MN Technics
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-03-2026 PDF all 14 filings
Turnover
≈ €450,000
Estimated: probably between €320,000 and €550,000
Total assets
€889,742▼ 2.9%
2024 · €915,940
Net result
€78,730▼ 48.3%
2024 · €152,238
Working capital
€317,599▲ 5.9%
2024 · €300,004
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€129,856
▼ 46.2%
2025
20192025
Net result
€78,730
▼ 48.3%
2025
middle half of the sector
20192025
Equity
€650,039
▲ 10.8%
2025
highest quarter of the sector
20192025
Total assets
€889,742
▼ 2.9%
2025
middle half of the sector
20192025
Debt
€239,703
▼ 27.2%
2025
20192025
Working capital
€317,599
▲ 5.9%
2025
middle half of the sector
20192025
Solvency
73.1%
▲ 9.0pp
2025
highest quarter of the sector
20192025
Current ratio
5.83
▲ 2.19
2025
highest quarter of the sector
20192025
Return on assets (ROA)
8.8%
▼ 7.8pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€44,590-€214,079▲ 380%€200,178▼ 6.5%€55,205▼ 72.4%€183,614▲ 233%€241,242▲ 31.4%€129,856▼ 46.2%
Net result€15,562-€113,988above the sector's middle half▲ 632%€122,078above the sector's middle half▲ 7.1%€31,499within the sector's middle half▼ 74.2%€100,659within the sector's middle half▲ 220%€152,238above the sector's middle half▲ 51.2%€78,730within the sector's middle half▼ 48.3%
Equity€112,899-€226,887within the sector's middle half▲ 101%€348,965within the sector's middle half▲ 53.8%€380,464within the sector's middle half▲ 9.0%€443,118within the sector's middle half▲ 16.5%€586,872within the sector's middle half▲ 32.4%€650,039above the sector's middle half▲ 10.8%
Total assets€480,090-€816,071within the sector's middle half▲ 70.0%€908,258within the sector's middle half▲ 11.3%€770,557within the sector's middle half▼ 15.2%€791,250within the sector's middle half▲ 2.7%€915,940within the sector's middle half▲ 15.8%€889,742within the sector's middle half▼ 2.9%
Debt€367,191-€589,184▲ 60.5%€559,293▼ 5.1%€390,093▼ 30.3%€348,132▼ 10.8%€329,068▼ 5.5%€239,703▼ 27.2%
Working capital€61,917-€92,570within the sector's middle half▲ 49.5%€177,286within the sector's middle half▲ 91.5%€128,863within the sector's middle half▼ 27.3%€177,707within the sector's middle half▲ 37.9%€300,004within the sector's middle half▲ 68.8%€317,599within the sector's middle half▲ 5.9%
Solvency23.5%-27.8%within the sector's middle half▲ 4.3pp38.4%within the sector's middle half▲ 10.6pp49.4%within the sector's middle half▲ 11.0pp56.0%within the sector's middle half▲ 6.6pp64.1%within the sector's middle half▲ 8.1pp73.1%above the sector's middle half▲ 9.0pp
Current ratio2.25-1.56within the sector's middle half▼ 0.691.87within the sector's middle half▲ 0.312.34within the sector's middle half▲ 0.462.92within the sector's middle half▲ 0.583.65above the sector's middle half▲ 0.735.83above the sector's middle half▲ 2.19
Return on assets (ROA)3.2%-14.0%above the sector's middle half▲ 10.7pp13.4%above the sector's middle half▼ 0.5pp4.1%within the sector's middle half▼ 9.4pp12.7%within the sector's middle half▲ 8.6pp16.6%above the sector's middle half▲ 3.9pp8.8%within the sector's middle half▼ 7.8pp
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 46% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €889,742
Fixed assets
€506,449 ▲ 0.8%
Current assets
€383,293 ▼ 7.3%
Equity and liabilities €889,742
Equity
€650,039 ▲ 10.8%
Debt
€239,703 ▼ 27.2%
Debt's share of the balance-sheet total falls from 35.9% to 26.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€152,964▼
2024 · €265,409
Cash flow
€101,838▼
2024 · €176,405
Quick ratio
5.80▲
2024 · 3.62
Debt to equity
0.37▼
2024 · 0.56
ROE
12.1%▼
2024 · 25.9%
Interest coverage
13.40▼
2024 · 19.57
Debt ≤ 1 year
€65,694▼
2024 · €113,385
Debt > 1 year
€174,009▼
2024 · €215,683
Income taxes
€39,714▼
2024 · €76,045
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €40,494 | - | €5,743 | €29,441 |
| Depreciation and write-downs of the year | €23,235 | €24,358 | €24,167 | €23,108 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,573 | €58,391 | €31,361 | €23,235 | €24,358 | €24,167 | €23,108 | ▼ 4.4% |
| Other operating charges640/8 | - | - | - | €3,514 | €19,048 | €5,203 | €4,110 | ▼ 21.0% |
| Gross operating margin9900 | €84,036 | €319,456 | €239,524 | €81,954 | €227,020 | €270,612 | €157,074 | ▼ 42.0% |
| Operating profit (loss)9901 | €44,590 | €214,079 | €200,178 | €55,205 | €183,614 | €241,242 | €129,856 | ▼ 46.2% |
| Financial income75/76B | - | - | - | - | - | €604 | - | - |
| Recurring financial income75 | - | - | - | - | - | €604 | - | - |
| Financial charges65/66B | - | - | - | €12,329 | €14,545 | €13,563 | €11,412 | ▼ 15.9% |
| Recurring financial charges65 | €22,235 | €27,785 | €14,951 | €12,329 | €14,545 | €13,563 | €11,412 | ▼ 15.9% |
| Profit (loss) for the period before taxes9903 | €22,355 | €186,294 | €185,227 | €42,876 | €169,069 | €228,283 | €118,444 | ▼ 48.1% |
| Income taxes67/77 | €6,793 | €72,306 | €63,149 | €11,377 | €68,410 | €76,045 | €39,714 | ▼ 47.8% |
| Profit (loss) for the period9904 | €15,562 | €113,988 | €122,078 | €31,499 | €100,659 | €152,238 | €78,730 | ▼ 48.3% |
| Profit (loss) for the period to be appropriated9905 | €15,562 | €113,988 | €122,078 | €31,499 | €100,659 | €152,238 | €78,730 | ▼ 48.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €480,090 | €816,071 | €908,258 | €770,557 | €791,250 | €915,940 | €889,742 | ▼ 2.9% |
| Fixed assets21/28 | €368,668 | €559,434 | €528,074 | €545,333 | €520,975 | €502,551 | €506,449 | ▲ 0.8% |
| Tangible fixed assets22/27 | €368,668 | €559,434 | €528,074 | €545,333 | €520,975 | €502,551 | €506,449 | ▲ 0.8% |
| Land and buildings22 | - | - | - | €522,226 | €507,704 | €493,182 | €478,660 | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €3,173 | €1,532 | €656 | - | - |
| Furniture and vehicles24 | - | - | - | €19,934 | €11,739 | €8,713 | €27,789 | ▲ 219% |
| Current assets29/58 | €111,422 | €256,637 | €380,184 | €225,224 | €270,275 | €413,389 | €383,293 | ▼ 7.3% |
| Stocks and contracts in progress3 | €1,179 | €972 | €654 | €8,084 | €6,814 | €2,944 | €2,307 | ▼ 21.6% |
| Stocks30/36 | - | - | - | €8,084 | €6,814 | €2,944 | €2,307 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €63,349 | €93,190 | €98,034 | €186,966 | €176,755 | €146,183 | €152,204 | ▲ 4.1% |
| Trade receivables40 | - | - | - | €143,826 | €128,169 | €142,239 | €134,354 | ▼ 5.5% |
| Other amounts receivable41 | - | - | - | €43,140 | €48,586 | €3,944 | €17,850 | ▲ 353% |
| Cash at bank and in hand54/58 | €46,894 | €162,475 | €281,496 | €30,174 | €86,706 | €264,262 | €228,782 | ▼ 13.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €480,090 | €816,071 | €908,258 | €770,557 | €791,250 | €915,940 | €889,742 | ▼ 2.9% |
| Equity10/15 | €112,899 | €226,887 | €348,965 | €380,464 | €443,118 | €586,872 | €650,039 | ▲ 10.8% |
| Contributions10/11 | €18,600 | - | - | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Contributions outside capital11 | - | - | - | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Share premium1100/10 | - | - | - | €20,460 | €20,460 | - | - | - |
| Other1109/19 | - | - | - | - | - | €20,460 | €20,460 | = |
| Reserves13 | €94,299 | €206,427 | €328,505 | €360,004 | €422,658 | €566,412 | €629,579 | ▲ 11.2% |
| Distributable reserves133 | - | - | - | €360,004 | €422,658 | €566,412 | €629,579 | ▲ 11.2% |
| Amounts payable17/49 | €367,191 | €589,184 | €559,293 | €390,093 | €348,132 | €329,068 | €239,703 | ▼ 27.2% |
| Amounts payable after more than one year17 | €317,686 | €365,235 | €330,265 | €293,732 | €255,564 | €215,683 | €174,009 | ▼ 19.3% |
| Financial debts170/4 | - | - | - | €293,732 | €255,564 | €215,683 | €174,009 | ▼ 19.3% |
| Amounts payable within one year42/48 | €49,505 | €164,067 | €202,898 | €96,361 | €92,568 | €113,385 | €65,694 | ▼ 42.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €57,307 | €58,909 | €39,881 | €41,674 | ▲ 4.5% |
| Trade debts44 | €14,455 | €40,915 | €40,091 | €7,331 | €2,608 | €8,341 | €8,140 | ▼ 2.4% |
| Suppliers440/4 | - | - | - | €7,331 | €2,608 | €8,341 | €8,140 | ▼ 2.4% |
| Taxes, remuneration and social security45 | - | - | - | €10,994 | €16,563 | €51,962 | €15,632 | ▼ 69.9% |
| Taxes450/3 | - | - | - | €10,994 | €16,563 | €51,962 | €15,632 | ▼ 69.9% |
| Other amounts payable47/48 | - | - | - | €20,729 | €14,488 | €13,201 | €248 | ▼ 98.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,562 | €113,988 | €122,078 | €31,499 | €100,659 | €152,238 | €78,730 | ▼ 48.3% |
| + Depreciation and write-downs630 | €35,573 | €58,391 | €31,361 | €23,235 | €24,358 | €24,167 | €23,108 | ▼ 4.4% |
| Operating cash flow (approximation) | €51,135 | €172,379 | €153,439 | €54,734 | €125,017 | €176,405 | €101,838 | ▼ 42.3% |
| Investment in fixed assets (approximation) | - | -€249,157 | -€1 | -€40,494 | €0 | -€5,743 | -€27,006 | ▼ 370% |
| Change in cash | - | €115,581 | €119,021 | -€251,322 | €56,532 | €177,556 | -€35,480 | - |
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, 17,811 companies had the same profile as MN Technics has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of MN Technics 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 17,811 companies, not a prediction for MN Technics. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 10-03-2026 | 2026-00051517 | |
| 30-09-2024 | abbreviated format | 25-02-2025 | 2025-00038667 | |
| 30-09-2023 | abbreviated format | 14-03-2024 | 2024-00043170 | |
| 30-09-2022 | abbreviated format | 13-03-2023 | 2023-00038581 | |
| 30-09-2021 | abbreviated format | 25-03-2022 | 2022-08500240 | |
| 30-09-2020 | abbreviated format | 22-03-2021 | 2021-08000026 | |
| 31-03-2019 | abbreviated format | 24-09-2019 | 2019-65200545 | |
| 31-03-2018 | abbreviated format | 19-09-2018 | 2018-63300434 | |
| 31-03-2017 | abbreviated format | 20-09-2017 | 2017-61300150 | |
| 31-03-2016 | abbreviated format | 23-09-2016 | 2016-60700041 |