Equity
M-Level paid out €28,571 in dividends. That is 92% of the 2025 profit.
M-Level paid out €28,571 in dividends. That is 92% of the 2025 profit.
The result fell in 2025 from €98,073 to €31,149.
Of this, €206,086 falls due within a year.
Green is investment, beige is depreciation.
In 2025, 1 person joined and 3 left.
The 2022 accounts came latest: 31 days after the end of the period.
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).
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).
In July 2024, 4,508 companies had the same profile as M-Level has now. Each dot stands for 12 companies, two years later.
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.
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.
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.
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 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.
| 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.
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.
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 ≈ €1.2m. Estimated: probably between €730,000 and €2.1m.
Higher than 20% of 1,245 companies in 2025.
Higher than 17% of 1,226 companies in 2025.
Higher than 42% of 1,244 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 3 left. Training hours in 2025: 12.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
907,442 | 921,803 | 922,934 | 794,518 | |
21/28 |
711,194 | 662,687 | 666,337 | 615,864 | |
22/27 |
711,194 | 662,687 | 666,337 | 615,642 | |
22 |
348,546 | 361,501 | 379,649 | 378,137 | |
23 |
243,936 | 245,043 | 234,435 | 236,557 | |
24 |
38,541 | 8,286 | 1,854 | 948 | |
25 |
80,172 | 47,857 | 50,399 | - | |
28 |
- | - | 0 | 222 | |
29/58 |
196,248 | 259,116 | 256,596 | 178,654 | |
3 |
78,605 | 78,037 | 109,177 | 68,829 | |
30/36 |
78,605 | 78,037 | 109,177 | 68,829 | |
40/41 |
63,506 | 58,700 | 93,803 | 92,664 | |
40 |
40,872 | 37,935 | 92,849 | 80,092 | |
41 |
22,634 | 20,766 | 954 | 12,572 | |
54/58 |
45,298 | 99,933 | 49,142 | 12,604 | |
490/1 |
8,838 | 22,445 | 4,474 | 4,558 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
907,442 | 921,803 | 922,934 | 794,518 | |
10/15 |
191,662 | 189,084 | 112,439 | 61,892 | |
10/11 |
31,000 | 31,000 | 31,000 | 31,000 | |
13 |
160,662 | 158,084 | 81,439 | 30,892 | |
133 |
160,662 | 158,084 | 81,439 | 30,892 | |
14 |
0 | 0 | - | - | |
16 |
40,156 | - | - | - | |
160/5 |
40,156 | - | - | - | |
164/5 |
40,156 | - | - | - | |
17/49 |
675,624 | 732,719 | 810,494 | 732,626 | |
17 |
469,539 | 442,444 | 466,941 | 468,889 | |
170/4 |
469,539 | 442,444 | 466,941 | 468,889 | |
42/48 |
206,086 | 288,866 | 342,381 | 259,787 | |
42 |
130,601 | 119,342 | 113,366 | 69,441 | |
43 |
1,052 | 1,005 | 602 | 2,025 | |
430/8 |
1,052 | 1,005 | 602 | 2,025 | |
44 |
48,849 | 105,719 | 106,257 | 108,947 | |
440/4 |
48,849 | 105,719 | 106,257 | 108,947 | |
45 |
25,584 | 45,510 | 97,805 | 50,611 | |
450/3 |
6,737 | 1,320 | 18,128 | 8,001 | |
454/9 |
18,847 | 44,190 | 79,676 | 42,610 | |
47/48 |
0 | 17,290 | 24,352 | 28,763 | |
492/3 |
0 | 1,409 | 1,172 | 3,950 | |
| Income statement | |||||
76A |
0 | 2,071 | 75 | 25,582 | |
9900 |
516,476 | 568,752 | 533,557 | 283,276 | |
62 |
330,208 | 349,892 | 396,649 | 203,256 | |
630 |
71,726 | 62,203 | 56,474 | 39,825 | |
631/4 |
- | 0 | 1,879 | - | |
635/8 |
40,156 | - | - | - | |
640/8 |
4,631 | 3,280 | 5,810 | 4,586 | |
9901 |
69,754 | 153,378 | 72,745 | 35,609 | |
75/76B |
155 | 1,355 | 18 | 282 | |
75 |
155 | 1,355 | 18 | 282 | |
65/66B |
20,512 | 18,092 | 15,274 | 12,489 | |
65 |
20,512 | 18,092 | 15,274 | 12,489 | |
9903 |
49,398 | 136,640 | 57,489 | 23,402 | |
67/77 |
18,249 | 38,567 | 6,941 | 2,659 | |
9904 |
31,149 | 98,073 | 50,548 | 20,742 | |
9905 |
31,149 | 98,073 | 50,548 | 20,742 | |
| Appropriation of the result | |||||
9906 |
31,149 | 98,073 | 50,548 | 20,742 | |
14P |
- | - | - | 0 | |
691/2 |
2,577 | 76,645 | 50,548 | 20,742 | |
6921 |
2,577 | 76,645 | 50,548 | 20,742 | |
694/7 |
28,571 | 21,429 | - | - | |
694 |
28,571 | 21,429 | - | - | |
| Social balance sheet | |||||
9087 |
6.5 | 7.4 | 8 | 5.4 | |
Hours worked1013 |
10,944 | 12,365 | 6,480 | 8,778 | |
| Document | |||||
The notes to these accounts have 19 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 27-07-2026.
| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 141,481 | 215,580 | 129,219 | 75,434 | ||
| 102,875 | 160,276 | 107,022 | 60,567 | ||
| 120,234 | 56,481 | 107,169 | 294,059 | ||
| -54,635 | 50,791 | 36,539 | - | ||
| -9,838 | -29,750 | -85,785 | -81,133 | ||
| 21.1% | 20.5% | 12.2% | 7.8% | ||
| 0.95 | 0.90 | 0.75 | 0.69 | ||
| 0.57 | 0.63 | 0.43 | 0.42 | ||
| 3.53 | 3.88 | 7.21 | 11.84 | ||
| 16.3% | 51.9% | 45.0% | 33.5% | ||
| 3.4% | 10.6% | 5.5% | 2.6% | ||
| 6.90 | 11.92 | 8.46 | 6.04 |
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 7 | 8 | 9 |
| full-time | 4 | 6 | 8 | 9 |
| part-time | 1 | 1 | 0 | 0 |
| in full-time equivalents | 4.8 | 6.8 | 8 | 9 |
| 6.5 | 7.4 | 8 | 5.4 | |
| On a permanent contract | 5 | 7 | 8 | 9 |
| Joined | 1 | 1 | 1 | 10 |
| Left | 3 | 2 | 1 | 5 |
| Training hours | 12 | - | - | 36 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €120,234 | €56,481 | €107,169 | €294,059 |
| Financial fixed assets | €0 | - | - | - |
| €71,726 | €62,203 | €56,474 | €39,825 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 55% lower than in 2024 and the lowest since 2022.
Debt's share of the balance-sheet total falls from 79.5% to 74.5%. Equity is higher and debt is lower.
M-Level has no parent and no holdings in its annual accounts. David MEIRHAEGHE is the only director. M-Level shares no director with another company.
| AMARON
registered office since 26-06-2009 · founded in 2009 |
36 FTE (2025) 0812.300.071 |
| Greenfield
registered office since 28-11-2019 · founded in 2019 · negative equity (2025) |
6.3 FTE (2025) 0738.542.360 |
| IDEA INTERIOR CONCEPTS
establishment since 01-07-2010 · founded in 2010 |
total assets €552,799 (2025) 0826.170.279 |
| Greenfield Production
registered office since 13-02-2018 |
founded in 2018 0690.565.665 |
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 |
|---|---|---|
| Kapellestraat 13 registered office 8755 Wingene | 04-09-2008 | 2.172.741.404 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 37012D0171/00D000 | 1.8 ha | 1 · 4,005 m² | 9.2 m · 2 |
If something looks wrong or is missing, please tell us.