Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
-
Tight liquidity NBB
Cash and receivables cover 25 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MATHEL from Stavelot, company number BE0526875591, closed financial year 2025 with a result of € 7,070 after tax. For that financial year MATHEL recorded a gross margin of € 39,740 and equity of € -57,851. Compared with financial year 2024, the result moved from € -24,044 to € 7,070. Profitable, and profit is growing. 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 December 22, 2025.
€ -57,851
▲ € 7,070 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 7,070
▲ still € 24,044 loss in 2024
Profit after tax over the fiscal year.
€ 5,679
▲ 21% 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 € -77,851.
People and assets in 2025
€ 2,563
▲ 4% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 221,400
▼ 10% vs 2024
€ 23,992 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.
€ 5,983
▲ 25% vs 2024
Supplier invoices still open on the last day of the fiscal year.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 44,106 | € 6,425 | € 40,778 | € 39,740 | ▼ 3% |
| Profit after taxes | € 11,822 | € -11,323 | € -24,044 | € 7,070 | ▲ € 31,114 |
| Equity | € -29,554 | € -40,876 | € -64,921 | € -57,851 | ▲ € 7,070 |
| Total debts | € 479,820 | € 524,180 | € 478,364 | € 480,522 | |
| Cash | € 17,135 | € 6,889 | € 4,685 | € 5,679 | ▲ 21% |
| Land & buildings | € 395,448 | € 387,998 | € 373,096 | € 358,195 | ▼ 4% |
| Retained profit | € -49,554 | € -60,876 | € -84,921 | € -77,851 | ▲ € 7,070 |
| Bank debt | € 249,714 | € 270,066 | € 244,741 | € 221,400 | ▼ 10% |
| Balance sheet total | € 450,266 | € 483,304 | € 413,444 | € 422,672 | ▲ 2% |
Key figures of MATHEL, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 30 January 2027.
What happened to MATHEL?
What happened at MATHEL in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 7,070. Source: NBB ↗
- New establishment in Stavelot. KBO
- New establishment in Stavelot. KBO
- Start of the company according to the CBE. KBO
- Raphaël SCHAFF became a director. NBB
- Monique CONSTANT became a director. NBB
In short
From € 11,822 profit in 2022 to € 7,070 profit in 2025.
Best year ever: 2022, with € 11,822 profit.
Management
Behind MATHEL are Raphaël SCHAFF and Monique CONSTANT.
Directors
According to the 2025 annual accounts
Raphaël SCHAFF
Director
since 2013
Monique CONSTANT
Director
since 2013
Establishments
Establishment units
Physical locations of this company
Route du Cronchamps 88
4970 Stavelot
Route du Cronchamps 86
4970 Stavelot
Active since 8 July 2013
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0526.875.591
- VAT number
- BE 0526.875.591
- Registered office
- Route du Cronchamps 88, 4970 Stavelot
- Names & denominations
- MATHEL
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 17 April 2013
- Peppol
- Active · Active since 6 Mar 2026
- Activities · NACE
Gites, vakantiewoningen en -appartementen
Verhuur en exploitatie van eigen of geleased residentieel onroerend goed, exclusief sociale woningen