MULTI AIR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 89 days after the deadline Filed on 28 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00594693.
Annual accounts 2025 filed on 28-10-2026 at the NBB all 26 filings
Turnover
≈ €480,000
Estimated: probably between €380,000 and €580,000
Total assets
€491,392▼ 2.6%
2024 · €504,574
Net result
€33,537▲ 18.8%
2024 · €28,237
Working capital
€216,318▲ 1.7%
2024 · €212,778
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€48,099
▲ 18.1%
2025
20182025
Net result
€33,537
▲ 18.8%
2025
highest quarter of the sector
20182025
Equity
€380,035
▲ 4.5%
2025
highest quarter of the sector
20182025
Total assets
€491,392
▼ 2.6%
2025
highest quarter of the sector
20182025
Debt
€111,357
▼ 21.1%
2025
20182025
Working capital
€216,318
▲ 1.7%
2025
highest quarter of the sector
20182025
Solvency
77.3%
▲ 5.3pp
2025
highest quarter of the sector
20182025
Current ratio
4.18
▲ 0.09
2025
highest quarter of the sector
20182025
Return on assets (ROA)
6.8%
▲ 1.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,651-€28,866▲ 148%€72,247▲ 150%€50,841▼ 29.6%€42,993▼ 15.4%€52,901▲ 23.0%€40,728▼ 23.0%€48,099▲ 18.1%
Net result€3,634-€17,625▲ 385%€53,004above the sector's middle half▲ 201%€31,507above the sector's middle half▼ 40.6%€28,675above the sector's middle half▼ 9.0%€37,230above the sector's middle half▲ 29.8%€28,237within the sector's middle half▼ 24.2%€33,537above the sector's middle half▲ 18.8%
Equity€173,021-€190,646▲ 10.2%€241,450above the sector's middle half▲ 26.6%€271,157above the sector's middle half▲ 12.3%€298,632above the sector's middle half▲ 10.1%€335,261above the sector's middle half▲ 12.3%€363,498above the sector's middle half▲ 8.4%€380,035above the sector's middle half▲ 4.5%
Total assets€508,345-€428,509▼ 15.7%€430,943above the sector's middle half▲ 0.6%€463,109above the sector's middle half▲ 7.5%€409,385above the sector's middle half▼ 11.6%€443,985above the sector's middle half▲ 8.5%€504,574above the sector's middle half▲ 13.6%€491,392above the sector's middle half▼ 2.6%
Debt€335,324-€237,863▼ 29.1%€189,493▼ 20.3%€191,953▲ 1.3%€110,754▼ 42.3%€108,724▼ 1.8%€141,076▲ 29.8%€111,357▼ 21.1%
Working capital-€34,926--€3,899▲ 88.8%€39,442within the sector's middle half€85,301within the sector's middle half▲ 116%€128,647above the sector's middle half▲ 50.8%€178,928above the sector's middle half▲ 39.1%€212,778above the sector's middle half▲ 18.9%€216,318above the sector's middle half▲ 1.7%
Solvency34.0%-44.5%▲ 10.5pp56.0%within the sector's middle half▲ 11.5pp58.6%within the sector's middle half▲ 2.5pp72.9%above the sector's middle half▲ 14.4pp75.5%above the sector's middle half▲ 2.6pp72.0%above the sector's middle half▼ 3.5pp77.3%above the sector's middle half▲ 5.3pp
Current ratio0.83-0.96▲ 0.141.41within the sector's middle half▲ 0.441.81within the sector's middle half▲ 0.402.94within the sector's middle half▲ 1.134.50above the sector's middle half▲ 1.564.08above the sector's middle half▼ 0.424.18above the sector's middle half▲ 0.09
Return on assets (ROA)0.7%-4.1%▲ 3.4pp12.3%within the sector's middle half▲ 8.2pp6.8%within the sector's middle half▼ 5.5pp7.0%within the sector's middle half▲ 0.2pp8.4%within the sector's middle half▲ 1.4pp5.6%within the sector's middle half▼ 2.8pp6.8%within the sector's middle half▲ 1.2pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 18% higher than in 2024. It is a recovery after the fall in 2024.
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 €491,392
Fixed assets
€206,966 ▼ 7.1%
Current assets
€284,426 ▲ 0.9%
Equity and liabilities €491,392
Equity
€380,035 ▲ 4.5%
Debt
€111,357 ▼ 21.1%
Debt's share of the balance-sheet total falls from 28.0% to 22.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€146,265▲
2024 · €115,074
Cash flow
€131,703▲
2024 · €102,582
Quick ratio
3.90▼
2024 · 3.94
Debt to equity
0.29▼
2024 · 0.39
ROE
8.8%▲
2024 · 7.8%
Interest coverage
32.15▲
2024 · 21.35
Debt ≤ 1 year
€68,108▼
2024 · €69,045
Debt > 1 year
€42,409▼
2024 · €72,025
Income taxes
€14,681▲
2024 · €11,118
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €212,000 | €212,000 | €212,000 | €212,000 | €212,000 |
| Carrying value of the mortgaged assets | €215,250 | €183,577 | €142,034 | €100,491 | €94,961 |
| Carrying value of the other pledged assets | €14,316 | €7,158 | €59,669 | €89,340 | €59,817 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €36,693 | €12,667 | €84,213 | €83,188 | €82,381 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €58,834 | €70,562 | €74,934 | €74,345 | €98,166 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €1,122 awarded · €1,122 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €189 | €189 |
| 2024 | 1 | €933 | €933 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,146 | - | €15,180 | - | €24,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,500 | €78,316 | €58,057 | €58,834 | €70,562 | €74,934 | €74,345 | €98,166 | ▲ 32.0% |
| Other operating charges640/8 | - | - | - | €5,123 | €9,358 | €4,959 | €7,298 | €6,904 | ▼ 5.4% |
| Gross operating margin9900 | €88,677 | €113,373 | €135,784 | €114,798 | €122,912 | €132,794 | €122,372 | €153,169 | ▲ 25.2% |
| Operating profit (loss)9901 | €11,651 | €28,866 | €72,247 | €50,841 | €42,993 | €52,901 | €40,728 | €48,099 | ▲ 18.1% |
| Financial income75/76B | - | - | - | €3,670 | €3,531 | €3,642 | €4,017 | €4,668 | ▲ 16.2% |
| Recurring financial income75 | €3,051 | €2,895 | €3,688 | €3,670 | €3,531 | €3,642 | €4,017 | €4,668 | ▲ 16.2% |
| Financial charges65/66B | - | - | - | €5,774 | €6,031 | €5,474 | €5,390 | €4,549 | ▼ 15.6% |
| Recurring financial charges65 | €7,241 | €7,105 | €6,271 | €5,774 | €6,031 | €5,474 | €5,390 | €4,549 | ▼ 15.6% |
| Profit (loss) for the period before taxes9903 | €7,461 | €24,656 | €69,664 | €48,738 | €40,493 | €51,069 | €39,355 | €48,218 | ▲ 22.5% |
| Income taxes67/77 | €3,827 | €7,031 | €16,660 | €17,232 | €11,818 | €13,839 | €11,118 | €14,681 | ▲ 32.0% |
| Profit (loss) for the period9904 | €3,634 | €17,625 | €53,004 | €31,507 | €28,675 | €37,230 | €28,237 | €33,537 | ▲ 18.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,000 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €3,634 | €17,625 | €53,004 | €47,507 | €28,675 | €37,230 | €28,237 | €33,537 | ▲ 18.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €508,345 | €428,509 | €430,943 | €463,109 | €409,385 | €443,985 | €504,574 | €491,392 | ▼ 2.6% |
| Fixed assets21/28 | €340,587 | €321,274 | €294,372 | €272,231 | €214,336 | €213,908 | €222,751 | €206,966 | ▼ 7.1% |
| Tangible fixed assets22/27 | €340,187 | €320,874 | €293,973 | €271,832 | €213,936 | €213,509 | €222,352 | €206,566 | ▼ 7.1% |
| Land and buildings22 | - | - | - | €217,896 | €186,118 | €144,470 | €102,822 | €97,187 | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €5,616 | €6,071 | €6,022 | €3,231 | €3,875 | ▲ 19.9% |
| Furniture and vehicles24 | - | - | - | €48,319 | €21,747 | €63,017 | €116,299 | €105,504 | ▼ 9.3% |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €167,758 | €107,235 | €136,570 | €190,878 | €195,049 | €230,076 | €281,823 | €284,426 | ▲ 0.9% |
| Stocks and contracts in progress3 | - | - | - | - | €4,962 | €6,942 | €9,507 | €19,132 | ▲ 101% |
| Stocks30/36 | - | - | - | - | €4,962 | €6,942 | €9,507 | €19,132 | ▲ 101% |
| Amounts receivable within one year40/41 | €132,392 | €48,370 | €46,942 | €78,148 | €94,109 | €85,044 | €182,585 | €195,502 | ▲ 7.1% |
| Trade receivables40 | - | - | - | €62,651 | €75,523 | €51,857 | €150,091 | €188,041 | ▲ 25.3% |
| Other amounts receivable41 | - | - | - | €15,497 | €18,586 | €33,187 | €32,494 | €7,460 | ▼ 77.0% |
| Cash at bank and in hand54/58 | €32,120 | €56,611 | €85,863 | €110,389 | €92,473 | €132,581 | €85,315 | €65,483 | ▼ 23.2% |
| Deferred charges and accrued income490/1 | - | - | - | €2,342 | €3,506 | €5,510 | €4,416 | €4,309 | ▼ 2.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €508,345 | €428,509 | €430,943 | €463,109 | €409,385 | €443,985 | €504,574 | €491,392 | ▼ 2.6% |
| Equity10/15 | €173,021 | €190,646 | €241,450 | €271,157 | €298,632 | €335,261 | €363,498 | €380,035 | ▲ 4.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €154,421 | €172,046 | €222,850 | €252,557 | €280,032 | €316,661 | €344,898 | €361,435 | ▲ 4.8% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €250,697 | €278,172 | €316,661 | €344,898 | €361,435 | ▲ 4.8% |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0 | - |
| Amounts payable17/49 | €335,324 | €237,863 | €189,493 | €191,953 | €110,754 | €108,724 | €141,076 | €111,357 | ▼ 21.1% |
| Amounts payable after more than one year17 | €132,640 | €126,729 | €92,364 | €86,036 | €44,352 | €57,575 | €72,025 | €42,409 | ▼ 41.1% |
| Financial debts170/4 | - | - | - | €86,036 | €44,352 | €57,575 | €72,025 | €42,409 | ▼ 41.1% |
| Amounts payable within one year42/48 | €202,684 | €111,134 | €97,129 | €105,577 | €66,402 | €51,148 | €69,045 | €68,108 | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €26,328 | €31,751 | €28,358 | €35,151 | €29,616 | ▼ 15.7% |
| Trade debts44 | €123,688 | €27,962 | €10,236 | €20,798 | €14,338 | €17,690 | €23,094 | €28,661 | ▲ 24.1% |
| Suppliers440/4 | - | - | - | €20,798 | €14,338 | €17,690 | €23,094 | €28,661 | ▲ 24.1% |
| Taxes, remuneration and social security45 | - | - | - | €8,657 | €4,500 | €4,500 | €10,800 | €2,500 | ▼ 76.9% |
| Taxes450/3 | - | - | - | €8,657 | €4,500 | €4,500 | €10,800 | €850 | ▼ 92.1% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €1,650 | - |
| Other amounts payable47/48 | - | - | - | €49,793 | €15,812 | €600 | - | €7,331 | - |
| Accrued charges and deferred income492/3 | - | - | - | €340 | - | - | €6 | €840 | ▲ 130× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,634 | €17,625 | €53,004 | €31,507 | €28,675 | €37,230 | €28,237 | €33,537 | ▲ 18.8% |
| + Depreciation and write-downs630 | €73,500 | €78,316 | €58,057 | €58,834 | €70,562 | €74,934 | €74,345 | €98,166 | ▲ 32.0% |
| Operating cash flow (approximation) | €77,134 | €95,940 | €111,061 | €90,340 | €99,237 | €112,164 | €102,582 | €131,703 | ▲ 28.4% |
| Investment in fixed assets (approximation) | - | -€59,003 | -€31,156 | -€36,693 | -€12,667 | -€74,507 | -€83,188 | -€82,381 | ▲ 1.0% |
| Change in cash | - | €24,490 | €29,253 | €24,525 | -€17,916 | €40,108 | -€47,266 | -€19,832 | ▲ 58.0% |
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, 20,136 companies had the same profile as MULTI AIR 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 MULTI AIR itself: 0.3% 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 MULTI AIR. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-10-2026 | 2026-00594693 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00483408 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00453222 | |
| 31-12-2022 | micro format | 26-10-2023 | 2023-00494344 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20453834 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-71200438 | |
| 31-12-2019 | micro format | 30-09-2020 | 2020-59200454 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-63200497 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61800172 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59600124 |