Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
MA-SA from Zedelgem, company number BE0717820685, closed financial year 2025 with a result of € -20,259 after tax. For that financial year MA-SA recorded a gross margin of € -783 and equity of € 30,386. Compared with financial year 2024, the result moved from € -23,545 to € -20,259. The company made a loss. The buffer shrank hard: equity is 62 % below last year. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on August 17, 2026.
€ 30,386
▼ 62% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -20,259
▲ 14 % less loss than in 2024
Profit after tax over the fiscal year.
€ 3,645
▼ 72% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 24,186.
People and assets in 2025
€ 58,089
▲ € 46,341 vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 53,467
▲ € 50,912 vs 2024
€ 21,602 is repaid this year. At this pace the long-term loan is gone in ≈ 2 years.
€ 265
▼ 92% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 4,082
▼ 62% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 129,459 | € -10,472 | € -3,546 | € -783 | ▲ € 2,763 |
| Profit after taxes | € 6,238 | € -46,154 | € -23,545 | € -20,259 | ▲ € 3,286 |
| Equity | € 149,188 | € 103,035 | € 79,490 | € 30,386 | ▼ 62% |
| Total debts | € 104,867 | € 52,105 | € 19,229 | € 65,597 | ▲ 241% |
| Cash | € 26,609 | € 541 | € 13,191 | € 3,645 | ▼ 72% |
| Retained profit | € 142,988 | € 96,835 | € 73,290 | € 24,186 | ▼ 67% |
| Dividend | € 0 | € 0 | € 0 | € 28,845 | |
| Bank debt | € 25,116 | € 19,956 | € 2,554 | € 53,467 | ▲ € 50,912 |
| Balance sheet total | € 254,056 | € 155,140 | € 98,719 | € 95,983 | ▼ 3% |
Key figures of MA-SA, 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 MA-SA?
What happened at MA-SA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 20,259. filed late Source: NBB ↗
- New establishment in Zedelgem. KBO
- Deolinda Riquelme de Coene became a director. NBB
- Erik Coene became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 6,238 profit in 2022 to € 20,259 loss in 2025.
Paid € 2,197 in corporate taxes since 2022.
Best year ever: 2022, with € 6,238 profit.
Paid out € 28,845 in dividends to the owners in total.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind MA-SA are Mariano Coene, Deolinda Riquelme de Coene, Erik Coene and Saida Allary. Mariano Coene is also behind MOH!. Deolinda Riquelme de Coene is also behind COENE ERIK. Erik Coene is also behind COENE ERIK.
Directors
According to the 2025 annual accounts
since 2021
since 2021
Saida Allary
Director
Establishments
Establishment units
Physical locations of this company
Catelijne Verbauwenstraat 13
8210 Zedelgem
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0717.820.685
- VAT number
- BE 0717.820.685
- Registered office
- Catelijne Verbauwenstraat 13, 8210 Zedelgem
- Names & denominations
- MA-SA
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 8 January 2019
- Peppol
- Active · Active since 24 Jun 2026
- Activities · NACE
Detailhandel in bloemen, planten, zaden en kunstmeststoffen
Overige detailhandel in voedingsmiddelen, neg
Overige detailhandel in voedingsmiddelen in gespecialiseerde winkels, n.e.g.
Detailhandel in vaste, vloeibare en gasvormige brandstoffen, muv motorbrandstoffen
Overige detailhandel, niet in winkels en exclusief markt- en straathandel