MV STUDIO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-08-2026 at the NBB all 11 filings
Turnover
≈ €250,000
Estimated: probably between €230,000 and €310,000
Total assets
€72,263▼ 49.6%
2024 · €143,308
Net result
-€81,552
2024 · €2,551
Working capital
-€23,674
2024 · €43,366
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€80,369
2025
20182025
Net result
-€81,552
2025
lowest quarter of the sector
20182025
Equity
-€36,994
2025
lowest quarter of the sector
20182025
Total assets
€72,263
▼ 49.6%
2025
middle half of the sector
20182025
Debt
€109,258
▲ 10.6%
2025
20182025
Working capital
-€23,674
2025
lowest quarter of the sector
20182025
Solvency
-51.2%
▼ 82.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.74
▼ 0.70
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-112.9%
▼ 114.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.6
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€49,412-€128,526▲ 160%€68,745▼ 46.5%€71,149▲ 3.5%-€121,553-€17,359▲ 85.7%€3,268-€80,369
Net result€28,989-€86,399▲ 198%€47,419above the sector's middle half▼ 45.1%€50,600above the sector's middle half▲ 6.7%-€122,499below the sector's middle half-€18,375below the sector's middle half▲ 85.0%€2,551below the sector's middle half-€81,552below the sector's middle half
Equity€58,463-€144,861▲ 148%€132,280within the sector's middle half▼ 8.7%€182,881above the sector's middle half▲ 38.3%€60,382within the sector's middle half▼ 67.0%€42,006within the sector's middle half▼ 30.4%€44,557within the sector's middle half▲ 6.1%-€36,994below the sector's middle half
Total assets€157,834-€316,880▲ 101%€305,178above the sector's middle half▼ 3.7%€265,595within the sector's middle half▼ 13.0%€165,753within the sector's middle half▼ 37.6%€136,208within the sector's middle half▼ 17.8%€143,308within the sector's middle half▲ 5.2%€72,263within the sector's middle half▼ 49.6%
Debt€99,371-€172,018▲ 73.1%€172,898▲ 0.5%€82,714▼ 52.2%€105,371▲ 27.4%€94,202▼ 10.6%€98,751▲ 4.8%€109,258▲ 10.6%
Working capital€81,207-€179,349▲ 121%€167,023above the sector's middle half▼ 6.9%€176,385above the sector's middle half▲ 5.6%€59,882within the sector's middle half▼ 66.1%€41,506within the sector's middle half▼ 30.7%€43,366within the sector's middle half▲ 4.5%-€23,674below the sector's middle half
Solvency37.0%-45.7%▲ 8.7pp43.3%within the sector's middle half▼ 2.4pp68.9%within the sector's middle half▲ 25.5pp36.4%within the sector's middle half▼ 32.4pp30.8%below the sector's middle half▼ 5.6pp31.1%below the sector's middle half▲ 0.3pp-51.2%below the sector's middle half▼ 82.3pp
Current ratio2.09-2.38▲ 0.292.27within the sector's middle half▼ 0.113.13within the sector's middle half▲ 0.861.57within the sector's middle half▼ 1.561.44within the sector's middle half▼ 0.131.44within the sector's middle half=0.74below the sector's middle half▼ 0.70
Return on assets (ROA)18.4%-27.3%▲ 8.9pp15.5%within the sector's middle half▼ 11.7pp19.1%within the sector's middle half▲ 3.5pp-73.9%below the sector's middle half▼ 93.0pp-13.5%below the sector's middle half▲ 60.4pp1.8%below the sector's middle half▲ 15.3pp-112.9%below the sector's middle half▼ 114.6pp
Staff (FTE)3.4-4▲ 17.6%4.1above the sector's middle half▲ 2.5%4.3▲ 4.9%5.3▲ 23.3%3.8▼ 28.3%3.6
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €80,369, after a profit of €3,268 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 €72,263
Fixed assets
€4,604 ▲ 286%
Current assets
€67,659 ▼ 52.4%
Equity and liabilities
Equity-€36,994
Debt€109,258
Equity is negative. Debt (€109,258) exceeds the balance-sheet total (€72,263).
Key figures and ratios
EBITDA
-€79,717▼
2024 · €3,431
Cash flow
-€80,899▼
2024 · €2,714
Interest coverage
-105.37▼
2024 · 6.83
Debt ≤ 1 year
€91,332▼
2024 · €98,751
Debt > 1 year
€17,925
Income taxes
€434▲
2024 · €214
Staff costs
€238,942▼
2024 · €245,466
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 4 | 4 |
| full-time | 4 | 4 | 3 | 2 |
| part-time | 1 | 1 | 1 | 2 |
| in full-time equivalents | 4.8 | 4.8 | 3.8 | 3.6 |
| Average over the year, in full-time equivalents | 4.3 | 5.3 | 3.8 | 3.6 |
| On a permanent contract | 5 | 5 | 4 | 4 |
| Joined | 3 | 2 | - | - |
| Left | 2 | 2 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €855 | €4,065 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €586 | €108 | - | €164 | €653 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €178,598 | €264,094 | €265,814 | €245,466 | €238,942 | ▼ 2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,574 | €881 | €881 | €586 | €108 | - | €164 | €653 | ▲ 299% |
| Other operating charges640/8 | - | - | - | €549 | €567 | €615 | €239 | €4,145 | ▲ 17× |
| Gross operating margin9900 | €164,003 | €287,645 | €238,332 | €250,882 | €143,216 | €249,070 | €249,136 | €163,370 | ▼ 34.4% |
| Operating profit (loss)9901 | €49,412 | €128,526 | €68,745 | €71,149 | -€121,553 | -€17,359 | €3,268 | -€80,369 | - |
| Financial income75/76B | - | - | - | €12 | €2 | €0 | €0 | €8 | - |
| Recurring financial income75 | €54 | €68 | €12 | €12 | €2 | €0 | €0 | €8 | - |
| Financial charges65/66B | - | - | - | €678 | €795 | €776 | €503 | €757 | ▲ 50.5% |
| Recurring financial charges65 | €152 | €201 | €473 | €678 | €795 | €776 | €503 | €757 | ▲ 50.5% |
| Profit (loss) for the period before taxes9903 | €49,313 | €128,393 | €68,284 | €70,482 | -€122,346 | -€18,135 | €2,765 | -€81,118 | - |
| Income taxes67/77 | €20,324 | €41,994 | €20,866 | €19,881 | €153 | €240 | €214 | €434 | ▲ 103% |
| Profit (loss) for the period9904 | €28,989 | €86,399 | €47,419 | €50,600 | -€122,499 | -€18,375 | €2,551 | -€81,552 | - |
| Profit (loss) for the period to be appropriated9905 | €28,989 | €86,399 | €47,419 | €50,600 | -€122,499 | -€18,375 | €2,551 | -€81,552 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €157,834 | €316,880 | €305,178 | €265,595 | €165,753 | €136,208 | €143,308 | €72,263 | ▼ 49.6% |
| Fixed assets21/28 | €2,456 | €7,963 | €7,082 | €6,496 | €500 | €500 | €1,192 | €4,604 | ▲ 286% |
| Tangible fixed assets22/27 | €2,456 | €1,575 | €694 | €108 | - | - | €692 | €4,104 | ▲ 493% |
| Furniture and vehicles24 | - | - | - | €108 | - | - | €692 | €4,104 | ▲ 493% |
| Financial fixed assets28 | - | €6,388 | €6,388 | €6,388 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €155,378 | €308,917 | €298,096 | €259,099 | €165,253 | €135,708 | €142,117 | €67,659 | ▼ 52.4% |
| Amounts receivable within one year40/41 | €96,334 | €162,731 | €57,134 | €78,821 | €116,299 | €72,324 | €72,509 | €24,973 | ▼ 65.6% |
| Trade receivables40 | - | - | - | €62,464 | €113,454 | €69,479 | €72,509 | €24,973 | ▼ 65.6% |
| Other amounts receivable41 | - | - | - | €16,357 | €2,845 | €2,845 | €0 | - | - |
| Cash at bank and in hand54/58 | €57,286 | €144,343 | €238,903 | €176,898 | €45,725 | €63,043 | €66,477 | €39,892 | ▼ 40.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,379 | €3,229 | €341 | €3,131 | €2,793 | ▼ 10.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €157,834 | €316,880 | €305,178 | €265,595 | €165,753 | €136,208 | €143,308 | €72,263 | ▼ 49.6% |
| Equity10/15 | €58,463 | €144,861 | €132,280 | €182,881 | €60,382 | €42,006 | €44,557 | -€36,994 | - |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | €6,300 | €6,300 | €6,300 | €6,300 | = |
| Reserves13 | €38,849 | €38,849 | €38,849 | €38,849 | €38,849 | €38,849 | €38,849 | €38,849 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €36,989 | €36,989 | €36,989 | €36,989 | €36,989 | = |
| Profit (loss) carried forward14 | €13,313 | €99,712 | €87,131 | €137,731 | €15,233 | -€3,143 | -€592 | -€82,144 | ▼ 13,778% |
| Amounts payable17/49 | €99,371 | €172,018 | €172,898 | €82,714 | €105,371 | €94,202 | €98,751 | €109,258 | ▲ 10.6% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | - | €17,925 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €17,925 | - |
| Amounts payable within one year42/48 | €74,171 | €129,568 | €131,074 | €82,714 | €105,371 | €94,202 | €98,751 | €91,332 | ▼ 7.5% |
| Trade debts44 | €30,811 | €45,058 | €22,979 | €26,180 | €45,785 | €40,143 | €55,089 | €38,267 | ▼ 30.5% |
| Suppliers440/4 | - | - | - | €26,180 | €45,785 | €40,143 | €55,089 | €38,267 | ▼ 30.5% |
| Advances received on contracts in progress46 | - | - | - | - | €175 | €175 | €175 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €38,534 | €56,018 | €49,011 | €38,615 | €53,065 | ▲ 37.4% |
| Taxes450/3 | - | - | - | €22,841 | €30,247 | €21,246 | €10,443 | €23,567 | ▲ 126% |
| Remuneration and social security454/9 | - | - | - | €15,693 | €25,771 | €27,766 | €28,172 | €29,498 | ▲ 4.7% |
| Other amounts payable47/48 | - | - | - | €18,000 | €3,393 | €4,872 | €4,872 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,989 | €86,399 | €47,419 | €50,600 | -€122,499 | -€18,375 | €2,551 | -€81,552 | - |
| + Depreciation and write-downs630 | €1,574 | €881 | €881 | €586 | €108 | - | €164 | €653 | ▲ 299% |
| Operating cash flow (approximation) | €30,563 | €87,280 | €48,299 | €51,186 | -€122,391 | -€18,375 | €2,714 | -€80,899 | - |
| Investment in fixed assets (approximation) | - | -€6,388 | €0 | €0 | €5,888 | €0 | -€855 | -€4,065 | ▼ 375% |
| Change in cash | - | €87,057 | €94,560 | -€62,005 | -€131,173 | €17,318 | €3,434 | -€26,585 | - |
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, 6,907 companies had the same profile as MV STUDIO has now. Two years later, 85.4% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.4%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MV STUDIO itself: 1.4% 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 6,907 companies, not a prediction for MV STUDIO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-08-2026 | 2026-00389479 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00206760 | |
| 31-12-2023 | micro format | 16-07-2024 | 2024-00247825 | |
| 31-12-2022 | micro format | 03-08-2023 | 2023-00310238 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20088596 | |
| 31-12-2020 | micro format | 30-06-2021 | 2021-27000269 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-22400202 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-49800440 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-40200118 | |
| 31-12-2016 | micro format | 24-08-2017 | 2017-46400255 |