Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 14 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MATHONET from Malmedy, company number BE0446813672, closed financial year 2025 with a result of € -72,634 after tax. For that financial year MATHONET recorded a gross margin of € 111,574 and equity of € -429,297. Compared with financial year 2024, the result moved from € -120,283 to € -72,634. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 7, 2026.
€ -429,297
▼ € 72,634 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -72,634
▲ 40 % less loss than in 2024
Profit after tax over the fiscal year.
€ 22,544
▲ 133% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -1.1 million.
People and assets in 2025
€ 139,870
▼ 6% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 1,011
▼ 57% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 151,247
▲ 44% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 56,394
▼ 15% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 157,911 | € 123,635 | € 74,101 | € 111,574 | ▲ 51% |
| Profit after taxes | € -82,134 | € -160,522 | € -120,283 | € -72,634 | ▲ € 47,650 |
| Equity | € -75,859 | € -236,380 | € -356,664 | € -429,297 | ▼ € 72,634 |
| Total debts | € 474,518 | € 613,004 | € 638,418 | € 704,004 | ▲ 10% |
| Cash | € 36,994 | € 19,487 | € 9,666 | € 22,544 | ▲ 133% |
| Land & buildings | € 21,777 | € 15,751 | € 9,726 | € 4,715 | ▼ 52% |
| Retained profit | € -775,237 | € -935,759 | € -1,056,043 | € -1,128,676 | ▼ € 72,634 |
| Bank debt | € 26,200 | € 0 | € 0 | € 0 | |
| Balance sheet total | € 398,660 | € 376,624 | € 281,754 | € 274,706 | ▼ 3% |
Key figures of MATHONET, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MATHONET?
What happened at MATHONET in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 72,634. Source: NBB ↗
- Michel BODARWE became a director. NBB
- Michel HORN became a director. NBB
- Olivier MATHONET became a director. NBB
- Vincent LEMAIRE became a director. NBB
- New establishment in Malmedy. KBO
- Start of the company according to the CBE. KBO
In short
From € 82,134 loss in 2022 to € 72,634 loss in 2025.
Paid € 1,241 in corporate taxes since 2022.
Management
Behind MATHONET are Michel BODARWE, Michel HORN, Olivier MATHONET and Vincent LEMAIRE. Michel BODARWE is also behind Boreta, A. DETHIER, BODARWE CARRIERES, BODARWE and PROBEMAL. Michel HORN is also behind LA BORGUEUSE HE.
Directors
According to the 2025 annual accounts
Michel BODARWE
Director
Also active at: Boreta, A. DETHIER, BODARWE CARRIERES, BODARWE, PROBEMAL, SOGIMAL, PIERRE DE WAIMES, CARRIERES SCHAUSS +8 more
since 2020
since 2020
Olivier MATHONET
Managing director
since 2020
Vincent LEMAIRE
Director
since 2020
Establishments
Establishment units
Physical locations of this company
Pont-Borgueuse Hé 1
4960 Malmedy
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Hosting & Email
Email provider
Self-hosted
Hosting
VERIXI, BE
Website info
Features
Security
Details
- Company number
- 0446.813.672
- VAT number
- BE 0446.813.672
- Registered office
- Pont-Borgueuse Hé 1, 4960 Malmedy
- Names & denominations
- MATHONET
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 14 March 1992
- Peppol
- Active · Active since 1 Oct 2025
- Contact
- pisciculture-mathonet.be
- Activities · NACE
Visteelt
Aquacultuur in zoet water
Groothandel in vis en schaal- en weekdieren
Groothandel in vis, schaal- en schelpdieren