M&S AQUA PROJECT
ActiveThe computed 12-month bankruptcy probability of M&S AQUA PROJECT is 4.5% (elevated). The 2024 annual accounts show negative equity (€-63) and a net result of €-6k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 36375 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
19
/ 100
Critical
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability0▼-72
Solvency25▼-27
Growth55▼-13
Track record94
Bankruptcy probability, 12 months
4.5%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.98 against 1.26 in 2023; short-term debt: 100.4% and cash: 0.5% of total assets), and equity is negative.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-0.4%
Return on assets
-37.6%
Age of the figures
21 mo
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 →
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
21222324
2021 to 2024 · latest year €-63
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-09-2025, 49 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 · 4 filingsDeviation from the deadline
2025
not confirmed
2024
49 d late
2023
30 d late
2022
63 d late
2021
151 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Turnover
€37k▲ 293%
2021 · €9k
2021: €9k
2021 → 2022
EBIT margin
7.4%▼ 10.1pp
2021 · 17.5%
2021: 17.5%
2021 → 2022
Net result
€-6k
2023 · €552
2021: €1k
2022: €2k
2023: €552
2021 → 2024
Working capital
€-313
2023 · €4k
2021: €-2k
2022: €23k
2023: €4k
2021 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2021202220232024Trend
Turnover€9k-€37k▲ 293%
Equity€3k-€5k▲ 63.6%€6k▲ 10.5%€-63
Operating result€2k-€3k▲ 66.6%€745▼ 72.9%€-6k
Net result€1k-€2k▲ 69.4%€552▼ 72.9%€-6k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €6k after €745 in 2023, the lowest result in the available series.
Key figures and ratios
EBITDA
€-4k▼
2023 · €3k
Cash flow
€-4k▼
2023 · €2k
Solvency
-0.4%▼
2023 · 26.7%
Current ratio
0.98▼
2023 · 1.26
Quick ratio
0.89▼
2023 · 1.17
ROA
-37.6%▼
2023 · 2.6%
Interest coverage
-143.03▼
2023 · 46.80
Debt
€16k▼
2023 · €16k
Debt ≤ 1 year
€16k▼
2023 · €16k
Equity ratios withheld: equity of €-63 is too small for a meaningful ratio.
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€22k€16k▼
Formation expenses20€450€249▼
Fixed assets21/28€1k-
Tangible fixed assets22/27€1k-
Furniture and vehicles24€1k-
Current assets29/58€20k€15k▼
Stocks and contracts in progress3€1k€1k=
Stocks30/36€1k€1k=
Amounts receivable within one year40/41€16k€14k▼
Trade receivables40€14k€12k▼
Other amounts receivable41€2k€2k=
Cash at bank and in hand54/58€3k€84▼
Deferred charges and accrued income490/1€105-
Equity and liabilities
Total equity and liabilities10/49€22k€16k▼
Equity10/15€6k€-63▼
Contributions10/11€2k€2k=
Reserves13€4k€4k=
Distributable reserves133€4k€4k=
Profit (loss) carried forward14-€-6k
Amounts payable17/49€16k€16k▼
Amounts payable within one year42/48€16k€16k▼
Taxes, remuneration and social security45€1k€266▼
Taxes450/3€1k€266▼
Other amounts payable47/48€14k€15k▲
Income statement
Code20232024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€1k▼
Other operating charges640/8€1k€105▼
Gross operating margin9900€4k€-4k▼
Operating profit (loss)9901€745€-6k▼
Financial charges65/66B€55€31▼
Recurring financial charges65€55€31▼
Profit (loss) for the period before taxes9903€690€-6k▼
Income taxes67/77€138-
Profit (loss) for the period9904€552€-6k▼
Profit (loss) for the period to be appropriated9905€552€-6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€-6k▼
Profit (loss) brought forward from the previous period14P€3k-
Transfer to equity691/2€4k-
To other reserves6921€4k-
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 49 days late
2024
31-12
Financial
Weakest financial yearnet €-6k ▼1160%
Net result drops to €-6k, the lowest in the series.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
02-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 63 days late
2022
31-12
Financial
Highest result since 2021net €2k ▲69.4%
Operating result €3k, net result €2k, both a record.
31-12
Financial
Liquidity times 22current ratio 16.46
Current ratio from 0.75 to 16.46; short-term debt falls from €9k to €1k.
29-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 151 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, Beringen · 1 establishment unit since 2021
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.
Moestuinstraat 293582 BeringenGround area
1,045 m²
Building footprint
442 m²
Volume, LiDAR
1,686 m³
2 parcels, Flanders · tallest building 9.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
M&S AQUA PROJECT
since 20212.315.513.823
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71029B1576/00S000 | Flanders | 733 m² | 1 · 357 m² | 8.5 m · 1 fl. |
| 71522C0003/00V013 | Flanders | 312 m² | 1 · 85 m² | 9.5 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,038 companies in sector 43221 we hold annual accounts for 3,469. 1,234 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded02-04-2021
Fiscal year end31-12
Activities, NACEBEL
43221Plumbing work
41001General construction of residential buildings
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Data from official sources, last processed on 18-09-2026. Scores and ratios are computed by Checked and are not a credit decision.