liabilities €1.2m
Equity
€42,572 ▼ 76.7%
Debt
€1.1m ▲ 27.9%
Debt's share of the balance-sheet total rises from 82.8% to 96.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€75,366▼
2024 · €155,864
Cash flow
-€87,117▼
2024 · €112,060
Current ratio
0.26▲
2024 · 0.14
Debt to equity
26.56▲
2024 · 4.83
ROE
-329.9%▼
2024 · 32.4%
ROA
-12.0%▼
2024 · 5.6%
Interest coverage
-7.69▼
2024 · 7.22
Debt ≤ 1 year
€120,514▼
2024 · €178,827
Debt > 1 year
€1.0m▲
2024 · €704,838
Income taxes
€1,945▼
2024 · €22,226
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts guaranteed by Belgian public bodies | €760,751 | €642,428 | - | - | - |
| Pledge on other assets, amount secured | - | - | €422,112 | - | - |
| Carrying value of the other pledged assets | - | - | €1.1m | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €185,000 | - | - | - | €153,000 |
| Depreciation and write-downs of the year | €40,334 | €41,550 | €52,723 | €52,723 | €53,309 |
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 | €104,236 | €111,256 | €96,593 | €116,110 | €129,243 | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €5,275 | - | - | €38,074 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €17,035 | €32,286 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,667 | €51,284 | €44,891 | €40,334 | €41,550 | €52,723 | €52,723 | €53,309 | ▲ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €168,744 | - |
| Other operating charges640/8 | - | - | - | €29,682 | €7,888 | €8,906 | €9,260 | €29,493 | ▲ 218% |
| Gross operating margin9900 | €69,060 | €75,797 | €76,292 | €104,350 | €96,957 | €163,678 | €165,124 | €122,872 | ▼ 25.6% |
| Operating profit (loss)9901 | €17,857 | €17,617 | €24,931 | €34,334 | €47,519 | €102,049 | €103,141 | -€128,675 | - |
| Financial income75/76B | - | - | - | €2 | - | €16 | - | - | - |
| Recurring financial income75 | - | - | - | €2 | - | €16 | - | - | - |
| Financial charges65/66B | - | - | - | €17,944 | €11,275 | €29,185 | €21,579 | €9,806 | ▼ 54.6% |
| Recurring financial charges65 | €15,157 | €15,114 | €12,915 | €17,944 | €11,275 | €29,185 | €21,579 | €9,806 | ▼ 54.6% |
| Profit (loss) for the period before taxes9903 | €2,700 | €2,503 | €12,016 | €16,392 | €36,244 | €72,880 | €81,562 | -€138,482 | - |
| Income taxes67/77 | - | €829 | €3,356 | €5,016 | €9,673 | €20,135 | €22,226 | €1,945 | ▼ 91.2% |
| Profit (loss) for the period9904 | €2,700 | €1,674 | €8,660 | €11,376 | €26,571 | €52,746 | €59,337 | -€140,427 | - |
| Profit (loss) for the period to be appropriated9905 | €2,700 | €1,674 | €8,660 | €11,376 | €26,571 | €52,746 | €59,337 | -€140,427 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.1m | €1.1m | €1.2m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 10.0% |
| Formation expenses20 | €0.02m | €0.007m | - | - | - | - | - | - | - |
| Fixed assets21/28 | €1.0m | €1.1m | €1.0m | €1.2m | €1.1m | €1.1m | €1.0m | €1.1m | ▲ 9.6% |
| Tangible fixed assets22/27 | €1.0m | €1.1m | €1.0m | €1.2m | €1.1m | €1.1m | €1.0m | €1.1m | ▲ 9.6% |
| Land and buildings22 | - | - | - | €1.2m | €1.1m | €1.1m | €1.0m | €1.1m | ▲ 9.6% |
| Financial fixed assets28 | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Current assets29/58 | €0.006m | €0.02m | €0.01m | €0.02m | €0.03m | €0.01m | €0.02m | €0.03m | ▲ 27.5% |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | - | €0.02m | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €0.02m | - |
| Cash at bank and in hand54/58 | €0.006m | €0.02m | €0.01m | €0.02m | €0.03m | €0.003m | €0.02m | €0.01m | ▼ 36.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.007m | €0.007m | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.1m | €1.2m | €1.2m | €1.1m | €1.1m | €1.2m | ▲ 10.0% |
| Equity10/15 | €0.009m | €0.01m | €0.02m | €0.03m | €0.07m | €0.1m | €0.2m | €0.04m | ▼ 76.7% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.006m | - | - | - | - | - |
| Issued capital100 | - | - | - | €0.02m | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €0.01m | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €0.02m | - | - | - | - |
| Share premium1100/10 | - | - | - | - | €0.02m | - | - | - | - |
| Profit (loss) carried forward14 | €0.003m | €0.004m | €0.01m | €0.02m | €0.05m | €0.1m | €0.2m | €0.02m | ▼ 86.2% |
| Amounts payable17/49 | €1.0m | €1.1m | €1.0m | €1.2m | €1.1m | €1.0m | €0.9m | €1.1m | ▲ 27.9% |
| Amounts payable after more than one year17 | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | €0.8m | €0.7m | €1.0m | ▲ 42.7% |
| Financial debts170/4 | - | - | - | €0.6m | €0.5m | €0.5m | €0.4m | €0.7m | ▲ 78.2% |
| Other amounts payable178/9 | - | - | - | - | - | €0.3m | €0.3m | €0.3m | ▲ 3.6% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.4m | €0.5m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 32.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | €0.05m | ▼ 42.3% |
| Trade debts44 | €0.01m | €0.03m | €0.04m | €0.06m | €0.04m | €0.03m | €0.004m | €0.004m | ▼ 11.8% |
| Suppliers440/4 | - | - | - | €0.06m | €0.04m | €0.03m | €0.004m | €0.004m | ▼ 11.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.008m | €0.01m | €0.03m | €0.04m | €0.02m | ▼ 46.7% |
| Taxes450/3 | - | - | - | €0.008m | €0.01m | €0.03m | €0.04m | €0.02m | ▼ 46.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.4m | €0.04m | €0.04m | €0.04m | = |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.04m | - | - | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,700 | €1,674 | €8,660 | €11,376 | €26,571 | €52,746 | €59,337 | -€140,427 | - |
| + Depreciation and write-downs630 | €47,667 | €51,284 | €44,891 | €40,334 | €41,550 | €52,723 | €52,723 | €53,309 | ▲ 1.1% |
| Operating cash flow (approximation) | €50,367 | €52,958 | €53,551 | €51,710 | €68,121 | €105,469 | €112,060 | -€87,117 | - |
| Investment in fixed assets (approximation) | - | -€144,083 | -€7,041 | -€185,000 | €0 | -€0 | €0 | -€153,000 | - |
| Change in cash | - | €16,682 | -€12,103 | €10,613 | €9,393 | -€27,692 | €14,853 | -€6,511 | - |
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, 112 companies had the same profile as MMDA has now. Two years later, 91.1% were still going and 3.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
91.1%
was still going
4.5%
stopped otherwise
3.6%
went bankrupt
Another 0.9% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MMDA itself: 2.1% 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 112 companies, not a prediction for MMDA. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00488593 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00457648 | |
| 31-12-2023 | micro format | 31-01-2025 | 2025-00025170 | |
| 31-12-2022 | full format | 10-08-2023 | 2023-00325433 | |
| 31-12-2021 | full format | 23-08-2022 | 2022-20326248 | |
| 31-12-2020 | full format | 03-08-2021 | 2021-46400120 | |
| 31-12-2019 | full format | 05-08-2020 | 2020-39600455 | |
| 31-12-2018 | full format | 01-08-2019 | 2019-43800247 | |
| 31-12-2017 | full format | 02-08-2018 | 2018-44200481 | |
| 31-12-2016 | full format | 08-08-2017 | 2017-41700318 |