MOLINOR
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 31 filings
Turnover
≈ €220,000
Estimated: probably between €160,000 and €290,000
Total assets
€8.5m▼ 2.4%
2024 · €8.7m
Net result
-€209,151▼ 52.0%
2024 · -€137,568
Working capital
€1.6m▲ 6.7%
2024 · €1.5m
In the rankings
#1 company by equity in Evergem, Real estate sector#3 company by total assets in Evergem, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€227,634
▼ 37.8%
2025
20182025
Net result
-€209,151
▼ 52.0%
2025
lowest quarter of the sector
20182025
Equity
€8.0m
▼ 2.6%
2025
highest quarter of the sector
20182025
Total assets
€8.5m
▼ 2.4%
2025
highest quarter of the sector
20182025
Debt
€460,300
=
2025
20182025
Working capital
€1.6m
▲ 6.7%
2025
highest quarter of the sector
20182025
Solvency
93.9%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Current ratio
4.57
▲ 0.22
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.5%
▼ 0.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.3m--€0.3m▲ 21.5%-€0.1m▲ 47.8%€0.02m-€0.3m-€0.3m▼ 30.3%-€0.2m▲ 49.5%-€0.2m▼ 37.8%
Net result-€0.3m--€0.3m▲ 14.6%-€0.2mbelow the sector's middle half▲ 42.9%-€0.07mbelow the sector's middle half▲ 56.2%€0.2mabove the sector's middle half-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 44.5%-€0.2mbelow the sector's middle half▼ 52.0%
Equity€9.3m-€9.0m▼ 2.9%€8.7mabove the sector's middle half▼ 3.6%€8.4mabove the sector's middle half▼ 3.7%€8.6mabove the sector's middle half▲ 2.4%€8.3mabove the sector's middle half▼ 2.9%€8.2mabove the sector's middle half▼ 1.8%€8.0mabove the sector's middle half▼ 2.6%
Total assets€9.4m-€9.9m▲ 5.6%€9.6mabove the sector's middle half▼ 3.2%€9.2mabove the sector's middle half▼ 3.4%€9.5mabove the sector's middle half▲ 2.9%€8.9mabove the sector's middle half▼ 6.9%€8.7mabove the sector's middle half▼ 1.6%€8.5mabove the sector's middle half▼ 2.4%
Debt€0.06m-€0.8m▲ 15×€0.9m▲ 0.9%€0.9m▼ 0.1%€0.9m▲ 1.2%€0.5m▼ 46.7%€0.5m▲ 0.2%€0.5m=
Working capital€2.8m-€3.1m▲ 11.7%€3.0mabove the sector's middle half▼ 2.9%€2.4mabove the sector's middle half▼ 19.7%€2.3mabove the sector's middle half▼ 2.4%€1.3mabove the sector's middle half▼ 43.0%€1.5mabove the sector's middle half▲ 15.0%€1.6mabove the sector's middle half▲ 6.7%
Solvency99.4%-91.5%▼ 7.9pp91.1%above the sector's middle half▼ 0.4pp90.8%above the sector's middle half▼ 0.3pp90.3%above the sector's middle half▼ 0.5pp94.2%above the sector's middle half▲ 3.9pp94.0%above the sector's middle half▼ 0.2pp93.9%above the sector's middle half▼ 0.1pp
Current ratio52.85-4.66▼ 48.194.53above the sector's middle half▼ 0.133.84above the sector's middle half▼ 0.693.73above the sector's middle half▼ 0.113.92above the sector's middle half▲ 0.194.34above the sector's middle half▲ 0.424.57above the sector's middle half▲ 0.22
Return on assets (ROA)-3.3%--2.7%▲ 0.6pp-1.6%within the sector's middle half▲ 1.1pp-0.7%within the sector's middle half▲ 0.9pp2.1%within the sector's middle half▲ 2.8pp-2.8%below the sector's middle half▼ 4.9pp-1.6%within the sector's middle half▲ 1.2pp-2.5%below the sector's middle half▼ 0.9pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €227,634, larger than the loss of €165,187 in 2024.
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 €8.5m
Fixed assets
€6.4m ▼ 4.7%
Current assets
€2.1m ▲ 5.1%
Equity and liabilities €8.5m
Equity
€8.0m ▼ 2.6%
Provisions
€56,478 ▼ 7.3%
Debt
€460,300 =
Debt's share of the balance-sheet total rises from 5.3% to 5.4%. Equity is lower.
Key figures and ratios
EBITDA
€116,498▼
2024 · €187,836
Cash flow
€134,980▼
2024 · €215,455
Debt to equity
0.06▲
2024 · 0.06
ROE
-2.6%▼
2024 · -1.7%
Interest coverage
4.08▼
2024 · 5.78
Debt ≤ 1 year
€460,300=
2024 · €460,103
Income taxes
€818▲
2024 · €787
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 | €1.0m | €1.1m | €1.2m | €9,400 | €28,170 |
| Financial fixed assets | - | €2,110 | - | - | - |
| Depreciation and write-downs of the year | €458,057 | €377,656 | €478,333 | €353,024 | €344,131 |
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 | - | - | - | €428,631 | €1,549 | €14,400 | €0 | €7,222 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €529,323 | €383,786 | €379,961 | €458,057 | €377,656 | €478,333 | €353,024 | €344,131 | ▼ 2.5% |
| Other operating charges640/8 | - | - | - | €17,027 | €26,816 | €38,730 | €32,366 | €30,989 | ▼ 4.3% |
| Gross operating margin9900 | €229,459 | €150,809 | €267,806 | €495,790 | €153,589 | €190,234 | €220,202 | €147,486 | ▼ 33.0% |
| Operating profit (loss)9901 | -€318,404 | -€250,073 | -€130,638 | €20,705 | -€250,883 | -€326,829 | -€165,187 | -€227,634 | ▼ 37.8% |
| Financial income75/76B | - | - | - | €90 | €508,778 | €129,042 | €56,449 | €43,387 | ▼ 23.1% |
| Recurring financial income75 | €9,353 | €9,924 | €17,650 | €90 | €508,778 | €129,042 | €56,449 | €43,387 | ▼ 23.1% |
| Financial charges65/66B | - | - | - | €33,028 | €44,489 | €47,512 | €32,483 | €28,527 | ▼ 12.2% |
| Recurring financial charges65 | €2,577 | €26,498 | €32,659 | €33,028 | €44,489 | €47,512 | €32,483 | €28,527 | ▼ 12.2% |
| Profit (loss) for the period before taxes9903 | -€311,628 | -€266,648 | -€145,646 | -€12,233 | €213,405 | -€245,299 | -€141,222 | -€212,774 | ▼ 50.7% |
| Transfer from deferred taxes780 | - | - | - | - | €2,221 | €3,648 | €4,440 | €4,440 | = |
| Income taxes67/77 | €912 | €339 | €6,711 | €54,514 | €16,376 | €6,153 | €787 | €818 | ▲ 3.9% |
| Profit (loss) for the period9904 | -€312,540 | -€266,987 | -€152,357 | -€66,748 | €199,251 | -€247,804 | -€137,568 | -€209,151 | ▼ 52.0% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €6,664 | €14,114 | €13,321 | €13,321 | = |
| Transfer to tax-exempt reserves689 | - | - | - | - | €253,118 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€312,540 | -€266,987 | -€152,357 | -€66,748 | -€47,204 | -€233,690 | -€124,247 | -€195,830 | ▼ 57.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €9.4m | €9.9m | €9.6m | €9.2m | €9.5m | €8.9m | €8.7m | €8.5m | ▼ 2.4% |
| Fixed assets21/28 | €6.5m | €5.9m | €5.7m | €6.0m | €6.3m | €7.1m | €6.7m | €6.4m | ▼ 4.7% |
| Tangible fixed assets22/27 | €6.5m | €5.9m | €5.6m | €5.9m | €6.3m | €7.1m | €6.7m | €6.4m | ▼ 4.7% |
| Land and buildings22 | - | - | - | €5.9m | €6.3m | €7.1m | €6.7m | €6.4m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.002m | €0.001m | €496 | €254 | ▼ 48.8% |
| Furniture and vehicles24 | - | - | - | €206 | - | - | - | - | - |
| Financial fixed assets28 | €74 | €74 | €0.1m | €0.1m | €405 | €405 | €0 | - | - |
| Current assets29/58 | €2.8m | €3.9m | €3.8m | €3.3m | €3.2m | €1.8m | €2.0m | €2.1m | ▲ 5.1% |
| Amounts receivable within one year40/41 | €0.7m | €0.6m | €0.5m | €0.2m | €0.04m | €0.04m | €0.06m | €0.05m | ▼ 4.1% |
| Trade receivables40 | - | - | - | €0.001m | €0.01m | - | €0.003m | €0.03m | ▲ 759% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.03m | €0.04m | €0.05m | €0.03m | ▼ 47.7% |
| Current investments50/53 | €0.1m | €0.1m | - | - | €2.7m | €1.7m | €1.9m | €2.0m | ▲ 6.9% |
| Cash at bank and in hand54/58 | €2.0m | €3.2m | €3.3m | €3.0m | €0.5m | €0.08m | €0.04m | €0.01m | ▼ 64.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €225 | €0.001m | €0.001m | ▲ 40.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €9.4m | €9.9m | €9.6m | €9.2m | €9.5m | €8.9m | €8.7m | €8.5m | ▼ 2.4% |
| Equity10/15 | €9.3m | €9.0m | €8.7m | €8.4m | €8.6m | €8.3m | €8.2m | €8.0m | ▼ 2.6% |
| Contributions10/11 | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Capital10 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Issued capital100 | - | - | - | €4.0m | €4.0m | €4.0m | €4.0m | €4.0m | = |
| Revaluation surpluses12 | - | - | - | €3.2m | €3.0m | €2.7m | €2.5m | €2.3m | ▼ 9.1% |
| Reserves13 | €1.7m | €2.0m | €2.2m | €2.5m | €2.9m | €3.1m | €1.7m | €1.7m | ▲ 1.1% |
| Non-distributable reserves130/1 | - | - | - | €1.7m | €1.9m | €2.1m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves not available under the articles1311 | - | - | - | €1.5m | €1.7m | €1.9m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.4% |
| Distributable reserves133 | - | - | - | €0.8m | €0.8m | €0.8m | €1.3m | €1.3m | ▲ 2.5% |
| Profit (loss) carried forward14 | -€0.8m | -€1.0m | -€1.2m | -€1.3m | -€1.3m | -€1.5m | €0 | - | - |
| Provisions and deferred taxes16 | - | - | - | - | €0.06m | €0.05m | €0.06m | €0.06m | ▼ 7.3% |
| Deferred taxes168 | - | - | - | - | €0.06m | €0.05m | €0.06m | €0.06m | ▼ 7.3% |
| Amounts payable17/49 | €0.06m | €0.8m | €0.9m | €0.9m | €0.9m | €0.5m | €0.5m | €0.5m | = |
| Amounts payable within one year42/48 | €0.05m | €0.8m | €0.8m | €0.8m | €0.9m | €0.5m | €0.5m | €0.5m | = |
| Trade debts44 | €0.01m | €0.001m | €0.001m | €0.004m | €0.004m | €0.003m | €0.006m | €0.003m | ▼ 37.5% |
| Suppliers440/4 | - | - | - | €0.004m | €0.004m | €0.003m | €0.006m | €0.003m | ▼ 37.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.005m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | - | - | €87 | €0.001m | ▲ 12× |
| Taxes450/3 | - | - | - | €0.005m | - | - | €87 | €0.001m | ▲ 12× |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.9m | €0.5m | €0.5m | €0.5m | ▼ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | - | €0.001m | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.3m | -€0.3m | -€0.2m | -€0.07m | €0.2m | -€0.2m | -€0.1m | -€0.2m | ▼ 52.0% |
| + Depreciation and write-downs630 | €0.5m | €0.4m | €0.4m | €0.5m | €0.4m | €0.5m | €0.4m | €0.3m | ▼ 2.5% |
| Operating cash flow (approximation) | €0.2m | €0.1m | €0.2m | €0.4m | €0.6m | €0.2m | €0.2m | €0.1m | ▼ 37.4% |
| Investment in fixed assets (approximation) | - | €0.2m | -€0.1m | -€0.7m | -€0.7m | -€1.2m | -€0.009m | -€0.03m | ▼ 213% |
| Change in cash | - | €1.2m | €0.1m | -€0.3m | -€2.5m | -€0.4m | -€0.04m | -€0.03m | ▲ 24.8% |
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, 830 companies had the same profile as MOLINOR has now. Two years later, 96.5% were still going and 0.6% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a small loss
96.5%
was still going
2.9%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MOLINOR 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 830 companies, not a prediction for MOLINOR. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00275995 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00273092 | |
| 31-12-2023 | micro format | 17-07-2024 | 2024-00251875 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00120893 | |
| 31-12-2021 | micro format | 14-06-2022 | 2022-20072642 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-32800010 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-16900058 | |
| 31-12-2018 | micro format | 24-06-2019 | 2019-20500167 | |
| 31-12-2017 | micro format | 02-07-2018 | 2018-25400559 | |
| 31-12-2016 | micro format | 06-07-2017 | 2017-27300255 |