M@G
ActiveSummary
M@G has been active since 1977 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€613,801) and a net result of -€243,849. Equity is shrinking by ~52% per year across the filed fiscal years. Its solvency ranks better than 5% of 9354 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-7
Solvency0▼-7
Growth32=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.9 against 0.61 in 2024; short-term debt: 77.9% and cash: 27.1% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-52.7%
Return on assets
-21%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€613,801
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 15-07-2026, 16 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
16 d early
2024
8 d early
2023
69 d late
2022
66 d early
2021
23 d early
2020
71 d early
2019
87 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 15 July (4 of the last 5 filed years within 50 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#8 oldest company in Genk, Real estate sector
Equity
-€613,801▼ 138%
2024 · -€258,316
Total assets
€1.2m▼ 17.1%
2024 · €1.4m
Net result
-€243,849▼ 9.0%
2024 · -€223,663
Working capital
-€94,614▲ 74.0%
2024 · -€363,506
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€207,243▲ 70.5%-€129,077▲ 37.7%-€447,582▼ 247%-€244,314▲ 45.4%-€549,299▼ 125%
Net result€116,571within the sector's middle half€94,863within the sector's middle half▼ 18.6%-€290,153below the sector's middle half-€223,663below the sector's middle half▲ 22.9%-€243,849below the sector's middle half▼ 9.0%
Equity€481,066within the sector's middle half▼ 16.3%€446,878within the sector's middle half▼ 7.1%€6,491below the sector's middle half▼ 98.5%-€258,316below the sector's middle half-€613,801below the sector's middle half▼ 138%
Total assets€1.5mwithin the sector's middle half▼ 6.4%€1.9mwithin the sector's middle half▲ 29.6%€1.7mwithin the sector's middle half▼ 13.9%€1.4mwithin the sector's middle half▼ 15.0%€1.2mwithin the sector's middle half▼ 17.1%
Debt€824,008▲ 8.2%€1.3m▲ 62.5%€1.6m▲ 16.8%€1.6m▲ 1.9%€1.7m▲ 9.6%
Working capital-€244,874below the sector's middle half▲ 28.4%-€277,847below the sector's middle half▼ 13.5%-€500,659below the sector's middle half▼ 80.2%-€363,506below the sector's middle half▲ 27.4%-€94,614within the sector's middle half▲ 74.0%
Solvency32.5%within the sector's middle half▼ 3.8pp23.3%within the sector's middle half▼ 9.2pp0.4%below the sector's middle half▼ 22.9pp-18.4%below the sector's middle half▼ 18.8pp-52.7%below the sector's middle half▼ 34.3pp
Current ratio0.58within the sector's middle half▲ 0.160.66within the sector's middle half▲ 0.090.56within the sector's middle half▼ 0.100.61within the sector's middle half▲ 0.050.90within the sector's middle half▲ 0.29
Return on assets (ROA)7.9%above the sector's middle half▲ 28.4pp4.9%within the sector's middle half▼ 2.9pp-17.6%below the sector's middle half▼ 22.5pp-15.9%below the sector's middle half▲ 1.6pp-21.0%below the sector's middle half▼ 5.0pp
Staff (FTE)11.1above the sector's middle half▼ 4.3%10.8above the sector's middle half▼ 2.7%10.8above the sector's middle half=11.3above the sector's middle half▲ 4.6%8.6above the sector's middle half▼ 23.9%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €549,299 in 2025 against €244,314 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€352,285 ▼ 57.8%
Current assets
€811,457 ▲ 42.4%
Equity and liabilities
Equity-€613,801
Debt€1.7m
Equity is negative: debt (€1.7m) exceeds the balance-sheet total (€1.2m).
Key figures and ratios
EBITDA
-€385,216▼
2024 · €157,766
Cash flow
-€79,765▼
2024 · €178,417
Interest coverage
2.47▲
2024 · 0.86
Debt ≤ 1 year
€906,071▼
2024 · €933,266
Debt > 1 year
€824,110▲
2024 · €606,084
Income taxes
€708▲
2024 · €502
Staff costs
€543,116▼
2024 · €635,968
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,621 companies that looked in July 2024 the way this one looks now, 4.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.5%
went bankrupt
10.0%
stopped otherwise
84%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,621 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €3,065 | €81,337 | €68,240 | ▼ 16.1% |
| Remuneration, social security and pensions62 | €359,201 | €550,051 | €608,495 | €635,968 | €543,116 | ▼ 14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €315,468 | €406,048 | €401,449 | €402,080 | €164,083 | ▼ 59.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €21,992 | €41,096 | €33,831 | ▼ 17.7% |
| Other operating charges640/8 | €11,714 | €38,598 | €18,529 | €17,886 | €17,978 | ▲ 0.5% |
| Non-recurring operating charges66A | €7,500 | - | - | €8,946 | €178,239 | ▲ 1,892% |
| Gross operating margin9900 | €486,640 | €865,620 | €602,883 | €861,661 | €387,949 | ▼ 55.0% |
| Operating profit (loss)9901 | -€207,243 | -€129,077 | -€447,582 | -€244,314 | -€549,299 | ▼ 125% |
| Financial income75/76B | €265,617 | €180,151 | €150,285 | €152,919 | €112,882 | ▼ 26.2% |
| Recurring financial income75 | €254,586 | €180,151 | €150,285 | €152,919 | €112,882 | ▼ 26.2% |
| Non-recurring financial income76B | €11,031 | - | - | - | - | - |
| Financial charges65/66B | €17,801 | €9,145 | €42,517 | €182,730 | -€156,064 | ▼ 185% |
| Recurring financial charges65 | €17,801 | €9,145 | €42,517 | €182,730 | -€156,064 | ▼ 185% |
| Profit (loss) for the period before taxes9903 | €40,573 | €41,929 | -€339,814 | -€274,125 | -€280,353 | ▼ 2.3% |
| Transfer from deferred taxes780 | €76,289 | €53,084 | €50,078 | €50,965 | €37,212 | ▼ 27.0% |
| Income taxes67/77 | €291 | €149 | €417 | €502 | €708 | ▲ 41.0% |
| Profit (loss) for the period9904 | €116,571 | €94,863 | -€290,153 | -€223,663 | -€243,849 | ▼ 9.0% |
| Profit (loss) for the period to be appropriated9905 | €116,571 | €94,863 | -€290,153 | -€223,663 | -€243,849 | ▼ 9.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.9m | €1.7m | €1.4m | €1.2m | ▼ 17.1% |
| Fixed assets21/28 | €1.1m | €1.4m | €1.0m | €833,839 | €352,285 | ▼ 57.8% |
| Intangible fixed assets21 | €17,644 | €454,228 | €339,126 | €256,915 | €111,664 | ▼ 56.5% |
| Tangible fixed assets22/27 | €1.1m | €921,721 | €681,561 | €576,925 | €240,621 | ▼ 58.3% |
| Plant, machinery and equipment23 | €2,175 | €326 | €1,110 | €11,013 | €8,120 | ▼ 26.3% |
| Furniture and vehicles24 | €42,972 | €35,769 | €33,343 | €14,894 | €3,500 | ▼ 76.5% |
| Leasing and similar rights25 | - | €32,409 | €29,200 | €21,170 | €13,139 | ▼ 37.9% |
| Other tangible fixed assets26 | €1.1m | €853,217 | €617,907 | €529,848 | €215,863 | ▼ 59.3% |
| Current assets29/58 | €332,437 | €541,868 | €631,286 | €569,760 | €811,457 | ▲ 42.4% |
| Stocks and contracts in progress3 | €14,300 | €14,300 | €14,300 | - | - | - |
| Stocks30/36 | €14,300 | €14,300 | €14,300 | - | - | - |
| Amounts receivable within one year40/41 | €273,184 | €323,820 | €514,177 | €389,852 | €450,514 | ▲ 15.6% |
| Trade receivables40 | €237,264 | €322,398 | €504,983 | €389,852 | €420,514 | ▲ 7.9% |
| Other amounts receivable41 | €35,920 | €1,421 | €9,194 | - | €30,000 | - |
| Cash at bank and in hand54/58 | €12,562 | €171,358 | €53,109 | €110,162 | €315,657 | ▲ 187% |
| Deferred charges and accrued income490/1 | €32,391 | €32,391 | €49,701 | €69,745 | €45,286 | ▼ 35.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.9m | €1.7m | €1.4m | €1.2m | ▼ 17.1% |
| Equity10/15 | €481,066 | €446,878 | €6,491 | -€258,316 | -€613,801 | ▼ 138% |
| Contributions10/11 | €140,060 | €140,060 | €140,060 | €140,060 | €140,060 | = |
| Capital10 | €140,060 | €140,060 | - | - | - | - |
| Issued capital100 | €140,060 | €140,060 | - | - | - | - |
| Reserves13 | €3,244 | €3,244 | €3,244 | €3,244 | €3,244 | = |
| Non-distributable reserves130/1 | €3,244 | €3,244 | €3,244 | €3,244 | €3,244 | = |
| Legal reserve130 | €3,244 | €3,244 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €3,244 | €3,244 | €3,244 | = |
| Profit (loss) carried forward14 | -€186,891 | -€92,028 | -€382,181 | -€605,844 | -€849,693 | ▼ 40.2% |
| Investment grants15 | €524,654 | €395,602 | €245,369 | €204,225 | €92,588 | ▼ 54.7% |
| Provisions and deferred taxes16 | €174,885 | €131,867 | €81,790 | €68,075 | €30,863 | ▼ 54.7% |
| Deferred taxes168 | €174,885 | €131,867 | €81,790 | €68,075 | €30,863 | ▼ 54.7% |
| Amounts payable17/49 | €824,008 | €1.3m | €1.6m | €1.6m | €1.7m | ▲ 9.6% |
| Amounts payable after more than one year17 | €243,802 | €518,578 | €412,824 | €606,084 | €824,110 | ▲ 36.0% |
| Financial debts170/4 | €203,802 | €478,578 | €372,824 | €566,084 | €787,110 | ▲ 39.0% |
| Other amounts payable178/9 | €40,000 | €40,000 | €40,000 | €40,000 | €37,000 | ▼ 7.5% |
| Amounts payable within one year42/48 | €577,311 | €819,715 | €1.1m | €933,266 | €906,071 | ▼ 2.9% |
| Current portion of amounts payable after more than one year42 | €169,039 | €261,486 | €351,695 | €262,225 | €158,363 | ▼ 39.6% |
| Financial debts43 | - | - | €50,000 | €40,000 | - | - |
| Credit institutions430/8 | - | - | €50,000 | €40,000 | - | - |
| Trade debts44 | €262,211 | €381,314 | €638,184 | €448,605 | €675,383 | ▲ 50.6% |
| Suppliers440/4 | €262,211 | €381,314 | €638,184 | €448,605 | €675,383 | ▲ 50.6% |
| Advances received on contracts in progress46 | €25,533 | €340 | €340 | €340 | €340 | = |
| Taxes, remuneration and social security45 | €120,528 | €176,575 | €91,726 | €182,095 | €64,396 | ▼ 64.6% |
| Taxes450/3 | €83,970 | €123,578 | €15,185 | €80,999 | €36,624 | ▼ 54.8% |
| Remuneration and social security454/9 | €36,558 | €52,996 | €76,541 | €101,096 | €27,772 | ▼ 72.5% |
| Other amounts payable47/48 | - | - | - | - | €7,589 | - |
| Accrued charges and deferred income492/3 | €2,895 | €778 | €18,923 | €54,490 | €16,500 | ▼ 69.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116,571 | €94,863 | -€290,153 | -€223,663 | -€243,849 | ▼ 9.0% |
| + Depreciation and write-downs630 | €315,468 | €406,048 | €401,449 | €402,080 | €164,083 | ▼ 59.2% |
| Operating cash flow (approximation) | €432,039 | €500,911 | €111,296 | €178,417 | -€79,765 | ▼ 145% |
| Investment in fixed assets (approximation) | - | -€634,475 | -€46,188 | -€215,232 | €317,471 | ▲ 248% |
| Change in cash | - | €158,796 | -€118,249 | €57,054 | €205,495 | ▲ 260% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
02-07
State Gazette act
Capital & shares · Statutes amendmentAuditor report · Approval · Capital contribution13 facts ▸
State Gazette act
Capital & shares · Statutes amendment
Auditor report · Approval · Capital contribution13 facts ▸
- General meeting, 23-06-2026
- Other statement, kennisname en goedkeuring verslag bestuursorgaan, griffie van de Ondernemingsrechtbank overeenkomstig wettelijke bepalingen
- Auditor report, going concern-waarde zonder beoordeling werkelijke economische waarde, Norm inzake de opdracht van de bedrijfsrevisor in het kader van inbreng in natura en quas…
- Other statement, verantwoordelijkheid commissaris inbreng in natura
- Other statement, verantwoordelijkheid commissaris uitgifte aandelen, getrouw en voldoende om algemene vergadering voor te lichten
- Other statement, 22-06-2026
- Approval, goedkeuring verslag commissaris, integraal goedgekeurd
- Other statement, Ondernemingsrechtbank, neerlegging verslag op griffie Ondernemingsrechtbank
- Capital contribution, €872.491,83
- Share issue, 872491.83, beschikbare eigen vermogensrekening
- Statutes amendment, 5
- Power of attorney
- +1 further facts in this act
2025
23-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
08-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 69 days late
2023
26-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
08-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €116,571
Net result €116,571 after one loss-making year.
21-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet -€325,195
Net result drops to -€325,195, the lowest in the series; recovery starts the following year.
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 87 days late
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 24 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 13 acts read
About the unread acts
Of the 13 Belgian State Gazette acts we know for this company, 1 has been read. The other 12 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 1 of 13 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Genk · 1 establishment unit since 1979
Ground area
6.0 ha
Building footprint
1.1 ha
Volume, LiDAR
119,066 m³
Parcel 71016I0651/00F000, Flanders · tallest building 17.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
LIMBURGHAL
since 19792.013.810.565
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71016I0651/00F000 | Flanders | 6.0 ha | 1 · 1.1 ha | 17.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Articles of association
Other statement
Verantwoordelijkheid bestuursorgaan betreffende inbreng in natura en uitgifte van aandelen
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 72,900 EUR awarded · 72,900 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 0 EUR | 25,672 EUR |
| 2024 | 1 | 0 EUR | 11,002 EUR |
| 2023 | 2 | 36,980 EUR | 306 EUR |
| 2022 | 1 | 35,920 EUR | 35,920 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteGenk2.013.810.565
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Of 9,695 companies in this sector we hold annual accounts for 7,393. 811 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded04-05-1977
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
68203Renting and operating of own or leased non-residential real estate, excluding land
90312Arts creation and performing arts activities
56111Full-service restaurants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0417442567
Registered
27-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.