M & N
ActiveSummary
M & N has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10,451 and a net result of €111. Equity is shrinking by ~2.9% per year across the filed fiscal years. Its solvency ranks better than 32% of 3510 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability38▲+32
Solvency53▼-3
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.28 against 1.28 in 2024; short-term debt: 71.6% and cash: 59.2% of total assets), and 71.6% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 27-04-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
41 d early
2023
35 d early
2022
31 d early
2021
39 d early
2020
31 d early
2019
19 d early
← 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 28 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 27 March (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€10,451▲ 1.1%
2024 · €10,341
Total assets
€36,741▲ 9.7%
2024 · €33,500
Net result
€111
2024 · -€3,465
Working capital
€7,413▲ 16.2%
2024 · €6,381
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€9,379€1,492€1,263▼ 15.3%-€2,724€1,056
Net result-€9,934below the sector's middle half€704within the sector's middle half€402within the sector's middle half▼ 42.9%-€3,465below the sector's middle half€111within the sector's middle half
Equity€12,699within the sector's middle half▼ 43.9%€13,404within the sector's middle half▲ 5.5%€13,806within the sector's middle half▲ 3.0%€10,341below the sector's middle half▼ 25.1%€10,451below the sector's middle half▲ 1.1%
Total assets€32,067below the sector's middle half▼ 17.7%€36,130below the sector's middle half▲ 12.7%€41,646below the sector's middle half▲ 15.3%€33,500below the sector's middle half▼ 19.6%€36,741below the sector's middle half▲ 9.7%
Debt€19,368▲ 18.7%€22,726▲ 17.3%€27,840▲ 22.5%€23,160▼ 16.8%€26,290▲ 13.5%
Working capital€11,154within the sector's middle half▼ 49.5%€12,190within the sector's middle half▲ 9.3%€8,204within the sector's middle half▼ 32.7%€6,381within the sector's middle half▼ 22.2%€7,413within the sector's middle half▲ 16.2%
Solvency39.6%within the sector's middle half▼ 18.5pp37.1%within the sector's middle half▼ 2.5pp33.2%within the sector's middle half▼ 3.9pp30.9%within the sector's middle half▼ 2.3pp28.4%within the sector's middle half▼ 2.4pp
Current ratio1.58within the sector's middle half▼ 0.781.54within the sector's middle half▼ 0.051.29within the sector's middle half▼ 0.241.28within the sector's middle half▼ 0.021.28within the sector's middle half=
Return on assets (ROA)-31.0%below the sector's middle half▼ 55.9pp1.9%within the sector's middle half▲ 32.9pp1.0%within the sector's middle half▼ 1.0pp-10.3%below the sector's middle half▼ 11.3pp0.3%within the sector's middle half▲ 10.6pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €1,056 after a loss of €2,724 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €36,741
Fixed assets
€3,039 ▼ 29.1%
Current assets
€33,703 ▲ 15.4%
Equity and liabilities €36,741
Equity
€10,451 ▲ 1.1%
Debt
€26,290 ▲ 13.5%
Debt's share of the balance-sheet total rises from 69.1% to 71.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2,302▲
2024 · -€1,407
Cash flow
€1,357▲
2024 · -€2,148
Quick ratio
0.87▲
2024 · 0.81
Debt to equity
2.52▲
2024 · 2.24
ROE
1.1%▲
2024 · -33.5%
Interest coverage
2.32▲
2024 · -1.75
Debt ≤ 1 year
€26,290▲
2024 · €22,834
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,984 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 97% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.1%
went bankrupt
2.3%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 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% | 1.9% |
| 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 3,984 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €923 | €617 | €592 | €1,317 | €1,246 | ▼ 5.4% |
| Other operating charges640/8 | - | €2,407 | €542 | €696 | €518 | ▼ 25.6% |
| Gross operating margin9900 | -€8,069 | €4,515 | €2,397 | -€711 | €2,820 | ▲ 497% |
| Operating profit (loss)9901 | -€9,379 | €1,492 | €1,263 | -€2,724 | €1,056 | ▲ 139% |
| Financial income75/76B | - | €80 | €99 | €62 | €47 | ▼ 23.7% |
| Recurring financial income75 | €97 | €80 | €99 | €62 | €47 | ▼ 23.7% |
| Financial charges65/66B | - | €867 | €960 | €804 | €993 | ▲ 23.6% |
| Recurring financial charges65 | €652 | €867 | €960 | €804 | €993 | ▲ 23.6% |
| Profit (loss) for the period before taxes9903 | -€9,934 | €704 | €402 | -€3,465 | €111 | ▲ 103% |
| Profit (loss) for the period9904 | -€9,934 | €704 | €402 | -€3,465 | €111 | ▲ 103% |
| Profit (loss) for the period to be appropriated9905 | -€9,934 | €704 | €402 | -€3,465 | €111 | ▲ 103% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €32,067 | €36,130 | €41,646 | €33,500 | €36,741 | ▲ 9.7% |
| Fixed assets21/28 | €1,830 | €1,213 | €5,602 | €4,285 | €3,039 | ▼ 29.1% |
| Tangible fixed assets22/27 | €1,830 | €1,213 | €5,602 | €4,285 | €3,039 | ▼ 29.1% |
| Plant, machinery and equipment23 | - | €1,213 | €5,602 | €4,285 | €3,039 | ▼ 29.1% |
| Furniture and vehicles24 | - | - | - | - | €0 | - |
| Current assets29/58 | €30,237 | €34,916 | €36,044 | €29,215 | €33,703 | ▲ 15.4% |
| Stocks and contracts in progress3 | €15,643 | €13,912 | €10,926 | €10,822 | €10,783 | ▼ 0.4% |
| Stocks30/36 | - | €13,912 | €10,926 | €10,822 | €10,783 | ▼ 0.4% |
| Amounts receivable within one year40/41 | €1,819 | - | €2,478 | €1,259 | €272 | ▼ 78.4% |
| Trade receivables40 | - | - | €2,478 | €1,259 | €272 | ▼ 78.4% |
| Other amounts receivable41 | - | - | - | - | €0 | - |
| Cash at bank and in hand54/58 | €12,775 | €20,104 | €21,740 | €16,234 | €21,748 | ▲ 34.0% |
| Deferred charges and accrued income490/1 | - | €900 | €900 | €900 | €900 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €32,067 | €36,130 | €41,646 | €33,500 | €36,741 | ▲ 9.7% |
| Equity10/15 | €12,699 | €13,404 | €13,806 | €10,341 | €10,451 | ▲ 1.1% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Outside capital11 | - | €18,600 | €18,600 | €18,600 | - | - |
| Other1109/19 | - | €18,600 | €18,600 | €18,600 | - | - |
| Reserves13 | €4,033 | €4,033 | €4,033 | €4,033 | €4,033 | = |
| Distributable reserves133 | - | €4,033 | €4,033 | €4,033 | €4,033 | = |
| Profit (loss) carried forward14 | -€9,934 | -€9,229 | -€8,827 | -€12,293 | -€12,182 | ▲ 0.9% |
| Amounts payable17/49 | €19,368 | €22,726 | €27,840 | €23,160 | €26,290 | ▲ 13.5% |
| Amounts payable within one year42/48 | €19,083 | €22,726 | €27,840 | €22,834 | €26,290 | ▲ 15.1% |
| Financial debts43 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Other loans439 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Trade debts44 | €3,997 | €3,287 | €7,838 | €2,269 | €2,568 | ▲ 13.2% |
| Suppliers440/4 | - | €3,287 | €7,838 | €2,269 | €2,568 | ▲ 13.2% |
| Taxes, remuneration and social security45 | - | €998 | €1,513 | €1,529 | - | - |
| Taxes450/3 | - | €998 | €1,513 | €1,529 | - | - |
| Other amounts payable47/48 | - | €8,441 | €8,489 | €9,037 | €13,722 | ▲ 51.8% |
| Accrued charges and deferred income492/3 | - | - | - | €325 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,934 | €704 | €402 | -€3,465 | €111 | ▲ 103% |
| + Depreciation and write-downs630 | €923 | €617 | €592 | €1,317 | €1,246 | ▼ 5.4% |
| Operating cash flow (approximation) | -€9,011 | €1,321 | €994 | -€2,148 | €1,357 | ▲ 163% |
| Investment in fixed assets (approximation) | - | €0 | -€4,980 | €0 | €0 | - |
| Change in cash | - | €7,329 | €1,636 | -€5,506 | €5,514 | ▲ 200% |
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
27-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €111
Net result €111 after one loss-making year.
20-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Back to profitnet €704
Net result €704 after one loss-making year.
22-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Weakest financial yearnet -€9,934
Net result drops to -€9,934, the lowest in the series; recovery starts the following year.
30-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Highest result since 2018net €9,710 ▲17,657%
Operating result €10,103, net result €9,710, both a record.
11-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Back to profitnet €55
Net result €55 after one loss-making year.
Show earlier events
26-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
30-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Harelbeke · 1 establishment unit since 1999
Ground area
3,291 m²
Building footprint
829 m²
Volume, LiDAR
11,545 m³
2 parcels, Flanders · tallest building 20.6 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Marktstraat 56, 8530 Harelbeke
since 19992.091.182.517
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34013A1062/00D002 | Flanders | 1,679 m² | 1 · 357 m² | 19.6 m · 5 fl. |
| 34013A1068/00H000 | Flanders | 1,612 m² | 1 · 472 m² | 20.6 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2025 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
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Of 14,138 companies in sector 74201 we hold annual accounts for 2,616. 1,171 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-05-1999
Fiscal year end30-09
Activities, NACEBEL 2025
74201Photography, excluding press photography
47742Retail sale of prescription glasses, lenses and sunglasses
E-invoicing
Reachable via Peppol
Peppol ID
0208:0465871006
Also
9925:BE0465871006
Registered
11-03-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.