MOENS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-10-2026 at the NBB all 33 filings
Turnover
≈ €220,000
Estimated: probably between €120,000 and €300,000
Total assets
€253,094▲ 8.4%
2024 · €233,531
Net result
€23,832▼ 38.4%
2024 · €38,680
Working capital
€119,104▲ 13.8%
2024 · €104,706
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€41,871
▼ 33.6%
2025
20182025
Net result
€23,832
▼ 38.4%
2025
middle half of the sector
20182025
Equity
€176,552
▲ 15.6%
2025
highest quarter of the sector
20182025
Total assets
€253,094
▲ 8.4%
2025
middle half of the sector
20182025
Debt
€76,542
▼ 5.3%
2025
20182025
Working capital
€119,104
▲ 13.8%
2025
middle half of the sector
20182025
Solvency
69.8%
▲ 4.4pp
2025
middle half of the sector
20182025
Current ratio
2.56
▲ 0.24
2025
middle half of the sector
20182025
Return on assets (ROA)
9.4%
▼ 7.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€25,537-€24,437▼ 4.3%€28,727▲ 17.6%€32,645▲ 13.6%€29,710▼ 9.0%€81,242▲ 173%€63,095▼ 22.3%€41,871▼ 33.6%
Net result€22,021-€21,140▼ 4.0%€26,754above the sector's middle half▲ 26.6%€28,167within the sector's middle half▲ 5.3%€21,526within the sector's middle half▼ 23.6%€49,806above the sector's middle half▲ 131%€38,680above the sector's middle half▼ 22.3%€23,832within the sector's middle half▼ 38.4%
Equity-€3,372-€17,768€44,522within the sector's middle half▲ 151%€72,688within the sector's middle half▲ 63.3%€94,214within the sector's middle half▲ 29.6%€144,020within the sector's middle half▲ 52.9%€152,720within the sector's middle half▲ 6.0%€176,552above the sector's middle half▲ 15.6%
Total assets€112,108-€175,522▲ 56.6%€264,564within the sector's middle half▲ 50.7%€422,292above the sector's middle half▲ 59.6%€234,111within the sector's middle half▼ 44.6%€226,192within the sector's middle half▼ 3.4%€233,531within the sector's middle half▲ 3.2%€253,094within the sector's middle half▲ 8.4%
Debt€115,481-€157,754▲ 36.6%€220,043▲ 39.5%€349,603▲ 58.9%€139,896▼ 60.0%€82,172▼ 41.3%€80,812▼ 1.7%€76,542▼ 5.3%
Working capital-€16,496--€3,970▲ 75.9%€23,491within the sector's middle half€50,788within the sector's middle half▲ 116%€67,961within the sector's middle half▲ 33.8%€95,997within the sector's middle half▲ 41.3%€104,706within the sector's middle half▲ 9.1%€119,104within the sector's middle half▲ 13.8%
Solvency-3.0%-10.1%▲ 13.1pp16.8%within the sector's middle half▲ 6.7pp17.2%within the sector's middle half▲ 0.4pp40.2%within the sector's middle half▲ 23.0pp63.7%within the sector's middle half▲ 23.4pp65.4%within the sector's middle half▲ 1.7pp69.8%within the sector's middle half▲ 4.4pp
Current ratio0.86-0.97▲ 0.121.11within the sector's middle half▲ 0.131.15within the sector's middle half▲ 0.041.49within the sector's middle half▲ 0.342.17within the sector's middle half▲ 0.682.32within the sector's middle half▲ 0.152.56within the sector's middle half▲ 0.24
Return on assets (ROA)19.6%-12.0%▼ 7.6pp10.1%within the sector's middle half▼ 1.9pp6.7%within the sector's middle half▼ 3.4pp9.2%within the sector's middle half▲ 2.5pp22.0%above the sector's middle half▲ 12.8pp16.6%above the sector's middle half▼ 5.5pp9.4%within the sector's middle half▼ 7.1pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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. It is the second fall in a row.
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
Assets €253,094
Fixed assets
€57,448 ▲ 16.6%
Current assets
€195,647 ▲ 6.2%
Equity and liabilities €253,094
Equity
€176,552 ▲ 15.6%
Debt
€76,542 ▼ 5.3%
Debt's share of the balance-sheet total falls from 34.6% to 30.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€53,957▼
2024 · €74,200
Cash flow
€35,918▼
2024 · €49,785
Debt to equity
0.43▼
2024 · 0.53
ROE
13.5%▼
2024 · 25.3%
Interest coverage
10.03▼
2024 · 18.11
Debt ≤ 1 year
€76,542▼
2024 · €79,576
Income taxes
€18,091▼
2024 · €25,816
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,893 | €14,365 | €32,095 | €12,331 | €20,284 |
| Depreciation and write-downs of the year | €8,023 | €7,949 | €10,324 | €11,105 | €12,086 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €16,343 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,679 | €7,388 | €7,120 | €8,023 | €7,949 | €10,324 | €11,105 | €12,086 | ▲ 8.8% |
| Other operating charges640/8 | - | - | - | €1,033 | €1,844 | €2,145 | €2,039 | €2,592 | ▲ 27.1% |
| Non-recurring operating charges66A | - | - | - | - | €2,063 | - | - | - | - |
| Gross operating margin9900 | €43,817 | €33,853 | €36,402 | €41,701 | €41,567 | €93,711 | €76,239 | €56,549 | ▼ 25.8% |
| Operating profit (loss)9901 | €25,537 | €24,437 | €28,727 | €32,645 | €29,710 | €81,242 | €63,095 | €41,871 | ▼ 33.6% |
| Financial income75/76B | - | - | - | €1,521 | €2,390 | €4,237 | €5,499 | €5,433 | ▼ 1.2% |
| Recurring financial income75 | €285 | €899 | €820 | €1,521 | €2,390 | €4,237 | €5,499 | €5,433 | ▼ 1.2% |
| Financial charges65/66B | - | - | - | €3,646 | €3,194 | €4,148 | €4,097 | €5,380 | ▲ 31.3% |
| Recurring financial charges65 | €3,801 | €3,329 | €2,794 | €3,646 | €3,194 | €4,148 | €4,097 | €5,380 | ▲ 31.3% |
| Profit (loss) for the period before taxes9903 | €22,021 | €21,140 | €26,754 | €30,520 | €28,905 | €81,330 | €64,496 | €41,923 | ▼ 35.0% |
| Income taxes67/77 | - | - | - | €2,354 | €7,379 | €31,524 | €25,816 | €18,091 | ▼ 29.9% |
| Profit (loss) for the period9904 | €22,021 | €21,140 | €26,754 | €28,167 | €21,526 | €49,806 | €38,680 | €23,832 | ▼ 38.4% |
| Profit (loss) for the period to be appropriated9905 | €22,021 | €21,140 | €26,754 | €28,167 | €21,526 | €49,806 | €38,680 | €23,832 | ▼ 38.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €112,108 | €175,522 | €264,564 | €422,292 | €234,111 | €226,192 | €233,531 | €253,094 | ▲ 8.4% |
| Fixed assets21/28 | €13,124 | €21,738 | €21,030 | €21,900 | €26,253 | €48,023 | €49,250 | €57,448 | ▲ 16.6% |
| Tangible fixed assets22/27 | €13,124 | €21,738 | €21,030 | €21,900 | €26,253 | €48,023 | €49,250 | €57,448 | ▲ 16.6% |
| Land and buildings22 | - | - | - | €3,167 | €1,584 | - | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €1,582 | €1,214 | €4,862 | €2,964 | ▼ 39.0% |
| Furniture and vehicles24 | - | - | - | €11,485 | €9,485 | €5,463 | €2,775 | €981 | ▼ 64.6% |
| Other tangible fixed assets26 | - | - | - | €7,248 | €13,602 | €41,347 | €41,612 | €53,503 | ▲ 28.6% |
| Current assets29/58 | €98,985 | €153,785 | €243,534 | €400,391 | €207,858 | €178,169 | €184,282 | €195,647 | ▲ 6.2% |
| Amounts receivable after more than one year29 | - | - | - | €41,425 | €92,409 | €145,287 | €146,987 | €171,299 | ▲ 16.5% |
| Other amounts receivable291 | - | - | - | €41,425 | €92,409 | €145,287 | €146,987 | €171,299 | ▲ 16.5% |
| Amounts receivable within one year40/41 | €86,635 | €140,390 | €208,410 | €354,504 | €112,755 | €29,820 | €35,977 | €22,595 | ▼ 37.2% |
| Trade receivables40 | - | - | - | €351,363 | €107,116 | €25,972 | €27,371 | €18,958 | ▼ 30.7% |
| Other amounts receivable41 | - | - | - | €3,141 | €5,639 | €3,847 | €8,607 | €3,637 | ▼ 57.7% |
| Cash at bank and in hand54/58 | €381 | €381 | €9,809 | €381 | €381 | €381 | €381 | €381 | = |
| Deferred charges and accrued income490/1 | - | - | - | €4,081 | €2,313 | €2,682 | €936 | €1,371 | ▲ 46.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €112,108 | €175,522 | €264,564 | €422,292 | €234,111 | €226,192 | €233,531 | €253,094 | ▲ 8.4% |
| Equity10/15 | -€3,372 | €17,768 | €44,522 | €72,688 | €94,214 | €144,020 | €152,720 | €176,552 | ▲ 15.6% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €31,840 | €31,840 | €31,840 | €54,096 | €75,622 | €125,428 | €134,128 | €157,960 | ▲ 17.8% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Distributable reserves133 | - | - | - | €52,237 | €73,763 | €125,428 | €134,128 | €157,960 | ▲ 17.8% |
| Profit (loss) carried forward14 | -€53,804 | -€32,664 | -€5,910 | - | - | - | - | - | - |
| Amounts payable17/49 | €115,481 | €157,754 | €220,043 | €349,603 | €139,896 | €82,172 | €80,812 | €76,542 | ▼ 5.3% |
| Amounts payable within one year42/48 | €115,481 | €157,754 | €220,043 | €349,603 | €139,896 | €82,172 | €79,576 | €76,542 | ▼ 3.8% |
| Financial debts43 | - | - | - | €23,861 | €23,331 | €25,603 | €24,155 | €24,889 | ▲ 3.0% |
| Credit institutions430/8 | - | - | - | €23,861 | €23,331 | €25,603 | €24,155 | €24,889 | ▲ 3.0% |
| Trade debts44 | €33,519 | €44,341 | €47,568 | €92,764 | €46,212 | €25,165 | €31,397 | €47,162 | ▲ 50.2% |
| Suppliers440/4 | - | - | - | €92,764 | €46,212 | €25,165 | €31,397 | €47,162 | ▲ 50.2% |
| Advances received on contracts in progress46 | - | - | - | €230,620 | €60,620 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,358 | €9,733 | €31,403 | €24,024 | €4,491 | ▼ 81.3% |
| Taxes450/3 | - | - | - | €2,358 | €9,733 | €31,403 | €24,024 | €4,491 | ▼ 81.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,236 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,021 | €21,140 | €26,754 | €28,167 | €21,526 | €49,806 | €38,680 | €23,832 | ▼ 38.4% |
| + Depreciation and write-downs630 | €17,679 | €7,388 | €7,120 | €8,023 | €7,949 | €10,324 | €11,105 | €12,086 | ▲ 8.8% |
| Operating cash flow (approximation) | €39,699 | €28,527 | €33,874 | €36,190 | €29,475 | €60,131 | €49,785 | €35,918 | ▼ 27.9% |
| Investment in fixed assets (approximation) | - | -€16,001 | -€6,412 | -€8,893 | -€12,301 | -€32,095 | -€12,331 | -€20,284 | ▼ 64.5% |
| Change in cash | - | €0 | €9,428 | -€9,428 | €0 | €0 | €0 | €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, 31,368 companies had the same profile as MOENS has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MOENS itself: 0.6% 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 31,368 companies, not a prediction for MOENS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-10-2026 | 2026-00555685 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00282622 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00228490 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00204465 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20402112 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-64100116 | |
| 31-12-2019 | micro format | 07-09-2020 | 2020-51600136 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-36800001 | |
| 31-12-2017 | micro format | 26-06-2018 | 2018-24100107 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-28100099 |