MULTIMARKT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-01-2026 PDF all 15 filings
Equity
€1.4m▼ 24.2%
2024 · €1.9m
Total assets
€1.5m▼ 24.9%
2024 · €1.9m
Net result
€2,996▼ 96.6%
2024 · €89,355
Working capital
€1.4m▼ 24.2%
2024 · €1.9m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€5,808
2025
20192025
Net result
€2,996
▼ 96.6%
2025
middle half of the sector
20192025
Equity
€1.4m
▼ 24.2%
2025
highest quarter of the sector
20192025
Total assets
€1.5m
▼ 24.9%
2025
highest quarter of the sector
20192025
Debt
€11,421
▼ 66.0%
2025
20192025
Working capital
€1.4m
▼ 24.2%
2025
highest quarter of the sector
20192025
Solvency
99.1%
▲ 0.9pp
2025
highest quarter of the sector
20192025
Current ratio
no figure
2025
20192025
Return on assets (ROA)
0.2%
▼ 4.4pp
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
Operating result€0.2m--€0.002m€1.5m€0.3m▼ 83.3%€0.001m▼ 99.8%€0.1m▲ 201×-€0.006m
Net result€0.2m-€0.001mwithin the sector's middle half▼ 99.3%€1.0mabove the sector's middle half▲ 885×€0.2mabove the sector's middle half▼ 82.7%€0.003mwithin the sector's middle half▼ 98.6%€0.09mabove the sector's middle half▲ 35×€0.003mwithin the sector's middle half▼ 96.6%
Equity€1.0m-€1.0mabove the sector's middle half▲ 0.1%€2.0mabove the sector's middle half▲ 108%€1.9mabove the sector's middle half▼ 6.5%€1.9mabove the sector's middle half▲ 0.1%€1.9mabove the sector's middle half▲ 2.7%€1.4mabove the sector's middle half▼ 24.2%
Total assets€1.0m-€2.5mabove the sector's middle half▲ 139%€3.2mabove the sector's middle half▲ 30.1%€2.2mabove the sector's middle half▼ 30.6%€2.0mabove the sector's middle half▼ 9.2%€1.9mabove the sector's middle half▼ 4.0%€1.5mabove the sector's middle half▼ 24.9%
Debt€0.07m-€1.5m▲ 20×€1.2m▼ 19.0%€0.4m▼ 69.6%€0.2m▼ 55.7%€0.03m▼ 79.7%€0.01m▼ 66.0%
Working capital€0.9m-€1.0mabove the sector's middle half▲ 4.2%€2.0mabove the sector's middle half▲ 107%€1.9mabove the sector's middle half▼ 6.7%€1.9mabove the sector's middle half▲ 0.2%€1.9mabove the sector's middle half▲ 2.7%€1.4mabove the sector's middle half▼ 24.2%
Solvency92.3%-38.7%within the sector's middle half▼ 53.6pp61.8%within the sector's middle half▲ 23.1pp83.2%above the sector's middle half▲ 21.4pp91.8%above the sector's middle half▲ 8.5pp98.2%above the sector's middle half▲ 6.4pp99.1%above the sector's middle half▲ 0.9pp
Current ratio13.44-1.63within the sector's middle half▼ 11.812.62within the sector's middle half▲ 0.995.98above the sector's middle half▲ 3.3612.25above the sector's middle half▲ 6.2857.80above the sector's middle half▲ 45.55
Return on assets (ROA)16.0%-0.0%within the sector's middle half▼ 15.9pp32.4%above the sector's middle half▲ 32.4pp8.1%within the sector's middle half▼ 24.4pp0.1%within the sector's middle half▼ 8.0pp4.6%within the sector's middle half▲ 4.5pp0.2%within the sector's middle half▼ 4.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €5,808, after a profit of €119,062 in 2024. It is the lowest result since 2021.
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 €1.5m
Fixed assets
€2,238 ▼ 43.9%
Current assets
€1.5m ▼ 24.9%
Equity and liabilities €1.5m
Equity
€1.4m ▼ 24.2%
Provisions
€2,000 =
Debt
€11,421 ▼ 66.0%
Debt's share of the balance-sheet total falls from 1.7% to 0.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€4,058▼
2024 · €121,117
Cash flow
€4,747▼
2024 · €91,410
Debt to equity
0.01▼
2024 · 0.02
ROE
0.2%▼
2024 · 4.7%
Interest coverage
-49.03▼
2024 · over 100
Debt ≤ 1 year
€11,421▼
2024 · €33,553
Income taxes
€1,093▼
2024 · €42,223
A ratio outside any meaningful range has been withheld (balance sheet total €1.5m, equity €1.4m).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,947 | - | €3,030 | - |
| Depreciation and write-downs of the year | €2,202 | €1,156 | €2,055 | €1,750 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €600 awarded · €600 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 14.8% |
| Other operating charges640/8 | - | - | - | €0.01m | €0.001m | €0.002m | €0.001m | ▼ 48.4% |
| Gross operating margin9900 | €0.2m | -€0.005m | €1.5m | €0.3m | €0.003m | €0.1m | -€0.003m | - |
| Operating profit (loss)9901 | €0.2m | -€0.002m | €1.5m | €0.3m | €0.001m | €0.1m | -€0.006m | - |
| Financial income75/76B | - | - | - | €0.001m | €0.003m | €0.01m | €0.01m | ▼ 21.7% |
| Recurring financial income75 | €0.006m | €0.004m | €0.01m | €0.001m | €0.003m | €0.01m | €0.01m | ▼ 21.7% |
| Financial charges65/66B | - | - | - | €0.002m | €222 | €236 | €83 | ▼ 64.9% |
| Recurring financial charges65 | €0.004m | €365 | €0.04m | €0.002m | €222 | €236 | €83 | ▼ 64.9% |
| Profit (loss) for the period before taxes9903 | €0.2m | €0.001m | €1.5m | €0.3m | €0.003m | €0.1m | €0.004m | ▼ 96.9% |
| Income taxes67/77 | €0.08m | €167 | €0.5m | €0.08m | €0.001m | €0.04m | €0.001m | ▼ 97.4% |
| Profit (loss) for the period9904 | €0.2m | €0.001m | €1.0m | €0.2m | €0.003m | €0.09m | €0.003m | ▼ 96.6% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.001m | €1.0m | €0.2m | €0.003m | €0.09m | €0.003m | ▼ 96.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €2.5m | €3.2m | €2.2m | €2.0m | €1.9m | €1.5m | ▼ 24.9% |
| Fixed assets21/28 | €0.04m | €0.002m | €0.003m | €0.006m | €0.003m | €0.004m | €0.002m | ▼ 43.9% |
| Tangible fixed assets22/27 | €0.001m | €373 | €0.001m | €0.004m | €0.003m | €0.004m | €0.002m | ▼ 43.9% |
| Plant, machinery and equipment23 | - | - | - | €0.004m | €0.003m | €0.004m | €0.001m | ▼ 72.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | €0.001m | - |
| Financial fixed assets28 | €0.04m | €0.001m | €0.001m | €0.001m | - | - | - | - |
| Current assets29/58 | €1.0m | €2.5m | €3.2m | €2.2m | €2.0m | €1.9m | €1.5m | ▼ 24.9% |
| Stocks and contracts in progress3 | €0.09m | €1.6m | €1.9m | €0.06m | €1.2m | - | - | - |
| Contracts in progress37 | - | - | - | €0.06m | €1.2m | - | - | - |
| Amounts receivable within one year40/41 | €0.8m | €0.2m | €0.03m | €0.1m | €0.04m | €0.01m | €0.08m | ▲ 430% |
| Trade receivables40 | - | - | - | €0.05m | €0.005m | €0.01m | €0.08m | ▲ 572% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.03m | €0.004m | €0.003m | ▼ 13.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.7m | €1.3m | €2.0m | €0.8m | €1.9m | €1.4m | ▼ 28.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €2.5m | €3.2m | €2.2m | €2.0m | €1.9m | €1.5m | ▼ 24.9% |
| Equity10/15 | €1.0m | €1.0m | €2.0m | €1.9m | €1.9m | €1.9m | €1.4m | ▼ 24.2% |
| Contributions10/11 | €0.4m | - | - | €0.4m | €0.4m | €0.4m | €0.1m | ▼ 70.3% |
| Contributions outside capital11 | - | - | - | €0.4m | €0.4m | - | - | - |
| Other1109/19 | - | - | - | €0.4m | €0.4m | - | - | - |
| Reserves13 | €0.5m | €0.5m | €1.6m | €1.4m | €1.4m | €1.5m | €1.3m | ▼ 11.0% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.03m | - | - | - | - |
| Distributable reserves133 | - | - | - | €1.4m | €1.4m | €1.5m | €1.3m | ▼ 11.0% |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.008m | €0.002m | ▼ 70.3% |
| Provisions and deferred taxes16 | €0.006m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Provisions for liabilities and charges160/5 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Other liabilities and charges164/5 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Amounts payable17/49 | €0.07m | €1.5m | €1.2m | €0.4m | €0.2m | €0.03m | €0.01m | ▼ 66.0% |
| Amounts payable within one year42/48 | €0.07m | €1.5m | €1.2m | €0.4m | €0.2m | €0.03m | €0.01m | ▼ 66.0% |
| Trade debts44 | €0.002m | €0.06m | €0.6m | €0.2m | €0.2m | €0.01m | €0.002m | ▼ 82.9% |
| Suppliers440/4 | - | - | - | €0.2m | €0.2m | €0.01m | €0.002m | ▼ 82.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €480 | €0.01m | €0.001m | ▼ 91.1% |
| Taxes450/3 | - | - | - | €0.02m | €480 | €0.01m | €0.001m | ▼ 91.1% |
| Remuneration and social security454/9 | - | - | - | €0.007m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.007m | €0.01m | €0.009m | ▼ 33.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.001m | €1.0m | €0.2m | €0.003m | €0.09m | €0.003m | ▼ 96.6% |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 14.8% |
| Operating cash flow (approximation) | €0.2m | €0.002m | €1.0m | €0.2m | €0.004m | €0.09m | €0.005m | ▼ 94.8% |
| Investment in fixed assets (approximation) | - | €0.04m | -€0.003m | -€0.005m | €0.001m | -€0.003m | €0 | - |
| Change in cash | - | €0.5m | €0.6m | €0.7m | -€1.2m | €1.1m | -€0.5m | - |
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, 6,049 companies had the same profile as MULTIMARKT has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of MULTIMARKT 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 6,049 companies, not a prediction for MULTIMARKT. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-01-2026 | 2026-00014333 | |
| 30-09-2024 | micro format | 25-02-2025 | 2025-00038792 | |
| 30-09-2023 | micro format | 05-04-2024 | 2024-00057937 | |
| 30-09-2022 | micro format | 31-03-2023 | 2023-00050559 | |
| 30-09-2021 | micro format | 29-03-2022 | 2022-09000069 | |
| 30-09-2020 | micro format | 06-04-2021 | 2021-09700014 | |
| 30-09-2019 | micro format | 20-04-2020 | 2020-09400294 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08900124 | |
| 30-09-2017 | micro format | 19-03-2018 | 2018-07100404 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08100407 |