MURAD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-05-2026 PDF all 31 filings
Turnover
≈ €170,000
Estimated: probably between €110,000 and €290,000
Total assets
€604,101▼ 2.8%
2024 · €621,342
Net result
€24,179▼ 17.6%
2024 · €29,361
Working capital
-€163,986▲ 11.9%
2024 · -€186,217
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,410
▼ 21.1%
2025
20182025
Net result
€24,179
▼ 17.6%
2025
20182025
Equity
€408,626
▲ 1.7%
2025
20182025
Total assets
€604,101
▼ 2.8%
2025
20182025
Debt
€195,475
▼ 10.9%
2025
20182025
Working capital
-€163,986
▲ 11.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€33,694-€33,038▼ 1.9%€28,707▼ 13.1%€16,922▼ 41.1%€21,672▲ 28.1%€18,073▼ 16.6%€34,759▲ 92.3%€27,410▼ 21.1%
Net result€29,067-€26,296▼ 9.5%€26,260▼ 0.1%€14,896▼ 43.3%€18,631▲ 25.1%€16,929▼ 9.1%€29,361▲ 73.4%€24,179▼ 17.6%
Equity€360,974-€370,770▲ 2.7%€380,530▲ 2.6%€385,426▲ 1.3%€391,257▲ 1.5%€391,386=€401,947▲ 2.7%€408,626▲ 1.7%
Total assets€681,121-€665,688▼ 2.3%€650,764▼ 2.2%€636,952▼ 2.1%€619,475▼ 2.7%€635,397▲ 2.6%€621,342▼ 2.2%€604,101▼ 2.8%
Debt€320,147-€294,918▼ 7.9%€270,234▼ 8.4%€251,527▼ 6.9%€228,218▼ 9.3%€244,012▲ 6.9%€219,395▼ 10.1%€195,475▼ 10.9%
Working capital-€302,842--€294,848▲ 2.6%-€269,691▲ 8.5%-€249,397▲ 7.5%-€228,013▲ 8.6%-€241,890▼ 6.1%-€186,217▲ 23.0%-€163,986▲ 11.9%
The operating result for 2025 is 21% 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 €604,101
Fixed assets
€572,611 ▼ 2.6%
Current assets
€31,490 ▼ 5.1%
Equity and liabilities €604,101
Equity
€408,626 ▲ 1.7%
Debt
€195,475 ▼ 10.9%
Debt's share of the balance-sheet total falls from 35.3% to 32.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,963▼
2024 · €50,312
Cash flow
€39,732▼
2024 · €44,914
Current ratio
0.16▲
2024 · 0.15
Debt to equity
0.48▼
2024 · 0.55
ROE
5.9%▼
2024 · 7.3%
ROA
4.0%▼
2024 · 4.7%
Interest coverage
47.23▲
2024 · 41.88
Debt ≤ 1 year
€195,475▼
2024 · €219,395
Income taxes
€2,505▼
2024 · €4,291
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 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €30,480 | - | €0 |
| Depreciation and write-downs of the year | €15,397 | €15,553 | €15,553 | €15,553 | €15,553 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,397 | €15,397 | €15,397 | €15,397 | €15,553 | €15,553 | €15,553 | €15,553 | = |
| Other operating charges640/8 | - | - | - | €9,336 | €9,552 | €11,119 | €11,559 | €12,266 | ▲ 6.1% |
| Gross operating margin9900 | €57,627 | €57,170 | €53,398 | €41,655 | €46,777 | €44,744 | €61,871 | €55,229 | ▼ 10.7% |
| Operating profit (loss)9901 | €33,694 | €33,038 | €28,707 | €16,922 | €21,672 | €18,073 | €34,759 | €27,410 | ▼ 21.1% |
| Financial income75/76B | - | - | - | - | €0 | €0 | €95 | €183 | ▲ 92.5% |
| Recurring financial income75 | - | - | - | - | €0 | €0 | €95 | €183 | ▲ 92.5% |
| Financial charges65/66B | - | - | - | €704 | €726 | €1,106 | €1,201 | €910 | ▼ 24.3% |
| Recurring financial charges65 | €1,153 | €833 | €511 | €704 | €726 | €1,106 | €1,201 | €910 | ▼ 24.3% |
| Profit (loss) for the period before taxes9903 | €32,541 | €32,205 | €28,196 | €16,217 | €20,946 | €16,966 | €33,653 | €26,684 | ▼ 20.7% |
| Income taxes67/77 | €3,474 | €5,909 | €1,937 | €1,321 | €2,315 | €38 | €4,291 | €2,505 | ▼ 41.6% |
| Profit (loss) for the period9904 | €29,067 | €26,296 | €26,260 | €14,896 | €18,631 | €16,929 | €29,361 | €24,179 | ▼ 17.6% |
| Profit (loss) for the period to be appropriated9905 | €29,067 | €26,296 | €26,260 | €14,896 | €18,631 | €16,929 | €29,361 | €24,179 | ▼ 17.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €681,121 | €665,688 | €650,764 | €636,952 | €619,475 | €635,397 | €621,342 | €604,101 | ▼ 2.8% |
| Fixed assets21/28 | €681,015 | €665,618 | €650,220 | €634,823 | €619,270 | €634,197 | €588,164 | €572,611 | ▼ 2.6% |
| Tangible fixed assets22/27 | €680,990 | €665,593 | €650,195 | €634,798 | €619,245 | €603,692 | €588,139 | €572,586 | ▼ 2.6% |
| Land and buildings22 | - | - | - | €634,798 | €619,245 | €603,692 | €588,139 | €572,586 | ▼ 2.6% |
| Financial fixed assets28 | €25 | €25 | €25 | €25 | €25 | €30,505 | €25 | €25 | = |
| Current assets29/58 | €106 | €70 | €544 | €2,130 | €205 | €1,200 | €33,178 | €31,490 | ▼ 5.1% |
| Amounts receivable within one year40/41 | - | - | - | €1,268 | €0 | - | €1,818 | €0 | ▼ 100% |
| Trade receivables40 | - | - | - | €1,268 | €0 | - | €1,818 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €106 | €70 | €544 | €862 | €205 | €1,200 | €31,360 | €31,490 | ▲ 0.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €681,121 | €665,688 | €650,764 | €636,952 | €619,475 | €635,397 | €621,342 | €604,101 | ▼ 2.8% |
| Equity10/15 | €360,974 | €370,770 | €380,530 | €385,426 | €391,257 | €391,386 | €401,947 | €408,626 | ▲ 1.7% |
| Contributions10/11 | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | = |
| Capital10 | - | - | - | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | = |
| Issued capital100 | - | - | - | €180,000 | €180,000 | €180,000 | €180,000 | €180,000 | = |
| Reserves13 | €180,974 | €190,770 | €200,530 | €200,530 | €206,361 | €206,361 | €216,922 | €223,601 | ▲ 3.1% |
| Non-distributable reserves130/1 | - | - | - | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | = |
| Legal reserve130 | - | - | - | €18,000 | €18,000 | €18,000 | €18,000 | €18,000 | = |
| Distributable reserves133 | - | - | - | €182,530 | €188,361 | €188,361 | €198,922 | €205,601 | ▲ 3.4% |
| Profit (loss) carried forward14 | - | - | - | €4,896 | €4,896 | €5,025 | €5,025 | €5,025 | = |
| Amounts payable17/49 | €320,147 | €294,918 | €270,234 | €251,527 | €228,218 | €244,012 | €219,395 | €195,475 | ▼ 10.9% |
| Amounts payable after more than one year17 | €17,199 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €302,948 | €294,918 | €270,234 | €251,527 | €228,218 | €243,091 | €219,395 | €195,475 | ▼ 10.9% |
| Financial debts43 | - | - | - | €740 | €5,310 | €6,271 | €7,429 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €740 | €5,310 | €6,271 | €7,429 | €0 | ▼ 100% |
| Trade debts44 | €9,599 | €10,577 | €10,687 | €8,597 | €373 | €339 | €0 | €1,959 | - |
| Suppliers440/4 | - | - | - | €8,597 | €373 | €339 | €0 | €1,959 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,788 | €3,636 | €2,352 | €4,301 | €650 | ▼ 84.9% |
| Taxes450/3 | - | - | - | €4,788 | €3,636 | €2,352 | €4,301 | €650 | ▼ 84.9% |
| Other amounts payable47/48 | - | - | - | €237,402 | €218,899 | €234,129 | €207,666 | €192,866 | ▼ 7.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €921 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,067 | €26,296 | €26,260 | €14,896 | €18,631 | €16,929 | €29,361 | €24,179 | ▼ 17.6% |
| + Depreciation and write-downs630 | €15,397 | €15,397 | €15,397 | €15,397 | €15,553 | €15,553 | €15,553 | €15,553 | = |
| Operating cash flow (approximation) | €44,465 | €41,693 | €41,657 | €30,293 | €34,184 | €32,482 | €44,914 | €39,732 | ▼ 11.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | -€30,480 | €30,480 | €0 | ▼ 100% |
| Change in cash | - | -€36 | €474 | €318 | -€656 | €995 | €30,160 | €129 | ▼ 99.6% |
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, 14,766 companies had the same profile as MURAD has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MURAD 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 14,766 companies, not a prediction for MURAD. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-05-2026 | 2026-00114163 | |
| 31-12-2024 | micro format | 21-05-2025 | 2025-00103528 | |
| 31-12-2023 | micro format | 29-05-2024 | 2024-00101717 | |
| 31-12-2022 | micro format | 13-06-2023 | 2023-00122446 | |
| 31-12-2021 | micro format | 10-06-2022 | 2022-20056445 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-29700162 | |
| 31-12-2019 | micro format | 09-07-2020 | 2020-28000395 | |
| 31-12-2018 | micro format | 02-07-2019 | 2019-26800558 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-24400542 | |
| 31-12-2016 | full format | 29-06-2017 | 2017-24200188 |