Summary
Multiply is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €19,572 and a net result of €201,091. Equity is shrinking by about 27% per year across the filed financial years. Its solvency ranks better than 12% of 6,676 sector peers (NACE 64, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
Equity
€19,572▼ 4.4%
2024 · €20,481
Net result
€201,091▼ 7.0%
2024 · €216,213
Total assets
€252,712▼ 20.1%
2024 · €316,221
Solvency
7.7%▲ 1.3pp
2024 · 6.5%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result falls in 2025; 2025 is 6% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€263,297
2025
Net result€201,091
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€252,712
2025
Equity€19,572
2025
Debt€233,140
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€193
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)79.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency7.7%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.00
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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
Line2019202020212022202320242025
Operating result€107,227-€51,793▼ 51.7%€130,439▲ 152%€201,050▲ 54.1%€243,971▲ 21.3%€279,009▲ 14.4%€263,297▼ 5.6%
Net result€83,147-€39,668within the sector's middle half▼ 52.3%€100,551within the sector's middle half▲ 153%€154,754within the sector's middle half▲ 53.9%€187,549within the sector's middle half▲ 21.2%€216,213above the sector's middle half▲ 15.3%€201,091above the sector's middle half▼ 7.0%
Equity€95,547-€135,215below the sector's middle half▲ 41.5%€235,766within the sector's middle half▲ 74.4%€40,519below the sector's middle half▼ 82.8%€54,268below the sector's middle half▲ 33.9%€20,481below the sector's middle half▼ 62.3%€19,572below the sector's middle half▼ 4.4%
Total assets€130,722-€199,386below the sector's middle half▲ 52.5%€304,378below the sector's middle half▲ 52.7%€432,759below the sector's middle half▲ 42.2%€271,348below the sector's middle half▼ 37.3%€316,221below the sector's middle half▲ 16.5%€252,712below the sector's middle half▼ 20.1%
Debt€35,175-€64,171▲ 82.4%€68,612▲ 6.9%€392,239▲ 472%€217,079▼ 44.7%€295,739▲ 36.2%€233,140▼ 21.2%
Working capital€86,959-€121,666within the sector's middle half▲ 39.9%€224,213within the sector's middle half▲ 84.3%€40,219within the sector's middle half▼ 82.1%€52,347within the sector's middle half▲ 30.2%€18,155within the sector's middle half▼ 65.3%-€193within the sector's middle half
Solvency73.1%-67.8%within the sector's middle half▼ 5.3pp77.5%above the sector's middle half▲ 9.6pp9.4%below the sector's middle half▼ 68.1pp20.0%below the sector's middle half▲ 10.6pp6.5%below the sector's middle half▼ 13.5pp7.7%below the sector's middle half▲ 1.3pp
Current ratio4.02-3.44above the sector's middle half▼ 0.584.70above the sector's middle half▲ 1.261.10within the sector's middle half▼ 3.601.24within the sector's middle half▲ 0.141.06within the sector's middle half▼ 0.181.00within the sector's middle half▼ 0.06
Return on assets (ROA)63.6%-19.9%above the sector's middle half▼ 43.7pp33.0%above the sector's middle half▲ 13.1pp35.8%above the sector's middle half▲ 2.7pp69.1%above the sector's middle half▲ 33.4pp68.4%above the sector's middle half▼ 0.7pp79.6%above the sector's middle half▲ 11.2pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: 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.
Turnover and EBIT margin not published: the abbreviated or 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 €252,712
Fixed assets
€19,770 ▲ 670%
Current assets
€232,942 ▼ 25.7%
Equity and liabilities €252,712
Equity
€19,572 ▼ 4.4%
Debt
€233,140 ▼ 21.2%
Debt's share of the balance-sheet total falls from 93.5% to 92.3%. Equity and debt are lower.
Key figures and ratios
Debt ≤ 1 year
€233,135▼
2024 · €295,499
Income taxes
€61,707▼
2024 · €66,805
A ratio outside any meaningful range has been withheld (balance sheet total €252,712, equity €19,572).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,589 | €7,091 | €8,843 | €236 | €162 | €736 | €2,492 | ▲ 239% |
| Other operating charges640/8 | - | - | €1,495 | €788 | €630 | €617 | €595 | ▼ 3.5% |
| Non-recurring operating charges66A | - | - | €139 | - | €340 | - | - | - |
| Gross operating margin9900 | €120,181 | €63,998 | €140,916 | €202,074 | €245,102 | €280,362 | €266,384 | ▼ 5.0% |
| Operating profit (loss)9901 | €107,227 | €51,793 | €130,439 | €201,050 | €243,971 | €279,009 | €263,297 | ▼ 5.6% |
| Financial income75/76B | - | - | €149 | €279 | €2,364 | €4,312 | €841 | ▼ 80.5% |
| Recurring financial income75 | €17 | €150 | €149 | €279 | €2,364 | €4,312 | €841 | ▼ 80.5% |
| Financial charges65/66B | - | - | €430 | €317 | €277 | €304 | €1,340 | ▲ 341% |
| Recurring financial charges65 | €268 | €592 | €430 | €317 | €277 | €304 | €1,340 | ▲ 341% |
| Profit (loss) for the period before taxes9903 | €106,977 | €51,351 | €130,157 | €201,011 | €246,058 | €283,017 | €262,798 | ▼ 7.1% |
| Income taxes67/77 | €23,830 | €11,683 | €29,607 | €46,257 | €58,510 | €66,805 | €61,707 | ▼ 7.6% |
| Profit (loss) for the period9904 | €83,147 | €39,668 | €100,551 | €154,754 | €187,549 | €216,213 | €201,091 | ▼ 7.0% |
| Profit (loss) for the period to be appropriated9905 | €83,147 | €39,668 | €100,551 | €154,754 | €187,549 | €216,213 | €201,091 | ▼ 7.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €130,722 | €199,386 | €304,378 | €432,759 | €271,348 | €316,221 | €252,712 | ▼ 20.1% |
| Fixed assets21/28 | €14,969 | €27,881 | €19,607 | €340 | €2,064 | €2,567 | €19,770 | ▲ 670% |
| Tangible fixed assets22/27 | €14,969 | €27,881 | €19,607 | €340 | €2,064 | €2,567 | €19,770 | ▲ 670% |
| Furniture and vehicles24 | - | - | €19,607 | €340 | €2,064 | €2,567 | €19,770 | ▲ 670% |
| Current assets29/58 | €115,753 | €171,505 | €284,771 | €432,419 | €269,284 | €313,654 | €232,942 | ▼ 25.7% |
| Amounts receivable after more than one year29 | - | - | - | €50,000 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €50,000 | - | - | - | - |
| Amounts receivable within one year40/41 | €14,624 | €12,705 | €49,610 | €71,885 | €91,513 | €133,144 | €118,899 | ▼ 10.7% |
| Trade receivables40 | - | - | €49,610 | €64,511 | €87,725 | €129,908 | €104,828 | ▼ 19.3% |
| Other amounts receivable41 | - | - | - | €7,375 | €3,788 | €3,236 | €14,071 | ▲ 335% |
| Current investments50/53 | €50,000 | €50,135 | €50,238 | €67,794 | €62,847 | €149,030 | €62,621 | ▼ 58.0% |
| Cash at bank and in hand54/58 | €50,081 | €108,240 | €183,986 | €241,771 | €113,979 | €29,714 | €50,499 | ▲ 70.0% |
| Deferred charges and accrued income490/1 | - | - | €937 | €969 | €945 | €1,766 | €924 | ▼ 47.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €130,722 | €199,386 | €304,378 | €432,759 | €271,348 | €316,221 | €252,712 | ▼ 20.1% |
| Equity10/15 | €95,547 | €135,215 | €235,766 | €40,519 | €54,268 | €20,481 | €19,572 | ▼ 4.4% |
| Contributions10/11 | - | - | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €83,147 | €122,815 | €223,366 | €28,119 | €35,668 | €1,881 | €972 | ▼ 48.3% |
| Distributable reserves133 | - | - | €223,366 | €28,119 | €35,668 | €1,881 | €972 | ▼ 48.3% |
| Amounts payable17/49 | €35,175 | €64,171 | €68,612 | €392,239 | €217,079 | €295,739 | €233,140 | ▼ 21.2% |
| Amounts payable after more than one year17 | €6,346 | €14,237 | €7,965 | - | - | - | - | - |
| Financial debts170/4 | - | - | €7,965 | - | - | - | - | - |
| Amounts payable within one year42/48 | €28,794 | €49,839 | €60,558 | €392,201 | €216,937 | €295,499 | €233,135 | ▼ 21.1% |
| Current portion of amounts payable after more than one year42 | - | - | €6,271 | - | - | - | - | - |
| Trade debts44 | €73 | €513 | €15 | - | €162 | €1,076 | €13 | ▼ 98.8% |
| Suppliers440/4 | - | - | €15 | - | €162 | €1,076 | €13 | ▼ 98.8% |
| Taxes, remuneration and social security45 | - | - | €53,663 | €94,701 | €63,343 | €81,759 | €61,422 | ▼ 24.9% |
| Taxes450/3 | - | - | €53,663 | €94,701 | €63,343 | €81,759 | €61,422 | ▼ 24.9% |
| Other amounts payable47/48 | - | - | €608 | €297,500 | €153,433 | €212,664 | €171,700 | ▼ 19.3% |
| Accrued charges and deferred income492/3 | - | - | €89 | €39 | €142 | €241 | €4 | ▼ 98.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €83,147 | €39,668 | €100,551 | €154,754 | €187,549 | €216,213 | €201,091 | ▼ 7.0% |
| + Depreciation and write-downs630 | €11,589 | €7,091 | €8,843 | €236 | €162 | €736 | €2,492 | ▲ 239% |
| Operating cash flow (approximation) | €94,736 | €46,759 | €109,394 | €154,990 | €187,711 | €216,949 | €203,583 | ▼ 6.2% |
| Investment in fixed assets (approximation) | - | -€20,002 | -€569 | €19,032 | -€1,886 | -€1,239 | -€19,695 | ▼ 1,490% |
| Change in cash | - | €58,159 | €75,746 | €57,785 | -€127,792 | -€84,266 | €20,785 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-03-2026 | 2026-00070459 |
| 31-12-2024 | abbreviated format | 27-06-2025 | 2025-00212206 |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00192837 |
| 31-12-2022 | abbreviated format | 29-06-2023 | 2023-00183560 |
| 31-12-2021 | abbreviated format | 30-06-2022 | 2022-20152898 |
| 31-12-2020 | abbreviated format | 13-08-2021 | 2021-48400504 |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39200057 |
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Of the 24,455 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,124. 7,634 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.