MO & SA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 5 filings
Turnover
≈ €44,000
Estimated: probably between €22,000 and €77,000
Total assets
€14,085▼ 16.7%
2024 · €16,914
Net result
€926
2024 · -€435
Working capital
€1,151▲ 412%
2024 · €225
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€1,017
2025
20212025
Net result
€926
2025
middle half of the sector
20212025
Equity
€1,151
▲ 412%
2025
lowest quarter of the sector
20212025
Total assets
€14,085
▼ 16.7%
2025
lowest quarter of the sector
20212025
Debt
€12,934
▼ 22.5%
2025
20212025
Working capital
€1,151
▲ 412%
2025
middle half of the sector
20212025
Solvency
8.2%
▲ 6.8pp
2025
middle half of the sector
20212025
Current ratio
1.09
▲ 0.08
2025
middle half of the sector
20212025
Return on assets (ROA)
6.6%
▲ 9.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€2,408--€2,956▼ 22.8%€1,104-€346€1,017
Net result-€2,408below the sector's middle half--€2,990within the sector's middle half▼ 24.2%€1,058within the sector's middle half-€435within the sector's middle half€926within the sector's middle half
Equity€2,592below the sector's middle half--€398below the sector's middle half€660below the sector's middle half€225below the sector's middle half▼ 66.0%€1,151below the sector's middle half▲ 412%
Total assets€9,783below the sector's middle half-€12,226below the sector's middle half▲ 25.0%€14,956below the sector's middle half▲ 22.3%€16,914below the sector's middle half▲ 13.1%€14,085below the sector's middle half▼ 16.7%
Debt€7,191-€12,624▲ 75.5%€14,296▲ 13.2%€16,689▲ 16.7%€12,934▼ 22.5%
Working capital€2,592within the sector's middle half--€398within the sector's middle half€660within the sector's middle half€225within the sector's middle half▼ 66.0%€1,151within the sector's middle half▲ 412%
Solvency26.5%within the sector's middle half--3.3%below the sector's middle half▼ 29.7pp4.4%within the sector's middle half▲ 7.7pp1.3%below the sector's middle half▼ 3.1pp8.2%within the sector's middle half▲ 6.8pp
Current ratio1.36within the sector's middle half-0.97within the sector's middle half▼ 0.391.05within the sector's middle half▲ 0.081.01within the sector's middle half▼ 0.031.09within the sector's middle half▲ 0.08
Return on assets (ROA)-24.6%below the sector's middle half--24.5%below the sector's middle half▲ 0.2pp7.1%within the sector's middle half▲ 31.5pp-2.6%within the sector's middle half▼ 9.6pp6.6%within the sector's middle half▲ 9.1pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 profit of €1,017, after a loss of €346 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
Equity and liabilities €14,085
Equity
€1,151 ▲ 412%
Debt
€12,934 ▼ 22.5%
Debt's share of the balance-sheet total falls from 98.7% to 91.8%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
0.29▲
2024 · 0.28
Debt to equity
11.24
ROE
80.5%
Debt ≤ 1 year
€12,934▼
2024 · €16,689
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | - | €464 | - |
| Gross operating margin9900 | -€2,408 | -€2,956 | €1,104 | -€346 | €1,481 | - |
| Operating profit (loss)9901 | -€2,408 | -€2,956 | €1,104 | -€346 | €1,017 | - |
| Financial charges65/66B | - | €34 | €46 | €89 | €90 | ▲ 1.1% |
| Recurring financial charges65 | - | €34 | €46 | €89 | €90 | ▲ 1.1% |
| Profit (loss) for the period before taxes9903 | -€2,408 | -€2,990 | €1,058 | -€435 | €926 | - |
| Profit (loss) for the period9904 | -€2,408 | -€2,990 | €1,058 | -€435 | €926 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,408 | -€2,990 | €1,058 | -€435 | €926 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €9,783 | €12,226 | €14,956 | €16,914 | €14,085 | ▼ 16.7% |
| Current assets29/58 | €9,783 | €12,226 | €14,956 | €16,914 | €14,085 | ▼ 16.7% |
| Stocks and contracts in progress3 | €8,193 | €10,883 | €13,093 | €12,287 | €10,312 | ▼ 16.1% |
| Stocks30/36 | €8,193 | €10,883 | €13,093 | €12,287 | €10,312 | ▼ 16.1% |
| Amounts receivable within one year40/41 | €757 | €627 | €169 | €115 | - | - |
| Other amounts receivable41 | €757 | €627 | €169 | €115 | - | - |
| Cash at bank and in hand54/58 | €834 | €716 | €1,694 | €4,512 | €3,773 | ▼ 16.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €9,783 | €12,226 | €14,956 | €16,914 | €14,085 | ▼ 16.7% |
| Equity10/15 | €2,592 | -€398 | €660 | €225 | €1,151 | ▲ 412% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | -€2,408 | -€5,398 | -€4,340 | -€4,775 | -€3,849 | ▲ 19.4% |
| Amounts payable17/49 | €7,191 | €12,624 | €14,296 | €16,689 | €12,934 | ▼ 22.5% |
| Amounts payable within one year42/48 | €7,191 | €12,624 | €14,296 | €16,689 | €12,934 | ▼ 22.5% |
| Trade debts44 | €3,619 | €2,074 | €1,827 | €3,471 | €2,431 | ▼ 30.0% |
| Suppliers440/4 | €3,619 | €2,074 | €1,827 | €3,471 | €2,431 | ▼ 30.0% |
| Taxes, remuneration and social security45 | - | €1,200 | €2,000 | €2,600 | €4,620 | ▲ 77.7% |
| Taxes450/3 | - | - | - | - | €266 | - |
| Remuneration and social security454/9 | - | €1,200 | €2,000 | €2,600 | €4,354 | ▲ 67.5% |
| Other amounts payable47/48 | €3,572 | €9,350 | €10,469 | €10,619 | €5,884 | ▼ 44.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,408 | -€2,990 | €1,058 | -€435 | €926 | - |
| Operating cash flow (approximation) | -€2,408 | -€2,990 | €1,058 | -€435 | €926 | - |
| Change in cash | - | -€118 | €978 | €2,818 | -€738 | - |
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, 2,153 companies had the same profile as MO & SA has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of MO & SA itself: 0.8% 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 2,153 companies, not a prediction for MO & SA. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00225484 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00189989 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00264083 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00355766 | |
| 31-12-2021 | micro format | 05-07-2022 | 2022-20158965 |