Checked.be
Active
BE 0896.098.470Private limited company
M-FRAME
Parmastraat(MEL) 37 ·9120 Beveren-Kruibeke-Zwijndrecht, Belgium· 18 yrs active
Sector: Manufacture of motor vehicles, trailers and semi-trailers
(29100)
Conclusion
M-FRAME has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €87k and a net result of €6k. Equity is growing by ~7% per year across the filed fiscal years. Its solvency ranks better than 56% of 122 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €87k |
| Net result | €6k |
| Better than sector | 56% |
| Active | 18 yrs |
Financial profile
74
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
87
Profitability
36
Solvency
93
Growth
52
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2008, 18 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
87
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€8k
estimate, not credit advice
Score history
88
2021
79
2022
79
2023
87
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.71 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.65 (≥ 1.0)
+5
Leverage
Debt/equity 1.07 (< 2.0)
+3
Profitability
ROE 7%
+3
Interest coverage
Interest coverage 4.9× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 13-06-2025 with the NBB · fiscal year 2024 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~7%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 29, Manufacture of motor vehicles, trailers and semi-trailers · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 48.2% | 43.2% | |
| Net result | €6k | €7k | |
| Equity | €87k | €72k | |
| Gross operating margin | €39k | €34k | |
| Staff costs | €2k | €55k |
€33k
+70.2%
21-24
€6k
+34.7%
21-24
€19k
+24.2%
21-24
€181k
+9.3%
21-24
€87k
+6.6%
21-24
€62k
+17.1%
21-24
€2k
+1213.8%
21-24
€8k
+183.7%
21-24
€912
-
21-24
€94k
+11.8%
21-24
€37k
+69.3%
21-24
€57k
-8.1%
21-24
2.71
-21.9%
21-24
2.65
-21.1%
21-24
48.2%
-2.4%
21-24
1.07
+4.8%
21-24
7.3%
+26.3%
21-24
3.5%
+23.3%
21-24
4.89
-12.3%
21-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Deposit | micro schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - |
| EBITDA | €33k | €19k | €15k | €12k |
| Net profit | €6k | €5k | €7k | €7k |
| Cash flow | €19k | €15k | €14k | €12k |
| Staff costs | €2k | - | - | €123 |
| Income taxes | €8k | €3k | €2k | €-950 |
| Dividends | €912 | - | - | - |
| Total assets | €181k | €166k | €163k | €139k |
| Equity | €87k | €82k | €77k | €70k |
| Debt | €94k | €84k | €85k | €69k |
| of which ≤ 1y | €37k | €22k | €18k | €13k |
| of which > 1y | €57k | €62k | €67k | €57k |
| Working capital | €62k | €53k | €54k | €66k |
| Employees (FTE) | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (micro schema, abbreviated schema), so the columns are not directly comparable.
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Current ratio | 2.71 | 3.47 | 4.00 | 6.24 |
| Quick ratio | 2.65 | 3.37 | 3.86 | 6.02 |
| Working capital ratio | 34.4% | 32.1% | 33.3% | 47.1% |
| Solvency | 48.2% | 49.4% | 47.5% | 50.3% |
| Debt / equity | 1.07 | 1.02 | 1.11 | 0.99 |
| Long-term debt ratio | 0.66 | 0.76 | 0.87 | 0.81 |
| Interest coverage | 4.89 | 5.58 | 6.57 | 2.66 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | 3.5% | 2.8% | 4.4% | 5.2% |
| ROE | 7.3% | 5.8% | 9.2% | 10.2% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (25 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €181k | €166k | €163k | €139k |
| Fixed assets | 21/28 | €82k | €91k | €90k | €61k |
| Intangible fixed assets | 21 | €76k | €80k | €86k | €55k |
| Tangible fixed assets | 22/27 | €6k | €11k | €5k | €6k |
| Financial fixed assets | 28 | €100 | €100 | €100 | €100 |
| Current assets | 29/58 | €99k | €75k | €72k | €78k |
| Stocks & contracts in progress | 3 | €2k | €2k | €2k | €3k |
| Amounts receivable within one year | 40/41 | €89k | €70k | €66k | €67k |
| Cash & bank | 54/58 | €3k | €3k | €4k | €8k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €181k | €166k | €163k | €139k |
| Equity | 10/15 | €87k | €82k | €77k | €70k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k |
| Reserves | 13 | €69k | €63k | €59k | €52k |
| Amounts payable | 17/49 | €94k | €84k | €85k | €69k |
| Amounts payable after one year | 17 | €57k | €62k | €67k | €57k |
| Amounts payable within one year | 42/48 | €37k | €22k | €18k | €13k |
| Trade debts payable within one year | 44 | €4k | €2k | €8k | €2k |
| Income statement | |||||
| Gross operating margin | 9900 | €39k | €20k | €16k | €14k |
| Operating result | 9901 | €21k | €9k | €8k | €7k |
| Financial income | 75 | €0 | €2k | €4k | €3k |
| Financial charges | 65 | €7k | €3k | €2k | €4k |
| Result before taxes | 9903 | €14k | €7k | €9k | €6k |
| Income taxes | 67/77 | €8k | €3k | €2k | €-950 |
| Net result for the period | 9904 | €6k | €5k | €7k | €7k |
| Result to be appropriated | 9905 | €6k | €1k | €7k | €7k |
Legal Structure
| NACE primary | Manufacture of motor vehicles, trailers and semi-trailers(29100) |
| Legal form | Private limited company(610) |
| Incorporation | 28-02-2008 |
| Status | Active |
| Postal code | 9120 |
Establishment units
M-FRAME BVBA
since 20082.176.669.904
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46016F0044/00F000 | Flanders | 856 m² | 1 · 73 m² | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2025
13-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €5k ▼33.8%
Net result drops to €5k, the lowest in the series; recovery starts the following year.
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
09-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
27-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
30-05
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Manufacture of motor vehicles, trailers and semi-trailers29100Retail sale of cars and light vans (up to 3.5 tonnes)4781145194Wholesale trade46713
Names & trade names
| Legal nameNL | M-FRAME |
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