MW Engineering
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 14 filings
Turnover
€108,682▼ 3.0%
2021 · €112,000
EBIT margin
44.9%▼ 6.9pp
2021 · 51.8%
Net result
-€1,379
2024 · €13,219
Working capital
-€192,320▼ 118%
2024 · -€88,378
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€17,119
▼ 59.8%
2025
20182025
Net result
-€1,379
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€97,539
▼ 1.4%
2025
middle half of the sector
20182025
Total assets
€672,431
▲ 9.2%
2025
middle half of the sector
20182025
Debt
€574,892
▲ 11.2%
2025
20182025
Working capital
-€192,320
▼ 118%
2025
lowest quarter of the sector
20182025
Solvency
14.5%
▼ 1.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.09
▼ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.2%
▼ 2.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€96,000-€96,000=€80,000▼ 16.7%€112,000▲ 40.0%€108,682▼ 3.0%
Operating result€37,278-€14,725▼ 60.5%-€122,129€58,001€48,802▼ 15.9%€35,430▼ 27.4%€42,606▲ 20.3%€17,119▼ 59.8%
Net result€19,744-€6,746▼ 65.8%-€139,355below the sector's middle half€45,125within the sector's middle half€36,323within the sector's middle half▼ 19.5%€18,304within the sector's middle half▼ 49.6%€13,219within the sector's middle half▼ 27.8%-€1,379below the sector's middle half
EBIT margin38.8%-15.3%▼ 23.5pp-152.7%▼ 168.0pp51.8%▲ 204.4pp44.9%▼ 6.9pp
Equity€145,168-€150,875▲ 3.9%-€14,053below the sector's middle half€31,072below the sector's middle half€67,395below the sector's middle half▲ 117%€85,699below the sector's middle half▲ 27.2%€98,918within the sector's middle half▲ 15.4%€97,539within the sector's middle half▼ 1.4%
Total assets€535,948-€565,846▲ 5.6%€562,472within the sector's middle half▼ 0.6%€457,461within the sector's middle half▼ 18.7%€447,982within the sector's middle half▼ 2.1%€432,831within the sector's middle half▼ 3.4%€616,030within the sector's middle half▲ 42.3%€672,431within the sector's middle half▲ 9.2%
Debt€390,780-€414,971▲ 6.2%€576,525▲ 38.9%€426,389▼ 26.0%€380,587▼ 10.7%€347,132▼ 8.8%€517,112▲ 49.0%€574,892▲ 11.2%
Working capital€38,708-€39,225▲ 1.3%-€263,783below the sector's middle half-€124,517below the sector's middle half▲ 52.8%-€105,549within the sector's middle half▲ 15.2%-€86,978within the sector's middle half▲ 17.6%-€88,378within the sector's middle half▼ 1.6%-€192,320below the sector's middle half▼ 118%
Solvency27.1%-26.7%▼ 0.4pp-2.5%below the sector's middle half▼ 29.2pp6.8%below the sector's middle half▲ 9.3pp15.0%below the sector's middle half▲ 8.3pp19.8%below the sector's middle half▲ 4.8pp16.1%below the sector's middle half▼ 3.7pp14.5%below the sector's middle half▼ 1.6pp
Current ratio1.31-1.24▼ 0.080.20below the sector's middle half▼ 1.040.13below the sector's middle half▼ 0.070.15below the sector's middle half▲ 0.030.16below the sector's middle half▲ 0.010.24below the sector's middle half▲ 0.080.09below the sector's middle half▼ 0.15
Return on assets (ROA)3.7%-1.2%▼ 2.5pp-24.8%below the sector's middle half▼ 26.0pp9.9%within the sector's middle half▲ 34.6pp8.1%within the sector's middle half▼ 1.8pp4.2%within the sector's middle half▼ 3.9pp2.1%within the sector's middle half▼ 2.1pp-0.2%below the sector's middle half▼ 2.4pp
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 60% lower than in 2024 and the lowest since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €672,431
Fixed assets
€652,919 ▲ 11.0%
Current assets
€19,512 ▼ 29.9%
Equity and liabilities €672,431
Equity
€97,539 ▼ 1.4%
Debt
€574,892 ▲ 11.2%
Debt's share of the balance-sheet total rises from 83.9% to 85.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€32,256▼
2024 · €57,663
Cash flow
€13,758▼
2024 · €28,276
Debt to equity
5.89▲
2024 · 5.23
ROE
-1.4%▼
2024 · 13.4%
Interest coverage
1.82▼
2024 · 2.76
Debt ≤ 1 year
€211,832▲
2024 · €116,204
Debt > 1 year
€361,195▼
2024 · €394,274
Income taxes
€761▼
2024 · €8,467
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €520 | €6,343 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €181,646 | €163,924 | €146,203 | €307,524 | €344,693 |
| Mortgages, amount registered | €343,603 | €343,603 | €343,603 | €343,603 | €343,603 |
| Carrying value of the mortgaged assets | €302,917 | €292,985 | €276,176 | €262,805 | €249,434 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,364 | €5,366 | €3,318 | €190,840 | €78,532 |
| Financial fixed assets | €11,700 | €0 | - | - | €1,320 |
| Depreciation and write-downs of the year | €13,682 | €15,788 | €16,576 | €15,057 | €15,137 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €96,000 | €96,000 | €80,000 | €112,000 | €108,682 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €56,963 | €57,786 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,219 | €13,790 | €13,780 | €13,682 | €15,788 | €16,576 | €15,057 | €15,137 | ▲ 0.5% |
| Other operating charges640/8 | - | - | - | €11,015 | €2,448 | €1,842 | €2,542 | €5,013 | ▲ 97.2% |
| Non-recurring operating charges66A | - | - | - | €696 | - | - | €3,112 | - | - |
| Gross operating margin9900 | €53,437 | €31,719 | €25,901 | €83,394 | €67,038 | €53,848 | €63,318 | €37,270 | ▼ 41.1% |
| Operating profit (loss)9901 | €37,278 | €14,725 | -€122,129 | €58,001 | €48,802 | €35,430 | €42,606 | €17,119 | ▼ 59.8% |
| Financial income75/76B | - | - | - | - | - | €640 | €1 | - | - |
| Recurring financial income75 | €1,040 | €1,041 | €2 | - | - | €640 | €1 | - | - |
| Financial charges65/66B | - | - | - | €12,677 | €8,708 | €13,619 | €20,922 | €17,738 | ▼ 15.2% |
| Recurring financial charges65 | €4,116 | €4,776 | €16,567 | €12,677 | €8,708 | €13,619 | €20,922 | €17,738 | ▼ 15.2% |
| Profit (loss) for the period before taxes9903 | €34,201 | €10,991 | -€138,693 | €45,324 | €40,094 | €22,451 | €21,686 | -€618 | - |
| Income taxes67/77 | €14,458 | €4,244 | €662 | €199 | €3,771 | €4,147 | €8,467 | €761 | ▼ 91.0% |
| Profit (loss) for the period9904 | €19,744 | €6,746 | -€139,355 | €45,125 | €36,323 | €18,304 | €13,219 | -€1,379 | - |
| Profit (loss) for the period to be appropriated9905 | €19,744 | €6,746 | -€139,355 | €45,125 | €36,323 | €18,304 | €13,219 | -€1,379 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €535,948 | €565,846 | €562,472 | €457,461 | €447,982 | €432,831 | €616,030 | €672,431 | ▲ 9.2% |
| Fixed assets21/28 | €373,218 | €360,936 | €497,156 | €439,429 | €429,007 | €415,749 | €588,204 | €652,919 | ▲ 11.0% |
| Tangible fixed assets22/27 | €342,498 | €330,151 | €316,371 | €303,407 | €292,985 | €279,726 | €452,182 | €515,577 | ▲ 14.0% |
| Land and buildings22 | - | - | - | €302,917 | €289,546 | €276,176 | €262,805 | €249,434 | ▼ 5.1% |
| Furniture and vehicles24 | - | - | - | €490 | €3,439 | €3,551 | €4,452 | €2,686 | ▼ 39.7% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €184,925 | €263,457 | ▲ 42.5% |
| Financial fixed assets28 | €30,720 | €30,785 | €180,785 | €136,022 | €136,022 | €136,022 | €136,022 | €137,342 | ▲ 1.0% |
| Current assets29/58 | €162,730 | €204,910 | €65,316 | €18,032 | €18,975 | €17,082 | €27,826 | €19,512 | ▼ 29.9% |
| Amounts receivable within one year40/41 | €140,293 | €203,856 | €64,236 | €16,431 | €17,838 | €15,849 | €27,472 | €17,478 | ▼ 36.4% |
| Trade receivables40 | - | - | - | €3,609 | €17,671 | €14,829 | €20,020 | €16,071 | ▼ 19.7% |
| Other amounts receivable41 | - | - | - | €12,823 | €167 | €1,020 | €7,452 | €1,407 | ▼ 81.1% |
| Current investments50/53 | - | - | - | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €21,487 | €1 | €1 | €204 | €1 | €0 | €0 | €380 | ▲ 885× |
| Deferred charges and accrued income490/1 | - | - | - | €1,396 | €1,136 | €1,233 | €353 | €1,654 | ▲ 369% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €535,948 | €565,846 | €562,472 | €457,461 | €447,982 | €432,831 | €616,030 | €672,431 | ▲ 9.2% |
| Equity10/15 | €145,168 | €150,875 | -€14,053 | €31,072 | €67,395 | €85,699 | €98,918 | €97,539 | ▼ 1.4% |
| Contributions10/11 | €36,250 | €36,250 | - | €36,250 | €36,250 | €36,250 | €36,250 | €36,250 | = |
| Contributions outside capital11 | - | - | - | - | €36,250 | - | - | - | - |
| Other1109/19 | - | - | - | - | €36,250 | - | - | - | - |
| Reserves13 | €48,260 | €54,760 | €54,760 | €54,760 | €90,760 | €108,760 | €121,760 | €121,760 | = |
| Non-distributable reserves130/1 | - | - | - | €4,860 | €4,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,860 | €4,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €49,900 | €85,900 | €108,760 | €121,760 | €121,760 | = |
| Profit (loss) carried forward14 | €34,045 | €34,292 | -€105,063 | -€59,938 | -€59,615 | -€59,311 | -€59,092 | -€60,471 | ▼ 2.3% |
| Amounts payable17/49 | €390,780 | €414,971 | €576,525 | €426,389 | €380,587 | €347,132 | €517,112 | €574,892 | ▲ 11.2% |
| Amounts payable after more than one year17 | €266,757 | €249,036 | €244,606 | €283,627 | €256,063 | €238,342 | €394,274 | €361,195 | ▼ 8.4% |
| Financial debts170/4 | - | - | - | €226,884 | €199,321 | €181,599 | €337,532 | €361,195 | ▲ 7.0% |
| Other amounts payable178/9 | - | - | - | €56,743 | €56,743 | €56,743 | €56,743 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €124,022 | €165,685 | €329,099 | €142,549 | €124,524 | €104,060 | €116,204 | €211,832 | ▲ 82.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €17,722 | €17,722 | €17,722 | €23,110 | €36,615 | ▲ 58.4% |
| Financial debts43 | - | - | - | €2,610 | €6,499 | €9,377 | €14,255 | €9,729 | ▼ 31.8% |
| Credit institutions430/8 | - | - | - | €2,610 | €6,499 | €9,377 | €14,255 | €9,729 | ▼ 31.8% |
| Trade debts44 | €10,001 | €10,953 | €56,696 | €57,234 | €60,503 | €55,614 | €60,270 | €13,309 | ▼ 77.9% |
| Suppliers440/4 | - | - | - | €57,234 | €60,503 | €55,614 | €60,270 | €13,309 | ▼ 77.9% |
| Taxes, remuneration and social security45 | - | - | - | €520 | €16,740 | €12,665 | €14,469 | €8,691 | ▼ 39.9% |
| Taxes450/3 | - | - | - | €520 | €16,740 | €12,665 | €14,469 | €8,691 | ▼ 39.9% |
| Remuneration and social security454/9 | - | - | - | €0 | €0 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €64,463 | €23,061 | €8,682 | €4,099 | €143,488 | ▲ 35× |
| Accrued charges and deferred income492/3 | - | - | - | €214 | €0 | €4,730 | €6,634 | €1,866 | ▼ 71.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,744 | €6,746 | -€139,355 | €45,125 | €36,323 | €18,304 | €13,219 | -€1,379 | - |
| + Depreciation and write-downs630 | €14,219 | €13,790 | €13,780 | €13,682 | €15,788 | €16,576 | €15,057 | €15,137 | ▲ 0.5% |
| Operating cash flow (approximation) | €33,962 | €20,536 | -€125,575 | €58,807 | €52,111 | €34,880 | €28,276 | €13,758 | ▼ 51.3% |
| Investment in fixed assets (approximation) | - | -€1,508 | -€150,000 | €44,044 | -€5,366 | -€3,318 | -€187,513 | -€79,852 | ▲ 57.4% |
| Change in cash | - | -€21,487 | €0 | €204 | -€204 | -€0 | €0 | €380 | ▲ 2,375× |
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, 1,423 companies had the same profile as MW Engineering has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MW Engineering itself: 1.2% 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 1,423 companies, not a prediction for MW Engineering. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-07-2026 | 2026-00305720 | |
| 31-12-2024 | full format | 05-09-2025 | 2025-00488265 | |
| 31-12-2023 | full format | 27-09-2024 | 2024-00481885 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00300648 | |
| 31-12-2021 | full format | 03-06-2022 | 2022-20045314 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-62500202 | |
| 31-12-2019 | full format | 08-09-2020 | 2020-52100187 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-59200201 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-60300078 | |
| 31-12-2016 | full format | 23-08-2017 | 2017-47300081 |