ACTIVE

Mazal

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Financial year 2025 · closed on 30/06/2025

Net result

-15,7 k €

+78.4% YoY

Revenue

871,4 k €

-9.7% YoY

Equity

59,5 k €

-25.0% YoY

Workforce

12,6 ETP

+5.0% YoY

What does Mazal do?

Mazal is a Non-profit organization incorporated in 1995. Its main activity is: Performing arts. Its registered office is in Ixelles. It employs on average 12,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0455.636.714

Incorporation

20/02/1995

Legal form

Non-profit organization

Registered office

Galerie de la Toison d'Or 396 box 3
1050 Ixelles · Bruxelles

Latest accounts

30/06/2025

Average workforce

12,6 ETP

Activities (NACE)

90012Performing arts· main 90031Artistic creation 90111Creative, arts and entertainment activities 90202Creative, arts and entertainment activities

Signals

Good liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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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
Revenue	871,4 k €	-9.7%	964,7 k €	+6.7%	904 k €	-28.0%	1,3 M €	+400%	251,3 k €	-54.9%	557,5 k €	-44.0%	996 k €	+5.7%	942,5 k €	-4.0%	982,1 k €	+16.0%	846,3 k €	+22.1%	693,4 k €	-4.5%	726,4 k €	-28.6%	1 M €	+20.3%	845,8 k €		–		398,3 k €	-46.7%	746,7 k €	+76.6%	422,8 k €	-8.8%	463,7 k €
EBITDA	70 k €	+145%	-156,8 k €	-6898%	-2,2 k €	+95.9%	-54,7 k €	-187%	63 k €	+83.7%	34,3 k €	+384%	7,1 k €	-31.1%	10,3 k €	-90.0%	102,7 k €	+0.5%	102,2 k €	-10.7%	114,4 k €	+28.6%	89 k €	+7.2%	83 k €	+15.5%	71,9 k €	+1294%	5,2 k €	-9.4%	5,7 k €	+135%	-16 k €	-209%	14,7 k €	-78.9%	69,8 k €
Operating result	8,9 k €	+104%	-215,6 k €	-200%	-71,9 k €	+43.4%	-127,1 k €	-1814%	-6,6 k €	+81.2%	-35,4 k €	+42.1%	-61,1 k €	-9.3%	-55,9 k €	-253%	36,5 k €	-20.5%	45,9 k €	-30.7%	66,3 k €	+44.3%	45,9 k €	-14.2%	53,5 k €	-21.2%	67,9 k €	+2430%	2,7 k €	-32.2%	4 k €	+120%	-19,9 k €	-297%	10,1 k €	-50.3%	20,2 k €
Net result	-15,7 k €	+78.4%	-72,8 k €	-602%	-10,4 k €	-195%	10,9 k €	+135%	-31,4 k €	-1970%	-1,5 k €	-230%	-459,4 €	-116%	2,9 k €	-43.0%	5 k €	-65.0%	14,4 k €	-49.3%	28,5 k €	+18.9%	24 k €	+22.7%	19,5 k €	-69.1%	63,1 k €	+259%	17,6 k €	+158%	-30,5 k €	-27.2%	-24 k €	-399%	8 k €	-32.1%	11,8 k €
Balance sheet
Equity	59,5 k €	-25.0%	79,3 k €	-49.2%	156,3 k €	-8.5%	170,8 k €	+39.9%	122,1 k €	-20.5%	153,5 k €	-1.0%	155 k €	-38.1%	250,6 k €	+0.8%	248,7 k €	+2.5%	242,7 k €	+5.9%	229,2 k €	+33.3%	171,9 k €	+113%	80,7 k €	+31.9%	61,2 k €	+3278%	-1,9 k €	+90.1%	-19,5 k €	-276%	11 k €	-68.5%	35,1 k €	+29.7%	27 k €
Total assets	1,2 M €	-14.3%	1,4 M €	+14.8%	1,2 M €	-18.7%	1,5 M €	-0.0%	1,5 M €	-2.4%	1,5 M €	+11.7%	1,3 M €	+11.4%	1,2 M €	-10.9%	1,4 M €	-0.9%	1,4 M €	+23.7%	1,1 M €	+5.3%	1 M €	-2.2%	1,1 M €	+9.7%	975,9 k €	+300%	243,9 k €	+31.4%	185,6 k €	+20.6%	153,9 k €	-16.5%	184,3 k €	+38.9%	132,7 k €
Cash	256,4 k €	-2.5%	262,9 k €	+81.3%	145 k €	+25.3%	115,7 k €	-61.5%	300,5 k €	+81.7%	165,4 k €	+13.5%	145,7 k €	+31.4%	110,8 k €	-60.5%	280,9 k €	-22.6%	363,1 k €	+58.5%	229,1 k €	+17.4%	195,2 k €	-35.0%	300,2 k €	+52.4%	197 k €	+62.6%	121,2 k €	-16.3%	144,8 k €	+45.1%	99,8 k €	-14.4%	116,6 k €	+17.2%	99,5 k €
Debts	699,9 k €	-18.7%	861,2 k €	+11.7%	771,2 k €	-22.6%	996,3 k €	+4.4%	953,9 k €	+1.1%	943,9 k €	+3.6%	910,8 k €	+18.2%	770,6 k €	-18.2%	942,1 k €	-4.7%	989 k €	+34.2%	737,2 k €	-5.1%	776,8 k €	-12.6%	889,3 k €	+4.4%	851,6 k €	+534%	134,3 k €	-21.1%	170,2 k €	+63.9%	103,9 k €	-29.6%	147,6 k €	+83.3%	80,5 k €
Other
Workforce	12,6 ETP	+5.0%	12,0 ETP	+4.3%	11,5 ETP	-95.7%	266,4 ETP	+2734%	9,4 ETP	-13.0%	10,8 ETP	0.0%	10,8 ETP	-10.0%	12,0 ETP	+16.5%	10,3 ETP	-3.7%	10,7 ETP	+5.9%	10,1 ETP	+7.4%	9,4 ETP	+17.5%	8,0 ETP	-11.1%	9,0 ETP	+3.4%	8,7 ETP	+93.3%	4,5 ETP	-55.0%	10,0 ETP	+44.9%	6,9 ETP	+21.1%	5,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Governance

Board of directors

Seen on filing of 30/06/2025 · 4 active · 11 ended

Active mandates

Albert MAIZEL

Mandate

Active

Christian MERCKX

Mandate

Active

Joelle MAISON

Mandate

Active

Lucrece VERHULTS

Mandate

Active

Ended mandates

Isodore Halbertal

Director · since 01 janvier 2020 · until 31 décembre 2020

Ended

Joelle Maison

Director · since 28 novembre 2019 · until 27 novembre 2020

Ended

Isodore HALBERTAL

Director · since 01 janvier 2019

Ended

Joelle MAISON

Director · since 28 novembre 2018

Ended

At this address

Other companies at this address

Company	CBE no.
D.H.S.CONSULTING● Active	0895.682.954
IMMO BOBO● Active	0718.714.570

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	29/01/2026	20/12/2024	29/01/2024	16/01/2023	21/01/2022	27/01/2021
General meeting	03/11/2025	15/11/2024	15/11/2023	12/10/2022	09/12/2021	03/12/2020
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
Abridged model	30/06/2025	03/11/2025	29/01/2026	French	PDF
Abridged model	30/06/2024	15/11/2024	20/12/2024	French	PDF
Abridged model	30/06/2023	15/11/2023	29/01/2024	French	PDF
Abridged model	30/06/2022	12/10/2022	16/01/2023	French	PDF
Abridged model	30/06/2021	09/12/2021	21/01/2022	French	PDF
Abridged model	30/06/2020	03/12/2020	27/01/2021	French	PDF
Abridged model	30/06/2019	20/02/2020	20/03/2020	French	PDF
Abridged model	30/06/2018	14/11/2018	20/12/2018	French	PDF
Abridged model	30/06/2017	06/10/2017	29/01/2018	French	PDF
Abridged model	30/06/2016	07/10/2016	03/04/2017	French	PDF
Abridged model	30/06/2015	02/10/2015	03/04/2017	French	PDF
Abridged model	30/06/2014	15/10/2014	03/04/2017	French	PDF
Abridged model	30/06/2013	15/10/2013	01/11/2013	French	PDF
Abridged model	30/06/2012	01/10/2012	07/11/2012	French	PDF
Abridged model	30/06/2011	15/10/2011	28/11/2011	French	PDF
Abridged model	30/06/2010	30/06/2010	06/01/2011	French	PDF
Abridged model	31/12/2009	30/06/2010	19/12/2010	French	PDF
Abridged model	31/12/2008	30/06/2009	28/08/2009	French	PDF
Abridged model	31/12/2007	30/06/2008	23/09/2008	French	PDF
Abridged model	31/12/2006	30/06/2007	01/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 30/06/2025 · 4 active · 11 ended

Active mandates

Albert MAIZEL

Mandate

Active

Christian MERCKX

Mandate

Active

Joelle MAISON

Mandate

Active

Lucrece VERHULTS

Mandate

Active

Ended mandates

Isodore Halbertal

Director · since 01 janvier 2020 · until 31 décembre 2020

Ended

Joelle Maison

Director · since 28 novembre 2019 · until 27 novembre 2020

Ended

Isodore HALBERTAL

Director · since 01 janvier 2019

Ended

Joelle MAISON

Director · since 28 novembre 2018

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/07/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates07/03/2023
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates13/11/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates16/05/2019
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other18/12/2013
DIVERS
PDF
Mandates04/06/2012
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Other15/02/2010
ANNEE COMPTABLE
PDF
Mandates29/12/2005
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
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 2025-15,7 k €↑
2024
Annual accounts 2024-72,8 k €↓
2023
Annual accounts 2023-10,4 k €↓
2022
Annual accounts 202210,9 k €↑
2021
Annual accounts 2021-31,4 k €↓
2020
Annual accounts 2020-1,5 k €↓
2019
Annual accounts 2019-459,4 €↓
2018
Annual accounts 20182,9 k €↓
2017
Annual accounts 20175 k €↓
2016
Annual accounts 201614,4 k €↓
2015
Annual accounts 201528,5 k €↑
2014
Annual accounts 201424 k €↑
2013
Annual accounts 201319,5 k €↓
2012
Annual accounts 201263,1 k €↑
2011
Annual accounts 201117,6 k €↑
2010
Annual accounts 2010-30,5 k €↓
2009
Annual accounts 2009-24 k €↓
2008
Annual accounts 20088 k €↓
2007
Annual accounts 200711,8 k €
20/02/1995
IncorporationNon-profit organization

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

Mazal

Overview

What does Mazal do?

Trend over 19 financial years

Indicative valuation

Board of directors

Other companies at this address

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