Equity
Equity fell by 77% in 7 years.
Equity fell by 77% in 7 years.
Every financial year from 2020 to 2026 closed with a loss. 2022 was the heaviest.
Higher solvency than 94% of companies in real estate. Sector median 37.8% · 481 companies.
The dashed line is the sector median: 0.2% across 26,626 companies (NACE 68, micro).
Fewer than 1 in 1,000 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 68, micro). It does better than 91% of them on solvency, 98% on liquidity, 4% on profitability and 18% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-03-2026.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 4,805 companies had the same profile as M & D Construct has now. Each dot stands for 13 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of M & D Construct itself is lower: 0.1% within 12 months. It rests on far more data about M & D Construct 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 4,805 companies, not a prediction for M & D Construct. 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 31.31 (96.25 in 2025), above the usual 1.5. Short-term debt is 3.2% and cash 98.6% of total assets. 3.2% 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 11 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| M & D Construct Ghent | €21,146 | -€7,124 | 96.8% | - |
| RE-VIVE CADIX Ghent | €16,674 | -€1,909 | -1056.2% | - |
| ELTO Deinze | €24,562 | -€12,782 | -162.2% | - |
| KDP Futuro Herzele | €19,809 | €396 | -2540.9% | - |
| DIGIWAVE Genappe | €19,551 | -€8,099 | 43.8% | - |
| Beta Engineering Kapellen | €23,709 | -€56,638 | -215.8% | - |
| DENDER DEVELOPMENT Waregem | €25,468 | -€4,594 | 83.2% | - |
These companies have the same main activity as M & D Construct: development of residential building projects (NACE 68121). They are comparable in size and age: total assets between €16,700 and €25,500, founded between 2009 and 2013.
M & D Construct files the micro format. That format states no turnover. The gross margin fell from €141,271 in 2013 to -€7,124 in 2026.
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.
Higher than 95% of 17,194 companies in 2025.
Higher than 95% of 16,491 companies in 2025.
Higher than 8% of 16,870 companies in 2025.
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
21,146 | 28,530 | 32,697 | 45,935 | 54,043 | 68,516 | 78,879 | 520,920 | 842,597 | 1.2m | 391,234 | 780,806 | 520,949 | |
21/28 |
- | - | - | - | - | - | - | - | 11,000 | 167 | - | - | - | |
28 |
- | - | - | - | - | - | - | - | 11,000 | 167 | - | - | - | |
29/58 |
21,146 | 28,530 | 32,697 | 45,935 | 54,043 | 68,516 | 78,879 | 520,920 | 831,597 | 1.2m | 391,234 | 780,806 | 520,949 | |
3 |
- | - | - | - | - | - | - | - | 758,272 | 1.1m | 563 | 601,578 | 318,438 | |
30/36 |
- | - | - | - | - | - | - | - | 758,272 | 1.1m | 563 | 601,578 | 318,438 | |
40/41 |
292 | 295 | 2,406 | 150 | 308 | 530 | 4,370 | - | 18,389 | 7,128 | 253,208 | 22,325 | - | |
40 |
- | 0 | 2,182 | - | - | 0 | 4,156 | - | 18,389 | - | - | 500 | - | |
41 |
292 | 295 | 224 | 150 | 308 | 530 | 214 | - | - | 7,128 | 253,208 | 21,825 | - | |
54/58 |
20,854 | 28,235 | 30,291 | 45,785 | 53,735 | 67,986 | 74,508 | 520,307 | 53,621 | 32,438 | 137,463 | 156,904 | 202,512 | |
490/1 |
- | - | - | - | - | - | 0 | 614 | 1,315 | 710 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
21,146 | 28,530 | 32,697 | 45,935 | 54,043 | 68,516 | 78,879 | 520,920 | 842,597 | 1.2m | 391,234 | 780,806 | 520,949 | |
10/15 |
20,471 | 28,233 | 32,105 | 41,708 | 46,796 | 58,986 | 63,086 | 88,700 | 88,381 | 87,492 | 85,334 | 59,567 | 58,258 | |
10/11 |
25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 0 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
100 |
- | - | - | - | - | - | 0 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | |
11 |
- | - | - | - | - | - | 25,000 | - | - | - | - | - | - | |
1100/10 |
- | - | - | - | - | - | 25,000 | - | - | - | - | - | - | |
13 |
0 | 3,233 | 7,105 | 16,708 | 21,796 | 33,986 | 38,086 | 38,700 | 38,381 | 37,492 | 35,334 | 9,567 | 8,258 | |
130 |
- | - | - | - | - | - | 0 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | 5,000 | |
133 |
0 | 3,233 | 7,105 | 16,708 | 21,796 | 33,986 | 38,086 | 33,700 | 33,381 | 32,492 | 30,334 | 4,567 | 3,258 | |
14 |
-4,529 | - | - | - | - | - | - | - | - | - | - | - | - | |
17/49 |
675 | 296 | 593 | 4,227 | 7,247 | 9,530 | 15,793 | 432,220 | 754,217 | 1.1m | 305,900 | 721,239 | 462,692 | |
17 |
- | - | - | - | - | - | - | - | 150,000 | 150,000 | 50,000 | 50,000 | - | |
170/4 |
- | - | - | - | - | - | - | - | 150,000 | 150,000 | 50,000 | 50,000 | - | |
42/48 |
675 | 296 | 593 | 4,227 | 7,247 | 9,530 | 15,793 | 423,335 | 575,784 | 916,084 | 249,431 | 660,359 | 448,838 | |
42 |
- | - | - | - | - | - | - | - | - | - | - | 400,000 | - | |
43 |
- | - | - | - | - | - | - | - | - | 200,000 | - | - | - | |
430/8 |
- | - | - | - | - | - | - | - | - | 200,000 | - | - | - | |
44 |
225 | 262 | 462 | 3,976 | 6,900 | 9,347 | 15,755 | 33,451 | 54,634 | 62,816 | 2,144 | 359 | 20,491 | |
440/4 |
225 | 262 | 462 | 3,976 | 6,900 | 9,347 | 15,755 | 33,451 | 54,634 | 62,816 | 2,144 | 359 | 20,491 | |
45 |
- | - | - | - | - | - | 0 | 117,884 | 136,151 | 13,268 | 12,287 | - | 58,347 | |
450/3 |
- | - | - | - | - | - | 0 | 117,884 | 136,151 | 13,268 | 12,287 | - | 58,347 | |
47/48 |
451 | 34 | 131 | 251 | 347 | 183 | 38 | 272,000 | 385,000 | 640,000 | 235,000 | 260,000 | 370,000 | |
492/3 |
- | - | - | - | - | - | 0 | 8,885 | 28,432 | 32,679 | 6,469 | 10,880 | 13,854 | |
| Income statement | ||||||||||||||
9900 |
-7,124 | -3,251 | -4,362 | -4,577 | -7,540 | -3,102 | 693 | 272,423 | 309,211 | 180,712 | 229,251 | 28,086 | 141,271 | |
640/8 |
610 | 592 | 5,217 | 487 | 4,627 | 977 | 1,263 | 453 | 485 | 1,120 | 450 | 449 | 1,179 | |
9901 |
-7,733 | -3,843 | -9,579 | -5,064 | -12,167 | -4,079 | -570 | 271,971 | 308,727 | 179,592 | 228,802 | 27,637 | 140,092 | |
75/76B |
- | - | - | - | - | 0 | 1 | 16,910 | 28,321 | 21,428 | 2,568 | 13,229 | 13,844 | |
75 |
- | - | - | - | - | 0 | 1 | 16,910 | 28,321 | 21,428 | 2,568 | 13,229 | 13,844 | |
65/66B |
29 | 29 | 24 | 24 | 23 | 21 | 45 | 16,433 | 35,852 | 43,760 | 8,281 | 14,557 | 22,979 | |
65 |
29 | 29 | 24 | 24 | 23 | 21 | 45 | 16,433 | 35,852 | 43,760 | 8,281 | 14,557 | 22,979 | |
9903 |
-7,763 | -3,871 | -9,603 | -5,088 | -12,190 | -4,100 | -614 | 272,447 | 301,196 | 157,259 | 223,088 | 26,309 | 130,957 | |
67/77 |
- | - | - | - | - | - | 0 | 128 | 307 | 101 | 12,321 | - | 2,699 | |
9904 |
-7,763 | -3,871 | -9,603 | -5,088 | -12,190 | -4,100 | -614 | 272,319 | 300,889 | 157,158 | 210,767 | 26,309 | 128,258 | |
9905 |
-7,763 | -3,871 | -9,603 | -5,088 | -12,190 | -4,100 | -614 | 272,319 | 300,889 | 157,158 | 210,767 | 26,309 | 128,258 | |
| Appropriation of the result | ||||||||||||||
9906 |
-7,763 | -3,871 | -9,603 | -5,088 | -12,190 | -4,100 | -614 | 272,319 | 300,889 | 157,158 | 210,767 | 26,309 | 128,258 | |
791/2 |
3,233 | 3,871 | 9,603 | 5,088 | 12,190 | 4,100 | 614 | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | 0 | 319 | 889 | 2,158 | 25,767 | 1,309 | 8,258 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 5,000 | |
6921 |
- | - | - | - | - | - | 0 | 319 | 889 | 2,158 | 25,767 | 1,309 | 3,258 | |
694/7 |
- | - | - | - | - | - | 0 | 272,000 | 300,000 | 155,000 | 185,000 | 25,000 | 120,000 | |
695 |
- | - | - | - | - | - | 0 | 272,000 | 300,000 | 155,000 | 185,000 | 25,000 | 120,000 | |
| Document | ||||||||||||||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2026 at the NBB, filed on 30-10-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00599701 | |
| 31-03-2025 | micro format | 31-10-2025 | 2025-00557845 | |
| 31-03-2024 | micro format | 28-10-2024 | 2024-00516339 | |
| 31-03-2023 | micro format | 06-11-2023 | 2023-00506306 | |
| 31-03-2022 | micro format | 17-10-2022 | 2022-20464060 | |
| 31-03-2021 | abbreviated format | 30-09-2021 | 2021-70100034 | |
| 31-03-2020 | abbreviated format | 30-09-2020 | 2020-57100133 | |
| 31-03-2019 | abbreviated format | 27-09-2019 | 2019-66200586 | |
| 31-03-2018 | abbreviated format | 26-09-2018 | 2018-65100210 | |
| 31-03-2017 | abbreviated format | 02-10-2017 | 2017-66300183 | |
| 30-09-2015 | abbreviated format | 23-03-2016 | 2016-07200054 | |
| 30-09-2014 | abbreviated format | 20-03-2015 | 2015-06700574 | |
| 30-09-2013 | abbreviated format | 11-04-2014 | 2014-09100058 |
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | - | 11,000 | 167 | - | - | - | ||
| -7,380 | -2,057 | -15,493 | -7,951 | -14,250 | -6,523 | -445,798 | 466,686 | 21,183 | - | -19,440 | -45,608 | - | ||
| 20,471 | 28,233 | 32,105 | 41,708 | 46,796 | 58,986 | 63,086 | 97,586 | 255,813 | 270,005 | 141,803 | 120,447 | 72,112 | ||
| 96.8% | 99.0% | 98.2% | 90.8% | 86.6% | 86.1% | 80.0% | 17.0% | 10.5% | 7.4% | 21.8% | 7.6% | 11.2% | ||
| 31.31 | 96.25 | 55.17 | 10.87 | 7.46 | 7.19 | 4.99 | 1.23 | 1.44 | 1.29 | 1.57 | 1.18 | 1.16 | ||
| 31.31 | 96.25 | 55.17 | 10.87 | 7.46 | 7.19 | 4.99 | 1.23 | 0.13 | 0.04 | 1.57 | 0.27 | 0.45 | ||
| 0.03 | 0.01 | 0.02 | 0.10 | 0.15 | 0.16 | 0.25 | 4.87 | 8.53 | 12.56 | 3.58 | 12.11 | 7.94 | ||
| -37.9% | -13.7% | -29.9% | -12.2% | -26.0% | -7.0% | -1.0% | 307.0% | 340.4% | 179.6% | 247.0% | 44.2% | 220.2% | ||
| -36.7% | -13.6% | -29.4% | -11.1% | -22.6% | -6.0% | -0.8% | 52.3% | 35.7% | 13.2% | 53.9% | 3.4% | 24.6% |
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.
The operating result for 2026 is a loss of €7,733, larger than the loss of €3,843 in 2025.
Debt's share of the balance-sheet total rises from 1.0% to 3.2%. Equity is lower and debt is higher.
M & D Construct has no parent and no holdings in its annual accounts. Donat Van Reybrouck is the only director. M & D Construct shares no director with another company.
Deadline for the 2027 accounts: 31-10-2027
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 |
|---|---|---|
| Visserij 55 registered office 9000 Ghent | 13-01-2012 | 2.206.640.825 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44804D3641/00K002 | 191 m² | 1 · 97 m² | 12.9 m · 3 |
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 0843.238.222
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