ACTIVE

MAHA

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Financial year 2025 · closed on 31/12/2025

Net result

17,4 k €

-90.6% YoY

Gross margin

172 k €

-56.7% YoY

Equity

776,4 k €

+2.3% YoY

What does MAHA do?

MAHA is a Public limited company incorporated in 1991. Its registered office is in Ixelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0445.047.084

Incorporation

02/09/1991

Legal form

Public limited company

Registered office

Chaussée de Boondael 425
1050 Ixelles · BruxellesSee on map

Contributed capital

62 500,01 €

Latest accounts

31/12/2025

Signals

ProfitablePositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 19 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	172 k €	-56.7%	397,8 k €	+32.9%	299,4 k €	+11.7%	268 k €	-7.2%	288,9 k €	+184%	101,8 k €	-33.9%	153,8 k €	+2.7%	149,8 k €	+84.8%	81,1 k €	-41.7%	139 k €	-3.8%	144,6 k €	+46.9%	98,4 k €	-25.5%	132,1 k €	-1.6%	134,3 k €	+55.7%	86,3 k €	-3.6%	89,5 k €	-22.4%	115,4 k €	+116%	53,4 k €	+63.2%	32,7 k €
EBITDA	145,9 k €	-60.0%	364,7 k €	+33.6%	273 k €	+11.1%	245,7 k €	-8.1%	267,2 k €	+758%	31,1 k €	-78.0%	141,7 k €	+3.9%	136,5 k €	+101%	67,8 k €	-46.3%	126,3 k €	-2.5%	129,5 k €	+45.8%	88,8 k €	-26.8%	121,2 k €	-1.7%	123,3 k €	+58.3%	77,9 k €	-2.1%	79,6 k €	-24.5%	105,3 k €	+132%	45,3 k €	+120%	20,6 k €
Operating result	32,4 k €	-87.3%	255,1 k €	+50.6%	169,3 k €	+21.1%	139,9 k €	-13.4%	161,5 k €	+337%	-68,2 k €	-175%	91,4 k €	+5.5%	86,7 k €	+916%	8,5 k €	-89.7%	83,1 k €	-3.5%	86,2 k €	+86.4%	46,2 k €	-33.4%	69,4 k €	-15.0%	81,7 k €	+108%	39,2 k €	+58.2%	24,8 k €	-51.8%	51,4 k €	+226%	-40,8 k €	-164%	-15,4 k €
Net result	17,4 k €	-90.6%	185,1 k €	+49.5%	123,8 k €	+22.5%	101,1 k €	-26.6%	137,7 k €	+263%	-84,3 k €	-251%	55,9 k €	+8.1%	51,7 k €	+924%	-6,3 k €	-113%	47,2 k €	+0.9%	46,7 k €	+201%	15,5 k €	-57.9%	36,9 k €	-15.3%	43,6 k €	+125%	19,4 k €	+20.8%	16,1 k €	-54.1%	35 k €	+176%	-46,3 k €	-34.5%	-34,4 k €
Balance sheet
Equity	776,4 k €	+2.3%	759,1 k €	+32.2%	574 k €	+27.5%	450,3 k €	+28.9%	349,2 k €	+65.1%	211,5 k €	-28.5%	295,7 k €	+23.3%	239,9 k €	+27.5%	188,1 k €	-3.2%	194,4 k €	+32.0%	147,2 k €	+10.0%	133,8 k €	+13.1%	118,3 k €	+45.4%	81,3 k €	+115%	37,8 k €	+106%	18,4 k €	+693%	2,3 k €	+107%	-32,7 k €	-238%	23,6 k €
Total assets	3,3 M €	-0.9%	3,3 M €	+4.1%	3,2 M €	+1.8%	3,1 M €	+1.5%	3,1 M €	+2.1%	3 M €	+171%	1,1 M €	+0.2%	1,1 M €	-0.2%	1,1 M €	+28.0%	866,9 k €	-7.5%	937,2 k €	-6.8%	1 M €	+19.6%	840,9 k €	+2.1%	823,7 k €	-1.3%	834,6 k €	+12.5%	741,9 k €	-4.8%	779,1 k €	-1.9%	794 k €	+28.1%	620 k €
Cash	433,6 k €	-45.0%	788,5 k €	+64.3%	479,9 k €	+24.0%	387 k €	+60.4%	241,2 k €	+65.1%	146,1 k €	-1.2%	147,9 k €	+61.3%	91,7 k €	+63.1%	56,2 k €	-0.9%	56,7 k €	-42.7%	99,1 k €	-20.3%	124,3 k €	+188%	43,2 k €	-21.3%	54,9 k €	+109%	26,2 k €	-41.9%	45,1 k €	+33.5%	33,8 k €	+469%	5,9 k €	-71.8%	21,1 k €
Debts	2,5 M €	-1.9%	2,5 M €	-2.1%	2,6 M €	-2.4%	2,7 M €	-2.1%	2,7 M €	-2.6%	2,8 M €	+244%	812,1 k €	-6.3%	866,5 k €	-5.9%	920,4 k €	+37.1%	671,5 k €	-14.9%	789 k €	-8.9%	866 k €	+19.8%	722,6 k €	-2.7%	742,3 k €	-6.8%	796,8 k €	+10.1%	723,5 k €	-6.9%	776,8 k €	-5.8%	824,9 k €	+39.7%	590,6 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		0,2 ETP		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 9 ended

Active mandates

MARIAM ZEITOUN

Director

Active

MOHAMMED AWAD

Managing director

Active

MOUNA AWAD

Director

Active

Ended mandates

MARIAM ZEITOUN

Director · since 06 mai 2009 · until 06 mai 2015

Ended

MOHAMMED ACHAR AWAD

Managing director · since 06 mai 2009 · until 06 mai 2015

Ended

MOHAMMED BACHAR AWAD

Managing director · since 06 mai 2009 · until 06 mai 2015

Ended

Maha Awad

Director · since 06 mai 2003 · until 06 mai 2009

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	05/07/2026	01/08/2025	10/06/2024	22/05/2023	05/07/2022	07/07/2021
General meeting	09/06/2026	24/06/2025	07/05/2024	02/05/2023	21/06/2022	04/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	09/06/2026	05/07/2026	French	PDF
Micro model	31/12/2024	24/06/2025	01/08/2025	French	PDF
Micro model	31/12/2023	07/05/2024	10/06/2024	French	PDF
Micro model	31/12/2022	02/05/2023	22/05/2023	French	PDF
Micro model	31/12/2021	21/06/2022	05/07/2022	French	PDF
Micro model	31/12/2020	04/05/2021	07/07/2021	French	PDF
Micro model	31/12/2019	02/06/2020	18/06/2020	French	PDF
Micro model	31/12/2018	25/06/2019	28/06/2019	French	PDF
Micro model	31/12/2017	29/05/2018	21/06/2018	French	PDF
Abridged model	31/12/2016	30/05/2017	13/06/2017	French	PDF
Abridged model	31/12/2015	10/05/2016	11/06/2016	French	PDF
Abridged model	31/12/2014	16/06/2015	09/07/2015	French	PDF
Abridged model	31/12/2013	03/06/2014	23/06/2014	French	PDF
Abridged model	31/12/2012	07/05/2013	31/05/2013	French	PDF
Abridged model	31/12/2011	29/05/2012	18/06/2012	French	PDF
Abridged model	31/12/2010	30/05/2011	28/06/2011	French	PDF
Abridged model	31/12/2009	11/05/2010	11/05/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	31/07/2009	French	PDF
Abridged model	31/12/2007	05/05/2008	01/06/2008	French	PDF
Abridged model	31/12/2006	02/05/2007	04/05/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 9 ended

Active mandates

MARIAM ZEITOUN

Director

Active

MOHAMMED AWAD

Managing director

Active

MOUNA AWAD

Director

Active

Ended mandates

MARIAM ZEITOUN

Director · since 06 mai 2009 · until 06 mai 2015

Ended

MOHAMMED ACHAR AWAD

Managing director · since 06 mai 2009 · until 06 mai 2015

Ended

MOHAMMED BACHAR AWAD

Managing director · since 06 mai 2009 · until 06 mai 2015

Ended

Maha Awad

Director · since 06 mai 2003 · until 06 mai 2009

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates28/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates21/01/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates12/10/2015
DEMISSIONS, NOMINATIONS
PDF
Registered office05/09/2014
SIEGE SOCIAL
PDF
Mandates31/05/2013
DEMISSIONS, NOMINATIONS
PDF
Mandates02/07/2010
DEMISSIONS, NOMINATIONS
PDF
Mandates24/07/2009
SIEGE SOCIAL - DEMISSIONS, NOMINATIONS
PDF
Mandates30/07/2008
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202517,4 k €↓
2024
Annual accounts 2024185,1 k €↑
2023
Annual accounts 2023123,8 k €↑
2022
Annual accounts 2022101,1 k €↓
2021
Annual accounts 2021137,7 k €↑
2020
Annual accounts 2020-84,3 k €↓
2019
Annual accounts 201955,9 k €↑
2018
Annual accounts 201851,7 k €↑
2017
Annual accounts 2017-6,3 k €↓
2016
Annual accounts 201647,2 k €↑
2015
Annual accounts 201546,7 k €↑
2014
Annual accounts 201415,5 k €↓
2013
Annual accounts 201336,9 k €↓
2012
Annual accounts 201243,6 k €↑
2011
Annual accounts 201119,4 k €↑
2010
Annual accounts 201016,1 k €↓
2009
Annual accounts 200935 k €↑
2008
Annual accounts 2008-46,3 k €↓
2007
Annual accounts 2007-34,4 k €
02/09/1991
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MAHA

Overview

What does MAHA do?

Trend over 19 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline