MULTIPAINS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 7 filings
Turnover
≈ €930,000
Estimated: probably between €650,000 and €1.4m
Total assets
€324,456▼ 4.8%
2024 · €340,959
Net result
€11,807▼ 26.4%
2024 · €16,046
Working capital
-€46,737▲ 12.8%
2024 · -€53,584
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€19,721
▼ 23.2%
2025
20192025
Net result
€11,807
▼ 26.4%
2025
middle half of the sector
20192025
Equity
€60,738
▲ 24.1%
2025
middle half of the sector
20192025
Total assets
€324,456
▼ 4.8%
2025
middle half of the sector
20192025
Debt
€263,718
▼ 9.7%
2025
20192025
Working capital
-€46,737
▲ 12.8%
2025
lowest quarter of the sector
20192025
Solvency
18.7%
▲ 4.4pp
2025
middle half of the sector
20192025
Current ratio
0.51
▼ 0.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
3.6%
▼ 1.1pp
2025
middle half of the sector
20192025
Staff (FTE)
11.7
▼ 12.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€32,742--€178▲ 99.5%€23,626€39,681▲ 68.0%€7,197▼ 81.9%€25,685▲ 257%€19,721▼ 23.2%
Net result-€36,829--€2,935within the sector's middle half▲ 92.0%€21,482within the sector's middle half€33,269above the sector's middle half▲ 54.9%-€703within the sector's middle half€16,046within the sector's middle half€11,807within the sector's middle half▼ 26.4%
Equity-€18,229--€21,164below the sector's middle half▼ 16.1%€319below the sector's middle half€33,588within the sector's middle half▲ 105×€32,885within the sector's middle half▼ 2.1%€48,931within the sector's middle half▲ 48.8%€60,738within the sector's middle half▲ 24.1%
Total assets€132,161-€139,297within the sector's middle half▲ 5.4%€159,958within the sector's middle half▲ 14.8%€397,248above the sector's middle half▲ 148%€352,878within the sector's middle half▼ 11.2%€340,959within the sector's middle half▼ 3.4%€324,456within the sector's middle half▼ 4.8%
Debt€150,389-€160,461▲ 6.7%€159,639▼ 0.5%€363,660▲ 128%€319,993▼ 12.0%€292,028▼ 8.7%€263,718▼ 9.7%
Working capital-€45,479--€53,997below the sector's middle half▼ 18.7%-€34,932below the sector's middle half▲ 35.3%-€63,448below the sector's middle half▼ 81.6%-€63,142below the sector's middle half▲ 0.5%-€53,584below the sector's middle half▲ 15.1%-€46,737below the sector's middle half▲ 12.8%
Solvency-13.8%--15.2%below the sector's middle half▼ 1.4pp0.2%below the sector's middle half▲ 15.4pp8.5%within the sector's middle half▲ 8.3pp9.3%within the sector's middle half▲ 0.9pp14.4%within the sector's middle half▲ 5.0pp18.7%within the sector's middle half▲ 4.4pp
Current ratio0.48-0.43below the sector's middle half▼ 0.050.70within the sector's middle half▲ 0.270.57below the sector's middle half▼ 0.130.50below the sector's middle half▼ 0.070.55below the sector's middle half▲ 0.050.51below the sector's middle half▼ 0.04
Return on assets (ROA)-27.9%--2.1%within the sector's middle half▲ 25.8pp13.4%within the sector's middle half▲ 15.5pp8.4%within the sector's middle half▼ 5.1pp-0.2%within the sector's middle half▼ 8.6pp4.7%within the sector's middle half▲ 4.9pp3.6%within the sector's middle half▼ 1.1pp
Staff (FTE)5.6-6.2above the sector's middle half▲ 10.7%15.5▲ 150%16.5▲ 6.5%14.6▼ 11.5%13.3▼ 8.9%11.7▼ 12.0%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 23% lower than 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 €324,456
Fixed assets
€276,355 ▲ 0.2%
Current assets
€48,101 ▼ 26.2%
Equity and liabilities €324,456
Equity
€60,738 ▲ 24.1%
Debt
€263,718 ▼ 9.7%
Debt's share of the balance-sheet total falls from 85.6% to 81.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€41,342▼
2024 · €47,098
Cash flow
€33,428▼
2024 · €37,459
Quick ratio
0.44▼
2024 · 0.47
Debt to equity
4.34▼
2024 · 5.97
ROE
19.4%▼
2024 · 32.8%
Interest coverage
4.15▼
2024 · 4.73
Debt ≤ 1 year
€94,837▼
2024 · €118,794
Debt > 1 year
€159,948▼
2024 · €170,323
Income taxes
€1,360▼
2024 · €1,776
Staff costs
€420,627▲
2024 · €385,461
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 16 | 18 | 16 | 17 | 17 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 15 | 17 | 15 | 16 | 16 |
| in full-time equivalents | 8.5 | 9.3 | 7.9 | 8 | 9.1 |
| Average over the year, in full-time equivalents | 7.9 | 8.7 | 7.9 | 8 | 7.2 |
| On a permanent contract | 8 | 9 | 9 | 8 | 8 |
| Joined | 14 | 12 | 22 | 145 | 188 |
| Left | 12 | 10 | 24 | 144 | 188 |
| Training hours | - | - | - | 554 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,507 | €267,629 | €16,968 | €47,896 | €22,766 |
| Financial fixed assets | - | - | - | €1,000 | €0 |
| Depreciation and write-downs of the year | €30,453 | €32,099 | €34,183 | €21,412 | €21,620 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €295,456 | €350,389 | €390,250 | €385,461 | €420,627 | ▲ 9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,576 | €30,333 | €30,453 | €32,099 | €34,183 | €21,412 | €21,620 | ▲ 1.0% |
| Other operating charges640/8 | - | - | €2,728 | €1,965 | €5,534 | €4,337 | €3,282 | ▼ 24.3% |
| Non-recurring operating charges66A | - | - | €0 | - | - | - | - | - |
| Gross operating margin9900 | €226,647 | €277,768 | €352,263 | €424,134 | €437,164 | €436,896 | €465,250 | ▲ 6.5% |
| Operating profit (loss)9901 | -€32,742 | -€178 | €23,626 | €39,681 | €7,197 | €25,685 | €19,721 | ▼ 23.2% |
| Financial income75/76B | - | - | €248 | €373 | €198 | €2,091 | €3,415 | ▲ 63.3% |
| Recurring financial income75 | €5 | €1 | €248 | €373 | €198 | €2,091 | €3,415 | ▲ 63.3% |
| Financial charges65/66B | - | - | €2,391 | €6,785 | €8,098 | €9,954 | €9,969 | ▲ 0.1% |
| Recurring financial charges65 | €4,092 | €2,758 | €2,391 | €6,785 | €8,098 | €9,954 | €9,969 | ▲ 0.1% |
| Profit (loss) for the period before taxes9903 | -€36,829 | -€2,935 | €21,482 | €33,269 | -€703 | €17,823 | €13,167 | ▼ 26.1% |
| Income taxes67/77 | - | - | - | - | - | €1,776 | €1,360 | ▼ 23.5% |
| Profit (loss) for the period9904 | -€36,829 | -€2,935 | €21,482 | €33,269 | -€703 | €16,046 | €11,807 | ▼ 26.4% |
| Profit (loss) for the period to be appropriated9905 | -€36,829 | -€2,935 | €21,482 | €33,269 | -€703 | €16,046 | €11,807 | ▼ 26.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €132,161 | €139,297 | €159,958 | €397,248 | €352,878 | €340,959 | €324,456 | ▼ 4.8% |
| Fixed assets21/28 | €90,181 | €98,287 | €78,341 | €313,871 | €289,406 | €275,750 | €276,355 | ▲ 0.2% |
| Tangible fixed assets22/27 | €89,851 | €97,957 | €78,011 | €313,541 | €289,076 | €274,420 | €275,025 | ▲ 0.2% |
| Land and buildings22 | - | - | - | €249,572 | €243,719 | €237,866 | €232,014 | ▼ 2.5% |
| Plant, machinery and equipment23 | - | - | €4,773 | €2,260 | €487 | €4,436 | €15,281 | ▲ 245% |
| Furniture and vehicles24 | - | - | €25,854 | €19,046 | €21,966 | €15,465 | €16,310 | ▲ 5.5% |
| Leasing and similar rights25 | - | - | €15,490 | €8,240 | €990 | €0 | - | - |
| Other tangible fixed assets26 | - | - | €31,894 | €26,633 | €21,373 | €16,112 | €11,420 | ▼ 29.1% |
| Assets under construction and advance payments27 | - | - | - | €7,790 | €540 | €540 | €0 | ▼ 100% |
| Financial fixed assets28 | €330 | €330 | €330 | €330 | €330 | €1,330 | €1,330 | = |
| Current assets29/58 | €41,979 | €41,010 | €81,617 | €83,377 | €63,472 | €65,209 | €48,101 | ▼ 26.2% |
| Stocks and contracts in progress3 | €707 | €1,577 | €2,202 | €3,715 | €4,704 | €9,842 | €6,559 | ▼ 33.4% |
| Stocks30/36 | - | - | €2,202 | €3,715 | €4,704 | €9,842 | €6,559 | ▼ 33.4% |
| Amounts receivable within one year40/41 | €11,664 | €11,933 | €14,348 | €20,673 | €15,141 | €14,322 | €20,599 | ▲ 43.8% |
| Trade receivables40 | - | - | €11,424 | €20,001 | €15,141 | €12,023 | €15,364 | ▲ 27.8% |
| Other amounts receivable41 | - | - | €2,924 | €672 | €0 | €2,299 | €5,236 | ▲ 128% |
| Cash at bank and in hand54/58 | €23,914 | €20,604 | €59,262 | €53,145 | €36,897 | €38,164 | €13,210 | ▼ 65.4% |
| Deferred charges and accrued income490/1 | - | - | €5,805 | €5,844 | €6,730 | €2,881 | €7,732 | ▲ 168% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €132,161 | €139,297 | €159,958 | €397,248 | €352,878 | €340,959 | €324,456 | ▼ 4.8% |
| Equity10/15 | -€18,229 | -€21,164 | €319 | €33,588 | €32,885 | €48,931 | €60,738 | ▲ 24.1% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | - | €14,988 | €14,285 | €30,331 | €42,138 | ▲ 38.9% |
| Distributable reserves133 | - | - | - | €14,988 | €14,285 | €30,331 | €42,138 | ▲ 38.9% |
| Profit (loss) carried forward14 | -€36,829 | -€39,764 | -€18,281 | €0 | - | - | - | - |
| Amounts payable17/49 | €150,389 | €160,461 | €159,639 | €363,660 | €319,993 | €292,028 | €263,718 | ▼ 9.7% |
| Amounts payable after more than one year17 | €62,858 | €64,190 | €42,076 | €213,877 | €190,688 | €170,323 | €159,948 | ▼ 6.1% |
| Financial debts170/4 | - | - | €42,076 | €213,877 | €190,688 | €170,323 | €159,948 | ▼ 6.1% |
| Amounts payable within one year42/48 | €87,458 | €95,007 | €116,549 | €146,825 | €126,614 | €118,794 | €94,837 | ▼ 20.2% |
| Current portion of amounts payable after more than one year42 | - | - | €39,114 | €47,646 | €23,189 | €20,365 | €10,375 | ▼ 49.1% |
| Trade debts44 | €28,740 | €19,449 | €31,612 | €45,746 | €42,392 | €46,961 | €44,393 | ▼ 5.5% |
| Suppliers440/4 | - | - | €31,612 | €45,746 | €42,392 | €46,961 | €44,393 | ▼ 5.5% |
| Taxes, remuneration and social security45 | - | - | €29,732 | €39,257 | €46,028 | €40,435 | €35,340 | ▼ 12.6% |
| Taxes450/3 | - | - | €5 | €5 | €512 | €1,776 | €2,546 | ▲ 43.3% |
| Remuneration and social security454/9 | - | - | €29,727 | €39,252 | €45,515 | €38,659 | €32,794 | ▼ 15.2% |
| Other amounts payable47/48 | - | - | €16,091 | €14,176 | €15,005 | €11,033 | €4,729 | ▼ 57.1% |
| Accrued charges and deferred income492/3 | - | - | €1,015 | €2,958 | €2,691 | €2,911 | €8,932 | ▲ 207% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€36,829 | -€2,935 | €21,482 | €33,269 | -€703 | €16,046 | €11,807 | ▼ 26.4% |
| + Depreciation and write-downs630 | €30,576 | €30,333 | €30,453 | €32,099 | €34,183 | €21,412 | €21,620 | ▲ 1.0% |
| Operating cash flow (approximation) | -€6,253 | €27,398 | €51,936 | €65,368 | €33,480 | €37,459 | €33,428 | ▼ 10.8% |
| Investment in fixed assets (approximation) | - | -€38,439 | -€10,507 | -€267,629 | -€9,718 | -€7,756 | -€22,226 | ▼ 187% |
| Change in cash | - | -€3,310 | €38,658 | -€6,117 | -€16,248 | €1,267 | -€24,955 | - |
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, 2,372 companies had the same profile as MULTIPAINS has now. Two years later, 96.6% were still going and 1.8% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.6%
was still going
1.4%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MULTIPAINS itself: 1.1% 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 2,372 companies, not a prediction for MULTIPAINS. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00298252 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00285320 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00226627 | |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00252704 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20227536 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-26800450 | |
| 31-12-2019 | micro format | 22-07-2020 | 2020-32100001 |