Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 57 % of short-term debt in 2025; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 6.9 to 2.6.
Financials
Financial year 2025
M-Trac from Zwalm, company number BE0454831614, closed financial year 2025 with a result of € 41,114 after tax. For that financial year M-Trac recorded a gross margin of € 490,116 and equity of € 1.8 million. Compared with financial year 2024, the result moved from € -188,407 to € 41,114. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 4, 2026.
€ 1.8 million
▲ € 1.5 million vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 41,114
▲ still € 188,407 loss in 2024
Profit after tax over the fiscal year.
€ 193,352
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 309,622.
People and assets in 2025
2.6
▼ 1.1 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 173,725
▼ 44% vs 2024
€ 66,800 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 58,628
▼ 63% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 889,227
▲ 23% vs 2024
€ 33,178 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 403,408
▼ 44% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 64,251
▼ 78% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 422,807 | € 919,778 | € 604,033 | € 490,116 | ▼ 19% |
| Profit after taxes | € -193,593 | € 110,368 | € -188,407 | € 41,114 | ▲ € 229,521 |
| Equity | € 363,113 | € 473,481 | € 285,074 | € 1,804,622 | ▲ € 1.5 million |
| Total debts | € 3,869,001 | € 3,230,186 | € 3,118,787 | € 1,829,151 | ▼ 41% |
| Cash | € 138,287 | € 148,403 | - | € 193,352 | |
| Retained profit | € 346,548 | € 456,916 | € 268,509 | € 309,622 | ▲ 15% |
| Bank debt | € 904,836 | € 950,814 | € 724,543 | € 889,227 | ▲ 23% |
| Balance sheet total | € 4,232,114 | € 3,703,668 | € 3,403,861 | € 3,633,773 | ▲ 7% |
| Employees (FTE) | 7.2 | 6.9 | 3.7 | 2.6 | ▼ 1.1 |
Key figures of M-Trac, 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 M-Trac?
What happened at M-Trac in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 41,114. Source: NBB ↗
- Maxim Van den Dorpe became a director. NBB
- New establishment in Zwalm. KBO
- Start of the company according to the CBE. KBO
In short
From € 193,593 loss in 2022 to € 41,114 profit in 2025.
Paid € 3,298 in corporate taxes since 2022.
Best year ever: 2023, with € 110,368 profit.
On average € 188,500 of value added per employee in 2025.
Management
The stake of ANCHA CONSTRUCT comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
M-TracBehind M-Trac is Maxim Van den Dorpe. The shares are held by ANCHA CONSTRUCT (100%).
Directors
According to the 2025 annual accounts
since 2015
Shareholders
100%
Participations
No participations in other companies reported.
Establishments
Establishment units
Physical locations of this company
Boekelbaan(SBB) 1/001
9630 Zwalm
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0454.831.614
- VAT number
- BE 0454.831.614
- Registered office
- Boekelbaan(SBB) 1/001, 9630 Zwalm
- Names & denominations
- M-Trac
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 15 March 1995
- Peppol
- Active · Active since 24 Nov 2025
- Activities · NACE
Groothandel in machines, tractoren, werktuigen en toebehoren voor de landbouw
Groothandel in machines, werktuigen en toebehoren voor de landbouw
Reparatie en onderhoud van machines
Herstelling van landbouwmachines