MULTIFIN
ActiveSummary
MULTIFIN has been active since 1989 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €254.3m and a net result of -€345,738. Equity is growing by about 15% per year across the filed financial years. Its solvency ranks better than 66% of 5,669 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format
In the rankings
#1 company by total assets in Elsene, Real estate sector#1 company by equity in Elsene, Real estate sector
Turnover
€5,000▼ 93.0%
2024 · €71,500
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€345,738
2024 · €3.2m
Working capital
-€109.0m▲ 34.6%
2024 · -€166.6m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €2.0m in 2025 against €2.6m in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€0.005m
2025
Operating result-€2.0m
2025
Net result-€0.3m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€435.6m
2025
Equity€254.3m
2025
Debt€180.0m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€109.0m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-0.1%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency58.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.36
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.005m-€0.005m=€0.07m▲ 1,219%€0.04m▼ 46.9%€0.04m▲ 4.1%€0.04m▲ 18.5%€0.07m▲ 65.3%€0.005m▼ 93.0%
Operating result-€0.9m--€1.4m▼ 49.0%-€0.1m▲ 90.3%-€1.4m▼ 995%-€2.1m▼ 47.4%-€0.3m▲ 84.4%-€2.6m▼ 675%-€2.0m▲ 22.9%
Net result-€42.0m-€27.7m€17.3mabove the sector's middle half▼ 37.4%€4.6mabove the sector's middle half▼ 73.8%€66.9mabove the sector's middle half▲ 1,371%€25.8mabove the sector's middle half▼ 61.4%€3.2mabove the sector's middle half▼ 87.5%-€0.3mbelow the sector's middle half
Equity€9.1m-€136.8m▲ 1,400%€154.2mabove the sector's middle half▲ 12.7%€158.7mabove the sector's middle half▲ 3.0%€225.7mabove the sector's middle half▲ 42.2%€251.5mabove the sector's middle half▲ 11.4%€254.7mabove the sector's middle half▲ 1.3%€254.3mabove the sector's middle half▼ 0.2%
Total assets€207.5m-€339.1m▲ 63.5%€356.9mabove the sector's middle half▲ 5.3%€363.9mabove the sector's middle half▲ 2.0%€431.1mabove the sector's middle half▲ 18.5%€450.9mabove the sector's middle half▲ 4.6%€452.7mabove the sector's middle half▲ 0.4%€435.6mabove the sector's middle half▼ 3.8%
Debt€198.3m-€201.2m▲ 1.4%€200.3m▼ 0.4%€202.8m▲ 1.2%€203.9m▲ 0.6%€199.3m▼ 2.2%€194.0m▼ 2.7%€180.0m▼ 7.2%
Working capital-€162.1m--€59.7m▲ 63.2%-€52.7mbelow the sector's middle half▲ 11.7%-€58.5mbelow the sector's middle half▼ 11.0%-€100.8mbelow the sector's middle half▼ 72.4%-€147.4mbelow the sector's middle half▼ 46.2%-€166.6mbelow the sector's middle half▼ 13.0%-€109.0mbelow the sector's middle half▲ 34.6%
Solvency4.4%-40.4%▲ 36.0pp43.2%within the sector's middle half▲ 2.8pp43.6%within the sector's middle half▲ 0.4pp52.3%within the sector's middle half▲ 8.7pp55.8%within the sector's middle half▲ 3.4pp56.3%within the sector's middle half▲ 0.5pp58.4%within the sector's middle half▲ 2.1pp
Current ratio0.18-0.70▲ 0.520.74within the sector's middle half▲ 0.030.71within the sector's middle half▼ 0.030.49within the sector's middle half▼ 0.210.23below the sector's middle half▼ 0.260.13below the sector's middle half▼ 0.110.36below the sector's middle half▲ 0.23
Return on assets (ROA)-20.2%-8.2%▲ 28.4pp4.9%above the sector's middle half▼ 3.3pp1.3%within the sector's middle half▼ 3.6pp15.5%above the sector's middle half▲ 14.3pp5.7%above the sector's middle half▼ 9.8pp0.7%within the sector's middle half▼ 5.0pp-0.1%within the sector's middle half▼ 0.8pp
above
within
below
the middle half of NACE 68, Real estate activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €435.6m
Fixed assets
€374.4m ▼ 12.7%
Current assets
€61.2m ▲ 155%
Equity and liabilities €435.6m
Equity
€254.3m ▼ 0.2%
Provisions
€1.3m ▼ 67.6%
Debt
€180.0m ▼ 7.2%
Debt's share of the balance-sheet total falls from 42.8% to 41.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1.9m▲
2024 · -€2.5m
Cash flow
-€309,213▼
2024 · €3.2m
Debt to equity
0.71▼
2024 · 0.76
ROE
-0.1%▼
2024 · 1.3%
Interest coverage
-9.58▲
2024 · -29.15
Debt ≤ 1 year
€170.2m▼
2024 · €190.6m
Income taxes
€10,274▼
2024 · €202,566
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €0.1m | €1.7m | €0.1m | €0.06m | ▼ 52.6% |
| Turnover70 | €0.005m | €0.005m | €0.07m | €0.04m | €0.04m | €0.04m | €0.07m | €0.005m | ▼ 93.0% |
| Other operating income74 | - | - | - | - | €0.06m | €0.06m | €0.05m | €0.05m | ▲ 6.3% |
| Non-recurring operating income76A | - | - | - | - | - | €1.6m | €0.001m | - | - |
| Operating charges60/66A | - | - | - | - | €2.2m | €2.0m | €2.7m | €2.0m | ▼ 24.3% |
| Services and other goods61 | - | - | - | - | €2.1m | €2.0m | €2.6m | €2.0m | ▼ 22.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.2m | €0.1m | €0.08m | €0.01m | €0.03m | €0.04m | ▲ 28.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €0.06m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | - | €0.01m | €0.01m | €0.007m | €0.008m | ▲ 15.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.04m | €0 | ▼ 100% |
| Operating profit (loss)9901 | -€0.9m | -€1.4m | -€0.1m | -€1.4m | -€2.1m | -€0.3m | -€2.6m | -€2.0m | ▲ 22.9% |
| Financial income75/76B | - | - | - | - | €103.4m | €73.3m | €53.8m | €51.8m | ▼ 3.7% |
| Recurring financial income75 | €19.1m | €10.3m | €6.1m | €23.1m | €21.9m | €45.0m | €24.5m | €35.1m | ▲ 43.2% |
| Income from financial fixed assets750 | - | - | - | - | €6.7m | €25.0m | €12.9m | €10.1m | ▼ 21.8% |
| Income from current assets751 | - | - | - | - | €0.6m | €0.4m | €0.8m | €0.5m | ▼ 31.1% |
| Other financial income752/9 | - | - | - | - | €14.6m | €19.6m | €10.8m | €24.5m | ▲ 127% |
| Non-recurring financial income76B | - | - | - | - | €81.5m | €28.3m | €29.2m | €16.6m | ▼ 43.1% |
| Financial charges65/66B | - | - | - | - | €34.3m | €47.2m | €47.8m | €50.1m | ▲ 4.9% |
| Recurring financial charges65 | €0.2m | €2.2m | €7.6m | €12.8m | €13.7m | €19.6m | €10.4m | €25.5m | ▲ 146% |
| Debt charges650 | €0.001m | €0.001m | €0.01m | €0.2m | €0.2m | €0.07m | €0.09m | €0.2m | ▲ 133% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | - | -€0.02m | - | -€0.03m | €0 | ▲ 100% |
| Other financial charges652/9 | - | - | - | - | €13.6m | €19.5m | €10.3m | €25.3m | ▲ 145% |
| Non-recurring financial charges66B | - | - | - | - | €20.6m | €27.6m | €37.4m | €24.6m | ▼ 34.2% |
| Profit (loss) for the period before taxes9903 | -€42.1m | €29.5m | €17.5m | €4.0m | €66.9m | €25.8m | €3.4m | -€0.3m | ▼ 110% |
| Income taxes67/77 | -€0.1m | €1.8m | -€0.5m | €0.04m | - | €31 | €0.2m | €0.01m | ▼ 94.9% |
| Taxes670/3 | - | - | - | - | - | €31 | €0.2m | €0.01m | ▼ 94.9% |
| Profit (loss) for the period9904 | -€42.0m | €27.7m | €17.3m | €4.6m | €66.9m | €25.8m | €3.2m | -€0.3m | ▼ 111% |
| Profit (loss) for the period to be appropriated9905 | -€42.0m | €27.7m | €15.6m | €6.3m | €66.9m | €25.8m | €3.2m | -€0.3m | ▼ 111% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €207.5m | €339.1m | €356.9m | €363.9m | €431.1m | €450.9m | €452.7m | €435.6m | ▼ 3.8% |
| Fixed assets21/28 | €171.3m | €197.6m | €209.2m | €222.9m | €333.0m | €406.4m | €428.7m | €374.4m | ▼ 12.7% |
| Tangible fixed assets22/27 | €2.6m | €3.1m | €2.0m | €1.3m | €1.3m | €0.9m | €0.9m | €0.9m | ▲ 6.0% |
| Land and buildings22 | - | - | - | - | €0.7m | €0.2m | €0.2m | €0.3m | ▲ 32.4% |
| Plant, machinery and equipment23 | - | - | - | - | €0.001m | €0.001m | €0.03m | €0.04m | ▲ 37.0% |
| Furniture and vehicles24 | - | - | - | - | €0.008m | €0.07m | €0.06m | €0.04m | ▼ 32.8% |
| Other tangible fixed assets26 | - | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.01m | €0 | ▼ 100% |
| Financial fixed assets28 | €168.7m | €194.5m | €207.2m | €221.5m | €331.7m | €405.6m | €427.8m | €373.5m | ▼ 12.7% |
| Affiliated companies280/1 | - | - | - | - | €25.6m | €12.3m | €14.2m | €15.7m | ▲ 10.8% |
| Participating interests280 | - | - | - | - | €25.6m | €12.3m | €13.2m | €15.7m | ▲ 18.6% |
| Amounts receivable281 | - | - | - | - | - | - | €0.9m | €0 | ▼ 100% |
| Companies linked by participating interests282/3 | - | - | - | - | €15.8m | €15.3m | €47.9m | €62.7m | ▲ 30.9% |
| Participating interests282 | - | - | - | - | €15.8m | €15.3m | €47.9m | €62.7m | ▲ 30.9% |
| Other financial fixed assets284/8 | - | - | - | - | €290.4m | €378.0m | €365.7m | €295.0m | ▼ 19.3% |
| Shares284 | - | - | - | - | €290.4m | €378.0m | €365.7m | €295.0m | ▼ 19.3% |
| Current assets29/58 | €36.1m | €141.5m | €147.7m | €141.0m | €98.1m | €44.4m | €24.0m | €61.2m | ▲ 155% |
| Stocks and contracts in progress3 | - | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €11.1m | €7.7m | €3.5m | €50.6m | €39.7m | €30.3m | €15.4m | €27.3m | ▲ 77.4% |
| Trade receivables40 | - | - | - | - | - | €0.04m | €0.03m | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | - | €39.7m | €30.3m | €15.4m | €27.3m | ▲ 77.7% |
| Current investments50/53 | €6.2m | €60.6m | €26.5m | €1.0m | €25.2m | €0.2m | €0.2m | €0.2m | = |
| Other investments51/53 | - | - | - | - | €25.2m | €0.2m | €0.2m | €0.2m | = |
| Cash at bank and in hand54/58 | €18.7m | €73.0m | €117.4m | €89.1m | €33.0m | €13.5m | €7.8m | €33.3m | ▲ 330% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.2m | €0.4m | €0.6m | €0.3m | ▼ 49.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €207.5m | €339.1m | €356.9m | €363.9m | €431.1m | €450.9m | €452.7m | €435.6m | ▼ 3.8% |
| Equity10/15 | €9.1m | €136.8m | €154.2m | €158.7m | €225.7m | €251.5m | €254.7m | €254.3m | ▼ 0.2% |
| Contributions10/11 | €22.7m | €122.7m | €122.7m | €122.7m | €122.7m | €122.7m | €122.7m | €122.7m | = |
| Capital10 | - | - | - | - | €122.7m | €122.7m | €122.7m | €122.7m | = |
| Issued capital100 | - | - | - | - | €122.7m | €122.7m | €122.7m | €122.7m | = |
| Reserves13 | €0.4m | €1.0m | €3.6m | €2.1m | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Non-distributable reserves130/1 | - | - | - | - | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Legal reserve130 | - | - | - | - | €12.3m | €12.3m | €12.3m | €12.3m | = |
| Profit (loss) carried forward14 | -€13.9m | €13.1m | €27.9m | €33.9m | €90.7m | €116.5m | €119.8m | €119.4m | ▼ 0.3% |
| Provisions and deferred taxes16 | - | €1.1m | €2.4m | €2.3m | €1.5m | €0.05m | €4.0m | €1.3m | ▼ 67.6% |
| Provisions for liabilities and charges160/5 | - | - | - | - | €1.5m | €0.05m | €4.0m | €1.3m | ▼ 67.6% |
| Other liabilities and charges164/5 | - | - | - | - | €1.5m | €0.05m | €4.0m | €1.3m | ▼ 67.6% |
| Amounts payable17/49 | €198.3m | €201.2m | €200.3m | €202.8m | €203.9m | €199.3m | €194.0m | €180.0m | ▼ 7.2% |
| Amounts payable after more than one year17 | €0.006m | €0.006m | €0.006m | €2.4m | €2.4m | €2.4m | - | - | - |
| Financial debts170/4 | - | - | - | - | €2.4m | €2.4m | - | - | - |
| Subordinated loans170 | - | - | - | - | €2.4m | €2.4m | - | - | - |
| Leasing and similar obligations172 | - | - | - | - | €0.006m | - | - | - | - |
| Amounts payable within one year42/48 | €198.3m | €201.1m | €200.3m | €199.5m | €198.9m | €191.9m | €190.6m | €170.2m | ▼ 10.7% |
| Trade debts44 | €0.03m | €0.09m | €0.2m | €0.08m | €0.1m | €0.08m | €0.09m | €0.07m | ▼ 26.2% |
| Suppliers440/4 | - | - | - | - | €0.1m | €0.08m | €0.09m | €0.07m | ▼ 26.2% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.001m | €0.002m | €0.002m | €0.01m | ▲ 848% |
| Taxes450/3 | - | - | - | - | €0.001m | €0.002m | €0.002m | €0.01m | ▲ 848% |
| Other amounts payable47/48 | - | - | - | - | €198.8m | €191.8m | €190.5m | €170.1m | ▼ 10.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2.6m | €5.1m | €3.3m | €9.8m | ▲ 192% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€42.0m | €27.7m | €17.3m | €4.6m | €66.9m | €25.8m | €3.2m | -€0.3m | ▼ 111% |
| + Depreciation and write-downs630 | €0.2m | €0.1m | €0.2m | €0.1m | €0.08m | €0.01m | €0.03m | €0.04m | ▲ 28.4% |
| Operating cash flow (approximation) | -€41.8m | €27.9m | €17.5m | €4.7m | €67.0m | €25.8m | €3.2m | -€0.3m | ▼ 110% |
| Investment in fixed assets (approximation) | - | -€26.4m | -€11.8m | -€13.7m | -€110.2m | -€73.5m | -€22.3m | €54.3m | ▲ 343% |
| Change in cash | - | €54.3m | €44.4m | -€28.3m | -€56.1m | -€19.5m | -€5.8m | €25.6m | ▲ 543% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of the 9,540 companies in this sector, figures are known for 7,339. 87 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: not fully processed yet. The notices from February 2025 to September 2026 are still being read.