MUNACO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 17 filings
Turnover
≈ €410,000
Estimated: probably between €280,000 and €620,000
Total assets
€150,082▼ 10.6%
2024 · €167,934
Net result
€3,998▲ 34.4%
2024 · €2,975
Working capital
€60,189▼ 0.9%
2024 · €60,736
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,982
▲ 12.7%
2025
20182025
Net result
€3,998
▲ 34.4%
2025
middle half of the sector
20182025
Equity
€64,353
▲ 6.6%
2025
middle half of the sector
20182025
Total assets
€150,082
▼ 10.6%
2025
middle half of the sector
20182025
Debt
€85,729
▼ 20.3%
2025
20182025
Working capital
€60,189
▼ 0.9%
2025
middle half of the sector
20182025
Solvency
42.9%
▲ 6.9pp
2025
middle half of the sector
20182025
Current ratio
2.23
▼ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
2.7%
▲ 0.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,871-€10,927€35,275▲ 223%€9,259▼ 73.8%€13,005▲ 40.5%€8,384▼ 35.5%€12,404▲ 48.0%€13,982▲ 12.7%
Net result-€4,839-€6,937€27,372above the sector's middle half▲ 295%€5,954within the sector's middle half▼ 78.2%€6,915within the sector's middle half▲ 16.1%-€644within the sector's middle half€2,975within the sector's middle half€3,998within the sector's middle half▲ 34.4%
Equity€31,306-€38,243▲ 22.2%€65,615within the sector's middle half▲ 71.6%€51,108within the sector's middle half▼ 22.1%€58,023within the sector's middle half▲ 13.5%€57,380within the sector's middle half▼ 1.1%€60,355within the sector's middle half▲ 5.2%€64,353within the sector's middle half▲ 6.6%
Total assets€75,072-€106,290▲ 41.6%€123,026within the sector's middle half▲ 15.7%€99,527within the sector's middle half▼ 19.1%€116,011within the sector's middle half▲ 16.6%€183,500within the sector's middle half▲ 58.2%€167,934within the sector's middle half▼ 8.5%€150,082within the sector's middle half▼ 10.6%
Debt€43,766-€68,048▲ 55.5%€57,412▼ 15.6%€48,419▼ 15.7%€57,988▲ 19.8%€126,120▲ 117%€107,579▼ 14.7%€85,729▼ 20.3%
Working capital€27,103-€41,930▲ 54.7%€64,340within the sector's middle half▲ 53.4%€50,221within the sector's middle half▼ 21.9%€70,987within the sector's middle half▲ 41.3%€60,809within the sector's middle half▼ 14.3%€60,736within the sector's middle half▼ 0.1%€60,189within the sector's middle half▼ 0.9%
Solvency41.7%-36.0%▼ 5.7pp53.3%within the sector's middle half▲ 17.4pp51.4%within the sector's middle half▼ 2.0pp50.0%within the sector's middle half▼ 1.3pp31.3%within the sector's middle half▼ 18.7pp35.9%within the sector's middle half▲ 4.7pp42.9%within the sector's middle half▲ 6.9pp
Current ratio1.87-2.97▲ 1.094.07above the sector's middle half▲ 1.103.46above the sector's middle half▼ 0.613.96above the sector's middle half▲ 0.502.47within the sector's middle half▼ 1.492.31within the sector's middle half▼ 0.162.23within the sector's middle half▼ 0.08
Return on assets (ROA)-6.4%-6.5%▲ 13.0pp22.2%above the sector's middle half▲ 15.7pp6.0%within the sector's middle half▼ 16.3pp6.0%within the sector's middle half=-0.4%within the sector's middle half▼ 6.3pp1.8%within the sector's middle half▲ 2.1pp2.7%within the sector's middle half▲ 0.9pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 13% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €150,082
Fixed assets
€41,010 ▼ 32.6%
Current assets
€109,072 ▲ 1.9%
Equity and liabilities €150,082
Equity
€64,353 ▲ 6.6%
Debt
€85,729 ▼ 20.3%
Debt's share of the balance-sheet total falls from 64.1% to 57.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€35,055▲
2024 · €33,655
Cash flow
€25,071▲
2024 · €24,227
Quick ratio
0.28▼
2024 · 0.31
Debt to equity
1.33▼
2024 · 1.78
ROE
6.2%▲
2024 · 4.9%
Interest coverage
3.96▲
2024 · 3.88
Debt ≤ 1 year
€48,882▲
2024 · €46,313
Debt > 1 year
€36,847▼
2024 · €61,266
Income taxes
€1,452▲
2024 · €949
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,547 | €4,229 | €89,733 | €719 | €1,198 |
| Depreciation and write-downs of the year | €11,368 | €12,101 | €29,345 | €21,251 | €21,073 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €5,785 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,618 | €18,678 | €10,601 | €11,368 | €12,101 | €29,345 | €21,251 | €21,073 | ▼ 0.8% |
| Other operating charges640/8 | - | - | - | €171 | €171 | €1,559 | €1,475 | €323 | ▼ 78.1% |
| Gross operating margin9900 | €11,644 | €29,775 | €47,029 | €20,798 | €25,277 | €39,288 | €35,130 | €35,378 | ▲ 0.7% |
| Operating profit (loss)9901 | -€1,871 | €10,927 | €35,275 | €9,259 | €13,005 | €8,384 | €12,404 | €13,982 | ▲ 12.7% |
| Financial income75/76B | - | - | - | €993 | €321 | €397 | €188 | €311 | ▲ 65.5% |
| Recurring financial income75 | - | - | €1,783 | €993 | €321 | €397 | €188 | €311 | ▲ 65.5% |
| Financial charges65/66B | - | - | - | €2,682 | €4,207 | €9,424 | €8,668 | €8,842 | ▲ 2.0% |
| Recurring financial charges65 | €2,874 | €3,990 | €3,351 | €2,682 | €4,207 | €9,424 | €8,668 | €8,842 | ▲ 2.0% |
| Profit (loss) for the period before taxes9903 | -€4,745 | €6,937 | €33,708 | €7,571 | €9,119 | -€644 | €3,924 | €5,450 | ▲ 38.9% |
| Income taxes67/77 | €94 | - | €6,336 | €1,617 | €2,204 | - | €949 | €1,452 | ▲ 53.1% |
| Profit (loss) for the period9904 | -€4,839 | €6,937 | €27,372 | €5,954 | €6,915 | -€644 | €2,975 | €3,998 | ▲ 34.4% |
| Profit (loss) for the period to be appropriated9905 | -€4,839 | €6,937 | €27,372 | €5,954 | €6,915 | -€644 | €2,975 | €3,998 | ▲ 34.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €75,072 | €106,290 | €123,026 | €99,527 | €116,011 | €183,500 | €167,934 | €150,082 | ▼ 10.6% |
| Fixed assets21/28 | €16,949 | €43,056 | €37,722 | €28,901 | €21,030 | €81,417 | €60,885 | €41,010 | ▼ 32.6% |
| Tangible fixed assets22/27 | €16,949 | €43,056 | €37,722 | €28,901 | €21,030 | €81,417 | €60,885 | €41,010 | ▼ 32.6% |
| Plant, machinery and equipment23 | - | - | - | €3,004 | €4,406 | €2,980 | €2,217 | €1,727 | ▼ 22.1% |
| Furniture and vehicles24 | - | - | - | €20,300 | €12,109 | €75,005 | €56,318 | €38,016 | ▼ 32.5% |
| Other tangible fixed assets26 | - | - | - | €5,598 | €4,515 | €3,432 | €2,350 | €1,267 | ▼ 46.1% |
| Current assets29/58 | €58,124 | €63,234 | €85,304 | €70,626 | €94,981 | €102,083 | €107,049 | €109,072 | ▲ 1.9% |
| Stocks and contracts in progress3 | €44,677 | €36,445 | €43,117 | €60,892 | €76,998 | €86,123 | €92,560 | €95,542 | ▲ 3.2% |
| Stocks30/36 | - | - | - | €60,892 | €76,998 | €86,123 | €92,560 | €95,542 | ▲ 3.2% |
| Amounts receivable within one year40/41 | €10,825 | €20,053 | €34,592 | €7,256 | €10,034 | €8,588 | €10,258 | €4,261 | ▼ 58.5% |
| Trade receivables40 | - | - | - | €211 | €3,320 | €225 | €36 | €255 | ▲ 610% |
| Other amounts receivable41 | - | - | - | €7,045 | €6,714 | €8,363 | €10,222 | €4,006 | ▼ 60.8% |
| Cash at bank and in hand54/58 | €639 | €4,588 | €4,371 | €257 | €6,668 | €5,312 | €1,752 | €3,651 | ▲ 108% |
| Deferred charges and accrued income490/1 | - | - | - | €2,221 | €1,281 | €2,060 | €2,480 | €5,618 | ▲ 127% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €75,072 | €106,290 | €123,026 | €99,527 | €116,011 | €183,500 | €167,934 | €150,082 | ▼ 10.6% |
| Equity10/15 | €31,306 | €38,243 | €65,615 | €51,108 | €58,023 | €57,380 | €60,355 | €64,353 | ▲ 6.6% |
| Contributions10/11 | €18,600 | - | - | - | - | - | - | - | - |
| Reserves13 | €12,706 | €19,643 | €47,015 | €51,108 | €58,023 | €57,380 | €60,355 | €64,353 | ▲ 6.6% |
| Distributable reserves133 | - | - | - | €51,108 | €58,023 | €57,380 | €60,355 | €64,353 | ▲ 6.6% |
| Amounts payable17/49 | €43,766 | €68,048 | €57,412 | €48,419 | €57,988 | €126,120 | €107,579 | €85,729 | ▼ 20.3% |
| Amounts payable after more than one year17 | €12,746 | €46,744 | €36,448 | €28,015 | €33,994 | €84,847 | €61,266 | €36,847 | ▼ 39.9% |
| Financial debts170/4 | - | - | - | €28,015 | €33,994 | €84,847 | €61,266 | €36,847 | ▼ 39.9% |
| Amounts payable within one year42/48 | €31,020 | €21,304 | €20,964 | €20,405 | €23,994 | €41,274 | €46,313 | €48,882 | ▲ 5.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,629 | €11,636 | €24,845 | €23,581 | €23,123 | ▼ 1.9% |
| Financial debts43 | - | - | - | €4,358 | €4,937 | - | €3,828 | - | - |
| Credit institutions430/8 | - | - | - | €4,358 | €4,937 | - | €3,828 | - | - |
| Trade debts44 | €1,767 | €1,113 | €3,278 | €5,990 | €7,421 | €15,377 | €18,039 | €22,642 | ▲ 25.5% |
| Suppliers440/4 | - | - | - | €5,990 | €7,421 | €15,377 | €18,039 | €22,642 | ▲ 25.5% |
| Taxes, remuneration and social security45 | - | - | - | €2,428 | - | €1,052 | €865 | €3,117 | ▲ 261% |
| Taxes450/3 | - | - | - | €2,428 | - | €1,052 | €865 | €2,317 | ▲ 168% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €800 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,839 | €6,937 | €27,372 | €5,954 | €6,915 | -€644 | €2,975 | €3,998 | ▲ 34.4% |
| + Depreciation and write-downs630 | €11,618 | €18,678 | €10,601 | €11,368 | €12,101 | €29,345 | €21,251 | €21,073 | ▼ 0.8% |
| Operating cash flow (approximation) | €6,779 | €25,614 | €37,973 | €17,321 | €19,016 | €28,701 | €24,227 | €25,071 | ▲ 3.5% |
| Investment in fixed assets (approximation) | - | -€44,785 | -€5,267 | -€2,547 | -€4,230 | -€89,732 | -€719 | -€1,198 | ▼ 66.7% |
| Change in cash | - | €3,949 | -€217 | -€4,114 | €6,411 | -€1,356 | -€3,561 | €1,899 | - |
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, 10,904 companies had the same profile as MUNACO has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MUNACO itself: 0.3% 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 10,904 companies, not a prediction for MUNACO. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00144032 | |
| 31-12-2024 | micro format | 17-06-2025 | 2025-00151611 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00197245 | |
| 31-12-2022 | micro format | 11-08-2023 | 2023-00327360 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20264967 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70000375 | |
| 31-12-2019 | micro format | 19-08-2020 | 2020-42600341 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-36400459 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-46700405 | |
| 31-12-2016 | full format | 06-07-2017 | 2017-28500108 |