MOBAX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 11 filings
Turnover
≈ €320,000
Estimated: probably between €180,000 and €550,000
EBIT margin
Not included in this filing
Net result
€37,641▲ 102%
2024 · €18,634
Working capital
€194,923▼ 33.7%
2024 · €293,850
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€50,363
▲ 162%
2025
20192025
Net result
€37,641
▲ 102%
2025
middle half of the sector
20192025
Equity
€227,211
▲ 19.9%
2025
middle half of the sector
20192025
Total assets
€385,789
▼ 13.1%
2025
lowest quarter of the sector
20192025
Debt
€158,578
▼ 37.7%
2025
20192025
Working capital
€194,923
▼ 33.7%
2025
middle half of the sector
20192025
Solvency
58.9%
▲ 16.2pp
2025
middle half of the sector
20192025
Current ratio
2.23
▼ 1.14
2025
middle half of the sector
20192025
Return on assets (ROA)
9.8%
▲ 5.6pp
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,275-€28,549▲ 40.8%€44,228▲ 54.9%€48,783▲ 10.3%€16,275▼ 66.6%€19,205▲ 18.0%€50,363▲ 162%
Net result€10,869-€13,770within the sector's middle half▲ 26.7%€31,656within the sector's middle half▲ 130%€23,869above the sector's middle half▼ 24.6%€15,092within the sector's middle half▼ 36.8%€18,634within the sector's middle half▲ 23.5%€37,641within the sector's middle half▲ 102%
Equity€86,549-€100,318within the sector's middle half▲ 15.9%€131,974within the sector's middle half▲ 31.6%€155,843above the sector's middle half▲ 18.1%€170,935within the sector's middle half▲ 9.7%€189,570above the sector's middle half▲ 10.9%€227,211within the sector's middle half▲ 19.9%
Total assets€511,915-€543,693within the sector's middle half▲ 6.2%€520,495within the sector's middle half▼ 4.3%€449,851above the sector's middle half▼ 13.6%€493,035within the sector's middle half▲ 9.6%€444,127above the sector's middle half▼ 9.9%€385,789below the sector's middle half▼ 13.1%
Debt€425,366-€443,375▲ 4.2%€388,521▼ 12.4%€294,008▼ 24.3%€322,100▲ 9.6%€254,557▼ 21.0%€158,578▼ 37.7%
Working capital€59,368-€73,918within the sector's middle half▲ 24.5%€104,519within the sector's middle half▲ 41.4%€129,443above the sector's middle half▲ 23.8%€368,280within the sector's middle half▲ 185%€293,850above the sector's middle half▼ 20.2%€194,923within the sector's middle half▼ 33.7%
Solvency16.9%-18.5%within the sector's middle half▲ 1.5pp25.4%within the sector's middle half▲ 6.9pp34.6%within the sector's middle half▲ 9.3pp34.7%within the sector's middle half=42.7%within the sector's middle half▲ 8.0pp58.9%within the sector's middle half▲ 16.2pp
Current ratio1.14-1.17within the sector's middle half▲ 0.031.27within the sector's middle half▲ 0.101.44within the sector's middle half▲ 0.174.74above the sector's middle half▲ 3.303.37above the sector's middle half▼ 1.372.23within the sector's middle half▼ 1.14
Return on assets (ROA)2.1%-2.5%within the sector's middle half▲ 0.4pp6.1%within the sector's middle half▲ 3.5pp5.3%within the sector's middle half▼ 0.8pp3.1%within the sector's middle half▼ 2.2pp4.2%within the sector's middle half▲ 1.1pp9.8%above the sector's middle half▲ 5.6pp
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 162% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €385,789
Fixed assets
€32,288 ▲ 22.3%
Current assets
€353,501 ▼ 15.4%
Equity and liabilities €385,789
Equity
€227,211 ▲ 19.9%
Debt
€158,578 ▼ 37.7%
Debt's share of the balance-sheet total falls from 57.3% to 41.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€51,835
Cash flow
€39,113
Quick ratio
0.29▲
2024 · 0.14
Debt to equity
0.70▼
2024 · 1.34
ROE
16.6%▲
2024 · 9.8%
Interest coverage
over 100
Debt ≤ 1 year
€158,578▲
2024 · €123,876
Income taxes
€5,757
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €7,360 |
| Depreciation and write-downs of the year | €1,055 | - | - | €1,472 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €73,674 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,677 | €780 | €1,059 | €1,055 | - | - | €1,472 | - |
| Other operating charges640/8 | - | - | - | €7,289 | €14,221 | €3,775 | €14,836 | ▲ 293% |
| Gross operating margin9900 | €28,886 | €47,986 | €76,218 | €130,801 | €30,495 | €22,980 | €66,671 | ▲ 190% |
| Operating profit (loss)9901 | €20,275 | €28,549 | €44,228 | €48,783 | €16,275 | €19,205 | €50,363 | ▲ 162% |
| Financial charges65/66B | - | - | - | €1,969 | €1,183 | €571 | €6,965 | ▲ 12× |
| Recurring financial charges65 | €575 | €874 | €2,608 | €1,969 | €1,183 | €571 | €365 | ▼ 36.0% |
| Non-recurring financial charges66B | - | - | - | - | - | - | €6,600 | - |
| Profit (loss) for the period before taxes9903 | €19,701 | €27,675 | €41,620 | €46,814 | €15,092 | €18,634 | €43,398 | ▲ 133% |
| Income taxes67/77 | €8,832 | €13,905 | €9,964 | €22,945 | - | - | €5,757 | - |
| Profit (loss) for the period9904 | €10,869 | €13,770 | €31,656 | €23,869 | €15,092 | €18,634 | €37,641 | ▲ 102% |
| Profit (loss) for the period to be appropriated9905 | €10,869 | €13,770 | €31,656 | €23,869 | €15,092 | €18,634 | €37,641 | ▲ 102% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €511,915 | €543,693 | €520,495 | €449,851 | €493,035 | €444,127 | €385,789 | ▼ 13.1% |
| Fixed assets21/28 | €27,180 | €26,400 | €27,455 | €26,400 | €26,400 | €26,400 | €32,288 | ▲ 22.3% |
| Tangible fixed assets22/27 | €780 | - | €1,055 | - | - | - | €5,888 | - |
| Leasing and similar rights25 | - | - | - | - | - | - | €5,888 | - |
| Financial fixed assets28 | €26,400 | €26,400 | €26,400 | €26,400 | €26,400 | €26,400 | €26,400 | = |
| Current assets29/58 | €484,734 | €517,293 | €493,040 | €423,451 | €466,635 | €417,727 | €353,501 | ▼ 15.4% |
| Stocks and contracts in progress3 | €481,795 | €488,340 | €468,114 | €417,138 | €426,563 | €400,613 | €307,848 | ▼ 23.2% |
| Stocks30/36 | - | - | - | €417,138 | €426,563 | €400,613 | €307,848 | ▼ 23.2% |
| Amounts receivable within one year40/41 | - | €6,119 | €22,919 | €4,677 | €39,047 | €17,106 | €26,555 | ▲ 55.2% |
| Trade receivables40 | - | - | - | €4,677 | €39,047 | €17,106 | €26,555 | ▲ 55.2% |
| Current investments50/53 | - | - | - | €1,636 | - | - | - | - |
| Cash at bank and in hand54/58 | €2,940 | €22,834 | €2,007 | - | €1,025 | €7 | €19,098 | ▲ 2,595× |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €511,915 | €543,693 | €520,495 | €449,851 | €493,035 | €444,127 | €385,789 | ▼ 13.1% |
| Equity10/15 | €86,549 | €100,318 | €131,974 | €155,843 | €170,935 | €189,570 | €227,211 | ▲ 19.9% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €18,600 | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Share premium1100/10 | - | - | - | - | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €66,089 | €79,858 | €111,514 | €135,383 | €150,475 | €169,110 | €206,751 | ▲ 22.3% |
| Amounts payable17/49 | €425,366 | €443,375 | €388,521 | €294,008 | €322,100 | €254,557 | €158,578 | ▼ 37.7% |
| Amounts payable after more than one year17 | - | - | - | - | €223,745 | €130,681 | - | - |
| Financial debts170/4 | - | - | - | - | €223,745 | €130,681 | - | - |
| Amounts payable within one year42/48 | €425,366 | €443,375 | €388,521 | €294,008 | €98,355 | €123,876 | €158,578 | ▲ 28.0% |
| Financial debts43 | - | - | - | €24,982 | €19,981 | €99,999 | €100,096 | ▲ 0.1% |
| Credit institutions430/8 | - | - | - | €24,982 | €19,981 | €99,999 | €100,096 | ▲ 0.1% |
| Trade debts44 | €8,412 | €4,604 | €6,406 | €4,591 | €63,138 | €15,877 | €20,883 | ▲ 31.5% |
| Suppliers440/4 | - | - | - | €4,591 | €63,138 | €15,877 | €20,883 | ▲ 31.5% |
| Taxes, remuneration and social security45 | - | - | - | €49,435 | €15,236 | €8,000 | €37,599 | ▲ 370% |
| Taxes450/3 | - | - | - | €42,033 | €15,236 | €8,000 | €37,599 | ▲ 370% |
| Remuneration and social security454/9 | - | - | - | €7,402 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €215,000 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,869 | €13,770 | €31,656 | €23,869 | €15,092 | €18,634 | €37,641 | ▲ 102% |
| + Depreciation and write-downs630 | €2,677 | €780 | €1,059 | €1,055 | - | - | €1,472 | - |
| Operating cash flow (approximation) | €13,546 | €14,550 | €32,715 | €24,924 | €15,092 | €18,634 | €39,113 | ▲ 110% |
| Investment in fixed assets (approximation) | - | €0 | -€2,114 | €0 | €0 | €0 | -€7,360 | - |
| Change in cash | - | €19,894 | -€20,827 | - | - | -€1,017 | €19,091 | - |
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, 34,693 companies had the same profile as MOBAX has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MOBAX itself: 0.7% 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 34,693 companies, not a prediction for MOBAX. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00206967 | |
| 31-03-2024 | micro format | 29-08-2024 | 2024-00412377 | |
| 31-03-2023 | full format | 29-09-2023 | 2023-00464912 | |
| 31-03-2022 | micro format | 01-07-2022 | 2022-20152055 | |
| 31-03-2021 | full format | 08-12-2021 | 2021-79800502 | |
| 31-03-2020 | full format | 25-01-2021 | 2021-01700160 | |
| 31-03-2019 | full format | 13-09-2019 | 2019-64600366 | |
| 31-03-2018 | full format | 28-09-2018 | 2018-66100488 | |
| 31-03-2017 | full format | 13-09-2017 | 2017-60900204 | |
| 31-03-2016 | abbreviated format | 19-09-2016 | 2016-60900430 |