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 38 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MACAN DEVELOPMENT from Elsene, company number BE0508869423, closed financial year 2025 with a result of € 1 million after tax. For that financial year MACAN DEVELOPMENT recorded revenue of € 4.8 million and equity of € 10.3 million. Compared with financial year 2024, the result moved from € -4.7 million to € 1 million. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on October 8, 2026.
€ 10.3 million
▲ 11% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1 million
▲ still € 4.7 million loss in 2024
Profit after tax over the fiscal year.
€ 378,831
▼ 19% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 4.7 million.
People and assets in 2025
1
Average over the fiscal year, from the social balance sheet.
€ 189,466
▲ 24% vs 2024
€ 189,500 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.
€ 10,484
▼ 51% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 12.9 million
▼ 13% vs 2024
€ 1.6 million is repaid this year. At this pace the long-term loan is gone in ≈ 8 years.
€ 999,734
▲ 4% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 134 days on average.
€ 280,916
▲ € 260,252 vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 504,114 | € 66,275 | € 214,220 | € 4,799,386 | ▲ € 4.6 million |
| Profit after taxes | € -3,858,198 | € -268,669 | € -4,716,267 | € 1,010,059 | ▲ € 5.7 million |
| Equity | € 14,268,765 | € 14,000,096 | € 9,283,829 | € 10,293,888 | ▲ 11% |
| Total debts | € 19,847,879 | € 20,546,410 | € 22,027,141 | € 20,687,401 | ▼ 6% |
| Cash | € 333,949 | € 1,091,862 | € 466,556 | € 378,831 | ▼ 19% |
| Retained profit | € 8,668,765 | € 8,400,096 | € 3,683,829 | € 4,693,888 | ▲ 27% |
| Bank debt | € 17,373,422 | € 17,491,614 | € 14,833,250 | € 12,862,921 | ▼ 13% |
| Balance sheet total | € 34,116,644 | € 34,546,506 | € 31,310,971 | € 30,981,289 | ▼ 1% |
| Employees (FTE) | 4.8 | 4.8 | 1 | 1 |
Key figures of MACAN DEVELOPMENT, 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 MACAN DEVELOPMENT?
What happened at MACAN DEVELOPMENT in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 1 million. filed late Source: NBB ↗
- PHG ASSET MANAGEMENT SRL became a director. NBB
- Start of the company according to the CBE. KBO
- New establishment in Elsene. KBO
In short
From € 3.9 million loss in 2022 to € 1 million profit in 2025.
Paid € 90,879 in corporate taxes since 2022.
Best year ever: 2025, with € 1 million profit.
Pays suppliers within 134 days on average.
Management
The stake of MACAN.GROUP, PHG ASSET MANAGEMENT comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MACAN DEVELOPMENTBehind MACAN DEVELOPMENT is PHG ASSET MANAGEMENT SRL. The shares are held by MACAN.GROUP (99.9%) and PHG ASSET MANAGEMENT (0.1%). It owns 100% of MD1 Centre House, 100% of IMMOBILIERE DES VIGNES, 100% of SAULES INVEST, 100% of PARMENTIER DEVELOPMENT, 99% of IMMO BERVOETS and 50% of L375 itself.
Directors
According to the 2025 annual accounts
Director · represented by PHILIPPE GILLION
Also active at: Macan PROPERTIES, Résidence Louise, Société de Transactions Immobilières et de Constructions, Comentri, Les Fermes de Matignolle, MD1 CENTER HOUSE, MACAN.GROUP, BELGIUM SR +8 more
since 2019
Shareholders
99.9%
0.1%
Participations
100%
100%
99%
50%
Establishments
Establishment units
Physical locations of this company
Louizalaan 251
1050 Elsene
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 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.
Details
- Company number
- 0508.869.423
- VAT number
- BE 0508.869.423
- Registered office
- Louizalaan 251, 1050 Elsene
- Names & denominations
- MACAN DEVELOPMENT
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 3 January 2013
- Peppol
- Active · Active since 5 Dec 2025
- Activities · NACE
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