MNPROJECT
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 4 days after the deadline Filed on 4 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00379770.
Annual accounts 2025 filed on 04-08-2026 at the NBB all 7 filings
Equity
€59,884▼ 14.0%
2024 · €69,656
Total assets
€67,173▼ 15.4%
2024 · €79,403
Net result
-€9,772▲ 39.7%
2024 · -€16,217
Working capital
€53,090▼ 6.6%
2024 · €56,867
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€10,028
▲ 28.9%
2025
20192025
Net result
-€9,772
▲ 39.7%
2025
lowest quarter of the sector
20192025
Equity
€59,884
▼ 14.0%
2025
middle half of the sector
20192025
Total assets
€67,173
▼ 15.4%
2025
middle half of the sector
20192025
Debt
€7,289
▼ 25.2%
2025
20192025
Working capital
€53,090
▼ 6.6%
2025
highest quarter of the sector
20192025
Solvency
89.1%
▲ 1.4pp
2025
highest quarter of the sector
20192025
Current ratio
8.28
▲ 1.45
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-14.5%
▲ 5.9pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€13,667-€27,989€7,202▼ 74.3%-€14,687€106,524-€14,104-€10,028▲ 28.9%
Net result-€15,889-€24,583above the sector's middle half€2,827within the sector's middle half▼ 88.5%-€18,534below the sector's middle half€74,286above the sector's middle half-€16,217below the sector's middle half-€9,772below the sector's middle half▲ 39.7%
Equity€2,711-€27,294within the sector's middle half▲ 907%€30,121within the sector's middle half▲ 10.4%€11,587within the sector's middle half▼ 61.5%€85,873above the sector's middle half▲ 641%€69,656within the sector's middle half▼ 18.9%€59,884within the sector's middle half▼ 14.0%
Total assets€72,736-€90,489within the sector's middle half▲ 24.4%€96,661within the sector's middle half▲ 6.8%€67,722within the sector's middle half▼ 29.9%€143,913within the sector's middle half▲ 113%€79,403within the sector's middle half▼ 44.8%€67,173within the sector's middle half▼ 15.4%
Debt€70,025-€63,195▼ 9.8%€66,539▲ 5.3%€56,134▼ 15.6%€58,040▲ 3.4%€9,747▼ 83.2%€7,289▼ 25.2%
Working capital€10,383-€15,101within the sector's middle half▲ 45.4%€13,417within the sector's middle half▼ 11.2%-€11,063within the sector's middle half€64,349above the sector's middle half€56,867above the sector's middle half▼ 11.6%€53,090above the sector's middle half▼ 6.6%
Solvency3.7%-30.2%within the sector's middle half▲ 26.4pp31.2%within the sector's middle half▲ 1.0pp17.1%within the sector's middle half▼ 14.1pp59.7%above the sector's middle half▲ 42.6pp87.7%above the sector's middle half▲ 28.1pp89.1%above the sector's middle half▲ 1.4pp
Current ratio1.27-1.63within the sector's middle half▲ 0.361.32within the sector's middle half▼ 0.310.76within the sector's middle half▼ 0.562.11above the sector's middle half▲ 1.356.83above the sector's middle half▲ 4.738.28above the sector's middle half▲ 1.45
Return on assets (ROA)-21.8%-27.2%above the sector's middle half▲ 49.0pp2.9%within the sector's middle half▼ 24.2pp-27.4%below the sector's middle half▼ 30.3pp51.6%above the sector's middle half▲ 79.0pp-20.4%below the sector's middle half▼ 72.0pp-14.5%below the sector's middle half▲ 5.9pp
Staff (FTE)4.6-4.9above the sector's middle half▲ 6.5%3.9▼ 20.4%8.5▲ 118%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €10,028, smaller than the loss of €14,104 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €67,173
Fixed assets
€6,794 ▼ 46.9%
Current assets
€60,379 ▼ 9.4%
Equity and liabilities €67,173
Equity
€59,884 ▼ 14.0%
Debt
€7,289 ▼ 25.2%
Debt's share of the balance-sheet total falls from 12.3% to 10.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€2,703▲
2024 · -€5,369
Cash flow
-€2,447▲
2024 · -€7,482
Debt to equity
0.12▼
2024 · 0.14
ROE
-16.3%▲
2024 · -23.3%
Interest coverage
-28.94▼
2024 · -2.78
Debt ≤ 1 year
€7,289▼
2024 · €9,747
Income taxes
€268▼
2024 · €276
Staff costs
€1,050▲
2024 · -€1,434
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 2 | 2 |
| full-time | 2 | 2 |
| part-time | - | 0 |
| in full-time equivalents | 2 | 2 |
| Average over the year, in full-time equivalents | 3.4 | 4.5 |
| On a permanent contract | 2 | 2 |
| Joined | 83 | 83 |
| Left | 83 | 83 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,415 | €5,299 | - | - | €1,330 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €14,430 | €14,144 | €11,094 | €8,735 | €7,325 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €69,049 | €98,283 | €35,742 | -€1,434 | €1,050 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,218 | €9,245 | €14,430 | €14,144 | €11,094 | €8,735 | €7,325 | ▼ 16.1% |
| Other operating charges640/8 | - | - | €758 | €76 | €163 | €295 | €0 | ▼ 100% |
| Gross operating margin9900 | €110,096 | €106,427 | €91,440 | €97,816 | €153,521 | -€6,508 | -€1,653 | ▲ 74.6% |
| Operating profit (loss)9901 | -€13,667 | €27,989 | €7,202 | -€14,687 | €106,524 | -€14,104 | -€10,028 | ▲ 28.9% |
| Financial income75/76B | - | - | €243 | €79 | €13 | €92 | €617 | ▲ 567% |
| Recurring financial income75 | €30 | €0 | €243 | €79 | €13 | €92 | €617 | ▲ 567% |
| Financial charges65/66B | - | - | €4,383 | €3,657 | €1,637 | €1,930 | €93 | ▼ 95.2% |
| Recurring financial charges65 | €2,251 | €3,406 | €4,383 | €3,657 | €1,637 | €1,930 | €93 | ▼ 95.2% |
| Profit (loss) for the period before taxes9903 | -€15,889 | €24,583 | €3,062 | -€18,264 | €104,900 | -€15,941 | -€9,504 | ▲ 40.4% |
| Income taxes67/77 | - | - | €235 | €270 | €30,614 | €276 | €268 | ▼ 3.0% |
| Profit (loss) for the period9904 | -€15,889 | €24,583 | €2,827 | -€18,534 | €74,286 | -€16,217 | -€9,772 | ▲ 39.7% |
| Profit (loss) for the period to be appropriated9905 | -€15,889 | €24,583 | €2,827 | -€18,534 | €74,286 | -€16,217 | -€9,772 | ▲ 39.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €72,736 | €90,489 | €96,661 | €67,722 | €143,913 | €79,403 | €67,173 | ▼ 15.4% |
| Fixed assets21/28 | €24,592 | €51,477 | €41,462 | €32,617 | €21,524 | €12,789 | €6,794 | ▼ 46.9% |
| Tangible fixed assets22/27 | €24,592 | €51,477 | €41,462 | €32,617 | €21,524 | €12,789 | €6,794 | ▼ 46.9% |
| Furniture and vehicles24 | - | - | €36,065 | €26,770 | €16,508 | €8,504 | €3,239 | ▼ 61.9% |
| Other tangible fixed assets26 | - | - | €5,397 | €5,847 | €5,016 | €4,285 | €3,554 | ▼ 17.1% |
| Current assets29/58 | €48,144 | €39,013 | €55,199 | €35,105 | €122,389 | €66,614 | €60,379 | ▼ 9.4% |
| Stocks and contracts in progress3 | €4,471 | €3,318 | €7,092 | €5,972 | €0 | - | - | - |
| Stocks30/36 | - | - | €7,092 | €5,972 | €0 | - | - | - |
| Amounts receivable within one year40/41 | - | €2,437 | €2,039 | €4,002 | €31,738 | €16,070 | €18,615 | ▲ 15.8% |
| Trade receivables40 | - | - | €2,039 | €836 | €30,378 | €9,751 | €7,115 | ▼ 27.0% |
| Other amounts receivable41 | - | - | - | €3,165 | €1,361 | €6,319 | €11,500 | ▲ 82.0% |
| Cash at bank and in hand54/58 | €42,350 | €30,735 | €42,901 | €22,980 | €90,491 | €50,544 | €40,135 | ▼ 20.6% |
| Deferred charges and accrued income490/1 | - | - | €3,166 | €2,150 | €160 | €0 | €1,629 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €72,736 | €90,489 | €96,661 | €67,722 | €143,913 | €79,403 | €67,173 | ▼ 15.4% |
| Equity10/15 | €2,711 | €27,294 | €30,121 | €11,587 | €85,873 | €69,656 | €59,884 | ▼ 14.0% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | - | €67,273 | €67,273 | €67,273 | = |
| Distributable reserves133 | - | - | - | - | €67,273 | €67,273 | €67,273 | = |
| Profit (loss) carried forward14 | -€15,889 | €8,694 | €11,521 | -€7,013 | €0 | -€16,217 | -€25,989 | ▼ 60.3% |
| Amounts payable17/49 | €70,025 | €63,195 | €66,539 | €56,134 | €58,040 | €9,747 | €7,289 | ▼ 25.2% |
| Amounts payable after more than one year17 | €32,264 | €39,283 | €24,757 | €9,967 | €0 | - | - | - |
| Financial debts170/4 | - | - | €24,757 | €9,967 | €0 | - | - | - |
| Amounts payable within one year42/48 | €37,761 | €23,912 | €41,782 | €46,167 | €58,040 | €9,747 | €7,289 | ▼ 25.2% |
| Current portion of amounts payable after more than one year42 | - | - | €14,526 | €14,790 | €0 | - | - | - |
| Trade debts44 | €9,290 | €2,579 | €391 | €6,956 | €25,045 | €9,471 | €7,021 | ▼ 25.9% |
| Suppliers440/4 | - | - | €391 | €6,956 | €25,045 | €9,471 | €7,021 | ▼ 25.9% |
| Advances received on contracts in progress46 | - | - | €35 | €35 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €26,283 | €17,610 | €32,749 | €276 | €268 | ▼ 3.0% |
| Taxes450/3 | - | - | €14,024 | €9,238 | €30,614 | €276 | €268 | ▼ 3.0% |
| Remuneration and social security454/9 | - | - | €12,259 | €8,372 | €2,134 | €0 | - | - |
| Other amounts payable47/48 | - | - | €547 | €6,777 | €246 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€15,889 | €24,583 | €2,827 | -€18,534 | €74,286 | -€16,217 | -€9,772 | ▲ 39.7% |
| + Depreciation and write-downs630 | €11,218 | €9,245 | €14,430 | €14,144 | €11,094 | €8,735 | €7,325 | ▼ 16.1% |
| Operating cash flow (approximation) | -€4,671 | €33,828 | €17,257 | -€4,391 | €85,379 | -€7,482 | -€2,447 | ▲ 67.3% |
| Investment in fixed assets (approximation) | - | -€36,130 | -€4,415 | -€5,299 | €0 | €0 | -€1,330 | - |
| Change in cash | - | -€11,616 | €12,166 | -€19,921 | €67,510 | -€39,947 | -€10,409 | ▲ 73.9% |
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, 3,591 companies had the same profile as MNPROJECT has now. Two years later, 87.4% were still going and 3.0% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.4%
was still going
9.4%
stopped otherwise
3.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MNPROJECT itself is lower: 0.4% within 12 months. It rests on far more data about MNPROJECT than the profile alone.
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 3,591 companies, not a prediction for MNPROJECT. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-08-2026 | 2026-00379770 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00444129 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00436665 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00398931 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20363997 | |
| 31-12-2020 | micro format | 18-08-2021 | 2021-50100300 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-16800582 |