MVCS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-05-2026 PDF all 5 filings
Turnover
≈ €180,000
Estimated: probably between €140,000 and €270,000
Total assets
€239,602▼ 8.4%
2024 · €261,689
Net result
€57,307▼ 17.3%
2024 · €69,325
Working capital
-€42,873
2024 · €140,085
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€83,536
▼ 9.4%
2025
20212025
Net result
€57,307
▼ 17.3%
2025
middle half of the sector
20212025
Equity
€1,500
▼ 99.1%
2025
lowest quarter of the sector
20212025
Total assets
€239,602
▼ 8.4%
2025
middle half of the sector
20212025
Debt
€238,102
▲ 168%
2025
20212025
Working capital
-€42,873
2025
lowest quarter of the sector
20212025
Solvency
0.6%
▼ 65.4pp
2025
lowest quarter of the sector
20212025
Current ratio
0.80
▼ 3.26
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
23.9%
▼ 2.6pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€53,174-€36,250▼ 31.8%€45,078▲ 24.4%€92,192▲ 105%€83,536▼ 9.4%
Net result€40,609within the sector's middle half-€27,504within the sector's middle half▼ 32.3%€33,832within the sector's middle half▲ 23.0%€69,325within the sector's middle half▲ 105%€57,307within the sector's middle half▼ 17.3%
Equity€42,109within the sector's middle half-€69,612within the sector's middle half▲ 65.3%€103,444within the sector's middle half▲ 48.6%€172,769within the sector's middle half▲ 67.0%€1,500below the sector's middle half▼ 99.1%
Total assets€74,098below the sector's middle half-€105,382within the sector's middle half▲ 42.2%€130,556within the sector's middle half▲ 23.9%€261,689within the sector's middle half▲ 100%€239,602within the sector's middle half▼ 8.4%
Debt€31,989-€35,769▲ 11.8%€27,112▼ 24.2%€88,920▲ 228%€238,102▲ 168%
Working capital€32,213within the sector's middle half-€58,488within the sector's middle half▲ 81.6%€90,550within the sector's middle half▲ 54.8%€140,085within the sector's middle half▲ 54.7%-€42,873below the sector's middle half
Solvency56.8%within the sector's middle half-66.1%within the sector's middle half▲ 9.2pp79.2%above the sector's middle half▲ 13.2pp66.0%within the sector's middle half▼ 13.2pp0.6%below the sector's middle half▼ 65.4pp
Current ratio2.01within the sector's middle half-3.02within the sector's middle half▲ 1.015.06above the sector's middle half▲ 2.044.06within the sector's middle half▼ 1.000.80below the sector's middle half▼ 3.26
Return on assets (ROA)54.8%above the sector's middle half-26.1%within the sector's middle half▼ 28.7pp25.9%within the sector's middle half▼ 0.2pp26.5%within the sector's middle half▲ 0.6pp23.9%within the sector's middle half▼ 2.6pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 9% 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 €239,602
Fixed assets
€72,840 ▼ 3.8%
Current assets
€166,763 ▼ 10.3%
Equity and liabilities €239,602
Equity
€1,500 ▼ 99.1%
Debt
€238,102 ▲ 168%
Debt's share of the balance-sheet total rises from 34.0% to 99.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€102,013▼
2024 · €105,401
Cash flow
€75,783▼
2024 · €82,534
Interest coverage
49.49▲
2024 · 46.02
Debt ≤ 1 year
€209,635▲
2024 · €45,851
Debt > 1 year
€28,467▼
2024 · €43,069
Income taxes
€24,680▲
2024 · €21,277
A ratio outside any meaningful range has been withheld (balance sheet total €239,602, equity €1,500).
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 | €12,194 | €12,475 | €5,251 | €71,284 | €29,503 |
| Intangible fixed assets | €0 | - | - | - | - |
| Financial fixed assets | €0 | - | - | - | - |
| Depreciation and write-downs of the year | €2,298 | €4,475 | €5,469 | €13,209 | €18,476 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €564 awarded · €564 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €204 | €204 |
| 2023 | 1 | €150 | €150 |
| 2022 | 1 | €210 | €210 |
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,298 | €4,475 | €5,469 | €13,209 | €18,476 | ▲ 39.9% |
| Other operating charges640/8 | €2,031 | €2,724 | €2,597 | €3,319 | €1,103 | ▼ 66.8% |
| Gross operating margin9900 | €57,503 | €43,449 | €53,144 | €108,720 | €103,116 | ▼ 5.2% |
| Operating profit (loss)9901 | €53,174 | €36,250 | €45,078 | €92,192 | €83,536 | ▼ 9.4% |
| Financial income75/76B | €0 | €119 | €23 | €701 | €512 | ▼ 26.9% |
| Recurring financial income75 | €0 | €119 | €23 | €701 | €512 | ▼ 26.9% |
| Financial charges65/66B | €644 | €556 | €679 | €2,290 | €2,061 | ▼ 10.0% |
| Recurring financial charges65 | €644 | €556 | €679 | €2,290 | €2,061 | ▼ 10.0% |
| Profit (loss) for the period before taxes9903 | €52,531 | €35,813 | €44,422 | €90,602 | €81,988 | ▼ 9.5% |
| Income taxes67/77 | €11,922 | €8,309 | €10,590 | €21,277 | €24,680 | ▲ 16.0% |
| Profit (loss) for the period9904 | €40,609 | €27,504 | €33,832 | €69,325 | €57,307 | ▼ 17.3% |
| Profit (loss) for the period to be appropriated9905 | €40,609 | €27,504 | €33,832 | €69,325 | €57,307 | ▼ 17.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €74,098 | €105,382 | €130,556 | €261,689 | €239,602 | ▼ 8.4% |
| Fixed assets21/28 | €9,896 | €17,896 | €17,678 | €75,753 | €72,840 | ▼ 3.8% |
| Tangible fixed assets22/27 | €9,896 | €17,896 | €17,678 | €75,753 | €72,840 | ▼ 3.8% |
| Land and buildings22 | - | €8,602 | €11,059 | €8,836 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €724 | €573 | ▼ 20.9% |
| Furniture and vehicles24 | €9,896 | €9,294 | €6,619 | €66,193 | €50,755 | ▼ 23.3% |
| Other tangible fixed assets26 | - | - | - | - | €21,512 | - |
| Current assets29/58 | €64,202 | €87,486 | €112,878 | €185,936 | €166,763 | ▼ 10.3% |
| Amounts receivable within one year40/41 | €10,223 | €5,030 | €3,935 | €36,514 | €20,252 | ▼ 44.5% |
| Trade receivables40 | €9,690 | €3,972 | €2,552 | €8,235 | €9,795 | ▲ 18.9% |
| Other amounts receivable41 | €533 | €1,058 | €1,384 | €28,279 | €10,457 | ▼ 63.0% |
| Cash at bank and in hand54/58 | €53,979 | €82,456 | €108,943 | €143,421 | €136,926 | ▼ 4.5% |
| Deferred charges and accrued income490/1 | - | - | - | €6,001 | €9,584 | ▲ 59.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €74,098 | €105,382 | €130,556 | €261,689 | €239,602 | ▼ 8.4% |
| Equity10/15 | €42,109 | €69,612 | €103,444 | €172,769 | €1,500 | ▼ 99.1% |
| Contributions10/11 | €1,500 | €1,500 | €1,500 | €1,500 | €1,500 | = |
| Reserves13 | €40,609 | €68,112 | €101,944 | €171,269 | €0 | ▼ 100% |
| Distributable reserves133 | €40,609 | €68,112 | €101,944 | €171,269 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €31,989 | €35,769 | €27,112 | €88,920 | €238,102 | ▲ 168% |
| Amounts payable after more than one year17 | - | €6,771 | €4,784 | €43,069 | €28,467 | ▼ 33.9% |
| Financial debts170/4 | - | €6,771 | €4,784 | €43,069 | €28,467 | ▼ 33.9% |
| Amounts payable within one year42/48 | €31,989 | €28,999 | €22,327 | €45,851 | €209,635 | ▲ 357% |
| Current portion of amounts payable after more than one year42 | - | €1,950 | €1,987 | €14,078 | €14,602 | ▲ 3.7% |
| Trade debts44 | €367 | €2,759 | €6,747 | €6,624 | €4,540 | ▼ 31.5% |
| Suppliers440/4 | €367 | €2,759 | €6,747 | €6,624 | €4,540 | ▼ 31.5% |
| Advances received on contracts in progress46 | - | €1,151 | €0 | - | - | - |
| Taxes, remuneration and social security45 | €31,622 | €23,138 | €13,594 | €25,149 | €22,702 | ▼ 9.7% |
| Taxes450/3 | €27,622 | €21,138 | €11,594 | €23,605 | €22,702 | ▼ 3.8% |
| Remuneration and social security454/9 | €4,000 | €2,000 | €2,000 | €1,544 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | - | €167,791 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,609 | €27,504 | €33,832 | €69,325 | €57,307 | ▼ 17.3% |
| + Depreciation and write-downs630 | €2,298 | €4,475 | €5,469 | €13,209 | €18,476 | ▲ 39.9% |
| Operating cash flow (approximation) | €42,907 | €31,979 | €39,301 | €82,534 | €75,783 | ▼ 8.2% |
| Investment in fixed assets (approximation) | - | -€12,475 | -€5,251 | -€71,284 | -€15,563 | ▲ 78.2% |
| Change in cash | - | €28,477 | €26,486 | €34,478 | -€6,495 | - |
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, 2,153 companies had the same profile as MVCS has now. Two years later, 96.1% were still going and 1.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
96.1%
was still going
2.2%
stopped otherwise
1.7%
went bankrupt
The bankruptcy probability of MVCS itself is lower: 0.1% within 12 months. It rests on far more data about MVCS than the profile alone.
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 2,153 companies, not a prediction for MVCS. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-05-2026 | 2026-00118777 | |
| 31-12-2024 | micro format | 10-04-2025 | 2025-00069927 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00263836 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00165220 | |
| 31-12-2021 | micro format | 07-07-2022 | 2022-20185051 |