Equity
€234,396 ▼ 9.7%
M-Projects paid out €7,540 in dividends in a year with a loss of €17,585.
M-Projects
Lifetime
16 annual accounts with figures on one time axisGross marginpeak €229,631 (2023)
€43,182▼ 51.0%
Resultlowest -€17,585 (2025)
-€17,585▼ €46,423
Equitypeak €259,521 (2024)
€234,396▼ 9.7%
Debts
€2.0m▲ 432%
Board1 name since 2009
1 directorVANLAER Mattias
Documentsfilings and deeds
30-09-202661 days late
2025micro format
Gross margin from €88,097 to €43,182Loss of €17,585Founder · Incorporation 21-08Founder · Other provision 03-07Dividend €7,540Debts from €370,951 to €2.0m
Key points
from the 2025 annual accountsTurnover
≈ €200,000 estimated
The micro format states no turnover.
Debts
€2.0m 89% of the balance sheet
Financial debts 54%Suppliers 4%Taxes and wages 1%Other 42%
Of this, €1.8m falls due within a year.
Investments
€65,919 2.5 × depreciation
Green is investment, beige is depreciation.
Filings
16 annual accounts 61 days
Latest accounts filed late: after the legal deadline.
Position in the sector
-€17,585
Lower net result than 91% of companies in specialised construction. Sector median €10,218 · 34,996 companies.
Checked score
78
Excellent
Financially stronger than 12% of small companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.5% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 2,651 companies (NACE 43, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025lowest value
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.1%● unchanged vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.3%▲ +0.1 percentage points vs 08-2025
10-2025: 0.1%▼ -0.2 percentage points vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.2%▲ +0.1 percentage points vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.3%▲ +0.1 percentage points vs 07-2026
09-2026: 0.4%▲ +0.1 percentage points vs 08-2026
10-2026: 0.5%▲ +0.1 percentage points vs 09-2026highest value
11-2026: 0.5%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 61 days late; 2 of the last 3 accounts late
Sector: Specialised construction activities (NACE 43)
Equity €234,396 (10.6% of total assets)
lowers risk
Size: total assets €2.2m
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 43, small). It does better than 11% of them on solvency, 9% on liquidity, 12% on profitability and 17% on growth.
The bankruptcy probability was computed on 04-11-2026 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 very low class on 30-06-2025, 0.1% 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, 1,423 companies had the same profile as M-Projects has now. Each dot stands for 4 companies, two years later.
96.5%
were still trading
2.2%
stopped another way
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M-Projects itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 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 1,423 companies, not a prediction for M-Projects. 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 €18,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.03 (1.64 in 2024), below the usual 1.5. Short-term debt is 82.9% and cash 10.8% of total assets. 89.4% 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 risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 35008 sector peers (2025).
NBB · sector comparisonPosition among 35008 sector peers
Solvency
better than 14%
← weakest
strongest →
raises risk · 2025 accounts filed 61 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-09-2026, 61 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
61 days late
2024
35 days late
2023
51 days early
2022
22 days late
2021
44 days early
2020
47 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 7 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% 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 22 August (4 of the last 5 accounts filed within 66 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
05-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
VM
VANLAER Mattias
Director, since 09-11-2009
Shares in 3 companies, including MAS Projects and Carnegie Projects
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0820562392
Founder · Incorporation
Gazette deed
Founder · Other provision
Gazette deed
Incorporation · Founding capital
Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| M-Projects Herent | €2.2m | €43,182 | 10.6% | - |
| TL CONSTRUCT Glabbeek | €2.0m | €38,984 | 65.1% | - |
| LEDEA LIGHT Saint-Josse-ten-Noode | €1.7m | €41,891 | 20.6% | - |
| IRiSC Halen | €1.6m | €38,706 | 22.9% | - |
| ECO6 Clavier | €1.9m | €27,966 | 88.3% | - |
| BRUMACOM Schoten | €2.1m | €70,540 | 16.6% | - |
| Experts in Healthy Houses Herzele | €1.5m | €32,996 | 12.1% | - |
These companies have the same main activity as M-Projects: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €1.5m and €2.1m, founded between 2002 and 2012.
Official details
Source: KBO- Status
- Active since 05-11-2009Normal situation
- Activity
- General electrical installation workNACE 43211
- Establishment unit
- 2.183.602.8303020 Herent, since 18-11-2009
- Financial year end
- 31 December
- Peppol
- Reachable since 14-11-2025
Companies linked to M-Projects
Subsidiaries and holdings
Insights on M-Projects
M-Projects files the micro format. That format states no turnover. The gross margin rose from €23,437 in 2010 to €43,182 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-Projects
- What is the company number of M-Projects?
- The company number of M-Projects is 0820.562.392. The VAT number is the same number with BE in front: BE 0820.562.392.
- Where is M-Projects based?
- The registered office is at Lenneke Mare 8, 3020 Herent.Company details
- What does M-Projects do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of M-Projects?
- M-Projects is a private limited company (BV).
- When was M-Projects founded?
- M-Projects was founded on 05-11-2009.
- Is M-Projects still active?
- Yes, M-Projects is an active enterprise in the KBO register.
- What is the turnover of M-Projects?
- The turnover in financial year 2025 is ≈ €200,000. This figure is estimated from the gross margin of €43,182 and 45 comparable companies (NACE 43211). It probably lies between €140,000 and €310,000.Financials
- Is M-Projects profitable?
- In financial year 2025, M-Projects made a loss of €17,585.
- Where can I find the annual accounts of M-Projects?
- M-Projects filed 16 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of M-Projects due?
- M-Projects must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can trust this company with building work.Contractor check Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check See which support similar companies received that this one did not.Subsidies
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