ACTIVE

MATHAN

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Financial year 2025 · closed on 30/06/2025

Net result

111,1 k €

+140.7% YoY

Gross margin

212,6 k €

+83.9% YoY

Equity

594,5 k €

+20.0% YoY

What does MATHAN do?

MATHAN is a Private limited company incorporated in 2004. Its main activity is: Wholesale of beverages. Its registered office is in Aalst.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0865.489.527

Incorporation

27/05/2004

Legal form

Private limited company

Registered office

Gevergemveldbaan 19
9310 Aalst · FlandreSee on map

Contributed capital

50 000,00 €

Latest accounts

30/06/2025

Activities (NACE)

46341Wholesale of beverages· main 46341Wholesale of beverages 47252Retail sale of beverages in specialised stores 47252Retail sale of beverages in specialised stores 47252Retail sale of beverages in specialised stores 47252Retail sale of beverages in specialised stores+1

Joint committees (4)

119
201
20100
218

Signals

ProfitableSolid equityLow riskPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007
Income statement
Gross margin	212,6 k €	+83.9%	115,6 k €	+0.2%	115,4 k €	+9.2%	105,7 k €	+2.1%	103,5 k €	-14.7%	121,3 k €	+12.0%	108,3 k €	-19.1%	134 k €	+8.3%	123,7 k €	-4.6%	129,6 k €	-1.1%	131 k €	+36.8%	95,8 k €	+83.4%	52,2 k €	-55.2%	116,6 k €	-6.9%	125,3 k €	+143%	51,5 k €	+98.2%	26 k €	+8.2%	24 k €
EBITDA	177 k €	+77.9%	99,5 k €	+9.5%	90,9 k €	+20.1%	75,7 k €	-2.0%	77,2 k €	-14.9%	90,7 k €	+19.1%	76,2 k €	-19.0%	94 k €	+27.4%	73,8 k €	-4.1%	77 k €	-12.3%	87,8 k €	+3.3%	84,9 k €	+67.4%	50,7 k €	-53.6%	109,3 k €	+31.4%	83,1 k €	+69.2%	49,1 k €	+94.7%	25,2 k €	+7.3%	23,5 k €
Operating result	163,9 k €	+100%	81,9 k €	+114%	38,2 k €	+37.3%	27,8 k €	-6.3%	29,7 k €	+69.8%	17,5 k €	-59.2%	42,8 k €	-29.1%	60,3 k €	+50.6%	40,1 k €	+14.9%	34,9 k €	-27.1%	47,8 k €	-36.7%	75,6 k €	+79.2%	42,2 k €	-58.1%	100,8 k €	+22.1%	82,6 k €	+68.0%	49,1 k €	+94.7%	25,2 k €	+7.3%	23,5 k €
Net result	111,1 k €	+141%	46,2 k €	+306%	11,4 k €	+216%	3,6 k €	+277%	955,8 €	+120%	-4,8 k €	-120%	23,9 k €	-55.5%	53,7 k €	+42.7%	37,7 k €	-1.4%	38,2 k €	-19.9%	47,7 k €	-21.7%	60,9 k €	+564%	9,2 k €	-79.1%	44 k €	+41.9%	31 k €	+73.7%	17,9 k €	+91.6%	9,3 k €	+26.5%	7,4 k €
Balance sheet
Equity	594,5 k €	+20.0%	495,4 k €	+10.3%	449,3 k €	+2.6%	437,9 k €	-0.5%	440 k €	+0.2%	439 k €	-1.1%	443,8 k €	+5.7%	419,9 k €	+14.7%	366,2 k €	+11.5%	328,5 k €	+13.2%	290,3 k €	+19.7%	242,6 k €	+33.5%	181,7 k €	+5.3%	172,5 k €	+34.3%	128,5 k €	+31.8%	97,4 k €	+22.4%	79,6 k €	+13.3%	70,3 k €
Total assets	1,1 M €	+6.8%	1 M €	-2.6%	1 M €	+9.7%	941,5 k €	-10.3%	1 M €	-3.6%	1,1 M €	+38.7%	784,9 k €	-2.1%	801,3 k €	-0.3%	803,8 k €	-4.0%	837,6 k €	-3.1%	864,8 k €	+4.0%	831,4 k €	-1.4%	843,3 k €	-3.6%	874,8 k €	+2.5%	853,3 k €	+3.9%	821,2 k €	+148%	330,6 k €	-1.1%	334,3 k €
Cash	99,4 k €	+162%	37,9 k €	-49.6%	75,1 k €	+106%	36,4 k €	+21.6%	30 k €	+157%	11,7 k €	-11.2%	13,1 k €	+159%	5,1 k €	+158%	2 k €	-72.2%	7,1 k €	+1146%	569 €	+1359%	39 €	-98.9%	3,6 k €	+106%	1,8 k €	+4.2%	1,7 k €	-68.2%	5,3 k €	+72.8%	3,1 k €	+762%	356 €
Debts	435,7 k €	-6.7%	466,9 k €	-13.6%	540,2 k €	+17.4%	460 k €	-18.7%	566,1 k €	-6.6%	606,4 k €	+104%	297,5 k €	-12.0%	337,9 k €	-14.3%	394,1 k €	-15.3%	465,5 k €	-12.3%	530,9 k €	-2.6%	545,2 k €	-11.8%	618 k €	-6.2%	658,7 k €	-3.6%	683,3 k €	-5.6%	723,7 k €	+188%	251 k €	-4.9%	264 k €
Other
Workforce	–		–		–		–		–		–		–		–		1,0 ETP	0.0%	1,0 ETP	0.0%	1,0 ETP	+233%	0,3 ETP		–		0,1 ETP		–		0,1 ETP		–		–

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 30/06/2025 · 2 active · 3 ended

Active mandates

Christel Rita Nuelant

Director · since 13 mai 2004

Active

Peter Pieters

Director · since 13 mai 2004

Active

Ended mandates

Christel Nuelant

Director · since 13 mai 2004

Ended

CHRISTEL NUELANT

Manager

Ended

PETER PIETERS

Manager

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	01/07/2024	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	06/01/2025	17/01/2024	30/01/2023	31/01/2022	28/01/2021
General meeting	29/11/2025	20/12/2024	16/12/2023	30/12/2022	31/12/2021	31/12/2020
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

21 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	30/06/2025	29/11/2025	29/01/2026	Dutch	PDF
Micro model	30/06/2024	20/12/2024	06/01/2025	Dutch	PDF
Micro model	30/06/2023	16/12/2023	17/01/2024	Dutch	PDF
Micro model	30/06/2022	30/12/2022	30/01/2023	Dutch	PDF
Micro model	30/06/2021	31/12/2021	31/01/2022	Dutch	PDF
Micro model	30/06/2020	31/12/2020	28/01/2021	Dutch	PDF
Micro modelCorrection	30/06/2019	28/12/2019	28/01/2020	Dutch	PDF
Micro model	30/06/2019	28/12/2019	09/01/2020	Dutch	PDF
Micro model	30/06/2018	26/12/2018	22/01/2019	Dutch	PDF
Micro model	30/06/2017	30/12/2017	26/01/2018	Dutch	PDF
Abridged model	30/06/2016	16/12/2016	16/01/2017	Dutch	PDF
Abridged model	30/06/2015	28/11/2015	07/01/2016	Dutch	PDF
Abridged model	30/06/2014	29/11/2014	07/01/2015	Dutch	PDF
Abridged model	30/06/2013	27/12/2013	28/01/2014	Dutch	PDF
Abridged model	30/06/2012	30/12/2012	29/01/2013	Dutch	PDF
Abridged model	30/06/2011	30/12/2011	24/01/2012	Dutch	PDF
Abridged model	30/06/2010	27/11/2010	17/12/2010	Dutch	PDF
Abridged model	30/06/2009	19/12/2009	26/01/2010	Dutch	PDF
Abridged model	30/06/2008	29/11/2008	19/12/2008	Dutch	PDF
Abridged model	30/06/2007	24/11/2007	19/12/2007	Dutch	PDF
Abridged model	30/06/2006	17/12/2006	11/01/2007	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 30/06/2025 · 2 active · 3 ended

Active mandates

Christel Rita Nuelant

Director · since 13 mai 2004

Active

Peter Pieters

Director · since 13 mai 2004

Active

Ended mandates

Christel Nuelant

Director · since 13 mai 2004

Ended

CHRISTEL NUELANT

Manager

Ended

PETER PIETERS

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates12/06/2023
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - DIVERSEN - DOEL - ONTSLAGEN - BENOEMINGEN
PDF
Restructuring25/09/2014
KAPITAAL - AANDELEN - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Restructuring17/03/2014
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates15/06/2004
ONTSLAGEN - BENOEMINGEN
PDF
Other08/06/2004
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025111,1 k €↑
2024
Annual accounts 202446,2 k €↑
2023
Annual accounts 202311,4 k €↑
2022
Annual accounts 20223,6 k €↑
2020
Annual accounts 2020955,8 €↑
2019
Annual accounts 2019-4,8 k €↓
2018
Annual accounts 201823,9 k €↓
2017
Annual accounts 201753,7 k €↑
2016
Annual accounts 201637,7 k €↓
2015
Annual accounts 201538,2 k €↓
2014
Annual accounts 201447,7 k €↓
2013
Annual accounts 201360,9 k €↑
2012
Annual accounts 20129,2 k €↓
2011
Annual accounts 201144 k €↑
2010
Annual accounts 201031 k €↑
2009
Annual accounts 200917,9 k €↑
2008
Annual accounts 20089,3 k €↑
2007
Annual accounts 20077,4 k €
27/05/2004
IncorporationPrivate 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

MATHAN

Overview

What does MATHAN do?

Trend over 18 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