M-RAY
ActiveSummary
M-RAY has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of €416,414. Equity fluctuates too strongly from year to year to read a trend from it. The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 20-08-2008 Normal situation
- Activity
- No activity registered in the KBO
- Establishment unit
- 2.209.830.244 1150 Sint-Pieters-Woluwe, since 01-10-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 25-07-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €601,019
- ▲ 96.7%
- Turnover
- ≈ €1.2m
- estimated
- Profit
- €416,414
- ▲ 97.2%
- Equity
- €1.1m
- ▲ 63.7%
- Total assets
- €1.2m
- ▲ 57.4%
Score breakdownlowers riskSize: total assets €1.2mEquity €1.1m (88.0% of total assets)Figures for financial year 2025 (filed on 06-07-2026)Liquidity: current ratio 18.29, cash €178,172Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (no NACE code, micro). It does better than 81% of them on solvency, 64% on liquidity, 90% on profitability and 89% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 8 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 17 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 98% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,733 | €17,809 | €11,842 | €25,738 | €5,100 |
| Depreciation and write-downs of the year | €31,425 | €4,790 | €5,179 | €8,274 | €12,016 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,551 | €45,551 | €44,423 | €31,425 | €4,790 | €5,179 | €8,274 | €12,016 | ▲ 45.2% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €89,712 | €23,764 | -€118,006 | -€1,751 | -€1,879 | ▼ 7.3% |
| Other operating charges640/8 | - | - | - | €848 | €576 | €750 | €988 | €1,119 | ▲ 13.3% |
| Gross operating margin9900 | €102,765 | €146,385 | €163,971 | €214,490 | €378,701 | €398,076 | €305,515 | €601,019 | ▲ 96.7% |
| Operating profit (loss)9901 | €57,984 | €23,562 | €198,556 | €92,505 | €349,570 | €510,153 | €298,003 | €589,762 | ▲ 97.9% |
| Financial income75/76B | - | - | - | €5 | €28 | €1,150 | €10,481 | €13,472 | ▲ 28.5% |
| Recurring financial income75 | €6,063 | €1,469 | €3 | €5 | €28 | €1,150 | €10,481 | €13,472 | ▲ 28.5% |
| Financial charges65/66B | - | - | - | €9,152 | €109,907 | €147,925 | €8,932 | €9,168 | ▲ 2.6% |
| Recurring financial charges65 | €96,178 | €88,373 | €66,719 | €9,152 | €109,907 | €147,925 | €8,932 | €9,168 | ▲ 2.6% |
| Profit (loss) for the period before taxes9903 | -€32,132 | -€63,342 | €131,840 | €83,358 | €239,691 | €363,378 | €299,552 | €594,066 | ▲ 98.3% |
| Income taxes67/77 | €223 | €568 | €3,251 | €42,979 | €81,782 | €94,073 | €88,439 | €177,653 | ▲ 101% |
| Profit (loss) for the period9904 | -€32,355 | -€63,910 | €128,588 | €40,379 | €157,908 | €269,305 | €211,114 | €416,414 | ▲ 97.2% |
| Transfer from tax-exempt reserves789 | - | - | - | €6,839 | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €75,359 | €147,350 | ▲ 95.5% |
| Profit (loss) for the period to be appropriated9905 | -€32,355 | -€63,910 | €128,588 | €47,218 | €157,908 | €269,305 | €135,755 | €269,064 | ▲ 98.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | €1.2m | ▲ 57.4% |
| Fixed assets21/28 | €0.1m | €0.08m | €0.04m | €0.01m | €0.02m | €0.03m | €0.05m | €0.04m | ▼ 14.2% |
| Tangible fixed assets22/27 | €0.1m | €0.07m | €0.04m | €0.01m | €0.02m | €0.03m | €0.05m | €0.04m | ▼ 14.2% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0.004m | ▲ 33.2% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.004m | €0.01m | €0.03m | €0.02m | ▼ 27.2% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Financial fixed assets28 | - | €0.003m | €0.003m | €0.003m | - | - | - | - | - |
| Current assets29/58 | €0.1m | €0.1m | €0.1m | €0.3m | €0.4m | €0.5m | €0.7m | €1.2m | ▲ 62.2% |
| Amounts receivable within one year40/41 | €0.008m | - | - | €0.002m | €0.04m | €0.01m | €0.008m | €414 | ▼ 94.7% |
| Trade receivables40 | - | - | - | €36 | - | €250 | €414 | €414 | = |
| Other amounts receivable41 | - | - | - | €0.002m | €0.04m | €0.01m | €0.007m | - | - |
| Current investments50/53 | €0.03m | - | - | - | - | €0.2m | €0.5m | €0.9m | ▲ 98.5% |
| Cash at bank and in hand54/58 | €0.04m | €0.05m | €0.06m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 11.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.1m | €0.2m | €0.2m | €0.05m | €0.06m | ▲ 39.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | €1.2m | ▲ 57.4% |
| Equity10/15 | -€0.04m | -€0.1m | €0.02m | €0.06m | €0.2m | €0.4m | €0.7m | €1.1m | ▲ 63.7% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | - | - | - | - | - |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.05m | €0.2m | €0.4m | €0.7m | €1.1m | ▲ 63.7% |
| Tax-exempt reserves132 | - | - | - | - | - | - | €0.08m | €0.2m | ▲ 196% |
| Distributable reserves133 | - | - | - | €0.05m | €0.2m | €0.4m | €0.6m | €0.8m | ▲ 46.5% |
| Profit (loss) carried forward14 | -€0.1m | -€0.2m | -€0.03m | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €0.09m | €0.2m | €0.09m | €0.2m | €0.2m | €0.09m | €0.08m | €0.08m | ▼ 2.2% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.2m | €0.2m | €0.09m | €0.08m | €0.08m | ▼ 2.2% |
| Other liabilities and charges164/5 | - | - | - | €0.2m | €0.2m | €0.09m | €0.08m | €0.08m | ▼ 2.2% |
| Amounts payable17/49 | €0.2m | €0.1m | €0.06m | €0.03m | €0.06m | €0.04m | €0.03m | €0.06m | ▲ 84.8% |
| Amounts payable after more than one year17 | €0.08m | €0.04m | €0.01m | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.09m | €0.08m | €0.05m | €0.03m | €0.06m | €0.04m | €0.03m | €0.06m | ▲ 84.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | - | - | - | - | - |
| Trade debts44 | €0.003m | €0.002m | €0.001m | €0.003m | €0.005m | €0.002m | €0.002m | €0.008m | ▲ 264% |
| Suppliers440/4 | - | - | - | €0.003m | €0.005m | €0.002m | €0.002m | €0.008m | ▲ 264% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.002m | €0.02m | - | €0.01m | - |
| Taxes450/3 | - | - | - | - | €0.002m | €0.02m | - | €0.01m | - |
| Other amounts payable47/48 | - | - | - | €0.009m | €0.06m | €0.02m | €0.03m | €0.05m | ▲ 41.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,355 | -€63,910 | €128,588 | €40,379 | €157,908 | €269,305 | €211,114 | €416,414 | ▲ 97.2% |
| + Depreciation and write-downs630 | €45,551 | €45,551 | €44,423 | €31,425 | €4,790 | €5,179 | €8,274 | €12,016 | ▲ 45.2% |
| Operating cash flow (approximation) | €13,196 | -€18,359 | €173,011 | €71,804 | €162,698 | €274,484 | €219,388 | €428,430 | ▲ 95.3% |
| Investment in fixed assets (approximation) | - | -€2,795 | -€9,495 | -€3,733 | -€15,014 | -€11,842 | -€25,738 | -€5,100 | ▲ 80.2% |
| Change in cash | - | €6,556 | €17,300 | €85,589 | €57,940 | -€13,745 | €8,389 | -€22,838 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,811 companies had the same profile as M-RAY has now. Two years later, 0.3% had gone bankrupt and 96.5% were still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of M-RAY itself: < 0.1% 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 17,811 companies, not a prediction for M-RAY. 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.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00276230 | |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00251000 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00249009 | |
| 31-12-2022 | micro format | 05-07-2023 | 2023-00210487 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20312337 | |
| 31-12-2020 | full format | 28-07-2021 | 2021-40800085 | |
| 31-12-2019 | full format | 18-08-2020 | 2020-41700397 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-26200560 | |
| 31-12-2017 | full format | 20-08-2018 | 2018-46500034 | |
| 31-12-2016 | full format | 21-08-2017 | 2017-44500497 |
Board & ownership
Directors
Owners and capital
Owners
Network & group
M-RAY shares no director with another company.
Companies at the same address
2 other companiesConnections & network
1 current directorThe network starts from the directors of M-RAY. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21682C0182/00T036 | Brussels | 945 m² | 1 · 144 m² | 8.5 m · 2 |