MVDB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 13 filings
Turnover
≈ €310,000
Estimated: probably between €260,000 and €360,000
Total assets
€494,206▲ 30.7%
2024 · €378,161
Net result
€127,604▲ 38.4%
2024 · €92,206
Working capital
€363,793▲ 23.4%
2024 · €294,866
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€175,275
▲ 39.2%
2025
20192025
Net result
€127,604
▲ 38.4%
2025
highest quarter of the sector
20192025
Equity
€395,472
▲ 36.2%
2025
highest quarter of the sector
20192025
Total assets
€494,206
▲ 30.7%
2025
highest quarter of the sector
20192025
Debt
€98,734
▲ 12.5%
2025
20192025
Working capital
€363,793
▲ 23.4%
2025
highest quarter of the sector
20192025
Solvency
80.0%
▲ 3.2pp
2025
highest quarter of the sector
20192025
Current ratio
4.87
▲ 0.25
2025
highest quarter of the sector
20192025
Return on assets (ROA)
25.8%
▲ 1.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€33,362-€18,932▼ 43.3%-€6,251€141,713€69,524▼ 50.9%€125,914▲ 81.1%€175,275▲ 39.2%
Net result€22,568-€15,364within the sector's middle half▼ 31.9%-€3,072below the sector's middle half€101,829above the sector's middle half€46,372within the sector's middle half▼ 54.5%€92,206above the sector's middle half▲ 98.8%€127,604above the sector's middle half▲ 38.4%
Equity€163,481-€178,845within the sector's middle half▲ 9.4%€175,772within the sector's middle half▼ 1.7%€277,601above the sector's middle half▲ 57.9%€215,473within the sector's middle half▼ 22.4%€290,429above the sector's middle half▲ 34.8%€395,472above the sector's middle half▲ 36.2%
Total assets€194,557-€214,635within the sector's middle half▲ 10.3%€190,469within the sector's middle half▼ 11.3%€313,245within the sector's middle half▲ 64.5%€346,889within the sector's middle half▲ 10.7%€378,161within the sector's middle half▲ 9.0%€494,206above the sector's middle half▲ 30.7%
Debt€31,076-€35,790▲ 15.2%€14,696▼ 58.9%€35,644▲ 143%€131,416▲ 269%€87,732▼ 33.2%€98,734▲ 12.5%
Working capital€153,537-€178,476above the sector's middle half▲ 16.2%€177,327above the sector's middle half▼ 0.6%€275,698above the sector's middle half▲ 55.5%€216,850above the sector's middle half▼ 21.3%€294,866above the sector's middle half▲ 36.0%€363,793above the sector's middle half▲ 23.4%
Solvency84.0%-83.3%above the sector's middle half▼ 0.7pp92.3%above the sector's middle half▲ 9.0pp88.6%above the sector's middle half▼ 3.7pp62.1%within the sector's middle half▼ 26.5pp76.8%within the sector's middle half▲ 14.7pp80.0%above the sector's middle half▲ 3.2pp
Current ratio6.25-6.13above the sector's middle half▼ 0.1214.49above the sector's middle half▲ 8.369.07above the sector's middle half▼ 5.422.70within the sector's middle half▼ 6.374.62within the sector's middle half▲ 1.924.87above the sector's middle half▲ 0.25
Return on assets (ROA)11.6%-7.2%within the sector's middle half▼ 4.4pp-1.6%below the sector's middle half▼ 8.8pp32.5%above the sector's middle half▲ 34.1pp13.4%within the sector's middle half▼ 19.1pp24.4%within the sector's middle half▲ 11.0pp25.8%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 39% higher than in 2024 and the highest since 2019. 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 €494,206
Fixed assets
€36,365 ▲ 20×
Current assets
€457,841 ▲ 21.7%
Equity and liabilities €494,206
Equity
€395,472 ▲ 36.2%
Debt
€98,734 ▲ 12.5%
Debt's share of the balance-sheet total falls from 23.2% to 20.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€178,593▲
2024 · €126,684
Cash flow
€130,922▲
2024 · €92,975
Debt to equity
0.25▼
2024 · 0.30
ROE
32.3%▲
2024 · 31.7%
Interest coverage
52.74▲
2024 · 26.01
Debt ≤ 1 year
€94,047▲
2024 · €81,431
Income taxes
€58,782▲
2024 · €44,374
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,845 | - | - | €37,819 |
| Depreciation and write-downs of the year | €1,369 | €442 | €769 | €769 | €3,318 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €1,398 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,752 | €10,410 | €1,369 | €442 | €769 | €769 | €3,318 | ▲ 331% |
| Other operating charges640/8 | - | - | €1,985 | €1,426 | €1,769 | €2,269 | €1,947 | ▼ 14.2% |
| Non-recurring operating charges66A | - | - | €500 | - | - | - | - | - |
| Gross operating margin9900 | €45,720 | €30,622 | -€2,396 | €143,581 | €72,062 | €128,952 | €180,540 | ▲ 40.0% |
| Operating profit (loss)9901 | €33,362 | €18,932 | -€6,251 | €141,713 | €69,524 | €125,914 | €175,275 | ▲ 39.2% |
| Financial income75/76B | - | - | €3,385 | €1,298 | €367 | €15,537 | €14,497 | ▼ 6.7% |
| Recurring financial income75 | €26 | €1,508 | €3,385 | €1,298 | €367 | €15,537 | €14,497 | ▼ 6.7% |
| Financial charges65/66B | - | - | €60 | €67 | €6,266 | €4,871 | €3,386 | ▼ 30.5% |
| Recurring financial charges65 | €889 | €56 | €60 | €67 | €6,266 | €4,871 | €3,386 | ▼ 30.5% |
| Profit (loss) for the period before taxes9903 | €32,499 | €20,384 | -€2,926 | €142,944 | €63,624 | €136,580 | €186,385 | ▲ 36.5% |
| Income taxes67/77 | €9,931 | €5,020 | €147 | €41,116 | €17,253 | €44,374 | €58,782 | ▲ 32.5% |
| Profit (loss) for the period9904 | €22,568 | €15,364 | -€3,072 | €101,829 | €46,372 | €92,206 | €127,604 | ▲ 38.4% |
| Profit (loss) for the period to be appropriated9905 | €22,568 | €15,364 | -€3,072 | €101,829 | €46,372 | €92,206 | €127,604 | ▲ 38.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €194,557 | €214,635 | €190,469 | €313,245 | €346,889 | €378,161 | €494,206 | ▲ 30.7% |
| Fixed assets21/28 | €11,779 | €1,369 | - | €3,403 | €2,634 | €1,865 | €36,365 | ▲ 20× |
| Tangible fixed assets22/27 | €11,779 | €1,369 | - | €3,403 | €2,634 | €1,865 | €36,365 | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €3,403 | €2,634 | €1,865 | €36,365 | ▲ 20× |
| Current assets29/58 | €182,778 | €213,266 | €190,469 | €309,842 | €344,255 | €376,296 | €457,841 | ▲ 21.7% |
| Amounts receivable within one year40/41 | €71,223 | - | €47,180 | €17,703 | €11,174 | €19,762 | €22,936 | ▲ 16.1% |
| Trade receivables40 | - | - | €44,891 | €15,125 | €11,174 | €19,762 | €22,936 | ▲ 16.1% |
| Other amounts receivable41 | - | - | €2,289 | €2,578 | - | - | - | - |
| Current investments50/53 | €52,916 | €53,887 | €56,640 | €83,103 | €319,755 | €230,274 | €398,205 | ▲ 72.9% |
| Cash at bank and in hand54/58 | €58,639 | €159,310 | €86,577 | €200,144 | €7,206 | €120,344 | €29,658 | ▼ 75.4% |
| Deferred charges and accrued income490/1 | - | - | €71 | €8,892 | €6,120 | €5,917 | €7,041 | ▲ 19.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €194,557 | €214,635 | €190,469 | €313,245 | €346,889 | €378,161 | €494,206 | ▲ 30.7% |
| Equity10/15 | €163,481 | €178,845 | €175,772 | €277,601 | €215,473 | €290,429 | €395,472 | ▲ 36.2% |
| Contributions10/11 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €151,081 | €166,445 | €163,372 | €265,201 | €203,073 | €278,029 | €383,072 | ▲ 37.8% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | €161,512 | €263,341 | €203,073 | €278,029 | €383,072 | ▲ 37.8% |
| Amounts payable17/49 | €31,076 | €35,790 | €14,696 | €35,644 | €131,416 | €87,732 | €98,734 | ▲ 12.5% |
| Amounts payable within one year42/48 | €29,241 | €34,790 | €13,141 | €34,144 | €127,405 | €81,431 | €94,047 | ▲ 15.5% |
| Trade debts44 | €3,269 | €5,930 | €3,570 | €13,700 | €3,968 | €4,538 | €954 | ▼ 79.0% |
| Suppliers440/4 | - | - | €3,570 | €13,700 | €3,968 | €4,538 | €954 | ▼ 79.0% |
| Taxes, remuneration and social security45 | - | - | €9,571 | €20,444 | €25,979 | €45,275 | €37,523 | ▼ 17.1% |
| Taxes450/3 | - | - | €9,571 | €20,444 | €25,979 | €45,275 | €37,523 | ▼ 17.1% |
| Other amounts payable47/48 | - | - | - | - | €97,458 | €31,617 | €55,570 | ▲ 75.8% |
| Accrued charges and deferred income492/3 | - | - | €1,555 | €1,500 | €4,011 | €6,302 | €4,687 | ▼ 25.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,568 | €15,364 | -€3,072 | €101,829 | €46,372 | €92,206 | €127,604 | ▲ 38.4% |
| + Depreciation and write-downs630 | €10,752 | €10,410 | €1,369 | €442 | €769 | €769 | €3,318 | ▲ 331% |
| Operating cash flow (approximation) | €33,320 | €25,773 | -€1,703 | €102,271 | €47,141 | €92,975 | €130,922 | ▲ 40.8% |
| Investment in fixed assets (approximation) | - | -€0 | - | - | €0 | €0 | -€37,819 | - |
| Change in cash | - | €100,671 | -€72,733 | €113,567 | -€192,938 | €113,138 | -€90,685 | - |
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, 17,811 companies had the same profile as MVDB has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of MVDB 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 17,811 companies, not a prediction for MVDB. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 31-03-2026 | 2026-00067648 | |
| 30-09-2024 | micro format | 26-04-2025 | 2025-00076561 | |
| 30-09-2023 | micro format | 26-04-2024 | 2024-00070305 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00070028 | |
| 30-09-2021 | micro format | 22-04-2022 | 2022-20008101 | |
| 30-09-2020 | micro format | 27-04-2021 | 2021-11500472 | |
| 30-09-2019 | micro format | 27-02-2020 | 2020-05800581 | |
| 30-09-2018 | micro format | 26-04-2019 | 2019-11100001 | |
| 30-09-2017 | micro format | 23-04-2018 | 2018-10400327 | |
| 30-09-2016 | abbreviated format | 28-03-2017 | 2017-07600015 |