MP Fleet Services
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 10 filings
Turnover
≈ €220,000
Estimated: probably between €130,000 and €420,000
Total assets
€304,622▲ 79.5%
2024 · €169,694
Net result
€66,462▼ 21.9%
2024 · €85,106
Working capital
€172,270▲ 10.9%
2024 · €155,290
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€67,548
▼ 21.5%
2025
20182025
Net result
€66,462
▼ 21.9%
2025
middle half of the sector
20182025
Equity
€225,599
▲ 41.8%
2025
middle half of the sector
20182025
Total assets
€304,622
▲ 79.5%
2025
lowest quarter of the sector
20182025
Debt
€79,024
▲ 649%
2025
20182025
Working capital
€172,270
▲ 10.9%
2025
middle half of the sector
20182025
Solvency
74.1%
▼ 19.7pp
2025
highest quarter of the sector
20182025
Current ratio
5.27
▼ 10.44
2025
highest quarter of the sector
20182025
Return on assets (ROA)
21.8%
▼ 28.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.1
=
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-€221,117--€72,983▲ 67.0%-€73,985▼ 1.4%€289,799€54,067▼ 81.3%€14,321▼ 73.5%€86,040▲ 501%€67,548▼ 21.5%
Net result-€226,042--€82,022▲ 63.7%-€82,746below the sector's middle half▼ 0.9%€281,939above the sector's middle half€52,470within the sector's middle half▼ 81.4%€13,069within the sector's middle half▼ 75.1%€85,106within the sector's middle half▲ 551%€66,462within the sector's middle half▼ 21.9%
Equity-€108,678--€190,700▼ 75.5%-€273,446below the sector's middle half▼ 43.4%€8,492below the sector's middle half€60,962below the sector's middle half▲ 618%€74,031below the sector's middle half▲ 21.4%€159,137within the sector's middle half▲ 115%€225,599within the sector's middle half▲ 41.8%
Total assets€263,573-€215,544▼ 18.2%€102,084below the sector's middle half▼ 52.6%€257,633below the sector's middle half▲ 152%€127,444below the sector's middle half▼ 50.5%€120,025below the sector's middle half▼ 5.8%€169,694below the sector's middle half▲ 41.4%€304,622below the sector's middle half▲ 79.5%
Debt€372,251-€406,244▲ 9.1%€375,530▼ 7.6%€249,141▼ 33.7%€66,482▼ 73.3%€45,994▼ 30.8%€10,557▼ 77.0%€79,024▲ 649%
Working capital€6,503--€95,532-€188,610below the sector's middle half▼ 97.4%-€17,427below the sector's middle half▲ 90.8%€41,706within the sector's middle half€63,697within the sector's middle half▲ 52.7%€155,290within the sector's middle half▲ 144%€172,270within the sector's middle half▲ 10.9%
Solvency-41.2%--88.5%▼ 47.2pp-267.9%below the sector's middle half▼ 179.4pp3.3%below the sector's middle half▲ 271.2pp47.8%within the sector's middle half▲ 44.5pp61.7%within the sector's middle half▲ 13.8pp93.8%above the sector's middle half▲ 32.1pp74.1%above the sector's middle half▼ 19.7pp
Current ratio1.06-0.49▼ 0.570.13below the sector's middle half▼ 0.360.92below the sector's middle half▲ 0.791.63within the sector's middle half▲ 0.702.38within the sector's middle half▲ 0.7615.71above the sector's middle half▲ 13.325.27above the sector's middle half▼ 10.44
Return on assets (ROA)-85.8%--38.1%▲ 47.7pp-81.1%below the sector's middle half▼ 43.0pp109.4%above the sector's middle half▲ 190.5pp41.2%above the sector's middle half▼ 68.3pp10.9%within the sector's middle half▼ 30.3pp50.2%above the sector's middle half▲ 39.3pp21.8%above the sector's middle half▼ 28.3pp
Staff (FTE)3.9-2▼ 48.7%1below the sector's middle half▼ 50.0%0.8below the sector's middle half▼ 20.0%0.8below the sector's middle half=1below the sector's middle half▲ 25.0%0.1below the sector's middle half▼ 90.0%0.1below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Warehousing and support activities for transportation (NACE 52). 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 21% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €304,622
Fixed assets
€92,039 ▲ 24×
Current assets
€212,583 ▲ 28.2%
Equity and liabilities €304,622
Equity
€225,599 ▲ 41.8%
Debt
€79,024 ▲ 649%
Debt's share of the balance-sheet total rises from 6.2% to 25.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,772▼
2024 · €89,969
Cash flow
€70,686▼
2024 · €89,035
Quick ratio
4.97▼
2024 · 15.71
Debt to equity
0.35▲
2024 · 0.07
ROE
29.5%▼
2024 · 53.5%
Interest coverage
66.07▼
2024 · 97.88
Debt ≤ 1 year
€40,314▲
2024 · €10,557
Debt > 1 year
€38,667
Income taxes
€0▼
2024 · €15
Staff costs
€5,532▲
2024 · €4,324
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | - | 1 | 1 | - | 1 |
| full-time | - | 1 | 1 | - | 0 |
| part-time | - | - | - | - | 1 |
| in full-time equivalents | - | 1 | 1 | - | 0.8 |
| Average over the year, in full-time equivalents | 0.8 | 0.8 | 1 | 0.1 | 0.1 |
| On a permanent contract | - | 1 | 1 | - | 1 |
| Joined | 0 | 1 | - | 0 | 1 |
| Left | 1 | 0 | - | 1 | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,000 | - | €3,092 | - | €92,416 |
| Depreciation and write-downs of the year | €37,675 | €24,558 | €12,014 | €3,929 | €4,224 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,079 awarded · €1,079 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €486 | €1,079 |
| 2022 | 1 | €593 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €777 | - | - | €175 | - |
| Remuneration, social security and pensions62 | - | - | - | €12,326 | €31,214 | €49,046 | €4,324 | €5,532 | ▲ 28.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,332 | €47,744 | €49,793 | €37,675 | €24,558 | €12,014 | €3,929 | €4,224 | ▲ 7.5% |
| Other operating charges640/8 | - | - | - | €13,114 | €868 | €1,051 | €868 | €815 | ▼ 6.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €2,061 | €0 | ▼ 100% |
| Gross operating margin9900 | -€73,511 | €43,776 | €1,446 | €352,914 | €110,707 | €76,432 | €97,222 | €78,119 | ▼ 19.6% |
| Operating profit (loss)9901 | -€221,117 | -€72,983 | -€73,985 | €289,799 | €54,067 | €14,321 | €86,040 | €67,548 | ▼ 21.5% |
| Recurring financial income75 | €136 | €284 | €369 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €7,741 | €1,481 | €1,087 | €919 | €1,086 | ▲ 18.2% |
| Recurring financial charges65 | €4,895 | €9,154 | €8,995 | €7,741 | €1,481 | €1,087 | €919 | €1,086 | ▲ 18.2% |
| Profit (loss) for the period before taxes9903 | -€225,877 | -€81,853 | -€82,612 | €282,059 | €52,586 | €13,233 | €85,121 | €66,462 | ▼ 21.9% |
| Income taxes67/77 | €165 | €169 | €135 | €120 | €116 | €164 | €15 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€226,042 | -€82,022 | -€82,746 | €281,939 | €52,470 | €13,069 | €85,106 | €66,462 | ▼ 21.9% |
| Profit (loss) for the period to be appropriated9905 | -€226,042 | -€82,022 | -€82,746 | €281,939 | €52,470 | €13,069 | €85,106 | €66,462 | ▼ 21.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €263,573 | €215,544 | €102,084 | €257,633 | €127,444 | €120,025 | €169,694 | €304,622 | ▲ 79.5% |
| Fixed assets21/28 | €143,088 | €123,281 | €73,489 | €43,814 | €19,256 | €10,333 | €3,847 | €92,039 | ▲ 24× |
| Intangible fixed assets21 | €142,720 | €123,135 | €73,489 | €35,923 | €14,032 | €5,383 | €3,000 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €367 | €147 | - | €7,890 | €5,224 | €4,950 | €847 | €92,039 | ▲ 109× |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €26,230 | - |
| Furniture and vehicles24 | - | - | - | €7,890 | €5,224 | €4,950 | €847 | €65,809 | ▲ 78× |
| Current assets29/58 | €120,486 | €92,263 | €28,595 | €213,819 | €108,188 | €109,692 | €165,847 | €212,583 | ▲ 28.2% |
| Stocks and contracts in progress3 | - | - | - | - | - | - | - | €12,268 | - |
| Stocks30/36 | - | - | - | - | - | - | - | €12,268 | - |
| Amounts receivable within one year40/41 | €112,975 | €62,777 | €21,514 | €3,972 | €72,119 | €55,764 | €37,551 | €23,128 | ▼ 38.4% |
| Trade receivables40 | - | - | - | €3,972 | €72,119 | €47,699 | €29,505 | €10,300 | ▼ 65.1% |
| Other amounts receivable41 | - | - | - | - | - | €8,064 | €8,047 | €12,828 | ▲ 59.4% |
| Cash at bank and in hand54/58 | €7,091 | €26,336 | €5,281 | €208,016 | €33,723 | €51,386 | €125,996 | €173,082 | ▲ 37.4% |
| Deferred charges and accrued income490/1 | - | - | - | €1,830 | €2,345 | €2,543 | €2,300 | €4,105 | ▲ 78.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €263,573 | €215,544 | €102,084 | €257,633 | €127,444 | €120,025 | €169,694 | €304,622 | ▲ 79.5% |
| Equity10/15 | -€108,678 | -€190,700 | -€273,446 | €8,492 | €60,962 | €74,031 | €159,137 | €225,599 | ▲ 41.8% |
| Contributions10/11 | €168,341 | €168,341 | - | €283,550 | €283,550 | €283,550 | €283,550 | €283,550 | = |
| Profit (loss) carried forward14 | -€392,228 | -€474,250 | -€556,996 | -€275,058 | -€222,588 | -€209,519 | -€124,413 | -€57,951 | ▲ 53.4% |
| Amounts payable17/49 | €372,251 | €406,244 | €375,530 | €249,141 | €66,482 | €45,994 | €10,557 | €79,024 | ▲ 649% |
| Amounts payable after more than one year17 | €258,269 | €218,449 | €158,325 | €17,894 | - | - | - | €38,667 | - |
| Financial debts170/4 | - | - | - | €17,894 | - | - | - | €38,667 | - |
| Amounts payable within one year42/48 | €113,982 | €187,795 | €217,205 | €231,246 | €66,482 | €45,994 | €10,557 | €40,314 | ▲ 282% |
| Current portion of amounts payable after more than one year42 | - | - | - | €30,431 | €17,894 | - | - | €19,333 | - |
| Trade debts44 | €42,625 | €48,816 | €43,003 | €5,938 | €1,872 | €3,192 | €2,365 | €13,582 | ▲ 474% |
| Suppliers440/4 | - | - | - | €5,938 | €1,872 | €3,192 | €2,365 | €13,582 | ▲ 474% |
| Taxes, remuneration and social security45 | - | - | - | €69,095 | €15,245 | €12,740 | €8,192 | €7,399 | ▼ 9.7% |
| Taxes450/3 | - | - | - | €69,095 | €9,314 | €3,467 | €8,192 | €2,788 | ▼ 66.0% |
| Remuneration and social security454/9 | - | - | - | - | €5,931 | €9,273 | €0 | €4,611 | - |
| Other amounts payable47/48 | - | - | - | €125,783 | €31,471 | €30,063 | €0 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €43 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€226,042 | -€82,022 | -€82,746 | €281,939 | €52,470 | €13,069 | €85,106 | €66,462 | ▼ 21.9% |
| + Depreciation and write-downs630 | €42,332 | €47,744 | €49,793 | €37,675 | €24,558 | €12,014 | €3,929 | €4,224 | ▲ 7.5% |
| Operating cash flow (approximation) | -€183,710 | -€34,278 | -€32,954 | €319,613 | €77,028 | €25,083 | €89,035 | €70,686 | ▼ 20.6% |
| Investment in fixed assets (approximation) | - | -€27,937 | €0 | -€8,000 | €0 | -€3,092 | €2,557 | -€92,416 | - |
| Change in cash | - | €19,244 | -€21,055 | €202,735 | -€174,293 | €17,662 | €74,610 | €47,086 | ▼ 36.9% |
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 MP Fleet Services 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 MP Fleet Services 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 34,693 companies, not a prediction for MP Fleet Services. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 02-07-2026 | 2026-00250279 | |
| 31-12-2024 | abbreviated format | 26-06-2025 | 2025-00181934 | |
| 31-12-2023 | abbreviated format | 12-07-2024 | 2024-00246410 | |
| 31-12-2022 | abbreviated format | 05-06-2023 | 2023-00105441 | |
| 31-12-2021 | abbreviated format | 13-06-2022 | 2022-20058188 | |
| 31-12-2020 | abbreviated format | 23-08-2021 | 2021-51100196 | |
| 31-12-2019 | abbreviated format | 17-08-2020 | 2020-41900255 | |
| 31-12-2018 | abbreviated format | 14-08-2019 | 2019-47100429 | |
| 31-12-2017 | abbreviated format | 18-06-2018 | 2018-19900156 | |
| 31-12-2016 | abbreviated format | 10-06-2017 | 2017-16600053 |