Equity
€191,662 ▲ 1.4%
M-Level paid out €28,571 in dividends. That is 92% of the 2025 profit.
M-Level
Lifetime
4 annual accounts with figures on one time axispeak €568,752 (2024)
€516,476▼ 9.2%
peak €98,073 (2024)
€31,149▼ 68.2%
peak €191,662 (2025)
€191,662▲ 1.4%
€675,624▼ 7.8%
peak 7.4 FTE (2024)
6.5 FTE▼ 12.2%
Board1 name since 2008
1 directorDavid MEIRHAEGHE
Documentsfilings and deeds
27-07-20264 days before the deadline
2025abbreviated format
Result from €98,073 to €31,149Staff from 7.4 FTE to 6.5 FTEDividend €28,571Cash from €99,933 to €45,298
Key points
from the 2025 annual accountsResult
€31,149 ▼ 68.2%
The result fell in 2025 from €98,073 to €31,149.
Debts
€675,624 74% of the balance sheet
Financial debts 70%Suppliers 7%Taxes and wages 4%Other 19%
Of this, €206,086 falls due within a year.
Investments
€120,234 1.7 × depreciation
Green is investment, beige is depreciation.
Staff
5 employees on 31-12-2025
In 2025, 1 person joined and 3 left.
Filings
4 annual accounts 3 late
The 2022 accounts came latest: 31 days after the end of the period.
Checked score
66
Healthy
Financially stronger than 37% of micro companies in fabricated metal products (NACE 25)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.9% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.5% across 3,710 companies (NACE 25, micro).
About 9 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024lowest value
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.6%▲ +0.1 percentage points vs 04-2025
06-2025: 0.6%● unchanged vs 05-2025
07-2025: 0.8%▲ +0.2 percentage points vs 06-2025
08-2025: 1.1%▲ +0.3 percentage points vs 07-2025highest value
09-2025: 0.9%▼ -0.2 percentage points vs 08-2025
10-2025: 0.9%● unchanged vs 09-2025
11-2025: 0.9%● unchanged vs 10-2025
12-2025: 0.9%● unchanged vs 11-2025
01-2026: 0.9%● unchanged vs 12-2025
02-2026: 0.9%● unchanged vs 01-2026
03-2026: 0.9%● unchanged vs 02-2026
04-2026: 0.9%● unchanged vs 03-2026
05-2026: 0.8%▼ -0.1 percentage points vs 04-2026
06-2026: 0.8%● unchanged vs 05-2026
07-2026: 0.9%▲ +0.1 percentage points vs 06-2026
08-2026: 0.9%● unchanged vs 07-2026
09-2026: 0.9%● unchanged vs 08-2026
10-2026: 0.9%● unchanged vs 09-2026
11-2026: 0.9%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Sector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)
Size: 6.5 FTE, total assets €907,442
Equity €191,662 (21.1% of total assets)
lowers risk
Founded in 2008
Calculation
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 25, micro). It does better than 24% of them on solvency, 40% on liquidity, 46% on profitability and 40% 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 31-12-2025.
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).
Comparable companies, two years later
In July 2024, 4,508 companies had the same profile as M-Level has now. Each dot stands for 12 companies, two years later.
96.8%
were still trading
1.6%
stopped another way
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M-Level itself: 0.9% within 12 months.
Test of the method
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 4,508 companies, not a prediction for M-Level. 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.
Credit verdict
Credit of up to €12,000 on 30-day terms is acceptable
Liquidity is insufficient, with a current ratio of 0.95 (0.9 in 2024), below 1. Short-term debt is 22.7% and cash 5% of total assets. 78.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 1245 sector peers (2025).
NBB · sector comparisonPosition among 1245 sector peers
Solvency
better than 20%
← weakest
strongest →
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 27-07-2026, 4 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
4 days early
2024
28 days late
2023
29 days late
2022
31 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 4 accounts on average 21 days after the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 August (3 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0806155122
Change of role: David MEIRHAEGHE, from manager to director
Issue of 120 shares · “De aankoop, verkoop, beheer, (onder)verhuring of in (onder)huur nemen, ruiling, leasen of in leasing nemen…” (deed in Dutch) · Legal-form conversion: from general partnership to private limited company · General meeting of 29-09-2022 · Gazette deed
Registered office moved from Ellezelles to Ruiselede
New registered office: Kapellestraat 13, 8755 Ruiselede · Previous registered office: Rue D'Aulnoit 68, 7890 Ellezelles · General meeting of 04-02-2021 · Gazette deed
Registered office moved from Ruiselede to Ellezelles
New registered office: Rue d'Aulnoit 68, 7890 Ellezelles · Previous registered office: KAPELLESTRAAT 13, 8755 Ruiselede, België · General meeting of 24-11-2019 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| M-Level Wingene | €0.9m | €516,476 | 21.1% | 6.5 |
| HEBOCOAT Waregem | €1.0m | €550,930 | 64.8% | 7.1 |
| LVE Oudsbergen | €1.1m | €465,397 | 46.4% | 7.7 |
| METAL-CLEAN Aalst | €0.9m | €705,184 | 24.3% | 7.8 |
| Van Eyck Leuven Bierbeek | €1.0m | €516,331 | 48.1% | 5.2 |
| Etablissement BOSQUET PHILIPPE SPRL Floreffe | €0.8m | €502,256 | 11.8% | 7.6 |
| AG COATING Willebroek | €1.2m | €571,474 | 36.9% | 8.8 |
These companies have the same main activity as M-Level: coating of metals (NACE 25510). They are comparable in size and age: total assets between €774,000 and €1.2m, founded between 2004 and 2011.
Official details
Source: KBO- Status
- Active since 04-09-2008Normal situation
- Activity
- Coating of metalsNACE 25510
- Joint committees
- 149.04Metal trade
- 201Independent retail · annual accounts 2024
- Establishment unit
- 2.172.741.4048755 Wingene, since 04-09-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 24-11-2023
Annual accounts 2025
- ≈ €1.2mestimated
- €907,442▼ 1.6%
- Employeeson 31-12-2025
- 5▼ 28.6%
- Filing
- Filed on 27-07-2026, 4 days before the end of the filing period
Insights on M-Level
M-Level files the abbreviated format. That format states no turnover. The gross margin rose from €283,276 in 2022 to €516,476 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about M-Level
- What is the company number of M-Level?
- The company number of M-Level is 0806.155.122. The VAT number is the same number with BE in front: BE 0806.155.122.
- Where is M-Level based?
- The registered office is at Kapellestraat 13, 8755 Wingene.Company details
- What does M-Level do?
- According to the KBO register, the main activity is coating of metals (NACE 25510).
- What is the legal form of M-Level?
- M-Level is a private limited company (BV).
- When was M-Level founded?
- M-Level was founded on 04-09-2008.
- Is M-Level still active?
- Yes, M-Level is an active enterprise in the KBO register.
- How many employees does M-Level have?
- M-Level had an average of 6.5 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does M-Level fall under?
- In its 2024 annual accounts, M-Level states joint committees 149.04 (Metal trade) and 201 (Independent retail).
- What is the turnover of M-Level?
- The turnover in financial year 2025 is ≈ €1.2m. This figure is estimated from the gross margin of €516,476 and 2,275 comparable companies of the same size. It probably lies between €730,000 and €2.1m. It is a rough estimate.
- Is M-Level profitable?
- In financial year 2025, M-Level made a profit of €31,149.
- Where can I find the annual accounts of M-Level?
- M-Level filed 4 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of M-Level due?
- M-Level must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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