# Leuven Specialty Coffee: Feasibility Audit

Checked 2026-10-07. Research only; no public website changes.

## Decision

Proceed with an expansion story supported by company-level financial results. Do not build an 80/20 revenue map: turnover is absent in every one of the 15 inspected company-year filings. This is a three-company pilot, not a census of Leuven's coffee market.

Recommended working question: **How did Leuven's coffee businesses expand, and what happened to their financial results?**

The map answers where and when; a separate financial chart answers how company results changed. Neither establishes that expansion caused the result. Start with Madmum's better-documented Leuven expansion, using MOK and Onan as comparative context rather than forcing equal historical detail.

## Company Matches

| Brand | Legal entity | Enterprise number | Match evidence |
| --- | --- | --- | --- |
| Onan | Koffie Onan | 0866596614 | Official shop terms, CBE and NBB |
| MOK | City Roast | 0847288565 | Official website VAT number, CBE and NBB |
| Madmum | Felipes | 0652948768 | Official website VAT number, CBE branch names and NBB |

Brand-to-entity matches are verified; complete group structures and every possible affiliate are not. Do not use the unrelated ONAN GROUP entity in Mortsel.

## Financial Coverage

Saved original NBB CSV files, filing-list responses, reference IDs, source URLs and SHA-256 hashes. `financial-coverage.csv` is the extracted evidence; `fetch-accounts.ps1` reproduces retrieval.

- 15 unique company-year observations, 2021-2025.
- All periods are 1 January to 31 December, in EUR.
- No turnover code 70 disclosed. Missing is not zero.
- Gross margin 9900, operating result 9901 and net result 9904 are available in all 15 filings.
- No duplicate accounting codes in the downloaded CSV files.
- Average staff code 9087 is absent in some micro filings; this is not proof that all workforce information is absent. Do not compare staffing until alternative rubric definitions are checked.
- Values are taken from each year's selected filing. Prior-year comparative restatements and accounting-policy changes have not been audited.

### Gross Margin: Code 9900, EUR

This is a reported accounting subtotal after external goods/services, not turnover, store sales, conventional product gross profit, or a percentage margin. Company activities extend beyond a single cafe.

| Company / brand | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Koffie Onan / Onan | 153570.33 | 224604.24 | 325086.50 | 523304.80 | 428561.34 |
| City Roast / MOK | 712625.63 | 741387.60 | 889289.27 | 1102048.64 | 1084728.02 |
| Felipes / Madmum | 365255.56 | 1085506.41 | 2047243.02 | 2264797.77 | 3128271.98 |

### Net Result: Code 9904, EUR

| Company / brand | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Koffie Onan / Onan | 49407.15 | -110.12 | 7841.13 | 81424.65 | 6056.80 |
| City Roast / MOK | 154287.76 | 10262.27 | 44180.71 | 125549.20 | 1748.45 |
| Felipes / Madmum | 73488.83 | 16436.58 | 120993.23 | 57433.37 | 244098.54 |

These support descriptive financial trends, not sales rankings, per-shop economics, credit ratings or explanations of why profit changed. Do not divide company results equally across branches or calculate profit margin without turnover.

## Historical and Geographic Evidence

Public CBE branch lists were inspected in the browser; database situation date 2026-10-06. Registered establishment starts are administrative dates, not verified public opening dates. Current lists cannot reconstruct closures, historical addresses or a complete historic footprint.

### Onan

- Official history confirms first Leuven shop/bar in 2004.
- Current CBE entity lists AUX ORIGINES (Parijsstraat 28, registered 2004-09-01), Fazenda (Vaartstraat 84, 2015-12-01), KUp (Naamsestraat 22, 2017-06-01), and Overkant (Drie-Engelenberg 6, 2025-10-22).
- Official homepage describes two Onan locations across the street. The other registered names require operating-status/format verification before being mapped as Onan-branded cafes.
- Important scope risk: the company's accounts may cover more than the two Onan map markers.

### MOK

- Official site: Leuven bar opened 2012; Brussels flagship opened late 2016; worldwide wholesale/online activities.
- CBE: Leuven registered 2012-07-12; Brussels 2016-07-01; roastery establishment 2020-12-23, but its current Vilvoorde address starts 2022-08-23; Brussels Studio registered 2025-10-01.
- Do not show the current roastery address as occupied from 2020 without address-history evidence.
- Official homepage says two cafes while also listing Studio: use explicit formats and a dated roster, not that headline as a reliable current count.
- Financial results are not Leuven-only.

### Madmum

- Official history confirms Tiensestraat opening in summer 2018.
- KU Leuven's March 2025 account of the founder's December 2024 talk supplies milestones: Tiensestraat June 2018; Letteren campus 2021; Minckelers site February 2022; Brusselsestraat fourth branch; station November 2022. It reports five Leuven-area bars at that time.
- CBE registered starts: Tiensestraat 2018-05-01; campus 2021-10-11; Vaartkom 2021-12-02; Brusselsestraat 2022-01-01; Leuven station 2022-10-01; Mechelen station 2025-03-12; Havenkant/The Roastery 2025-05-22; Mechelen IJzerenleen 2025-10-27; Antwerp station 2026-04-09. A separate Meise seat is not a cafe.
- Administrative dates precede several reported openings. In particular, Antwerp registration does not establish an April public opening.
- Campus address differs between CBE (Blijde-Inkomststraat 21) and brand list (Erasmusplein 1); station differs (Martelarenplein 20 versus 16). Match actual entrances before geocoding.
- Brand story announces roastery plans under 2025; current location page confirms operating roastery, but exact opening still needs a dated source.
- Financial results cannot be allocated to Leuven alone, especially after expansion into Mechelen.

## Publication Gate and Minimal Experience

1. Match a curated branch roster to current map points; verify formats, addresses and meaningful public opening dates. Use year precision where that is all the evidence supports.
2. Maintain separate fields for registration, public opening, relocation and closure. Unknown must remain unknown; never animate guessed history.
3. First view: one evidence-backed finding, an uncluttered Leuven map and a timeline. One selected brand, with other-city/wholesale context disclosed.
4. Show one financial trend beside/below the map, at legal-entity level. Net result is understandable; gross margin can be optional supporting detail with a plain definition.
5. Preserve the existing screening map as secondary exploration. Do not add heatmaps, model controls or an estimated revenue overlay to this historical story.

Feasibility outcome: financial history is usable, revenue concentration is not, and branch history is partly verified. This is enough to choose an evidence-led direction, not yet a publication-ready causal or complete historical analysis.

## Primary Sources

- NBB original filings: https://consult.cbso.nbb.be/consult-enterprise/0866596614 ; https://consult.cbso.nbb.be/consult-enterprise/0847288565 ; https://consult.cbso.nbb.be/consult-enterprise/0652948768
- CBE branch lists: https://kbopub.economie.fgov.be/kbopub/vestiginglijst.html?ondernemingsnummer=866596614 ; https://kbopub.economie.fgov.be/kbopub/vestiginglijst.html?ondernemingsnummer=847288565 ; https://kbopub.economie.fgov.be/kbopub/vestiginglijst.html?ondernemingsnummer=652948768
- Onan legal match: https://onan.be/nl/algemene-voorwaarden/
- Onan history: https://onan.be/nl/blog/2022/05/11/van-idee-tot-cafe-de-oorsprong-van-onan/
- Onan current format: https://onan.be/nl/
- MOK legal match, history and locations: https://mokcoffee.be/
- Madmum history and legal match: https://www.madmumcoffee.be/en/pages/ons-verhaal
- Madmum current locations: https://www.madmumcoffee.be/pages/locaties
- Founder account and branch milestones: https://kuleuven.foleon.com/econnect/econnect-maart-2025/ondernemerscafe

Secondary aggregators were discovery leads only; their numbers are not the controlling financial evidence. Original NBB CSVs were retrieved successfully after the browser download did not return a local file.