M.N. CONSTRUCT
ActiveThe computed 12-month bankruptcy probability of M.N. CONSTRUCT is 1.9% (moderate). The 2024 annual accounts show equity of €252k and a net result of €66k. Equity is growing by ~19.4% per year across the filed fiscal years. Its solvency ranks better than 33% of 3569 sector peers (fiscal year 2024). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
91
/ 100
Excellent▲ +15 vs 2023
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability100=
Solvency58▲+29
Growth85=
Stability100
Bankruptcy probability, 12 months
1.9%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €23k at 30 days acceptable
Liquidity ample (current ratio 1.64 against 1.23 in 2023), but 71.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 12-10-2025, 73 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
not confirmed
2024
73 d late
2023
31 d late
2022
61 d late
2021
38 d late
2020
90 d late
2019
10 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, full schema
Turnover
€1.38M▲ 62.1%
2019 · €851k
2018: €799k
2019: €851k
2018 → 2020
EBIT margin
7.0%▼ 5.0pp
2019 · 12.0%
2018: 6.6%
2019: 12.0%
2018 → 2020
Net result
€66k▲ 73.9%
2023 · €38k
2018: €29k
2019: €59k
2020: €81k
2021: €33k
2022: €30k
2023: €38k
2018 → 2024
Working capital
€337k▲ 96.1%
2023 · €172k
2018: €93k
2019: €80k
2020: €99k
2021: €125k
2022: €161k
2023: €172k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€1.38M-
Equity€102k-€135k▲ 32.2%€136k▲ 0.2%€186k▲ 37.0%€252k▲ 35.8%
Operating result€97k-€71k▼ 27.0%€70k▼ 0.8%€110k▲ 55.8%€114k▲ 4.4%
Net result€81k-€33k▼ 59.5%€30k▼ 8.0%€38k▲ 26.2%€66k▲ 73.9%
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 4% above 2023 and is the highest year so far.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €889k
Fixed assets
€24k▼ 33.8%
Current assets
€865k▼ 6.0%
Equity and liabilities €889k
Equity
€252k▲ 35.8%
Debt
€637k▼ 17.4%
The debt ratio falls from 80.6% to 71.6%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€143k▼
2023 · €147k
Cash flow
€95k▲
2023 · €76k
Solvency
28.4%▲
2023 · 19.4%
Current ratio
1.64▲
2023 · 1.23
Quick ratio
1.64▲
2023 · 1.23
Debt / equity
2.52▼
2023 · 4.15
ROE
26.3%▲
2023 · 20.6%
ROA
7.5%▲
2023 · 4.0%
Interest coverage
6.16▼
2023 · 8.24
Debt
€637k▼
2023 · €772k
Debt ≤ 1 year
€528k▼
2023 · €748k
Debt > 1 year
€20k▼
2023 · €23k
Income taxes
€25k▼
2023 · €53k
Staff costs
€37k▲
2023 · €37k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€957k€889k▼
Fixed assets21/28€37k€24k▼
Tangible fixed assets22/27€36k€23k▼
Plant, machinery and equipment23€676€6k▲
Furniture and vehicles24€15k€3k▼
Leasing and similar rights25€20k€14k▼
Financial fixed assets28€1k€1k▲
Current assets29/58€921k€865k▼
Amounts receivable within one year40/41€300k€369k▲
Trade receivables40€176k€232k▲
Other amounts receivable41€125k€137k▲
Cash at bank and in hand54/58€614k€488k▼
Deferred charges and accrued income490/1€6k€8k▲
Equity and liabilities
Total equity and liabilities10/49€957k€889k▼
Equity10/15€186k€252k▲
Contributions10/11€18k€18k=
Reserves13€32k€32k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€30k€30k=
Profit (loss) carried forward14€136k€202k▲
Amounts payable17/49€772k€637k▼
Amounts payable after more than one year17€23k€20k▼
Financial debts170/4€23k€20k▼
Amounts payable within one year42/48€748k€528k▼
Current portion of amounts payable after more than one year42€15k€10k▼
Trade debts44€657k€447k▼
Suppliers440/4€657k€447k▼
Taxes, remuneration and social security45€64k€65k▲
Taxes450/3€58k€57k▼
Remuneration and social security454/9€6k€8k▲
Other amounts payable47/48€12k€6k▼
Accrued charges and deferred income492/3-€90k
Income statement
Code20232024
Goods, raw materials, services and sundry goods60/61€2.76M-
Remuneration, social security and pensions62€37k€37k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€38k€29k▼
Other operating charges640/8€6k€4k▼
Gross operating margin9900€191k€185k▼
Operating profit (loss)9901€110k€114k▲
Financial income75/76B-€103
Recurring financial income75-€103
Financial charges65/66B€18k€23k▲
Recurring financial charges65€18k€23k▲
Profit (loss) for the period before taxes9903€92k€91k▼
Income taxes67/77€53k€25k▼
Profit (loss) for the period9904€38k€66k▲
Profit (loss) for the period to be appropriated9905€38k€66k▲
Appropriation of the result
Profit (loss) to be appropriated9906€166k€202k▲
Profit (loss) brought forward from the previous period14P€128k€136k▲
Transfer to equity691/2€30k-
To other reserves6921€30k-
Social balance
Average headcount (FTE)90870.91.0▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
12-10
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 73 days late
2024
31-12
Financial
Equity above €200kEq €252k ▲35.8%
7 profitable years in a row build equity to €252k.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
2023
31-12
Financial
Equity above €150kEq €186k ▲37%
6 profitable years in a row build equity to €186k.
30-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 61 days late
2022
07-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 38 days late
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 90 days late
2020
31-12
Financial
Highest result since 2018net €81k ▲36.8%
Net result €81k, the highest in the series.
31-12
Financial
Equity above €100kEq €102k ▲26.2%
3 profitable years in a row build equity to €102k.
10-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 10 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 acts for this company are 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, Etterbeek · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Louis Schmidtlaan 1191040 EtterbeekGround area
1,253 m²
Building footprint
333 m²
Volume, LiDAR
7,526 m³
Parcel 21362B0292/00X006, Brussels · tallest building 29.8 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
M.N. Construct SPRL
since 20152.248.319.646
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21362B0292/00X006 | Brussels | 1,253 m² | 1 · 333 m² | 29.8 m · 9 fl. |
Linked by address, not proof of ownership
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.
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E.S.R. BELGIUM
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BEGA CONSTRUCT
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Of 4,058 companies in sector 43240 we hold annual accounts for 1,614. 1,214 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded02-12-2015
Fiscal year end31-12
Activities, NACEBEL
43240Other construction installation
43299Specialised construction activities
43350Other building finishing work
43120Site preparation
43230Insulation installation
43291Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 9 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.