MULTI-COMMUNICATION
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 22 days after the deadline Filed on 22 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00414905.
Annual accounts 2025 filed on 22-08-2026 at the NBB all 23 filings
Equity
-€321,204▼ 1.3%
2024 · -€317,191
Total assets
€4,751▲ 130%
2024 · €2,062
Net result
-€4,013▲ 53.3%
2024 · -€8,602
Working capital
-€322,704▼ 1.3%
2024 · -€318,691
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,134
▲ 60.4%
2025
20182025
Net result
-€4,013
▲ 53.3%
2025
lowest quarter of the sector
20182025
Equity
-€321,204
▼ 1.3%
2025
lowest quarter of the sector
20182025
Total assets
€4,751
▲ 130%
2025
lowest quarter of the sector
20182025
Debt
€325,955
▲ 2.1%
2025
20182025
Working capital
-€322,704
▼ 1.3%
2025
lowest quarter of the sector
20182025
Solvency
no figure
2025
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€28,736--€19,303▲ 32.8%-€5,145▲ 73.3%-€14,823▼ 188%-€12,816▲ 13.5%-€9,957▲ 22.3%-€7,908▲ 20.6%-€3,134▲ 60.4%
Net result-€29,152--€19,680▲ 32.5%-€5,438below the sector's middle half▲ 72.4%-€15,142below the sector's middle half▼ 178%-€13,264below the sector's middle half▲ 12.4%-€10,562below the sector's middle half▲ 20.4%-€8,602below the sector's middle half▲ 18.6%-€4,013below the sector's middle half▲ 53.3%
Equity-€235,448--€264,183▼ 12.2%-€269,621below the sector's middle half▼ 2.1%-€284,763below the sector's middle half▼ 5.6%-€298,027below the sector's middle half▼ 4.7%-€308,589below the sector's middle half▼ 3.5%-€317,191below the sector's middle half▼ 2.8%-€321,204below the sector's middle half▼ 1.3%
Total assets€25,600-€13,571▼ 47.0%€10,855below the sector's middle half▼ 20.0%€4,345below the sector's middle half▼ 60.0%€4,774below the sector's middle half▲ 9.9%€2,554below the sector's middle half▼ 46.5%€2,062below the sector's middle half▼ 19.3%€4,751below the sector's middle half▲ 130%
Debt€261,048-€277,754▲ 6.4%€280,476▲ 1.0%€289,108▲ 3.1%€302,801▲ 4.7%€311,143▲ 2.8%€319,253▲ 2.6%€325,955▲ 2.1%
Working capital-€250,598--€274,699▼ 9.6%-€278,044below the sector's middle half▼ 1.2%-€288,444below the sector's middle half▼ 3.7%-€300,587below the sector's middle half▼ 4.2%-€310,619below the sector's middle half▼ 3.3%-€318,691below the sector's middle half▼ 2.6%-€322,704below the sector's middle half▼ 1.3%
Solvency-919.7%-
Current ratio0.04-0.01▼ 0.030.01below the sector's middle half=
Return on assets (ROA)-113.9%--145.0%▼ 31.1pp-50.1%below the sector's middle half▲ 94.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 loss of €3,134, smaller than the loss of €7,908 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4,751
Fixed assets
€1,500 =
Current assets
€3,251 ▲ 478%
Equity and liabilities
Equity-€321,204
Debt€325,955
Equity is negative. Debt (€325,955) exceeds the balance-sheet total (€4,751).
Key figures and ratios
Debt ≤ 1 year
€325,955▲
2024 · €319,253
The ratios are withheld because a balance sheet total of €4,751 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €3,000 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | €8,588 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,002 | €4,635 | €4,743 | €4,743 | €1,121 | €530 | €530 | - | - |
| Other operating charges640/8 | - | - | - | €1,120 | €659 | €839 | €836 | €760 | ▼ 9.0% |
| Gross operating margin9900 | -€22,045 | -€13,469 | -€102 | -€8,960 | -€11,036 | -€8,588 | -€6,542 | -€2,374 | ▲ 63.7% |
| Operating profit (loss)9901 | -€28,736 | -€19,303 | -€5,145 | -€14,823 | -€12,816 | -€9,957 | -€7,908 | -€3,134 | ▲ 60.4% |
| Recurring financial income75 | - | - | €2 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €319 | €448 | €605 | €694 | €879 | ▲ 26.6% |
| Recurring financial charges65 | €416 | €377 | €295 | €319 | €448 | €605 | €694 | €879 | ▲ 26.6% |
| Profit (loss) for the period before taxes9903 | -€29,152 | -€19,680 | -€5,438 | -€15,142 | -€13,264 | -€10,562 | -€8,602 | -€4,013 | ▲ 53.3% |
| Profit (loss) for the period9904 | -€29,152 | -€19,680 | -€5,438 | -€15,142 | -€13,264 | -€10,562 | -€8,602 | -€4,013 | ▲ 53.3% |
| Profit (loss) for the period to be appropriated9905 | -€29,152 | -€19,680 | -€5,438 | -€15,142 | -€13,264 | -€10,562 | -€8,602 | -€4,013 | ▲ 53.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €25,600 | €13,571 | €10,855 | €4,345 | €4,774 | €2,554 | €2,062 | €4,751 | ▲ 130% |
| Fixed assets21/28 | €15,150 | €10,516 | €8,423 | €3,681 | €2,560 | €2,030 | €1,500 | €1,500 | = |
| Intangible fixed assets21 | €13,228 | €9,016 | €4,803 | €591 | - | - | - | - | - |
| Tangible fixed assets22/27 | €422 | - | €2,120 | €1,590 | €1,060 | €530 | - | - | - |
| Furniture and vehicles24 | - | - | - | €1,590 | €1,060 | €530 | - | - | - |
| Financial fixed assets28 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Current assets29/58 | €10,450 | €3,055 | €2,432 | €664 | €2,214 | €524 | €562 | €3,251 | ▲ 478% |
| Amounts receivable within one year40/41 | €8,343 | €2,354 | €336 | €351 | €1,555 | €462 | €562 | €3,000 | ▲ 434% |
| Trade receivables40 | - | - | - | - | - | €379 | - | €3,000 | - |
| Other amounts receivable41 | - | - | - | €351 | €1,555 | €84 | €562 | - | - |
| Cash at bank and in hand54/58 | €295 | €701 | €2,096 | €15 | €1 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €298 | €659 | €62 | - | €251 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €25,600 | €13,571 | €10,855 | €4,345 | €4,774 | €2,554 | €2,062 | €4,751 | ▲ 130% |
| Equity10/15 | -€235,448 | -€264,183 | -€269,621 | -€284,763 | -€298,027 | -€308,589 | -€317,191 | -€321,204 | ▼ 1.3% |
| Contributions10/11 | €18,625 | €18,625 | €18,625 | €18,625 | €18,625 | €18,625 | €18,625 | €18,625 | = |
| Capital10 | - | - | - | €18,625 | €18,625 | - | - | - | - |
| Issued capital100 | - | - | - | €18,625 | €18,625 | - | - | - | - |
| Reserves13 | €54,822 | €54,822 | €54,822 | €54,822 | €54,822 | €54,822 | €54,822 | €54,822 | = |
| Non-distributable reserves130/1 | - | - | - | €1,322 | €1,322 | €1,322 | - | - | - |
| Legal reserve130 | - | - | - | €1,322 | €1,322 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | €1,322 | - | - | - |
| Distributable reserves133 | - | - | - | €53,500 | €53,500 | €53,500 | €54,822 | €54,822 | = |
| Profit (loss) carried forward14 | -€317,950 | -€337,630 | -€343,068 | -€358,210 | -€371,474 | -€382,036 | -€390,638 | -€394,651 | ▼ 1.0% |
| Amounts payable17/49 | €261,048 | €277,754 | €280,476 | €289,108 | €302,801 | €311,143 | €319,253 | €325,955 | ▲ 2.1% |
| Amounts payable within one year42/48 | €261,048 | €277,754 | €280,476 | €289,108 | €302,801 | €311,143 | €319,253 | €325,955 | ▲ 2.1% |
| Financial debts43 | - | - | - | €491 | €3,745 | €4,190 | €4,291 | €4,982 | ▲ 16.1% |
| Credit institutions430/8 | - | - | - | €491 | €3,745 | €4,190 | €4,291 | €4,982 | ▲ 16.1% |
| Trade debts44 | €448 | - | €699 | €1,050 | €2,761 | €256 | - | €205 | - |
| Suppliers440/4 | - | - | - | €1,050 | €2,761 | €256 | - | €205 | - |
| Other amounts payable47/48 | - | - | - | €287,567 | €296,295 | €306,697 | €314,962 | €320,768 | ▲ 1.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,152 | -€19,680 | -€5,438 | -€15,142 | -€13,264 | -€10,562 | -€8,602 | -€4,013 | ▲ 53.3% |
| + Depreciation and write-downs630 | €5,002 | €4,635 | €4,743 | €4,743 | €1,121 | €530 | €530 | - | - |
| Operating cash flow (approximation) | -€24,150 | -€15,045 | -€695 | -€10,399 | -€12,143 | -€10,032 | -€8,072 | -€4,013 | ▲ 50.3% |
| Investment in fixed assets (approximation) | - | -€1 | -€2,650 | -€1 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €406 | €1,395 | -€2,081 | -€14 | - | - | - | - |
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, 6,619 companies had the same profile as MULTI-COMMUNICATION has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MULTI-COMMUNICATION itself: 2.3% 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 6,619 companies, not a prediction for MULTI-COMMUNICATION. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-08-2026 | 2026-00414905 | |
| 31-12-2024 | micro format | 14-11-2025 | 2025-00566317 | |
| 31-12-2023 | micro format | 31-05-2024 | 2024-00104933 | |
| 31-12-2022 | micro format | 23-09-2023 | 2023-00452476 | |
| 31-12-2021 | micro format | 02-08-2022 | 2022-20261399 | |
| 31-12-2020 | micro format | 08-02-2022 | 2022-05200554 | |
| 31-12-2019 | micro format | 22-10-2020 | 2020-63300335 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-52400043 | |
| 31-12-2017 | micro format | 06-03-2019 | 2019-06500210 | |
| 31-12-2016 | micro format | 30-08-2017 | 2017-55400145 |