MPTR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-02-2026 PDF all 4 filings
Turnover
≈ €320,000
Estimated: probably between €250,000 and €400,000
Total assets
€242,876▲ 1.9%
2024 · €238,356
Net result
€39,281▲ 7.4%
2024 · €36,585
Working capital
-€48,128
2024 · €14,415
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€54,632
▲ 19.6%
2025
20222025
Net result
€39,281
▲ 7.4%
2025
highest quarter of the sector
20222025
Equity
€10,000
▼ 87.0%
2025
middle half of the sector
20222025
Total assets
€242,876
▲ 1.9%
2025
middle half of the sector
20222025
Debt
€232,876
▲ 44.0%
2025
20222025
Working capital
-€48,128
2025
lowest quarter of the sector
20222025
Solvency
4.1%
▼ 28.1pp
2025
lowest quarter of the sector
20222025
Current ratio
0.70
▼ 0.51
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
16.2%
▲ 0.8pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€2,889-€37,157▲ 13×€45,665▲ 22.9%€54,632▲ 19.6%
Net result€487within the sector's middle half-€29,614above the sector's middle half▲ 61×€36,585above the sector's middle half▲ 23.5%€39,281above the sector's middle half▲ 7.4%
Equity€10,487below the sector's middle half-€40,100within the sector's middle half▲ 282%€76,686within the sector's middle half▲ 91.2%€10,000within the sector's middle half▼ 87.0%
Total assets€68,358within the sector's middle half-€91,024within the sector's middle half▲ 33.2%€238,356within the sector's middle half▲ 162%€242,876within the sector's middle half▲ 1.9%
Debt€57,872-€50,923▼ 12.0%€161,670▲ 217%€232,876▲ 44.0%
Working capital-€454within the sector's middle half-€6,239within the sector's middle half€14,415within the sector's middle half▲ 131%-€48,128below the sector's middle half
Solvency15.3%within the sector's middle half-44.1%within the sector's middle half▲ 28.7pp32.2%within the sector's middle half▼ 11.9pp4.1%below the sector's middle half▼ 28.1pp
Current ratio0.99within the sector's middle half-1.12within the sector's middle half▲ 0.131.21within the sector's middle half▲ 0.090.70below the sector's middle half▼ 0.51
Return on assets (ROA)0.7%within the sector's middle half-32.5%above the sector's middle half▲ 31.8pp15.3%above the sector's middle half▼ 17.2pp16.2%above the sector's middle half▲ 0.8pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 20% higher than in 2024 and the highest since 2022. It is the third rise 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 €242,876
Fixed assets
€129,699 ▼ 16.4%
Current assets
€113,176 ▲ 36.2%
Equity and liabilities €242,876
Equity
€10,000 ▼ 87.0%
Debt
€232,876 ▲ 44.0%
Debt's share of the balance-sheet total rises from 67.8% to 95.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€89,778▲
2024 · €57,773
Cash flow
€74,428▲
2024 · €48,693
Debt to equity
23.29▲
2024 · 2.11
ROE
392.8%▲
2024 · 47.7%
Interest coverage
17.72▼
2024 · 25.56
Debt ≤ 1 year
€161,304▲
2024 · €68,707
Debt > 1 year
€71,087▼
2024 · €92,324
Income taxes
€10,284▲
2024 · €6,820
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €19,989 | €31,018 | €133,345 | €9,611 |
| Financial fixed assets | - | - | €135 | €0 |
| Depreciation and write-downs of the year | €9,048 | €8,098 | €12,107 | €35,146 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,048 | €8,098 | €12,107 | €35,146 | ▲ 190% |
| Other operating charges640/8 | €5,693 | €4,565 | €4,478 | €4,163 | ▼ 7.0% |
| Gross operating margin9900 | €17,630 | €49,819 | €62,250 | €93,941 | ▲ 50.9% |
| Operating profit (loss)9901 | €2,889 | €37,157 | €45,665 | €54,632 | ▲ 19.6% |
| Financial income75/76B | - | - | - | €0 | - |
| Recurring financial income75 | - | - | - | €0 | - |
| Financial charges65/66B | €1,882 | €647 | €2,260 | €5,067 | ▲ 124% |
| Recurring financial charges65 | €1,882 | €647 | €2,260 | €5,067 | ▲ 124% |
| Profit (loss) for the period before taxes9903 | €1,006 | €36,510 | €43,405 | €49,565 | ▲ 14.2% |
| Income taxes67/77 | €519 | €6,896 | €6,820 | €10,284 | ▲ 50.8% |
| Profit (loss) for the period9904 | €487 | €29,614 | €36,585 | €39,281 | ▲ 7.4% |
| Profit (loss) for the period to be appropriated9905 | €487 | €29,614 | €36,585 | €39,281 | ▲ 7.4% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €68,358 | €91,024 | €238,356 | €242,876 | ▲ 1.9% |
| Fixed assets21/28 | €10,941 | €33,862 | €155,234 | €129,699 | ▼ 16.4% |
| Tangible fixed assets22/27 | €10,941 | €33,862 | €155,099 | €129,564 | ▼ 16.5% |
| Furniture and vehicles24 | €9,715 | €20,353 | €22,050 | €16,631 | ▼ 24.6% |
| Leasing and similar rights25 | - | - | €122,621 | €105,584 | ▼ 13.9% |
| Other tangible fixed assets26 | €1,226 | €13,508 | €10,429 | €7,349 | ▼ 29.5% |
| Financial fixed assets28 | - | - | €135 | €135 | = |
| Current assets29/58 | €57,418 | €57,162 | €83,121 | €113,176 | ▲ 36.2% |
| Stocks and contracts in progress3 | €7,404 | €0 | - | - | - |
| Contracts in progress37 | €7,404 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €16,797 | €36,182 | €45,537 | €31,604 | ▼ 30.6% |
| Trade receivables40 | €16,797 | €33,366 | €42,720 | €31,168 | ▼ 27.0% |
| Other amounts receivable41 | - | €2,817 | €2,817 | €436 | ▼ 84.5% |
| Cash at bank and in hand54/58 | €30,993 | €16,880 | €32,968 | €60,801 | ▲ 84.4% |
| Deferred charges and accrued income490/1 | €2,224 | €4,099 | €4,616 | €20,772 | ▲ 350% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €68,358 | €91,024 | €238,356 | €242,876 | ▲ 1.9% |
| Equity10/15 | €10,487 | €40,100 | €76,686 | €10,000 | ▼ 87.0% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €487 | €30,100 | €66,686 | €0 | ▼ 100% |
| Distributable reserves133 | €487 | €30,100 | €66,686 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | €0 | - |
| Amounts payable17/49 | €57,872 | €50,923 | €161,670 | €232,876 | ▲ 44.0% |
| Amounts payable after more than one year17 | - | - | €92,324 | €71,087 | ▼ 23.0% |
| Financial debts170/4 | - | - | €92,324 | €71,087 | ▼ 23.0% |
| Amounts payable within one year42/48 | €57,872 | €50,923 | €68,707 | €161,304 | ▲ 135% |
| Current portion of amounts payable after more than one year42 | €5,787 | €0 | €20,547 | €21,237 | ▲ 3.4% |
| Trade debts44 | €15,097 | €6,819 | €14,115 | €6,277 | ▼ 55.5% |
| Suppliers440/4 | €15,097 | €6,819 | €14,115 | €6,277 | ▼ 55.5% |
| Taxes, remuneration and social security45 | €5,276 | €6,896 | €12,992 | €7,197 | ▼ 44.6% |
| Taxes450/3 | €5,276 | €6,896 | €12,992 | €7,197 | ▼ 44.6% |
| Other amounts payable47/48 | €31,712 | €37,208 | €21,052 | €126,593 | ▲ 501% |
| Accrued charges and deferred income492/3 | - | - | €639 | €485 | ▼ 24.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €487 | €29,614 | €36,585 | €39,281 | ▲ 7.4% |
| + Depreciation and write-downs630 | €9,048 | €8,098 | €12,107 | €35,146 | ▲ 190% |
| Operating cash flow (approximation) | €9,535 | €37,711 | €48,693 | €74,428 | ▲ 52.9% |
| Investment in fixed assets (approximation) | - | -€31,018 | -€133,480 | -€9,611 | ▲ 92.8% |
| Change in cash | - | -€14,112 | €16,088 | €27,832 | ▲ 73.0% |
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, 2,153 companies had the same profile as MPTR has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
That fits the bankruptcy probability of MPTR itself: 1.8% 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 2,153 companies, not a prediction for MPTR. 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.