MOP
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 22 filings
Turnover
≈ €260,000
Estimated: probably between €160,000 and €480,000
Total assets
€450,986▲ 0.1%
2024 · €450,593
Net result
€30,967▼ 45.3%
2024 · €56,580
Working capital
€288,894▲ 18.1%
2024 · €244,662
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€79,500
▼ 38.2%
2025
20182025
Net result
€30,967
▼ 45.3%
2025
20182025
Equity
€445,748
▲ 7.5%
2025
20182025
Total assets
€450,986
▲ 0.1%
2025
20182025
Debt
€5,239
▼ 85.4%
2025
20182025
Working capital
€288,894
▲ 18.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€48,046-€103,953▲ 116%€66,878▼ 35.7%€73,658▲ 10.1%€129,769▲ 76.2%€164,063▲ 26.4%€128,669▼ 21.6%€79,500▼ 38.2%
Net result-€5,364-€38,883€20,907▼ 46.2%€9,104▼ 56.5%€39,301▲ 332%€116,273▲ 196%€56,580▼ 51.3%€30,967▼ 45.3%
Equity€133,731-€172,615▲ 29.1%€193,522▲ 12.1%€202,625▲ 4.7%€241,927▲ 19.4%€358,199▲ 48.1%€414,780▲ 15.8%€445,748▲ 7.5%
Total assets€300,548-€354,167▲ 17.8%€361,973▲ 2.2%€384,097▲ 6.1%€461,826▲ 20.2%€383,712▼ 16.9%€450,593▲ 17.4%€450,986▲ 0.1%
Debt€166,817-€181,552▲ 8.8%€168,451▼ 7.2%€181,472▲ 7.7%€219,899▲ 21.2%€25,513▼ 88.4%€35,813▲ 40.4%€5,239▼ 85.4%
Working capital-€44,058--€26,441▲ 40.0%-€21,438▲ 18.9%€1,720€32,644▲ 19×€169,965▲ 421%€244,662▲ 43.9%€288,894▲ 18.1%
The operating result for 2025 is 38% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €450,986
Fixed assets
€156,854 ▼ 7.8%
Current assets
€294,133 ▲ 4.9%
Equity and liabilities €450,986
Equity
€445,748 ▲ 7.5%
Debt
€5,239 ▼ 85.4%
Debt's share of the balance-sheet total falls from 7.9% to 1.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€96,524▼
2024 · €149,230
Cash flow
€47,992▼
2024 · €77,142
Current ratio
56.15▲
2024 · 7.83
Debt to equity
0.01▼
2024 · 0.09
ROE
6.9%▼
2024 · 13.6%
ROA
6.9%▼
2024 · 12.6%
Interest coverage
2.57▼
2024 · 2.98
Debt ≤ 1 year
€5,239▼
2024 · €35,813
Income taxes
€11,121▼
2024 · €22,076
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 | €3,113 | €27,191 | - | €2,446 | €3,760 |
| Depreciation and write-downs of the year | €17,168 | €18,813 | €21,049 | €20,562 | €17,025 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,633 | €17,805 | €17,167 | €17,168 | €18,813 | €21,049 | €20,562 | €17,025 | ▼ 17.2% |
| Other operating charges640/8 | - | - | - | €3,016 | €3,138 | €3,320 | €3,306 | €3,875 | ▲ 17.2% |
| Non-recurring operating charges66A | - | - | - | - | €92 | €63 | - | - | - |
| Gross operating margin9900 | €73,878 | €125,137 | €87,055 | €93,842 | €151,812 | €188,495 | €152,537 | €100,400 | ▼ 34.2% |
| Operating profit (loss)9901 | €48,046 | €103,953 | €66,878 | €73,658 | €129,769 | €164,063 | €128,669 | €79,500 | ▼ 38.2% |
| Financial income75/76B | - | - | - | - | €4 | €700 | - | €192 | - |
| Recurring financial income75 | - | - | - | - | €4 | €700 | - | €192 | - |
| Financial charges65/66B | - | - | - | €60,253 | €74,866 | €177 | €50,012 | €37,603 | ▼ 24.8% |
| Recurring financial charges65 | €53,219 | €54,482 | €35,991 | €60,253 | €74,866 | €177 | €50,012 | €37,603 | ▼ 24.8% |
| Profit (loss) for the period before taxes9903 | -€5,173 | €49,471 | €30,887 | €13,405 | €54,907 | €164,586 | €78,657 | €42,088 | ▼ 46.5% |
| Income taxes67/77 | €191 | €10,588 | €9,980 | €4,301 | €15,606 | €48,313 | €22,076 | €11,121 | ▼ 49.6% |
| Profit (loss) for the period9904 | -€5,364 | €38,883 | €20,907 | €9,104 | €39,301 | €116,273 | €56,580 | €30,967 | ▼ 45.3% |
| Profit (loss) for the period to be appropriated9905 | -€5,364 | €38,883 | €22,807 | €9,104 | €39,301 | €116,273 | €56,580 | €30,967 | ▼ 45.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €300,548 | €354,167 | €361,973 | €384,097 | €461,826 | €383,712 | €450,593 | €450,986 | ▲ 0.1% |
| Fixed assets21/28 | €229,638 | €217,733 | €214,960 | €200,905 | €209,283 | €188,234 | €170,119 | €156,854 | ▼ 7.8% |
| Tangible fixed assets22/27 | €229,638 | €217,733 | €214,960 | €200,905 | €209,283 | €188,234 | €170,119 | €156,854 | ▼ 7.8% |
| Land and buildings22 | - | - | - | €199,408 | €203,556 | €185,636 | €168,640 | €154,810 | ▼ 8.2% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €565 | €293 | ▼ 48.1% |
| Furniture and vehicles24 | - | - | - | €1,497 | €5,727 | €2,598 | €914 | €1,750 | ▲ 91.6% |
| Current assets29/58 | €70,910 | €136,434 | €147,013 | €183,192 | €252,543 | €195,478 | €280,475 | €294,133 | ▲ 4.9% |
| Amounts receivable within one year40/41 | - | €6,574 | - | €4,609 | - | €18,565 | €175 | €7,338 | ▲ 42× |
| Trade receivables40 | - | - | - | - | - | €36 | - | - | - |
| Other amounts receivable41 | - | - | - | €4,609 | - | €18,529 | €175 | €7,338 | ▲ 42× |
| Current investments50/53 | - | - | - | - | - | - | - | €200,129 | - |
| Cash at bank and in hand54/58 | €53,298 | €111,183 | €113,578 | €165,048 | €234,998 | €81,309 | €215,281 | €43,117 | ▼ 80.0% |
| Deferred charges and accrued income490/1 | - | - | - | €13,535 | €17,545 | €95,604 | €65,019 | €43,548 | ▼ 33.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €300,548 | €354,167 | €361,973 | €384,097 | €461,826 | €383,712 | €450,593 | €450,986 | ▲ 0.1% |
| Equity10/15 | €133,731 | €172,615 | €193,522 | €202,625 | €241,927 | €358,199 | €414,780 | €445,748 | ▲ 7.5% |
| Contributions10/11 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Capital10 | - | - | - | €30,000 | - | - | - | - | - |
| Issued capital100 | - | - | - | €36,200 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Other1109/19 | - | - | - | - | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €30,416 | €69,300 | €90,207 | €99,310 | €138,612 | €254,884 | €311,384 | €342,352 | ▲ 9.9% |
| Non-distributable reserves130/1 | - | - | - | €3,620 | €3,620 | €3,620 | €3,620 | €3,620 | = |
| Legal reserve130 | - | - | - | €3,620 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €3,620 | €3,620 | €3,620 | €3,620 | = |
| Distributable reserves133 | - | - | - | €95,690 | €134,992 | €251,264 | €307,764 | €338,732 | ▲ 10.1% |
| Profit (loss) carried forward14 | €73,315 | €73,315 | €73,315 | €73,315 | €73,315 | €73,315 | €73,396 | €73,396 | = |
| Amounts payable17/49 | €166,817 | €181,552 | €168,451 | €181,472 | €219,899 | €25,513 | €35,813 | €5,239 | ▼ 85.4% |
| Amounts payable after more than one year17 | €51,849 | €18,676 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €114,968 | €162,875 | €168,451 | €181,472 | €219,899 | €25,513 | €35,813 | €5,239 | ▼ 85.4% |
| Trade debts44 | €407 | €440 | €61 | €425 | €325 | - | €424 | €16 | ▼ 96.1% |
| Suppliers440/4 | - | - | - | €425 | €325 | - | €424 | €16 | ▼ 96.1% |
| Taxes, remuneration and social security45 | - | - | - | €15,490 | €7,406 | €25,513 | €35,389 | €3,097 | ▼ 91.2% |
| Taxes450/3 | - | - | - | €12,890 | €7,406 | €25,513 | €35,389 | €3,097 | ▼ 91.2% |
| Remuneration and social security454/9 | - | - | - | €2,600 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €165,557 | €212,168 | - | - | €2,126 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,364 | €38,883 | €20,907 | €9,104 | €39,301 | €116,273 | €56,580 | €30,967 | ▼ 45.3% |
| + Depreciation and write-downs630 | €22,633 | €17,805 | €17,167 | €17,168 | €18,813 | €21,049 | €20,562 | €17,025 | ▼ 17.2% |
| Operating cash flow (approximation) | €17,269 | €56,688 | €38,074 | €26,272 | €58,114 | €137,322 | €77,142 | €47,992 | ▼ 37.8% |
| Investment in fixed assets (approximation) | - | -€5,900 | -€14,394 | -€3,113 | -€27,191 | €0 | -€2,446 | -€3,760 | ▼ 53.7% |
| Change in cash | - | €57,885 | €2,395 | €51,470 | €69,950 | -€153,689 | €133,972 | -€172,164 | - |
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, 20,136 companies had the same profile as MOP has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of MOP 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 20,136 companies, not a prediction for MOP. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 20-07-2026 | 2026-00330778 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00470543 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00325078 | |
| 31-12-2022 | micro format | 14-08-2023 | 2023-00330264 | |
| 31-12-2021 | micro format | 30-07-2022 | 2022-20268264 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-65600534 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37600421 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-43300545 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-53400569 | |
| 31-12-2016 | micro format | 08-08-2017 | 2017-42300309 |