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MULTICOR

Active Private limited companyfounded 2011active for 15 yearsVarent 5, 8581 AvelgemKBO/BCE: BE 0834.461.997
MULTICOR
Financial year 2025
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Annual accounts 2025

abbreviated format, filed on 30-04-2026, on the day of the deadline
Gross margin
€160,177
▼ 18.0%
Operating result
€33,692
▼ 54.4%
Profit
€4,844
▼ 85.0%
Working capital
€331,689
▲ 5.0%
Solvency
20.7%
▲ 0.6 percentage points
Current ratio
1.53
▲ 0.03

Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €1.2m. Estimated: probably between €460,000 and €2.2m.

Balance sheet

balance sheet total €1.0m on 30-09-2025
What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency20.7%

Higher than 27% of 9,886 companies in 2025.

Current ratio1.53

Higher than 43% of 9,650 companies in 2025.

Return on assets0.5%

Higher than 31% of 9,765 companies in 2025.

MULTICOR Middle half of the sector 80% of the sector Abbreviated accounts in wholesale trade (NACE 46)

Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half

Staff

Staff cost per FTE€53,135

Staff costs divided by the average number of full-time equivalents.

Joined and left

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend20252024202320222021202020192018201720162015201420132012
Balance sheet: assets
Total assets20/58 1.0m1.0m966,414872,803897,512679,959794,919681,774526,763408,838314,290301,033222,495210,229
Fixed assets21/28 73,17591,336104,52491,548120,715120,848150,219163,307140,232132,201138,344156,192162,113176,183
Intangible fixed assets21 ------2,4085,4638,3612,2862,586---
Tangible fixed assets22/27 73,17591,336104,52491,548120,715120,848147,811157,844131,871128,614135,758156,192162,113176,183
Land and buildings22 51,82961,03270,23567,93176,00284,07392,144100,215108,286116,357124,428132,499140,570148,641
Plant, machinery and equipment23 7,11410,0783,6334,57210,63712,23019,50718,96521,2866,8163,2553,1981,189-
Furniture and vehicles24 14,23120,22530,65619,04534,07624,54436,15938,6642,2985,4418,07520,49520,35427,542
Financial fixed assets28 ---------1,300----
Current assets29/58 961,514948,864861,890781,256776,797559,111644,700518,468386,531276,637175,946144,84160,38234,046
Stocks and contracts in progress3 771,790760,704697,159614,697590,235451,101487,179355,669276,457154,80987,29159,35631,03210,074
Stocks30/36 771,790760,704697,159614,697590,235451,101487,179355,669276,457154,80987,29159,35631,03210,074
Amounts receivable within one year40/41 152,170147,747133,707126,833121,70085,759100,936140,48286,18680,77267,32867,93011,8028,501
Trade receivables40 108,506147,429133,430126,523121,42385,24798,649140,22185,56480,16767,06752,67210,9518,501
Other amounts receivable41 43,6633182783112785132,28726162260526115,258851-
Cash at bank and in hand54/58 36,52236,69727,48436,54161,70619,51654,49617,67121,27440,01117,56216,20416,17013,234
Deferred charges and accrued income490/1 1,0333,7163,5403,1843,1562,7352,0894,6462,6141,0463,7651,3511,3782,237
Balance sheet: equity and liabilities
Total equity and liabilities10/49 1.0m1.0m966,414872,803897,512679,959794,919681,774526,763408,838314,290301,033222,495210,229
Equity10/15 213,707208,863176,474138,074105,59372,934-1738,8917,6026,969-30,949-46,718-36,930-1,101
Contributions10/11 62,40062,40062,40062,40062,40062,40012,40012,40012,40012,40012,40012,40012,40012,400
Issued capital100 ------18,60018,60018,60018,60018,60018,60018,60018,600
Uncalled capital101 ------6,2006,2006,2006,2006,2006,2006,2006,200
Reserves13 151,307146,463114,07475,67443,19318,75018,75018,75018,75018,750----
Tax-exempt reserves132 18,75018,75018,75018,75018,75018,75018,75018,75018,75018,750----
Distributable reserves133 132,557127,71395,32456,92424,443---------
Profit (loss) carried forward14 ----0-8,216-31,323-22,259-23,548-24,181-43,349-59,118-49,330-13,501
Amounts payable17/49 820,981831,338789,940734,729791,920607,024795,091672,884519,160401,868345,239347,751259,425211,330
Amounts payable after more than one year17 191,157198,451149,549172,803188,418228,123134,867111,42884,00090,00096,000102,000112,616127,580
Financial debts170/4 191,157198,451149,549172,803188,418228,123134,867111,42884,00090,00096,000102,000112,616127,580
Amounts payable within one year42/48 629,825632,887640,391561,926603,502354,454650,270547,771435,160311,868249,239245,751146,80983,750
Current portion of amounts payable after more than one year42 27,81930,56116,56528,36340,49433,57234,75115,2506,0006,0006,00010,61614,96414,617
Financial debts43 370,000390,000370,000320,000280,000230,000280,000195,00080,000-----
Credit institutions430/8 370,000390,000370,000320,000280,000230,000280,000195,00080,000-----
Trade debts44 161,544177,637207,999156,689224,16061,758134,250119,198136,928112,25866,16376,01740,2294,109
Suppliers440/4 161,544177,637207,999156,689224,16061,758134,250119,198136,928112,25866,16376,01740,2294,109
Taxes, remuneration and social security45 70,46334,68945,82756,87536,04817,1249,6688,9429,7031,0351,7317,06921,467888
Taxes450/3 27,77322,27929,79939,50323,7018,3298552,8089,7031,0351,7317,0691,103888
Remuneration and social security454/9 42,69012,41016,02817,37112,3478,7958,8136,134----20,364-
Other amounts payable47/48 ---022,80012,000191,601209,382202,529192,575175,345152,04970,14964,136
Accrued charges and deferred income492/3 -----24,4479,95413,684------
Income statement
Non-recurring operating income76A ----------13,394---
Gross operating margin9900 160,177195,370199,456198,041147,585125,93489,97276,22523,52659,90522,4409,475-13,00539,788
Remuneration, social security and pensions62 95,64390,72893,14096,63655,60539,10846,60522,9794291,4301071,614-250
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 24,28823,01018,34631,23226,85532,03832,61328,40314,30714,69313,29523,99216,69148,062
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 ----07,7132,7776,752------
Other operating charges640/8 6,5547,7356,3177,7597,3724,1353,4553,9601,2593121,7322,9151,5612,719
Non-recurring operating charges66A -------1,793------
Operating profit (loss)9901 33,69273,89681,65462,41457,75342,9404,52212,3387,53143,4707,306-19,046-31,257-11,243
Financial income75/76B 3,3603,31776316932294295571035304602061,87780
Recurring financial income75 3,3603,31776316932294295571035304602061,87780
Financial charges65/66B 27,99531,25326,75514,80015,56615,35414,2559,7526,6195,7825,2355,7456,2312,166
Recurring financial charges65 27,99531,25326,75514,80015,56615,35414,2559,7526,6195,7825,2355,7456,2312,166
Profit (loss) for the period before taxes9903 9,05645,96155,66147,78342,50928,527-8,7782,5941,01538,21815,925-24,585-35,611-13,329
Income taxes67/77 4,21213,57217,26015,3029,8515,4212851,305382300156203218172
Profit (loss) for the period9904 4,84432,38938,40132,48132,65823,107-9,0631,28963337,91915,769-24,788-35,829-13,501
Transfer to tax-exempt reserves689 ---------18,750----
Profit (loss) for the period to be appropriated9905 4,84432,38938,40132,48132,65823,107-9,0631,28963319,16915,769-24,788-35,829-13,501
Appropriation of the result
Profit (loss) to be appropriated9906 4,84432,38938,40132,48124,443-8,216-31,323-22,259-23,548-24,181-43,349-74,118-49,330-13,501
Profit (loss) brought forward from the previous period14P ---0-8,216---------
Transfer to equity691/2 4,84432,38938,40132,48124,443---------
To the legal reserve6920 ---32,48124,443---------
To other reserves6921 4,84432,38938,401-----------
Social balance sheet
Average staff (FTE)9087 1.81.81.92.41.4110.6------
Hours worked1013 3,1223,2583,3144,2422,3661,4541,868948------
Document PDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDFPDF

The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 30-04-2026.

Download as CSV

Filings

each dot is a set of accounts, on the day it reached the National Bank
Financial year Type Filed Reference Document
30-09-2025 abbreviated format 30-04-2026 2026-00105198 PDF
30-09-2024 abbreviated format 30-04-2025 2025-00090013 PDF
30-09-2023 abbreviated format 18-04-2024 2024-00067381 PDF
30-09-2022 abbreviated format 10-03-2023 2023-00038809 PDF
30-09-2021 abbreviated format 28-04-2022 2022-20018194 PDF
30-09-2020 abbreviated format 30-04-2021 2021-12300230 PDF
30-09-2019 abbreviated format 30-04-2020 2020-10800375 PDF
30-09-2018 micro format 25-03-2019 2019-07800355 PDF
30-09-2017 micro format 26-03-2018 2018-07800241 PDF
30-09-2016 abbreviated format 08-03-2017 2017-06100364 PDF
30-09-2015 abbreviated format 30-03-2016 2016-07900337 PDF
30-09-2014 abbreviated format 23-03-2015 2015-07000504 PDF
30-09-2013 abbreviated format 29-04-2014 2014-11500220 PDF
30-09-2012 abbreviated format 07-03-2013 2013-06000387 PDF

Subsidies and aid

Flemish government 2023 to 2025, 2 entries, €1,016 awarded, €1,016 paid

Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
€1,016
Year Entries AwardedPaid
2025 1 €227€227
2023 1 €789€789

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend20252024202320222021202020192018201720162015201420132012
EBITDA 57,97996,90799,99993,64684,60874,97837,13540,74121,83858,16320,6014,946-14,56636,819
Cash flow 29,13255,39956,74663,71359,51355,14523,55029,69114,94052,61229,064-796-19,13834,561
Investment in fixed assets 6,1269,82231,3222,06426,7232,66719,52553,47823,6388,5506,24818,0712,621222,074
Change in cash -1759,213-9,057-25,16542,191-34,98036,825-3,604-18,73622,4491,358342,936-
Working capital 331,689315,977221,500219,329173,296204,657-5,570-29,303-48,630-35,231-73,293-100,910-86,427-49,704
Solvency 20.7%20.1%18.3%15.8%11.8%10.7%0.0%1.3%1.4%1.7%-9.8%-15.5%-16.6%-0.5%
Current ratio 1.531.501.351.391.291.580.990.950.890.890.710.590.410.41
Quick ratio 0.300.300.260.300.310.300.240.300.250.390.360.350.200.29
Debt to equity 3.843.984.485.327.508.32-75.6868.2957.66----
ROE 2.3%15.5%21.8%23.5%30.9%31.7%-14.5%8.3%544.1%----
ROA 0.5%3.1%4.0%3.7%3.6%3.4%-1.1%0.2%0.1%9.3%5.0%-8.2%-16.1%-6.4%
Interest coverage 2.073.103.746.335.44---------

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Social balance sheet

Item30-09-202530-09-202430-09-202330-09-202230-09-2021
Employees at the balance-sheet date22222
full-time11122
part-time11100
in full-time equivalents1.81.81.822
Average over the year, in full-time equivalents1.81.81.92.41.4
On a permanent contract22222
Joined--112
Left--111

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item30-09-202530-09-202430-09-202330-09-202230-09-2021
Mortgages, amount registered€120,000€120,000€120,000€120,000€120,000
Carrying value of the mortgaged assets€51,829€51,789€59,860€67,931€76,002

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item30-09-202530-09-202430-09-202330-09-202230-09-2021
Tangible fixed assets€6,126€9,822€31,322€2,064€26,723
Depreciation and write-downs of the year€24,288€23,010€18,346€31,232€26,855

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on MULTICOR

The operating result for 2025 is 54% lower than in 2024 and the lowest since 2019. It is the second fall in a row.

Debt's share of the balance-sheet total falls from 79.9% to 79.3%. Equity is higher and debt is lower.

Next steps

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