MVC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 25-02-2026 PDF all 6 filings
Turnover
≈ €890,000
Estimated: probably between €430,000 and €1.7m
Total assets
€646,197▲ 11.7%
2024 · €578,652
Net result
€120,155▲ 64.1%
2024 · €73,203
Working capital
€89,755▲ 11.6%
2024 · €80,434
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€159,930
▲ 58.7%
2025
20202025
Net result
€120,155
▲ 64.1%
2025
highest quarter of the sector
20202025
Equity
€298,573
=
2025
highest quarter of the sector
20202025
Total assets
€646,197
▲ 11.7%
2025
highest quarter of the sector
20202025
Debt
€347,624
▲ 24.1%
2025
20202025
Working capital
€89,755
▲ 11.6%
2025
middle half of the sector
20202025
Solvency
46.2%
▼ 5.4pp
2025
middle half of the sector
20202025
Current ratio
1.33
▼ 0.07
2025
middle half of the sector
20202025
Return on assets (ROA)
18.6%
▲ 5.9pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€11,046-€38,706▲ 250%€66,424▲ 71.6%€38,561▼ 41.9%€100,745▲ 161%€159,930▲ 58.7%
Net result€7,756within the sector's middle half-€28,126within the sector's middle half▲ 263%€52,069above the sector's middle half▲ 85.1%€35,828above the sector's middle half▼ 31.2%€73,203above the sector's middle half▲ 104%€120,155above the sector's middle half▲ 64.1%
Equity€57,756within the sector's middle half-€85,882within the sector's middle half▲ 48.7%€174,807above the sector's middle half▲ 104%€334,401above the sector's middle half▲ 91.3%€298,573above the sector's middle half▼ 10.7%€298,573above the sector's middle half=
Total assets€107,843within the sector's middle half-€165,986within the sector's middle half▲ 53.9%€321,586within the sector's middle half▲ 93.7%€492,743above the sector's middle half▲ 53.2%€578,652above the sector's middle half▲ 17.4%€646,197above the sector's middle half▲ 11.7%
Debt€50,087-€80,104▲ 59.9%€146,779▲ 83.2%€158,342▲ 7.9%€280,079▲ 76.9%€347,624▲ 24.1%
Working capital€107,756above the sector's middle half-€90,418within the sector's middle half▼ 16.1%€112,046within the sector's middle half▲ 23.9%€141,812above the sector's middle half▲ 26.6%€80,434within the sector's middle half▼ 43.3%€89,755within the sector's middle half▲ 11.6%
Solvency53.6%within the sector's middle half-51.7%within the sector's middle half▼ 1.8pp54.4%within the sector's middle half▲ 2.6pp67.9%within the sector's middle half▲ 13.5pp51.6%within the sector's middle half▼ 16.3pp46.2%within the sector's middle half▼ 5.4pp
Current ratio4.00above the sector's middle half2.56within the sector's middle half▼ 1.442.70within the sector's middle half▲ 0.141.40within the sector's middle half▼ 1.301.33within the sector's middle half▼ 0.07
Return on assets (ROA)7.2%within the sector's middle half-16.9%above the sector's middle half▲ 9.8pp16.2%above the sector's middle half▼ 0.8pp7.3%within the sector's middle half▼ 8.9pp12.7%above the sector's middle half▲ 5.4pp18.6%above the sector's middle half▲ 5.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 59% higher than in 2024 and the highest since 2020. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2023 Equity +91%, Total assets +53% on 2022. Capital increase of €123,766 (Official Gazette 20-01-2023).
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 €646,197
Fixed assets
€285,923 ▼ 3.6%
Current assets
€360,274 ▲ 27.8%
Equity and liabilities €646,197
Equity
€298,573 =
Debt
€347,624 ▲ 24.1%
Debt's share of the balance-sheet total rises from 48.4% to 53.8%. Debt is higher.
Key figures and ratios
EBITDA
€177,535▲
2024 · €121,225
Cash flow
€137,760▲
2024 · €93,683
Debt to equity
1.16▲
2024 · 0.94
ROE
40.2%▲
2024 · 24.5%
Interest coverage
over 100▲
2024 · 34.50
Debt ≤ 1 year
€270,519▲
2024 · €201,488
Debt > 1 year
€75,000=
2024 · €75,000
Income taxes
€40,139▲
2024 · €24,028
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €95,840 | €142,548 | €49,621 | €6,799 |
| Depreciation and write-downs of the year | €3,543 | €12,720 | €20,480 | €17,605 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €7 | €3,543 | €12,720 | €20,480 | €17,605 | ▼ 14.0% |
| Other operating charges640/8 | - | - | €168 | €868 | €1,049 | €1,922 | ▲ 83.1% |
| Gross operating margin9900 | €11,244 | €38,879 | €70,134 | €52,148 | €122,274 | €179,457 | ▲ 46.8% |
| Operating profit (loss)9901 | €11,046 | €38,706 | €66,424 | €38,561 | €100,745 | €159,930 | ▲ 58.7% |
| Financial income75/76B | - | - | €530 | €1,960 | - | €1,995 | - |
| Recurring financial income75 | - | €2 | €530 | €1,960 | - | €1,995 | - |
| Financial charges65/66B | - | - | €1,061 | €1,472 | €3,514 | €1,632 | ▼ 53.6% |
| Recurring financial charges65 | €1,036 | €1,049 | €1,061 | €1,472 | €3,514 | €1,632 | ▼ 53.6% |
| Profit (loss) for the period before taxes9903 | €10,010 | €37,659 | €65,892 | €39,049 | €97,231 | €160,294 | ▲ 64.9% |
| Income taxes67/77 | €2,253 | €9,533 | €13,823 | €3,221 | €24,028 | €40,139 | ▲ 67.0% |
| Profit (loss) for the period9904 | €7,756 | €28,126 | €52,069 | €35,828 | €73,203 | €120,155 | ▲ 64.1% |
| Profit (loss) for the period to be appropriated9905 | €7,756 | €28,126 | €52,069 | €35,828 | €73,203 | €120,155 | ▲ 64.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €107,843 | €165,986 | €321,586 | €492,743 | €578,652 | €646,197 | ▲ 11.7% |
| Fixed assets21/28 | - | €45,464 | €137,761 | €267,589 | €296,730 | €285,923 | ▼ 3.6% |
| Tangible fixed assets22/27 | - | €45,167 | €137,465 | €267,293 | €296,433 | €285,627 | ▼ 3.6% |
| Land and buildings22 | - | - | €135,623 | €249,114 | €270,908 | €265,519 | ▼ 2.0% |
| Furniture and vehicles24 | - | - | €1,842 | €18,178 | €25,526 | €20,108 | ▼ 21.2% |
| Financial fixed assets28 | - | €296 | €296 | €296 | €296 | €296 | = |
| Current assets29/58 | €107,843 | €120,522 | €183,825 | €225,154 | €281,922 | €360,274 | ▲ 27.8% |
| Stocks and contracts in progress3 | - | - | - | €29,522 | €3,600 | - | - |
| Stocks30/36 | - | - | - | €29,522 | €3,600 | - | - |
| Amounts receivable within one year40/41 | €1,286 | €1,316 | €73,731 | €82,555 | €155,380 | €191,674 | ▲ 23.4% |
| Trade receivables40 | - | - | €73,731 | €82,555 | €148,854 | €180,809 | ▲ 21.5% |
| Other amounts receivable41 | - | - | - | - | €6,526 | €10,865 | ▲ 66.5% |
| Cash at bank and in hand54/58 | €106,557 | €119,206 | €110,095 | €113,076 | €122,942 | €168,093 | ▲ 36.7% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €507 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €107,843 | €165,986 | €321,586 | €492,743 | €578,652 | €646,197 | ▲ 11.7% |
| Equity10/15 | €57,756 | €85,882 | €174,807 | €334,401 | €298,573 | €298,573 | = |
| Contributions10/11 | - | - | €86,856 | €210,622 | €210,622 | €210,622 | = |
| Reserves13 | €7,756 | €35,882 | €87,951 | €123,779 | €87,951 | €87,951 | = |
| Distributable reserves133 | - | - | €87,951 | €123,779 | €87,951 | €87,951 | = |
| Amounts payable17/49 | €50,087 | €80,104 | €146,779 | €158,342 | €280,079 | €347,624 | ▲ 24.1% |
| Amounts payable after more than one year17 | €50,000 | €50,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Financial debts170/4 | - | - | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Amounts payable within one year42/48 | €87 | €30,104 | €71,779 | €83,342 | €201,488 | €270,519 | ▲ 34.3% |
| Trade debts44 | €87 | €19,622 | €48,162 | €69,561 | €67,432 | €57,733 | ▼ 14.4% |
| Suppliers440/4 | - | - | €48,162 | €69,561 | €67,432 | €57,733 | ▼ 14.4% |
| Taxes, remuneration and social security45 | - | - | €23,567 | €13,731 | - | - | - |
| Taxes450/3 | - | - | €23,567 | €13,731 | - | - | - |
| Other amounts payable47/48 | - | - | €50 | €50 | €134,056 | €212,786 | ▲ 58.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €3,591 | €2,106 | ▼ 41.4% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,756 | €28,126 | €52,069 | €35,828 | €73,203 | €120,155 | ▲ 64.1% |
| + Depreciation and write-downs630 | - | €7 | €3,543 | €12,720 | €20,480 | €17,605 | ▼ 14.0% |
| Operating cash flow (approximation) | €7,756 | €28,133 | €55,611 | €48,548 | €93,683 | €137,760 | ▲ 47.0% |
| Investment in fixed assets (approximation) | - | - | -€95,840 | -€142,548 | -€49,621 | -€6,799 | ▲ 86.3% |
| Change in cash | - | €12,650 | -€9,112 | €2,982 | €9,866 | €45,151 | ▲ 358% |
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, 6,782 companies had the same profile as MVC has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of MVC 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 6,782 companies, not a prediction for MVC. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 25-02-2026 | 2026-00043510 | |
| 30-09-2024 | micro format | 11-02-2025 | 2025-00033299 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00053004 | |
| 30-09-2022 | micro format | 16-03-2023 | 2023-00040536 | |
| 30-09-2021 | micro format | 08-03-2022 | 2022-07200259 | |
| 30-09-2020 | micro format | 18-03-2021 | 2021-07800433 |