MnM
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 18 days after the deadline Filed on 18 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00040811.
Annual accounts 2025 filed on 18-02-2026 PDF all 23 filings
Turnover
≈ €530,000
Estimated: probably between €410,000 and €960,000
Total assets
€2.7m▲ 22.7%
2024 · €2.2m
Net result
€99,769▼ 41.2%
2024 · €169,586
Working capital
-€96,751▼ 73.2%
2024 · -€55,863
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€185,140
▼ 33.9%
2025
20192025
Net result
€99,769
▼ 41.2%
2025
middle half of the sector
20192025
Equity
€1.0m
▲ 2.2%
2025
middle half of the sector
20192025
Total assets
€2.7m
▲ 22.7%
2025
highest quarter of the sector
20192025
Debt
€1.6m
▲ 40.6%
2025
20192025
Working capital
-€96,751
▼ 73.2%
2025
lowest quarter of the sector
20192025
Solvency
38.9%
▼ 7.8pp
2025
middle half of the sector
20192025
Current ratio
0.82
▼ 0.03
2025
middle half of the sector
20192025
Return on assets (ROA)
3.8%
▼ 4.1pp
2025
middle half of the sector
20192025
Staff (FTE)
0.5
=
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€0.2m-€0.2m▲ 20.5%€0.2m▼ 9.0%€0.2m▲ 9.3%€0.2m▼ 8.3%€0.3m▲ 31.0%€0.2m▼ 33.9%
Net result€0.1m-€0.1mabove the sector's middle half▲ 19.4%€0.1mabove the sector's middle half▼ 7.6%€0.1mwithin the sector's middle half▲ 5.2%€0.1mwithin the sector's middle half▼ 18.2%€0.2mabove the sector's middle half▲ 44.6%€0.1mwithin the sector's middle half▼ 41.2%
Equity€0.5m-€0.6mabove the sector's middle half▲ 27.8%€0.7mwithin the sector's middle half▲ 19.8%€0.8mwithin the sector's middle half▲ 17.5%€0.9mwithin the sector's middle half▲ 12.3%€1.0mwithin the sector's middle half▲ 9.0%€1.0mwithin the sector's middle half▲ 2.2%
Total assets€1.6m-€1.5mabove the sector's middle half▼ 1.8%€1.7mwithin the sector's middle half▲ 11.5%€1.9mwithin the sector's middle half▲ 12.7%€2.2mwithin the sector's middle half▲ 13.5%€2.2mwithin the sector's middle half▼ 1.3%€2.7mabove the sector's middle half▲ 22.7%
Debt€1.1m-€1.0m▼ 13.5%€1.0m▲ 6.4%€1.1m▲ 9.3%€1.3m▲ 14.3%€1.2m▼ 8.9%€1.6m▲ 40.6%
Working capital-€0.07m-€41within the sector's middle half€0.09mwithin the sector's middle half▲ 2,121×-€0.02mwithin the sector's middle half€0.006mwithin the sector's middle half-€0.06mwithin the sector's middle half-€0.1mbelow the sector's middle half▼ 73.2%
Solvency29.3%-38.1%within the sector's middle half▲ 8.8pp40.9%within the sector's middle half▲ 2.8pp42.7%within the sector's middle half▲ 1.8pp42.2%within the sector's middle half▼ 0.4pp46.7%within the sector's middle half▲ 4.4pp38.9%within the sector's middle half▼ 7.8pp
Current ratio0.72-1.00within the sector's middle half▲ 0.281.36within the sector's middle half▲ 0.360.93within the sector's middle half▼ 0.431.02within the sector's middle half▲ 0.090.85within the sector's middle half▼ 0.170.82within the sector's middle half▼ 0.03
Return on assets (ROA)7.9%-9.6%within the sector's middle half▲ 1.7pp7.9%within the sector's middle half▼ 1.6pp7.4%within the sector's middle half▼ 0.5pp5.3%within the sector's middle half▼ 2.1pp7.8%within the sector's middle half▲ 2.5pp3.8%within the sector's middle half▼ 4.1pp
Staff (FTE)0.5-0.5below the sector's middle half=0.5below the sector's middle half=0.5below the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=0.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 34% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €2.7m
Fixed assets
€2.2m ▲ 20.0%
Current assets
€435,674 ▲ 38.6%
Equity and liabilities €2.7m
Equity
€1.0m ▲ 2.2%
Debt
€1.6m ▲ 40.6%
Debt's share of the balance-sheet total rises from 53.3% to 61.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€293,844▼
2024 · €365,275
Cash flow
€208,473▼
2024 · €254,681
Quick ratio
0.80▼
2024 · 0.85
Debt to equity
1.57▲
2024 · 1.14
ROE
9.6%▼
2024 · 16.8%
Interest coverage
6.81▼
2024 · 10.28
Debt ≤ 1 year
€532,425▲
2024 · €370,213
Debt > 1 year
€1.1m▲
2024 · €782,190
Income taxes
€42,401▼
2024 · €76,055
Staff costs
€19,626▲
2024 · €18,834
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | - | 0 | 0 | 0 |
| part-time | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.4 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €923,558 | €1.0m | - | - |
| Debts guaranteed by Belgian public bodies | - | €1.0m | - | - |
| Mortgages, amount registered | €37,795 | €37,395 | €37,395 | €37,395 |
| Mortgage mandates | €2.0m | €2.3m | €2.3m | €2.3m |
| Carrying value of the mortgaged assets | €1.6m | €1.8m | €1.8m | €2.1m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €378,850 | €278,761 | €86,833 | €498,432 |
| Depreciation and write-downs of the year | €97,401 | €97,008 | €85,095 | €108,704 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €3,267 awarded · €3,267 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €659 | €659 |
| 2022 | 1 | €2,608 | €2,608 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €14,610 | - |
| Remuneration, social security and pensions62 | - | - | - | €17,968 | €17,723 | €18,834 | €19,626 | ▲ 4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €140,476 | €114,237 | €108,063 | €97,401 | €97,008 | €85,095 | €108,704 | ▲ 27.7% |
| Other operating charges640/8 | - | - | - | €85,785 | €82,786 | €49,357 | €33,613 | ▼ 31.9% |
| Gross operating margin9900 | €385,477 | €390,557 | €403,390 | €434,392 | €411,454 | €433,466 | €347,083 | ▼ 19.9% |
| Operating profit (loss)9901 | €194,546 | €234,427 | €213,378 | €233,238 | €213,937 | €280,180 | €185,140 | ▼ 33.9% |
| Financial income75/76B | - | - | - | - | €21 | €1,005 | €179 | ▼ 82.1% |
| Recurring financial income75 | €1,768 | €117 | €89 | - | €21 | €1,005 | €179 | ▼ 82.1% |
| Financial charges65/66B | - | - | - | €30,117 | €36,366 | €35,543 | €43,149 | ▲ 21.4% |
| Recurring financial charges65 | €27,628 | €28,229 | €25,810 | €30,117 | €36,366 | €35,543 | €43,149 | ▲ 21.4% |
| Profit (loss) for the period before taxes9903 | €168,687 | €206,314 | €187,657 | €203,120 | €177,592 | €245,641 | €142,170 | ▼ 42.1% |
| Income taxes67/77 | €45,131 | €58,794 | €51,418 | €59,792 | €60,296 | €76,055 | €42,401 | ▼ 44.3% |
| Profit (loss) for the period9904 | €123,556 | €147,520 | €136,238 | €143,329 | €117,296 | €169,586 | €99,769 | ▼ 41.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €14,678 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €123,480 | €147,442 | €154,638 | €158,006 | €117,296 | €169,586 | €99,769 | ▼ 41.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €1.5m | €1.7m | €1.9m | €2.2m | €2.2m | €2.7m | ▲ 22.7% |
| Fixed assets21/28 | €1.4m | €1.3m | €1.4m | €1.7m | €1.9m | €1.9m | €2.2m | ▲ 20.0% |
| Tangible fixed assets22/27 | €1.4m | €1.3m | €1.4m | €1.7m | €1.9m | €1.9m | €2.2m | ▲ 20.0% |
| Land and buildings22 | - | - | - | €1.6m | €1.8m | €1.8m | €2.1m | ▲ 18.6% |
| Plant, machinery and equipment23 | - | - | - | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 9.8% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.05m | €0.05m | €0.09m | ▲ 101% |
| Other tangible fixed assets26 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Financial fixed assets28 | €75 | €75 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 38.6% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €0.009m | - |
| Stocks30/36 | - | - | - | - | - | - | €0.009m | - |
| Amounts receivable within one year40/41 | €0.1m | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 49.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 69.5% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.08m | €0.06m | €0.06m | ▼ 9.2% |
| Cash at bank and in hand54/58 | €0.04m | €0.2m | €0.2m | €0.02m | €0.08m | €0.05m | €0.04m | ▼ 33.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.02m | €0.01m | €0.01m | €0.02m | ▲ 54.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €1.5m | €1.7m | €1.9m | €2.2m | €2.2m | €2.7m | ▲ 22.7% |
| Equity10/15 | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €1.0m | €1.0m | ▲ 2.2% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.9m | €0.9m | ▲ 2.4% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Distributable reserves133 | - | - | - | €0.7m | €0.8m | €0.9m | €0.9m | ▲ 2.5% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €0.006m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €1.1m | €1.0m | €1.0m | €1.1m | €1.3m | €1.2m | €1.6m | ▲ 40.6% |
| Amounts payable after more than one year17 | €0.8m | €0.7m | €0.8m | €0.8m | €0.9m | €0.8m | €1.1m | ▲ 39.4% |
| Financial debts170/4 | - | - | - | €0.8m | €0.9m | €0.8m | €1.1m | ▲ 39.4% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 43.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 45.0% |
| Financial debts43 | - | - | - | €0.02m | €0.02m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.02m | €0.02m | €0 | - | - |
| Trade debts44 | €0.04m | €0.02m | €0.03m | €0.04m | €0.06m | €0.02m | €0.07m | ▲ 193% |
| Suppliers440/4 | - | - | - | €0.04m | €0.06m | €0.02m | €0.07m | ▲ 193% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.1m | €0.1m | €0.09m | ▼ 25.4% |
| Taxes450/3 | - | - | - | €0.04m | €0.1m | €0.1m | €0.09m | ▼ 23.8% |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.009m | €0.009m | €0.005m | ▼ 45.5% |
| Other amounts payable47/48 | - | - | - | €0.05m | €0.03m | €0.1m | €0.2m | ▲ 94.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.004m | €0.004m | €0.002m | ▼ 37.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €123,556 | €147,520 | €136,238 | €143,329 | €117,296 | €169,586 | €99,769 | ▼ 41.2% |
| + Depreciation and write-downs630 | €140,476 | €114,237 | €108,063 | €97,401 | €97,008 | €85,095 | €108,704 | ▲ 27.7% |
| Operating cash flow (approximation) | €264,032 | €261,757 | €244,301 | €240,729 | €214,304 | €254,681 | €208,473 | ▼ 18.1% |
| Investment in fixed assets (approximation) | - | -€39,030 | -€193,684 | -€378,850 | -€278,761 | -€86,833 | -€478,577 | ▼ 451% |
| Change in cash | - | €110,450 | €10,700 | -€140,786 | €61,160 | -€28,701 | -€17,805 | ▲ 38.0% |
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, 17,041 companies had the same profile as MnM has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MnM 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 17,041 companies, not a prediction for MnM. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 18-02-2026 | 2026-00040811 | |
| 30-06-2024 | abbreviated format | 28-02-2025 | 2025-00043372 | |
| 30-06-2023 | abbreviated format | 29-02-2024 | 2024-00038235 | |
| 30-06-2022 | abbreviated format | 24-02-2023 | 2023-00034231 | |
| 30-06-2021 | abbreviated format | 28-02-2022 | 2022-06900295 | |
| 30-06-2020 | micro format | 11-02-2021 | 2021-05200049 | |
| 30-06-2019 | micro format | 20-01-2020 | 2020-02000186 | |
| 30-06-2018 | micro format | 22-01-2019 | 2019-01800409 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04400012 | |
| 30-06-2016 | abbreviated format | 28-02-2017 | 2017-05500251 |