MAB
ActiveSummary
MAB has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.01M and a net result of €195k. Equity is growing by ~21.6% per year across the filed fiscal years. Its solvency ranks better than 49% of 401 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+13
Solvency65▼-6
Growth73▲+17
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity tight (current ratio 1.39 against 1.38 in 2024; short-term debt: 52.5% and cash: 1.7% of total assets), and 60.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.7%
Return on assets
7.6%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 42
Relative position
BE, all sectors
reference
Civil engineering (NACE 42)
about 27% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-04-2026, 112 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
112 d early
2024
25 d late
2023
31 d late
2022
59 d early
2021
138 d late
2020
48 d late
2019
102 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€3.82M▼ 1.4%
2023 · €3.87M
2018: €2.26M
2019: €3.17M▲ +40.3% vs 2018
2020: €2.22M▼ -29.8% vs 2019lowest in 7 years
2021: €2.99M▲ +34.4% vs 2020
2022: €2.79M▼ -6.9% vs 2021
2023: €3.87M▲ +39.0% vs 2022highest in 7 years
2024: €3.82M▼ -1.4% vs 2023
2018 → 2024
EBIT margin
3.2%▼ 2.4pp
2023 · 5.6%
2018: 11.8%highest in 7 years
2019: 3.2%▼ -72.7% vs 2018
2020: -1.5%▼ -146% vs 2019lowest in 7 years
2021: 7.9%▲ +630% vs 2020
2022: 9.1%▲ +15.2% vs 2021
2023: 5.6%▼ -38.3% vs 2022
2024: 3.2%▼ -42.6% vs 2023
2018 → 2024
Net result
€195k▲ 104%
2024 · €95k
2018: €126k
2019: €80k▼ -36.8% vs 2018
2020: €-32k▼ -140% vs 2019lowest in 8 years
2021: €195k▲ +717% vs 2020highest in 8 years
2022: €173k▼ -11.5% vs 2021
2023: €175k▲ +1.1% vs 2022
2024: €95k▼ -45.4% vs 2023
2025: €195k▲ +104% vs 2024
2018 → 2025
Working capital
€529k▲ 91.8%
2024 · €276k
2018: €234k
2019: €271k▲ +15.9% vs 2018
2020: €55k▼ -79.6% vs 2019lowest in 8 years
2021: €223k▲ +304% vs 2020
2022: €373k▲ +67.0% vs 2021
2023: €238k▼ -36.2% vs 2022
2024: €276k▲ +16.1% vs 2023
2025: €529k▲ +91.8% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€2.99M-€2.79M▼ 6.9%€3.87M▲ 39.0%€3.82M▼ 1.4%
2021: €2.99M
2022: €2.79M▼ -6.9% vs 2021lowest in 4 years
2023: €3.87M▲ +39.0% vs 2022highest in 4 years
2024: €3.82M▼ -1.4% vs 2023
Equity€458k-€610k▲ 33.2%€764k▲ 25.2%€838k▲ 9.8%€1.01M▲ 20.7%
2021: €458klowest in 5 years
2022: €610k▲ +33.2% vs 2021
2023: €764k▲ +25.2% vs 2022
2024: €838k▲ +9.8% vs 2023
2025: €1.01M▲ +20.7% vs 2024highest in 5 years
Operating result€238k-€255k▲ 7.3%€218k▼ 14.3%€124k▼ 43.4%€251k▲ 103%
2021: €238k
2022: €255k▲ +7.3% vs 2021highest in 5 years
2023: €218k▼ -14.3% vs 2022
2024: €124k▼ -43.4% vs 2023lowest in 5 years
2025: €251k▲ +103% vs 2024
Net result€195k-€173k▼ 11.5%€175k▲ 1.1%€95k▼ 45.4%€195k▲ 104%
2021: €195khighest in 5 years
2022: €173k▼ -11.5% vs 2021
2023: €175k▲ +1.1% vs 2022
2024: €95k▼ -45.4% vs 2023lowest in 5 years
2025: €195k▲ +104% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 103% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.55M
Fixed assets
€683k ▼ 15.1%
Current assets
€1.87M ▲ 86.8%
Equity and liabilities €2.55M
Equity
€1.01M ▲ 20.7%
Provisions
€56k ▼ 11.3%
Debt
€1.48M ▲ 64.3%
Debt's share of the balance-sheet total rises from 50.1% to 58.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€375k▲
2024 · €235k
Cash flow
€319k▲
2024 · €207k
Current ratio
1.39▲
2024 · 1.38
Quick ratio
1.39▲
2024 · 1.38
Debt to equity
1.47▲
2024 · 1.08
ROE
19.2%▲
2024 · 11.4%
ROA
7.6%▲
2024 · 5.3%
Interest coverage
28.42▲
2024 · 12.50
Debt ≤ 1 year
€1.34M▲
2024 · €725k
Debt > 1 year
€144k▼
2024 · €179k
Income taxes
€72k▲
2024 · €26k
Staff costs
€522k▲
2024 · €491k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 59 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.81M€2.55M▲
Fixed assets21/28€804k€683k▼
Intangible fixed assets21€363k€327k▼
Tangible fixed assets22/27€225k€154k▼
Plant, machinery and equipment23€186k€127k▼
Furniture and vehicles24€39k€27k▼
Assets under construction and advance payments27€0€0=
Financial fixed assets28€216k€201k▼
Current assets29/58€1.00M€1.87M▲
Stocks and contracts in progress3-€10k
Stocks30/36-€10k
Amounts receivable within one year40/41€929k€1.82M▲
Trade receivables40€840k€1.72M▲
Other amounts receivable41€89k€98k▲
Cash at bank and in hand54/58€72k€43k▼
Equity and liabilities
Total equity and liabilities10/49€1.81M€2.55M▲
Equity10/15€838k€1.01M▲
Contributions10/11€19k€19k=
Capital10€19k€19k=
Issued capital100€19k€19k=
Reserves13€450k€429k▼
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Tax-exempt reserves132€448k€427k▼
Profit (loss) carried forward14€370k€565k▲
Provisions and deferred taxes16€63k€56k▼
Deferred taxes168€63k€56k▼
Amounts payable17/49€904k€1.48M▲
Amounts payable after more than one year17€179k€144k▼
Financial debts170/4€179k€144k▼
Amounts payable within one year42/48€725k€1.34M▲
Current portion of amounts payable after more than one year42€182k€285k▲
Trade debts44€279k€391k▲
Suppliers440/4€279k€391k▲
Taxes, remuneration and social security45€28k€59k▲
Taxes450/3€28k€39k▲
Remuneration and social security454/9-€20k
Other amounts payable47/48€236k€606k▲
Income statement
Code20242025
Turnover70€3.82M-
Non-recurring operating income76A€1k€229▼
Goods, raw materials, services and sundry goods60/61€3.10M-
Remuneration, social security and pensions62€491k€522k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€111k€124k▲
Other operating charges640/8€12k€12k▼
Gross operating margin9900€738k€909k▲
Operating profit (loss)9901€124k€251k▲
Financial income75/76B€3k€1k▼
Recurring financial income75€3k€1k▼
Financial charges65/66B€33k€13k▼
Recurring financial charges65€19k€13k▼
Non-recurring financial charges66B€14k-
Profit (loss) for the period before taxes9903€93k€239k▲
Transfer from deferred taxes780€28k€28k=
Income taxes67/77€26k€72k▲
Profit (loss) for the period9904€95k€195k▲
Profit (loss) for the period to be appropriated9905€95k€195k▲
Appropriation of the result
Profit (loss) to be appropriated9906€370k€565k▲
Profit (loss) brought forward from the previous period14P€275k€370k▲
Social balance
Average headcount (FTE)9087-6.9
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €2.99M | €2.79M | €3.87M | €3.82M | - | - |
| Non-recurring operating income76A | €6k | - | €413 | €1k | €229 | ▼ 82.7% |
| Goods, raw materials, services and sundry goods60/61 | €2.34M | €1.98M | €3.05M | €3.10M | - | - |
| Remuneration, social security and pensions62 | €375k | €462k | €505k | €491k | €522k | ▲ 6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €70k | €99k | €103k | €111k | €124k | ▲ 11.4% |
| Other operating charges640/8 | €9k | €19k | €15k | €12k | €12k | ▼ 3.5% |
| Non-recurring operating charges66A | - | - | €130 | - | - | - |
| Gross operating margin9900 | €692k | €834k | €842k | €738k | €909k | ▲ 23.2% |
| Operating profit (loss)9901 | €238k | €255k | €218k | €124k | €251k | ▲ 103% |
| Financial income75/76B | €4k | €929 | €5k | €3k | €1k | ▼ 50.6% |
| Recurring financial income75 | €4k | €929 | €5k | €3k | €1k | ▼ 50.6% |
| Financial charges65/66B | €15k | €34k | €18k | €33k | €13k | ▼ 59.5% |
| Recurring financial charges65 | €14k | €34k | €18k | €19k | €13k | ▼ 29.8% |
| Non-recurring financial charges66B | €907 | - | - | €14k | - | - |
| Profit (loss) for the period before taxes9903 | €227k | €222k | €204k | €93k | €239k | ▲ 156% |
| Transfer from deferred taxes780 | €28k | €28k | €28k | €28k | €28k | = |
| Income taxes67/77 | €59k | €77k | €58k | €26k | €72k | ▲ 178% |
| Profit (loss) for the period9904 | €195k | €173k | €175k | €95k | €195k | ▲ 104% |
| Profit (loss) for the period to be appropriated9905 | €195k | €173k | €175k | €95k | €195k | ▲ 104% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.73M | €2.07M | €1.89M | €1.81M | €2.55M | ▲ 41.4% |
| Fixed assets21/28 | €889k | €851k | €809k | €804k | €683k | ▼ 15.1% |
| Intangible fixed assets21 | €472k | €434k | €396k | €363k | €327k | ▼ 10.0% |
| Tangible fixed assets22/27 | €207k | €210k | €217k | €225k | €154k | ▼ 31.4% |
| Plant, machinery and equipment23 | €185k | €143k | €148k | €186k | €127k | ▼ 31.6% |
| Furniture and vehicles24 | €10k | €68k | €69k | €39k | €27k | ▼ 30.6% |
| Assets under construction and advance payments27 | €11k | €0 | €0 | €0 | €0 | = |
| Financial fixed assets28 | €211k | €207k | €197k | €216k | €201k | ▼ 6.7% |
| Current assets29/58 | €839k | €1.22M | €1.08M | €1.00M | €1.87M | ▲ 86.8% |
| Stocks and contracts in progress3 | - | - | - | - | €10k | - |
| Stocks30/36 | - | - | - | - | €10k | - |
| Amounts receivable within one year40/41 | €722k | €1.17M | €932k | €929k | €1.82M | ▲ 95.5% |
| Trade receivables40 | €681k | €1.04M | €887k | €840k | €1.72M | ▲ 105% |
| Other amounts receivable41 | €41k | €136k | €44k | €89k | €98k | ▲ 9.5% |
| Cash at bank and in hand54/58 | €116k | €33k | €147k | €72k | €43k | ▼ 40.3% |
| Deferred charges and accrued income490/1 | €875 | €12k | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.73M | €2.07M | €1.89M | €1.81M | €2.55M | ▲ 41.4% |
| Equity10/15 | €458k | €610k | €764k | €838k | €1.01M | ▲ 20.7% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | €19k | €19k | €19k | €19k | €19k | = |
| Issued capital100 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €342k | €492k | €471k | €450k | €429k | ▼ 4.6% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Legal reserve130 | €2k | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | €341k | €490k | €469k | €448k | €427k | ▼ 4.7% |
| Profit (loss) carried forward14 | €97k | €100k | €275k | €370k | €565k | ▲ 52.6% |
| Provisions and deferred taxes16 | €84k | €77k | €70k | €63k | €56k | ▼ 11.3% |
| Provisions for liabilities and charges160/5 | €84k | €77k | €70k | - | - | - |
| Other liabilities and charges164/5 | €84k | €77k | €70k | - | - | - |
| Deferred taxes168 | - | - | - | €63k | €56k | ▼ 11.3% |
| Amounts payable17/49 | €1.19M | €1.38M | €1.05M | €904k | €1.48M | ▲ 64.3% |
| Amounts payable after more than one year17 | €570k | €537k | €213k | €179k | €144k | ▼ 19.6% |
| Financial debts170/4 | €570k | €537k | €213k | €179k | €144k | ▼ 19.6% |
| Amounts payable within one year42/48 | €616k | €847k | €841k | €725k | €1.34M | ▲ 84.9% |
| Current portion of amounts payable after more than one year42 | €258k | €258k | €184k | €182k | €285k | ▲ 56.9% |
| Trade debts44 | €335k | €513k | €361k | €279k | €391k | ▲ 40.1% |
| Suppliers440/4 | €335k | €513k | €361k | €279k | €391k | ▲ 40.1% |
| Taxes, remuneration and social security45 | €23k | €75k | €58k | €28k | €59k | ▲ 109% |
| Taxes450/3 | €19k | €56k | €16k | €28k | €39k | ▲ 38.8% |
| Remuneration and social security454/9 | €4k | €19k | €42k | - | €20k | - |
| Other amounts payable47/48 | €146 | €145 | €238k | €236k | €606k | ▲ 157% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €195k | €173k | €175k | €95k | €195k | ▲ 104% |
| + Depreciation and write-downs630 | €70k | €99k | €103k | €111k | €124k | ▲ 11.4% |
| Operating cash flow (approximation) | €265k | €272k | €278k | €207k | €319k | ▲ 54.2% |
| Investment in fixed assets (approximation) | - | €-61k | €-61k | €-106k | €-3k | ▲ 97.5% |
| Change in cash | - | €-84k | €114k | €-75k | €-29k | ▲ 61.6% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
10-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €1MEq €1.01M ▲20.7%
5 profitable years in a row build equity to €1.01M.
25-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 25 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 31 days late
2023
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €500kEq €610k ▲33.2%
2 profitable years in a row build equity to €610k.
16-12
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 138 days late
2021
31-12
Financial
Back to profitnet €195k
Net result €195k after one loss-making year.
17-09
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 48 days late
2020
31-12
Financial
Weakest financial yearnet €-32k
Net result drops to €-32k, the lowest in the series; recovery starts the following year.
10-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 102 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
25-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kalmthout · 1 establishment unit since 1997
Ground area
3,006 m²
Building footprint
557 m²
Volume, LiDAR
3,743 m³
Parcel 11662E0523/00H000, Flanders · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Onderzeel (C) 12, 2920 Kalmthout
since 19972.080.621.096
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11662E0523/00H000 | Flanders | 3,005 m² | 1 · 557 m² | 7.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 2 entries · 135 EUR awarded · 135 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 75 EUR | 75 EUR |
| 2022 | 1 | 60 EUR | 60 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
5 categoriesMAB BV34153
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Of 1,821 companies in sector 42220 we hold annual accounts for 955. 410 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded24-02-1997
Fiscal year end31-12
Activities, NACEBEL 2025
39000Remediation activities and other waste management service activities
42220Construction of utility projects for electricity and telecommunications
42110Construction of roads and motorways
Contact
Scores and ratios are computed by Checked and are not a credit decision.