MRC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 12 days after the deadline Filed on 12 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00109166.
Annual accounts 2025 filed on 12-05-2026 PDF all 13 filings
Turnover
€44,339▲ 147%
2024 · €17,978
EBIT margin
20.2%▲ 26.5pp
2024 · -6.3%
Net result
€7,607
2024 · -€3,294
Working capital
€63,626▲ 17.9%
2024 · €53,950
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€44,339
▲ 147%
2025
20192025
Operating result
€8,943
2025
20192025
Net result
€7,607
2025
middle half of the sector
20192025
EBIT margin
20.2%
▲ 26.5pp
2025
20192025
Equity
€60,722
▲ 14.3%
2025
middle half of the sector
20192025
Total assets
€154,223
▼ 0.4%
2025
middle half of the sector
20192025
Debt
€93,502
▼ 8.1%
2025
20192025
Working capital
€63,626
▲ 17.9%
2025
middle half of the sector
20192025
Solvency
39.4%
▲ 5.1pp
2025
middle half of the sector
20192025
Current ratio
4.85
▲ 1.18
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.9%
▲ 7.1pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€20,459€22,407▲ 9.5%€17,978▼ 19.8%€44,339▲ 147%
Operating result-€3,742--€32,221▼ 761%€1,981-€5,251€2,200-€1,135€8,943
Net result-€6,876-€48,106above the sector's middle half-€450below the sector's middle half-€7,559below the sector's middle half▼ 1,581%€27below the sector's middle half-€3,294below the sector's middle half€7,607within the sector's middle half
EBIT margin-25.7%9.8%▲ 35.5pp-6.3%▼ 16.1pp20.2%▲ 26.5pp
Equity€42,085-€90,191within the sector's middle half▲ 114%€89,741within the sector's middle half▼ 0.5%€56,382within the sector's middle half▼ 37.2%€56,409within the sector's middle half=€53,115within the sector's middle half▼ 5.8%€60,722within the sector's middle half▲ 14.3%
Total assets€311,667-€358,881above the sector's middle half▲ 15.1%€278,029within the sector's middle half▼ 22.5%€260,841within the sector's middle half▼ 6.2%€229,344within the sector's middle half▼ 12.1%€154,851within the sector's middle half▼ 32.5%€154,223within the sector's middle half▼ 0.4%
Debt€269,582-€268,690▼ 0.3%€188,287▼ 29.9%€204,459▲ 8.6%€172,935▼ 15.4%€101,736▼ 41.2%€93,502▼ 8.1%
Working capital-€114,208-€81,749within the sector's middle half€84,842within the sector's middle half▲ 3.8%€52,520within the sector's middle half▼ 38.1%€55,958within the sector's middle half▲ 6.5%€53,950within the sector's middle half▼ 3.6%€63,626within the sector's middle half▲ 17.9%
Solvency13.5%-25.1%within the sector's middle half▲ 11.6pp32.3%within the sector's middle half▲ 7.1pp21.6%below the sector's middle half▼ 10.7pp24.6%below the sector's middle half▲ 3.0pp34.3%within the sector's middle half▲ 9.7pp39.4%within the sector's middle half▲ 5.1pp
Current ratio0.28-1.50within the sector's middle half▲ 1.221.96within the sector's middle half▲ 0.461.47within the sector's middle half▼ 0.481.65within the sector's middle half▲ 0.183.66within the sector's middle half▲ 2.014.85above the sector's middle half▲ 1.18
Return on assets (ROA)-2.2%-13.4%within the sector's middle half▲ 15.6pp-0.2%below the sector's middle half▼ 13.6pp-2.9%below the sector's middle half▼ 2.7pp0.0%below the sector's middle half▲ 2.9pp-2.1%below the sector's middle half▼ 2.1pp4.9%within the sector's middle half▲ 7.1pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 profit of €8,943, after a loss of €1,135 in 2024. It is the highest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €154,223
Fixed assets
€74,053 ▼ 8.2%
Current assets
€80,171 ▲ 8.0%
Equity and liabilities €154,223
Equity
€60,722 ▲ 14.3%
Debt
€93,502 ▼ 8.1%
Debt's share of the balance-sheet total falls from 65.7% to 60.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€15,524▲
2024 · €6,163
Cash flow
€14,188▲
2024 · €4,004
Debt to equity
1.54▼
2024 · 1.92
ROE
12.5%▲
2024 · -6.2%
Interest coverage
7.10▲
2024 · 2.85
Debt ≤ 1 year
€16,545▼
2024 · €20,267
Debt > 1 year
€75,457▼
2024 · €81,469
Income taxes
€20
Customer credit
73 days
Supplier credit
10 days▲
2024 · 3 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €20,459 | €22,407 | €17,978 | €44,339 | ▲ 147% |
| Non-recurring operating income76A | - | - | €0 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €29,459 | €23,436 | €24,670 | €50,070 | ▲ 103% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,424 | €9,424 | €9,424 | €7,049 | €9,424 | €7,298 | €6,581 | ▼ 9.8% |
| Other operating charges640/8 | - | - | €1,811 | €1,418 | €1,610 | €1,818 | €1,864 | ▲ 2.5% |
| Non-recurring operating charges66A | - | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | €13,155 | -€20,786 | €13,216 | €3,216 | €13,234 | €7,981 | €17,388 | ▲ 118% |
| Operating profit (loss)9901 | -€3,742 | -€32,221 | €1,981 | -€5,251 | €2,200 | -€1,135 | €8,943 | - |
| Financial income75/76B | - | - | €0 | - | - | - | €870 | - |
| Recurring financial income75 | €0 | €0 | €0 | - | - | - | €870 | - |
| Financial charges65/66B | - | - | €2,431 | €2,308 | €2,174 | €2,159 | €2,186 | ▲ 1.3% |
| Recurring financial charges65 | €3,012 | €2,566 | €2,431 | €2,308 | €2,174 | €2,159 | €2,186 | ▲ 1.3% |
| Profit (loss) for the period before taxes9903 | -€6,754 | €64,556 | -€450 | -€7,559 | €27 | -€3,294 | €7,627 | - |
| Income taxes67/77 | €122 | €16,450 | €0 | - | - | - | €20 | - |
| Profit (loss) for the period9904 | -€6,876 | €48,106 | -€450 | -€7,559 | €27 | -€3,294 | €7,607 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,876 | €48,106 | -€450 | -€7,559 | €27 | -€3,294 | €7,607 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €311,667 | €358,881 | €278,029 | €260,841 | €229,344 | €154,851 | €154,223 | ▼ 0.4% |
| Fixed assets21/28 | €267,434 | €113,829 | €104,405 | €97,356 | €87,932 | €80,634 | €74,053 | ▼ 8.2% |
| Tangible fixed assets22/27 | €267,434 | €113,829 | €104,405 | €97,356 | €87,932 | €80,634 | €74,053 | ▼ 8.2% |
| Land and buildings22 | - | - | €98,719 | €93,796 | €87,215 | €80,634 | €74,053 | ▼ 8.2% |
| Furniture and vehicles24 | - | - | €5,686 | €3,560 | €717 | - | - | - |
| Current assets29/58 | €44,234 | €245,052 | €173,624 | €163,485 | €141,412 | €74,217 | €80,171 | ▲ 8.0% |
| Amounts receivable within one year40/41 | €6,442 | €971 | €45 | €1,739 | €600 | - | €8,905 | - |
| Trade receivables40 | - | - | €0 | €1,739 | €600 | - | €8,905 | - |
| Other amounts receivable41 | - | - | €45 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €37,792 | €236,576 | €172,392 | €161,400 | €140,337 | €73,807 | €70,792 | ▼ 4.1% |
| Deferred charges and accrued income490/1 | - | - | €1,186 | €346 | €476 | €410 | €474 | ▲ 15.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €311,667 | €358,881 | €278,029 | €260,841 | €229,344 | €154,851 | €154,223 | ▼ 0.4% |
| Equity10/15 | €42,085 | €90,191 | €89,741 | €56,382 | €56,409 | €53,115 | €60,722 | ▲ 14.3% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €32,120 | €77,791 | €77,791 | €51,991 | €51,991 | €51,991 | €51,991 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €75,931 | €50,131 | €50,131 | €50,131 | €50,131 | = |
| Profit (loss) carried forward14 | -€2,435 | €0 | -€450 | -€8,009 | -€7,982 | -€11,276 | -€3,669 | ▲ 67.5% |
| Amounts payable17/49 | €269,582 | €268,690 | €188,287 | €204,459 | €172,935 | €101,736 | €93,502 | ▼ 8.1% |
| Amounts payable after more than one year17 | €111,141 | €105,387 | €99,506 | €93,493 | €87,481 | €81,469 | €75,457 | ▼ 7.4% |
| Financial debts170/4 | - | - | €99,506 | €93,493 | €87,481 | €81,469 | €75,457 | ▼ 7.4% |
| Amounts payable within one year42/48 | €158,442 | €163,302 | €88,782 | €110,966 | €85,454 | €20,267 | €16,545 | ▼ 18.4% |
| Current portion of amounts payable after more than one year42 | - | - | €5,882 | €6,012 | €6,012 | €6,012 | €6,012 | = |
| Trade debts44 | €1,617 | €6,581 | €659 | €241 | €519 | €178 | €1,368 | ▲ 668% |
| Suppliers440/4 | - | - | €659 | €241 | €519 | €178 | €1,368 | ▲ 668% |
| Taxes, remuneration and social security45 | - | - | €1,067 | €1,744 | €1,831 | €2,028 | €744 | ▼ 63.3% |
| Taxes450/3 | - | - | €1,067 | €563 | €631 | €828 | €744 | ▼ 10.1% |
| Remuneration and social security454/9 | - | - | €0 | €1,182 | €1,200 | €1,200 | - | - |
| Other amounts payable47/48 | - | - | €81,174 | €102,968 | €77,092 | €12,049 | €8,421 | ▼ 30.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,500 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,876 | €48,106 | -€450 | -€7,559 | €27 | -€3,294 | €7,607 | - |
| + Depreciation and write-downs630 | €9,424 | €9,424 | €9,424 | €7,049 | €9,424 | €7,298 | €6,581 | ▼ 9.8% |
| Operating cash flow (approximation) | €2,549 | €57,531 | €8,974 | -€510 | €9,451 | €4,004 | €14,188 | ▲ 254% |
| Investment in fixed assets (approximation) | - | €144,181 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €198,784 | -€64,183 | -€10,993 | -€21,063 | -€66,529 | -€3,015 | ▲ 95.5% |
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, 10,904 companies had the same profile as MRC has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MRC 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 10,904 companies, not a prediction for MRC. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 12-05-2026 | 2026-00109166 | |
| 30-09-2024 | micro format | 30-03-2025 | 2025-00057601 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00075898 | |
| 30-09-2022 | micro format | 29-01-2023 | 2023-00016048 | |
| 30-09-2021 | micro format | 28-04-2022 | 2022-20016449 | |
| 30-09-2020 | micro format | 29-04-2021 | 2021-12200291 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11400508 | |
| 30-09-2018 | micro format | 29-04-2019 | 2019-11600507 | |
| 30-09-2017 | micro format | 02-05-2018 | 2018-11500594 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-10700354 |