ACTIVE

MATHAL

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Financial year 2025 · closed on 31/12/2025

Net result

33,8 k €

+149.2% YoY

Gross margin

207,7 k €

+22.3% YoY

Equity

1,6 M €

+2.2% YoY

What does MATHAL do?

MATHAL is a Public limited company incorporated in 1995. Its registered office is in Aalst.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0456.298.292

Incorporation

17/10/1995

Legal form

Public limited company

Registered office

Nieuwbeekstraat 35
9300 Aalst · FlandreSee on map

Contributed capital

1 400 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	207,7 k €	+22.3%	169,8 k €	-12.0%	193 k €	+11.7%	172,8 k €	-6.3%	184,4 k €	+2.5%	179,8 k €	+5.9%	169,8 k €	+9.4%	155,2 k €	-18.8%	191,1 k €	-32.6%	283,7 k €	+91.0%	148,6 k €	+2.9%	144,3 k €	+39.9%	103,1 k €	-6.3%	110,1 k €	+19.7%	92 k €	+25.2%	73,4 k €	+20.2%	61,1 k €	-1.8%	62,3 k €
EBITDA	184,1 k €	+131%	79,7 k €	-50.6%	161,3 k €	+5.0%	153,6 k €	-5.2%	162 k €	+0.2%	161,6 k €	+3.8%	155,6 k €	+11.8%	139,2 k €	-21.5%	177,4 k €	-33.8%	268 k €	+96.9%	136,1 k €	+1.1%	134,6 k €	+43.9%	93,6 k €	-7.0%	100,6 k €	+23.8%	81,3 k €	+22.8%	66,2 k €	+23.0%	53,8 k €	-3.0%	55,5 k €
Operating result	81 k €	+513%	-19,6 k €	-131%	63,8 k €	+12.0%	56,9 k €	-14.2%	66,4 k €	+2.6%	64,7 k €	+15.2%	56,2 k €	+175%	20,5 k €	-72.9%	75,5 k €	-60.2%	189,8 k €	+111%	89,9 k €	-14.0%	104,6 k €	+86.7%	56 k €	-20.9%	70,8 k €	+150%	28,4 k €	-11.7%	32,1 k €	+98.4%	16,2 k €	-36.1%	25,3 k €
Net result	33,8 k €	+149%	-68,7 k €	-3536%	2 k €	-90.0%	20 k €	+35.6%	14,7 k €	+49.4%	9,9 k €	+235%	-7,3 k €	-129%	24,8 k €	+96.7%	12,6 k €	-89.1%	115,4 k €	+251%	32,9 k €	-37.8%	52,9 k €	+710%	6,5 k €	-91.7%	78,2 k €	+831%	-10,7 k €	-683%	-1,4 k €	-168%	2 k €	-85.3%	13,8 k €
Balance sheet
Equity	1,6 M €	+2.2%	1,5 M €	-4.3%	1,6 M €	+0.1%	1,6 M €	+1.3%	1,6 M €	+1.0%	1,5 M €	-9.3%	1,7 M €	-0.4%	1,7 M €	+1.5%	1,7 M €	-0.7%	1,7 M €	+14.5%	1,5 M €	+2.3%	1,5 M €	+16.2%	1,3 M €	+14.3%	1,1 M €	+19.4%	917,1 k €	+46.1%	627,8 k €	-0.2%	629,2 k €	+0.3%	627,1 k €
Total assets	2,7 M €	-1.6%	2,7 M €	-9.0%	3 M €	-2.3%	3,1 M €	-2.8%	3,2 M €	-3.4%	3,3 M €	-1.5%	3,3 M €	-2.8%	3,4 M €	+4.1%	3,3 M €	+5.9%	3,1 M €	+6.0%	2,9 M €	+16.2%	2,5 M €	+6.1%	2,4 M €	+34.1%	1,8 M €	+12.1%	1,6 M €	+16.9%	1,4 M €	+11.6%	1,2 M €	+42.0%	854,4 k €
Cash	21,3 k €	-59.9%	53,3 k €	+44.0%	37 k €	+34.6%	27,5 k €	-21.5%	35,1 k €	-52.7%	74,1 k €	+179%	26,6 k €	-32.6%	39,5 k €	+8.5%	36,4 k €	-85.1%	244,1 k €	+159%	94,2 k €	+147%	38,1 k €	-70.2%	127,8 k €	+463%	22,7 k €	-43.7%	40,3 k €	+95.2%	20,7 k €	-44.1%	37 k €	+73.9%	21,2 k €
Debts	1,1 M €	-6.2%	1,2 M €	-14.1%	1,4 M €	-4.9%	1,5 M €	-6.4%	1,6 M €	-7.1%	1,7 M €	+7.9%	1,6 M €	-4.1%	1,7 M €	+4.4%	1,6 M €	+13.9%	1,4 M €	-2.9%	1,4 M €	+35.2%	1,1 M €	-5.2%	1,1 M €	+66.2%	678,3 k €	+2.1%	664,5 k €	-8.4%	725,6 k €	+26.1%	575,3 k €	+156%	224,7 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 21 ended

Active mandates

Nadine Rubbrecht

Director · since 11 mai 2024 · until 13 mai 2028

Active

Brigitte Rubbrecht

Director · since 14 mai 2022 · until 13 mai 2028

Active

Jan Rubbrecht

Director · since 14 mai 2022 · until 13 mai 2028

Active

Ended mandates

Philippe Rubbrecht

Director · since 14 mai 2022 · until 11 février 2023

Ended

Bert Gavel

Director · since 14 février 2022 · until 11 mai 2024

Ended

Bert Gavel

Director · since 14 février 2022 · until 13 mai 2028

Ended

Bert Gavel

Director · since 14 mai 2021 · until 08 mai 2028

Ended

At this address

Other companies at this address

Company	CBE no.
Aalst Media● Active	0797.131.746
IMMOBILIENVENNOOTSCHAP VOOR VLAANDEREN EN BRUSSEL● Active	0478.384.796
Nieuwbeek35● Active	1032.555.003
STICHTING JOSÉ DE GEYTER● Active	0826.447.918

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	20/05/2026	27/05/2025	05/06/2024	05/06/2023	16/08/2022	07/07/2021
General meeting	09/05/2026	10/05/2025	11/05/2024	13/05/2023	14/05/2022	08/05/2021
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	09/05/2026	20/05/2026	Dutch	PDF
Micro model	31/12/2024	10/05/2025	27/05/2025	Dutch	PDF
Micro model	31/12/2023	11/05/2024	05/06/2024	Dutch	PDF
Micro model	31/12/2022	13/05/2023	05/06/2023	Dutch	PDF
Micro model	31/12/2021	14/05/2022	16/08/2022	Dutch	PDF
Micro model	31/12/2020	08/05/2021	07/07/2021	Dutch	PDF
Micro model	31/12/2019	05/06/2020	10/06/2020	Dutch	PDF
Micro model	31/12/2018	10/05/2019	28/05/2019	Dutch	PDF
Micro model	31/12/2017	11/05/2018	21/05/2018	Dutch	PDF
Micro model	31/12/2016	13/05/2017	13/05/2017	Dutch	PDF
Abridged model	31/12/2015	13/05/2016	28/05/2016	Dutch	PDF
Abridged model	31/12/2014	24/01/2015	11/05/2015	Dutch	PDF
Abridged model	31/12/2013	09/05/2014	12/05/2014	Dutch	PDF
Abridged model	31/12/2012	10/05/2013	15/05/2013	Dutch	PDF
Abridged model	31/12/2011	11/05/2012	14/05/2012	Dutch	PDF
Abridged model	31/12/2010	13/05/2011	21/06/2011	Dutch	PDF
Abridged model	31/12/2009	14/05/2010	20/05/2010	Dutch	PDF
Abridged model	31/12/2008	08/05/2009	11/05/2009	Dutch	PDF
Abridged model	31/12/2007	09/05/2008	27/06/2008	Dutch	PDF
Abridged model	31/12/2006	11/05/2007	09/07/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 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 · 21 ended

Active mandates

Nadine Rubbrecht

Director · since 11 mai 2024 · until 13 mai 2028

Active

Brigitte Rubbrecht

Director · since 14 mai 2022 · until 13 mai 2028

Active

Jan Rubbrecht

Director · since 14 mai 2022 · until 13 mai 2028

Active

Ended mandates

Philippe Rubbrecht

Director · since 14 mai 2022 · until 11 février 2023

Ended

Bert Gavel

Director · since 14 février 2022 · until 11 mai 2024

Ended

Bert Gavel

Director · since 14 février 2022 · until 13 mai 2028

Ended

Bert Gavel

Director · since 14 mai 2021 · until 08 mai 2028

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates04/06/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates23/03/2023
ONTSLAGEN - BENOEMINGEN
PDF
Registered office27/12/2022
MAATSCHAPPELIJKE ZETEL
PDF
Mandates04/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares21/10/2020
KAPITAAL - AANDELEN
PDF
Capital / shares19/07/2016
KAPITAAL - AANDELEN
PDF
Mandates29/02/2016
ONTSLAGEN - BENOEMINGEN
PDF
Mandates22/05/2015
ONTSLAGEN - BENOEMINGEN
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 202533,8 k €↑
2024
Annual accounts 2024-68,7 k €↓
2023
Annual accounts 20232 k €↓
2022
Annual accounts 202220 k €↑
2021
Annual accounts 202114,7 k €↑
2020
Annual accounts 20209,9 k €↑
2019
Annual accounts 2019-7,3 k €↓
2018
Annual accounts 201824,8 k €↑
2017
Annual accounts 201712,6 k €↓
2016
Annual accounts 2016115,4 k €↑
2015
Annual accounts 201532,9 k €↓
2014
Annual accounts 201452,9 k €↑
2013
Annual accounts 20136,5 k €↓
2012
Annual accounts 201278,2 k €↑
2011
Annual accounts 2011-10,7 k €↓
2010
Annual accounts 2010-1,4 k €↓
2009
Annual accounts 20092 k €↓
2008
Annual accounts 200813,8 k €
17/10/1995
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

MATHAL

Overview

What does MATHAL do?

Trend over 18 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