Equity
M²CONSTRUCT has made a profit without a break since 2015.
M²CONSTRUCT has made a profit without a break since 2015.
The result rose in 2025: different schema filed.
Green is investment, beige is depreciation. Machinery stands 150.8% higher than in 2024.
In 2025, 8 people joined and 4 left.
Latest accounts filed late: after the legal deadline.
Higher net result than 95% of companies in construction of buildings. Sector median €19,043 · 2,810 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 48% of them on solvency, 69% on liquidity, 72% on profitability and 78% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 34,693 companies had the same profile as M²CONSTRUCT has now. Each dot stands for 87 companies, two years later.
The bankruptcy probability of M²CONSTRUCT itself is higher: 1.1% within 12 months. It rests on far more data about M²CONSTRUCT than the profile alone.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 34,693 companies, not a prediction for M²CONSTRUCT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 1.75 (1.97 in 2024), above the usual 1.5. Short-term debt is 42.7% and cash 27.7% of total assets. However, 59.5% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 92 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| M²CONSTRUCT Namur | €2.6m | €0.9m | 40.5% | 7 |
| GTC BUILD Deerlijk | €3.0m | €0.8m | 17.6% | 6.3 |
| Foqué Construct Mechelen | €2.6m | €0.8m | 32.8% | 5.9 |
| ELTO GROUP Evergem | €2.8m | €0.8m | 6.5% | 7.7 |
| PAILLE -TECH SCRL Floreffe | €2.5m | €0.8m | 33.4% | 8.5 |
| BELGEONNE DESIGN Walcourt | €3.7m | €0.7m | 4.3% | 8 |
| BOUWWERKEN MARISSEN Rijkevorsel | €2.2m | €1.1m | 49.7% | 8.5 |
These companies have the same main activity as M²CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €2.2m and €3.7m, founded between 2009 and 2015.
M²CONSTRUCT files the abbreviated format. That format states no turnover. The gross margin rose from €5,974 in 2014 to €940,963 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.0m. Estimated: probably between €1.6m and €3.0m.
Higher than 52% of 2,816 companies in 2025.
Higher than 55% of 2,745 companies in 2025.
Higher than 79% of 2,781 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 8 people joined and 4 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
2.6m | 1.9m | 1.2m | 882,195 | 717,626 | 332,031 | 320,371 | 190,993 | 176,736 | 105,551 | 58,182 | 44,345 | |
20 |
- | - | - | - | - | - | - | 76 | 382 | 687 | 992 | 1,297 | |
21/28 |
651,353 | 536,241 | 44,904 | 58,653 | 58,071 | 24,001 | 21,899 | 22,219 | 18,341 | 16,353 | 6,316 | 6,951 | |
21 |
- | - | - | - | - | - | - | 79 | 395 | 711 | 1,027 | 1,343 | |
22/27 |
651,078 | 535,966 | 44,779 | 58,528 | 57,946 | 23,876 | 21,324 | 21,565 | 17,821 | 15,642 | 4,297 | 4,311 | |
22 |
461,611 | 483,489 | - | - | - | - | - | - | - | - | - | - | |
23 |
26,935 | 10,738 | 11,177 | 13,079 | 15,772 | 17,536 | 17,714 | 10,641 | 7,672 | 5,631 | 4,297 | 4,239 | |
24 |
22,025 | 24,515 | 7,401 | 10,270 | 1,585 | 6,340 | 3,610 | 10,924 | 10,149 | 10,011 | - | 72 | |
25 |
7,037 | 14,714 | 22,391 | 30,068 | 37,745 | - | - | - | - | - | - | - | |
26 |
133,469 | 2,510 | 3,810 | 5,111 | 2,844 | - | - | - | - | - | - | - | |
28 |
275 | 275 | 125 | 125 | 125 | 125 | 575 | 575 | 125 | - | - | - | |
29/58 |
1.9m | 1.3m | 1.1m | 823,542 | 659,555 | 308,030 | 298,472 | 168,698 | 158,013 | 88,511 | 51,866 | 37,394 | |
3 |
22,499 | 16,275 | 13,610 | 9,900 | 11,653 | 11,207 | 9,717 | 25,820 | 38,344 | 22,397 | 4,300 | 4,800 | |
30/36 |
22,499 | 16,275 | 13,610 | 9,900 | 11,653 | 11,207 | 9,717 | 25,820 | 18,746 | 22,397 | 4,300 | 4,800 | |
37 |
- | - | - | - | - | - | - | - | 19,598 | - | - | - | |
40/41 |
916,263 | 449,456 | 630,818 | 355,135 | 306,485 | 223,323 | 227,803 | 51,324 | 11,504 | 7,884 | 12,072 | 20,695 | |
40 |
603,042 | 323,923 | 500,500 | 220,122 | 198,654 | 106,269 | 227,743 | 49,059 | 9,804 | 6,032 | 11,050 | 16,079 | |
41 |
313,222 | 125,533 | 130,318 | 135,013 | 107,831 | 117,054 | 60 | 2,265 | 1,700 | 1,852 | 1,022 | 4,616 | |
50/53 |
259,264 | 579,995 | 233,933 | 156,955 | 54,639 | 238 | 238 | 37,738 | 41,564 | 35,284 | 8,499 | - | |
54/58 |
718,279 | 251,257 | 237,483 | 274,510 | 268,212 | 61,179 | 56,101 | 49,648 | 63,904 | 21,154 | 25,491 | 9,971 | |
490/1 |
22,201 | 20,066 | 16,311 | 27,042 | 18,566 | 12,083 | 4,613 | 4,168 | 2,697 | 1,792 | 1,504 | 1,928 | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
2.6m | 1.9m | 1.2m | 882,195 | 717,626 | 332,031 | 320,371 | 190,993 | 176,736 | 105,551 | 58,182 | 44,345 | |
10/15 |
1.0m | 713,531 | 610,549 | 412,383 | 250,281 | 131,983 | 116,045 | 97,827 | 56,046 | 16,749 | 7,848 | 6,109 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
1.0m | 706,408 | 603,426 | 405,260 | 243,158 | 124,860 | 108,860 | 90,860 | 48,860 | 9,860 | 1,000 | - | |
130/1 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,000 | - | |
1311 |
- | - | - | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | |
133 |
1.0m | 706,408 | 603,426 | 403,400 | 241,298 | 123,000 | 107,000 | 89,000 | 47,000 | 8,000 | - | - | |
14 |
923 | 923 | 923 | 923 | 923 | 923 | 985 | 767 | 986 | 689 | 648 | -91 | |
17/49 |
1.5m | 1.1m | 566,510 | 469,812 | 467,345 | 200,048 | 204,326 | 93,166 | 120,690 | 88,802 | 50,334 | 38,236 | |
17 |
430,388 | 470,002 | 15,948 | 23,114 | 30,205 | - | - | - | 179 | - | - | - | |
170/4 |
430,388 | 470,002 | 15,948 | 23,114 | 30,205 | - | - | - | 179 | - | - | - | |
42/48 |
1.1m | 669,757 | 550,562 | 446,698 | 437,140 | 199,787 | 204,326 | 93,166 | 120,463 | 88,802 | 50,334 | 38,236 | |
42 |
54,613 | 52,129 | 22,165 | 22,091 | 22,018 | 15,000 | - | 10,179 | 307 | - | - | - | |
44 |
679,928 | 367,469 | 253,725 | 247,029 | 197,090 | 136,604 | 156,066 | 38,385 | 40,356 | 25,613 | 18,895 | 7,211 | |
440/4 |
679,928 | 367,469 | 253,725 | 247,029 | 197,090 | 136,604 | 156,066 | 38,385 | 40,356 | 25,613 | 18,895 | 7,211 | |
46 |
73,870 | 50,483 | 74,637 | 14,235 | 127,404 | 27,715 | 5,560 | 2,390 | 21,683 | 19,236 | - | - | |
45 |
228,225 | 142,989 | 150,035 | 108,411 | 54,936 | 8,093 | 37,087 | 33,287 | 28,571 | 12,267 | 7,803 | 6,573 | |
450/3 |
188,777 | 116,627 | 137,773 | 93,634 | 41,701 | 6,693 | 36,437 | 32,787 | 24,289 | 9,746 | 7,295 | 5,073 | |
454/9 |
39,448 | 26,362 | 12,262 | 14,777 | 13,235 | 1,400 | 650 | 500 | 4,282 | 2,521 | 508 | 1,500 | |
47/48 |
69,897 | 56,687 | 50,000 | 54,932 | 35,692 | 12,375 | 5,613 | 8,925 | 29,546 | 31,686 | 23,636 | 24,452 | |
492/3 |
4,746 | - | - | - | - | 261 | - | - | 48 | - | - | - | |
| Income statement | |||||||||||||
76A |
- | - | - | - | - | - | - | - | - | - | - | 1,235 | |
9900 |
940,963 | 565,431 | 490,884 | 410,020 | 272,277 | 34,567 | 38,137 | 77,226 | 70,864 | 21,442 | 8,044 | 5,974 | |
62 |
311,856 | 263,744 | 125,349 | 110,856 | 77,318 | - | 15 | 2,359 | 305 | - | 205 | 2,488 | |
630 |
57,229 | 89,835 | 18,257 | 17,676 | 8,942 | 9,958 | 11,113 | 10,212 | 6,968 | 5,353 | 2,423 | 1,709 | |
640/8 |
5,836 | 3,135 | 4,827 | 4,086 | 1,125 | 1,099 | 1,079 | 1,049 | 1,153 | 1,588 | 899 | 1,069 | |
66A |
- | - | - | - | - | - | - | - | - | 378 | - | - | |
9901 |
566,041 | 208,717 | 342,451 | 277,402 | 184,892 | 23,510 | 25,930 | 63,606 | 62,438 | 14,123 | 4,517 | 708 | |
75/76B |
5,517 | 3,968 | 2,529 | 1,387 | 2,292 | 647 | 1,619 | 3,033 | 1,257 | 379 | 479 | 266 | |
75 |
5,517 | 3,968 | 2,529 | 1,387 | 2,292 | 647 | 1,619 | 2,420 | 1,257 | 379 | 479 | 266 | |
76B |
- | - | - | - | - | - | - | 613 | - | - | - | - | |
65/66B |
25,247 | 8,756 | 4,678 | 3,376 | 4,995 | 3,748 | 3,233 | 4,572 | 1,767 | 1,567 | 1,755 | 1,650 | |
65 |
25,247 | 8,756 | 4,678 | 3,376 | 4,995 | 3,748 | 2,142 | 4,572 | 1,767 | 1,567 | 1,755 | 1,650 | |
66B |
- | - | - | - | - | - | 1,091 | - | - | - | - | - | |
9903 |
546,311 | 203,929 | 340,302 | 275,413 | 182,189 | 20,409 | 24,316 | 62,067 | 61,928 | 12,935 | 3,241 | 559 | |
67/77 |
161,651 | 50,947 | 92,136 | 73,311 | 48,891 | 4,471 | 6,098 | 20,286 | 22,631 | 4,034 | 1,502 | 650 | |
9904 |
384,660 | 152,982 | 248,166 | 202,102 | 133,298 | 15,938 | 18,218 | 41,781 | 39,297 | 8,901 | 1,739 | -91 | |
9905 |
384,660 | 152,982 | 248,166 | 202,102 | 133,298 | 15,938 | 18,218 | 41,781 | 39,297 | 8,901 | 1,739 | -91 | |
| Appropriation of the result | |||||||||||||
9906 |
385,582 | 153,905 | 249,089 | 203,025 | 134,221 | 16,923 | 18,985 | 42,767 | 39,986 | 9,549 | 1,648 | -91 | |
14P |
923 | 923 | 923 | 923 | 923 | - | - | - | - | - | - | - | |
691/2 |
334,660 | 102,982 | 198,166 | 162,102 | 118,298 | 16,000 | 18,000 | 42,000 | 39,000 | 8,860 | 1,000 | - | |
6920 |
334,660 | - | - | - | - | - | - | - | - | 860 | 1,000 | - | |
6921 |
- | 102,982 | 198,166 | 162,102 | 118,298 | 16,000 | 18,000 | 42,000 | 39,000 | 8,000 | - | - | |
694/7 |
50,000 | 50,000 | 50,000 | 40,000 | 15,000 | - | - | - | - | - | - | - | |
695 |
50,000 | 50,000 | 50,000 | 40,000 | 15,000 | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||||||
9087 |
7 | 5.7 | 2.2 | 3 | 1.8 | - | - | 0.1 | 0.1 | - | - | 0.3 | |
Hours worked1013 |
9,068 | 7,486 | 3,624 | 4,640 | 2,784 | - | - | 184 | 96 | - | - | 280 | |
| Document | |||||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-10-2026.
2025 annual accounts filed 76 days after the deadline. Filed on 15 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00563382.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-10-2026 | 2026-00563382 | |
| 31-12-2024 | micro format | 09-02-2026 | 2026-00035703 | |
| 31-12-2023 | micro format | 05-09-2024 | 2024-00457093 | |
| 31-12-2022 | micro format | 08-09-2023 | 2023-00446267 | |
| 31-12-2021 | micro format | 14-10-2022 | 2022-20466277 | |
| 31-12-2020 | micro format | 18-11-2021 | 2021-77800047 | |
| 31-12-2019 | micro format | 25-11-2020 | 2020-72400538 | |
| 31-12-2018 | micro format | 07-10-2019 | 2019-69500355 | |
| 31-12-2017 | full format | 23-09-2018 | 2018-64500436 | |
| 31-12-2016 | full format | 26-09-2017 | 2017-63200162 | |
| 31-12-2015 | full format | 26-09-2016 | 2016-62600127 | |
| 31-12-2014 | full format | 16-02-2016 | 2016-04700133 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 623,271 | 298,552 | 360,708 | 295,078 | 193,834 | 33,468 | 37,043 | 73,818 | 69,406 | 19,476 | 6,940 | 2,417 | ||
| 441,889 | 242,817 | 266,423 | 219,778 | 142,240 | 25,896 | 29,331 | 51,993 | 46,265 | 14,254 | 4,162 | 1,618 | ||
| 172,342 | 581,172 | 4,508 | 18,258 | 43,012 | 12,510 | 15,807 | 28,749 | 8,651 | 16,077 | 1,788 | 11,685 | ||
| 467,022 | 13,774 | -37,027 | 6,298 | 207,033 | 5,078 | 6,453 | -14,256 | 42,750 | -4,337 | 15,520 | - | ||
| 831,972 | 647,292 | 581,593 | 376,844 | 222,415 | 108,243 | 94,146 | 75,532 | 37,550 | -291 | 1,532 | -842 | ||
| 40.5% | 38.5% | 51.9% | 46.7% | 34.9% | 39.8% | 36.2% | 51.2% | 31.7% | 15.9% | 13.5% | 13.8% | ||
| 1.75 | 1.97 | 2.06 | 1.84 | 1.51 | 1.54 | 1.46 | 1.81 | 1.31 | 1.00 | 1.03 | 0.98 | ||
| 1.73 | 1.94 | 2.03 | 1.82 | 1.48 | 1.49 | 1.41 | 1.53 | 0.99 | 0.74 | 0.95 | 0.85 | ||
| 1.47 | 1.60 | 0.93 | 1.14 | 1.87 | 1.52 | 1.76 | 0.95 | 2.15 | 5.30 | 6.41 | 6.26 | ||
| 36.7% | 21.4% | 40.6% | 49.0% | 53.3% | 12.1% | 15.7% | 42.7% | 70.1% | 53.1% | 22.2% | -1.5% | ||
| 14.9% | 8.3% | 21.1% | 22.9% | 18.6% | 4.8% | 5.7% | 21.9% | 22.2% | 8.4% | 3.0% | -0.2% | ||
| 24.69 | 34.10 | 77.11 | 87.40 | 38.81 | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 10 | 6 | 2 | 3 | 3 |
| full-time | 9 | 6 | 2 | 3 | 3 |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 9.6 | 6 | 2 | 3 | 3 |
| 7 | 5.7 | 2.2 | 3 | 1.8 | |
| On a permanent contract | 5 | 5 | 2 | 2 | 1 |
| Joined | 8 | 8 | 1 | 1 | 4 |
| Left | 4 | 4 | 2 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €172,342 | €581,022 | €4,508 | €18,258 | €43,012 |
| Financial fixed assets | - | €150 | - | - | - |
| €57,229 | €89,835 | €18,257 | €17,676 | €8,942 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 171% higher than in 2024 and the highest since 2014. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 61.5% to 59.5%. Equity and debt are higher.
M²CONSTRUCT has no parent and no holdings in its annual accounts. CRIMI Giuseppe is the only director.
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Rue des Aubépines 46 registered office 5101 Namur | 19-04-2014 | 2.229.255.087 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0548.719.003
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