MOPA
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 02-10-2026 at the NBB all 10 filings
Turnover
€9,907▼ 31.7%
2019 · €14,500
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€12,589▼ 116%
2025 · -€5,842
Working capital
-€199,128▼ 2.9%
2025 · -€193,545
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
no figure
2026
20192026
Operating result
-€12,972
▼ 47.8%
2026
20192026
Net result
-€12,589
▼ 116%
2026
20192026
Equity
€209,814
▼ 5.7%
2026
20192026
Total assets
€488,569
▼ 4.1%
2026
20192026
Debt
€218,722
▼ 1.9%
2026
20192026
Working capital
-€199,128
▼ 2.9%
2026
20192026
Solvency
42.9%
▼ 0.7pp
2026
20192026
Current ratio
0.00
=
2026
20192026
Return on assets (ROA)
-2.6%
▼ 1.4pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€14,500-€9,907▼ 31.7%
Operating result-€15,687--€11,346▲ 27.7%-€13,833▼ 21.9%-€10,991▲ 20.5%-€12,505▼ 13.8%-€13,675▼ 9.4%-€8,775▲ 35.8%-€12,972▼ 47.8%
Net result-€12,117--€8,649▲ 28.6%-€10,983below the sector's middle half▼ 27.0%-€8,260within the sector's middle half▲ 24.8%-€9,437within the sector's middle half▼ 14.2%-€10,693below the sector's middle half▼ 13.3%-€5,842within the sector's middle half▲ 45.4%-€12,589▼ 116%
Equity€276,266-€267,619▼ 3.1%€256,635within the sector's middle half▼ 4.1%€248,375within the sector's middle half▼ 3.2%€238,938within the sector's middle half▼ 3.8%€228,245within the sector's middle half▼ 4.5%€222,403within the sector's middle half▼ 2.6%€209,814▼ 5.7%
Total assets€607,644-€601,334▼ 1.0%€587,619within the sector's middle half▼ 2.3%€567,275within the sector's middle half▼ 3.5%€549,585within the sector's middle half▼ 3.1%€529,235within the sector's middle half▼ 3.7%€509,249within the sector's middle half▼ 3.8%€488,569▼ 4.1%
Debt€244,137-€250,361▲ 2.5%€251,516▲ 0.5%€243,320▼ 3.3%€238,953▼ 1.8%€233,183▼ 2.4%€222,926▼ 4.4%€218,722▼ 1.9%
Working capital-€182,515--€175,059▲ 4.1%-€186,126below the sector's middle half▼ 6.3%-€186,927below the sector's middle half▼ 0.4%-€191,495below the sector's middle half▼ 2.4%-€194,832below the sector's middle half▼ 1.7%-€193,545below the sector's middle half▲ 0.7%-€199,128▼ 2.9%
Solvency45.5%-44.5%▼ 1.0pp43.7%within the sector's middle half▼ 0.8pp43.8%within the sector's middle half▲ 0.1pp43.5%within the sector's middle half▼ 0.3pp43.1%within the sector's middle half▼ 0.3pp43.7%within the sector's middle half▲ 0.5pp42.9%▼ 0.7pp
Current ratio0.01-0.01=0.00below the sector's middle half▼ 0.010.00below the sector's middle half=0.00below the sector's middle half=0.00below the sector's middle half=0.00below the sector's middle half=0.00=
Return on assets (ROA)-2.0%--1.4%▲ 0.6pp-1.9%below the sector's middle half▼ 0.4pp-1.5%within the sector's middle half▲ 0.4pp-1.7%within the sector's middle half▼ 0.3pp-2.0%within the sector's middle half▼ 0.3pp-1.1%within the sector's middle half▲ 0.9pp-2.6%▼ 1.4pp
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 2026 is a loss of €12,972, larger than the loss of €8,775 in 2025.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €488,569
Fixed assets
€488,128 ▼ 4.0%
Current assets
€441 ▼ 47.0%
Equity and liabilities €488,569
Equity
€209,814 ▼ 5.7%
Provisions
€60,033 ▼ 6.1%
Debt
€218,722 ▼ 1.9%
Debt's share of the balance-sheet total rises from 43.8% to 44.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€7,316▼
2025 · €11,514
Cash flow
€7,699▼
2025 · €14,447
Debt to equity
1.04▲
2025 · 1.00
ROE
-6.0%▼
2025 · -2.6%
Interest coverage
10.23▼
2025 · 12.05
Debt ≤ 1 year
€199,569▲
2025 · €194,378
Debt > 1 year
€19,153▼
2025 · €28,548
Income taxes
€2,789
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-04-2022 | 30-04-2023 | 30-04-2024 | 30-04-2025 | 30-04-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,517 | - | - | - |
| Depreciation and write-downs of the year | €20,270 | €20,498 | €20,395 | €20,289 | €20,289 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €14,500 | €9,907 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €2,671 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,994 | €16,855 | €20,614 | €20,270 | €20,498 | €20,395 | €20,289 | €20,289 | = |
| Other operating charges640/8 | - | - | - | €1,378 | €1,935 | €2,879 | €1,981 | €2,163 | ▲ 9.2% |
| Gross operating margin9900 | €10,947 | €6,928 | €8,553 | €10,657 | €9,929 | €9,599 | €13,495 | €9,480 | ▼ 29.8% |
| Operating profit (loss)9901 | -€15,687 | -€11,346 | -€13,833 | -€10,991 | -€12,505 | -€13,675 | -€8,775 | -€12,972 | ▼ 47.8% |
| Financial income75/76B | - | - | - | €7 | €10 | €1 | €2 | €0 | ▼ 94.6% |
| Recurring financial income75 | - | €30 | - | €7 | €10 | €1 | €2 | €0 | ▼ 94.6% |
| Financial charges65/66B | - | - | - | €1,163 | €829 | €906 | €956 | €715 | ▼ 25.1% |
| Recurring financial charges65 | €317 | €1,220 | €1,038 | €1,163 | €829 | €906 | €956 | €715 | ▼ 25.1% |
| Profit (loss) for the period before taxes9903 | -€16,004 | -€12,536 | -€14,870 | -€12,147 | -€13,324 | -€14,580 | -€9,729 | -€13,687 | ▼ 40.7% |
| Transfer from deferred taxes780 | - | - | - | €3,887 | €3,887 | €3,887 | €3,887 | €3,887 | = |
| Income taxes67/77 | - | - | - | - | - | - | - | €2,789 | - |
| Profit (loss) for the period9904 | -€12,117 | -€8,649 | -€10,983 | -€8,260 | -€9,437 | -€10,693 | -€5,842 | -€12,589 | ▼ 116% |
| Transfer from tax-exempt reserves789 | - | - | - | €9,253 | €9,253 | €9,253 | €9,253 | €9,253 | = |
| Profit (loss) for the period to be appropriated9905 | -€2,863 | €606 | -€1,730 | €993 | -€183 | -€1,440 | €3,411 | -€3,336 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €607,644 | €601,334 | €587,619 | €567,275 | €549,585 | €529,235 | €509,249 | €488,569 | ▼ 4.1% |
| Fixed assets21/28 | €606,061 | €599,755 | €587,352 | €567,082 | €549,100 | €528,705 | €508,417 | €488,128 | ▼ 4.0% |
| Tangible fixed assets22/27 | €606,055 | €599,749 | €587,352 | €567,082 | €549,100 | €528,705 | €508,417 | €488,128 | ▼ 4.0% |
| Land and buildings22 | - | - | - | €566,868 | €548,994 | €528,705 | €508,417 | €488,128 | ▼ 4.0% |
| Plant, machinery and equipment23 | - | - | - | €214 | €107 | - | - | - | - |
| Financial fixed assets28 | €6 | €6 | - | - | - | - | - | - | - |
| Current assets29/58 | €1,583 | €1,579 | €267 | €193 | €484 | €530 | €832 | €441 | ▼ 47.0% |
| Cash at bank and in hand54/58 | €1,583 | €1,579 | €267 | €193 | €484 | €530 | €832 | €441 | ▼ 47.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €607,644 | €601,334 | €587,619 | €567,275 | €549,585 | €529,235 | €509,249 | €488,569 | ▼ 4.1% |
| Equity10/15 | €276,266 | €267,619 | €256,635 | €248,375 | €238,938 | €228,245 | €222,403 | €209,814 | ▼ 5.7% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €260,345 | €251,092 | €241,838 | €232,585 | €223,332 | €214,078 | €204,825 | €195,572 | ▼ 4.5% |
| Non-distributable reserves130/1 | - | - | - | €75 | €75 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €75 | €75 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €231,088 | €221,835 | €212,582 | €203,329 | €194,075 | ▼ 4.6% |
| Distributable reserves133 | - | - | - | €1,422 | €1,422 | €1,497 | €1,497 | €1,497 | = |
| Profit (loss) carried forward14 | -€2,679 | -€2,073 | -€3,803 | -€2,810 | -€2,994 | -€4,433 | -€1,022 | -€4,358 | ▼ 327% |
| Provisions and deferred taxes16 | €87,241 | €83,354 | €79,467 | €75,580 | €71,693 | €67,807 | €63,920 | €60,033 | ▼ 6.1% |
| Deferred taxes168 | - | - | - | €75,580 | €71,693 | €67,807 | €63,920 | €60,033 | ▼ 6.1% |
| Amounts payable17/49 | €244,137 | €250,361 | €251,516 | €243,320 | €238,953 | €233,183 | €222,926 | €218,722 | ▼ 1.9% |
| Amounts payable after more than one year17 | €60,039 | €73,723 | €65,123 | €56,200 | €46,974 | €37,821 | €28,548 | €19,153 | ▼ 32.9% |
| Financial debts170/4 | - | - | - | €56,200 | €46,974 | €37,821 | €28,548 | €19,153 | ▼ 32.9% |
| Amounts payable within one year42/48 | €184,098 | €176,638 | €186,393 | €187,120 | €191,979 | €195,362 | €194,378 | €199,569 | ▲ 2.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,762 | €9,034 | €9,352 | €9,273 | €9,531 | ▲ 2.8% |
| Trade debts44 | €29,480 | €2,440 | €2,956 | - | - | €89 | €2,372 | €400 | ▼ 83.1% |
| Suppliers440/4 | - | - | - | - | - | €89 | €2,372 | €400 | ▼ 83.1% |
| Other amounts payable47/48 | - | - | - | €178,358 | €182,946 | €185,921 | €182,732 | €189,638 | ▲ 3.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,117 | -€8,649 | -€10,983 | -€8,260 | -€9,437 | -€10,693 | -€5,842 | -€12,589 | ▼ 116% |
| + Depreciation and write-downs630 | €24,994 | €16,855 | €20,614 | €20,270 | €20,498 | €20,395 | €20,289 | €20,289 | = |
| Operating cash flow (approximation) | €12,877 | €8,206 | €9,631 | €12,009 | €11,062 | €9,703 | €14,447 | €7,699 | ▼ 46.7% |
| Investment in fixed assets (approximation) | - | -€10,549 | -€8,211 | €0 | -€2,517 | €0 | €0 | €0 | - |
| Change in cash | - | -€4 | -€1,312 | -€74 | €291 | €46 | €302 | -€391 | - |
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, 8,617 companies had the same profile as MOPA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MOPA itself: 0.2% 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 8,617 companies, not a prediction for MOPA. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-04-2026 | micro format | 02-10-2026 | 2026-00550334 | |
| 30-04-2025 | micro format | 20-11-2025 | 2025-00569844 | |
| 30-04-2024 | micro format | 30-09-2024 | 2024-00493353 | |
| 30-04-2023 | micro format | 03-10-2023 | 2023-00467671 | |
| 30-04-2022 | micro format | 12-10-2022 | 2022-20461565 | |
| 30-04-2021 | micro format | 20-01-2022 | 2022-01200537 | |
| 30-04-2020 | micro format | 09-08-2020 | 2020-40500061 | |
| 30-04-2019 | micro format | 07-02-2020 | 2020-04700246 | |
| 30-04-2018 | abbreviated format | 30-10-2018 | 2018-70900526 | |
| 30-04-2017 | micro format | 31-01-2018 | 2018-03800122 |