M-Square
ActiveSummary
M-Square has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €199,561 and a net result of €20,941. Equity is growing by ~4.5% per year across the filed fiscal years. Its solvency ranks better than 85% of 2318 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+18
Solvency100▲+14
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17,000 at 30 days acceptable
Liquidity tight (current ratio 1.21 against 0.85 in 2024; short-term debt: 20.6% and cash: 12.1% of total assets), and 25.4% of the assets are financed with debt.
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Signals
Four 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 93
Relative position
BE, all sectors
reference
Sports, amusement and recreation activities (NACE 93)
about 50% 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
74.6%
Return on assets
7.8%
Age of the figures
12 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 13-05-2026, 13 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
13 d late
2024
on the day
2023
5 d early
2022
12 d early
2021
3 d early
2020
8 d early
2019
31 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#10 company by total assets in Middelkerke, Arts, sports and recreation sector#10 oldest company in Middelkerke, Arts, sports and recreation sector
Equity
€199,561▲ 11.7%
2024 · €178,620
Total assets
€267,458▼ 8.4%
2024 · €291,976
Net result
€20,941▲ 521%
2024 · €3,370
Working capital
€11,587
2024 · -€14,613
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€33,504▲ 278%€1,725▼ 94.9%-€12,889€7,657€25,741▲ 236%
Net result€31,838▲ 377%-€28-€16,610▼ 59,519%€3,370€20,941▲ 521%
Equity€191,888▲ 19.9%€191,860=€175,250▼ 8.7%€178,620▲ 1.9%€199,561▲ 11.7%
Total assets€253,081▲ 12.7%€220,640▼ 12.8%€248,238▲ 12.5%€291,976▲ 17.6%€267,458▼ 8.4%
Debt€61,194▼ 5.1%€28,781▼ 53.0%€72,988▲ 154%€113,356▲ 55.3%€67,897▼ 40.1%
Working capital€66,685▲ 129%€34,755▼ 47.9%-€11,819-€14,613▼ 23.6%€11,587
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 236% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €267,458
Fixed assets
€200,692 ▼ 4.8%
Current assets
€66,767 ▼ 17.7%
Equity and liabilities €267,458
Equity
€199,561 ▲ 11.7%
Debt
€67,897 ▼ 40.1%
Debt's share of the balance-sheet total falls from 38.8% to 25.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€42,747▲
2024 · €20,701
Cash flow
€37,948▲
2024 · €16,415
Current ratio
1.21▲
2024 · 0.85
Quick ratio
0.87▲
2024 · 0.55
Debt to equity
0.34▼
2024 · 0.63
ROE
10.5%▲
2024 · 1.9%
ROA
7.8%▲
2024 · 1.2%
Interest coverage
9.18▲
2024 · 4.91
Debt ≤ 1 year
€55,179▼
2024 · €95,730
Debt > 1 year
€12,718▼
2024 · €17,626
Income taxes
€159▼
2024 · €166
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,112 | €2,962 | €6,389 | €13,045 | €17,006 | ▲ 30.4% |
| Other operating charges640/8 | €3,504 | €5,891 | €12,449 | €5,025 | €5,081 | ▲ 1.1% |
| Gross operating margin9900 | €47,119 | €10,578 | €5,949 | €25,726 | €47,828 | ▲ 85.9% |
| Operating profit (loss)9901 | €33,504 | €1,725 | -€12,889 | €7,657 | €25,741 | ▲ 236% |
| Financial income75/76B | €1 | €8 | €0 | €97 | €14 | ▼ 85.4% |
| Recurring financial income75 | €1 | €8 | €0 | €97 | €14 | ▼ 85.4% |
| Financial charges65/66B | €1,666 | €1,760 | €3,606 | €4,217 | €4,655 | ▲ 10.4% |
| Recurring financial charges65 | €1,666 | €1,760 | €3,606 | €4,217 | €4,655 | ▲ 10.4% |
| Profit (loss) for the period before taxes9903 | €31,838 | -€28 | -€16,495 | €3,536 | €21,100 | ▲ 497% |
| Income taxes67/77 | - | - | €115 | €166 | €159 | ▼ 4.4% |
| Profit (loss) for the period9904 | €31,838 | -€28 | -€16,610 | €3,370 | €20,941 | ▲ 521% |
| Profit (loss) for the period to be appropriated9905 | €31,838 | -€28 | -€16,610 | €3,370 | €20,941 | ▲ 521% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €253,081 | €220,640 | €248,238 | €291,976 | €267,458 | ▼ 8.4% |
| Fixed assets21/28 | €151,486 | €157,531 | €187,068 | €210,859 | €200,692 | ▼ 4.8% |
| Tangible fixed assets22/27 | €151,436 | €157,481 | €187,018 | €210,809 | €200,642 | ▼ 4.8% |
| Plant, machinery and equipment23 | €150,956 | €151,613 | €160,791 | €184,115 | €181,680 | ▼ 1.3% |
| Furniture and vehicles24 | €0 | €2,159 | €2,717 | €3,290 | €1,703 | ▼ 48.2% |
| Other tangible fixed assets26 | €480 | €3,708 | €23,511 | €23,404 | €17,258 | ▼ 26.3% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €101,595 | €63,110 | €61,169 | €81,117 | €66,767 | ▼ 17.7% |
| Stocks and contracts in progress3 | €19,551 | €24,078 | €25,390 | €28,217 | €18,660 | ▼ 33.9% |
| Stocks30/36 | €19,551 | €24,078 | €25,390 | €28,217 | €18,660 | ▼ 33.9% |
| Amounts receivable within one year40/41 | €0 | €3,852 | €20,402 | €21,065 | €12,472 | ▼ 40.8% |
| Trade receivables40 | €0 | €3,749 | €20,299 | €21,065 | €12,472 | ▼ 40.8% |
| Other amounts receivable41 | - | €103 | €103 | €0 | - | - |
| Cash at bank and in hand54/58 | €82,044 | €30,795 | €12,177 | €28,636 | €32,434 | ▲ 13.3% |
| Deferred charges and accrued income490/1 | - | €4,385 | €3,200 | €3,200 | €3,200 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €253,081 | €220,640 | €248,238 | €291,976 | €267,458 | ▼ 8.4% |
| Equity10/15 | €191,888 | €191,860 | €175,250 | €178,620 | €199,561 | ▲ 11.7% |
| Contributions10/11 | €18,609 | €18,609 | €18,609 | €18,609 | €18,609 | = |
| Revaluation surpluses12 | €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €191,860 | €191,860 | €191,860 | €191,860 | €191,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €190,000 | €190,000 | €190,000 | €190,000 | €190,000 | = |
| Profit (loss) carried forward14 | -€168,581 | -€168,609 | -€185,219 | -€181,849 | -€160,907 | ▲ 11.5% |
| Amounts payable17/49 | €61,194 | €28,781 | €72,988 | €113,356 | €67,897 | ▼ 40.1% |
| Amounts payable after more than one year17 | €14,283 | €426 | €0 | €17,626 | €12,718 | ▼ 27.8% |
| Financial debts170/4 | €14,283 | €426 | €0 | €17,626 | €12,718 | ▼ 27.8% |
| Amounts payable within one year42/48 | €34,910 | €28,355 | €72,988 | €95,730 | €55,179 | ▼ 42.4% |
| Current portion of amounts payable after more than one year42 | €10,921 | €12,268 | €426 | €4,712 | €4,908 | ▲ 4.1% |
| Financial debts43 | - | - | €1 | €0 | - | - |
| Credit institutions430/8 | - | - | €1 | €0 | - | - |
| Trade debts44 | €11,991 | €6,679 | €21,192 | €37,840 | €25,352 | ▼ 33.0% |
| Suppliers440/4 | €11,991 | €6,679 | €21,192 | €37,840 | €25,352 | ▼ 33.0% |
| Taxes, remuneration and social security45 | €11,999 | €9,408 | €12,117 | €17,940 | €12,945 | ▼ 27.8% |
| Taxes450/3 | €11,999 | €9,408 | €12,117 | €17,940 | €12,945 | ▼ 27.8% |
| Other amounts payable47/48 | €0 | - | €39,253 | €35,238 | €11,974 | ▼ 66.0% |
| Accrued charges and deferred income492/3 | €12,000 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,838 | -€28 | -€16,610 | €3,370 | €20,941 | ▲ 521% |
| + Depreciation and write-downs630 | €10,112 | €2,962 | €6,389 | €13,045 | €17,006 | ▲ 30.4% |
| Operating cash flow (approximation) | €41,950 | €2,934 | -€10,221 | €16,415 | €37,948 | ▲ 131% |
| Investment in fixed assets (approximation) | - | -€9,007 | -€35,927 | -€36,835 | -€6,839 | ▲ 81.4% |
| Change in cash | - | -€51,249 | -€18,618 | €16,459 | €3,798 | ▼ 76.9% |
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
13-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 13 days late
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €3,370
Net result €3,370 after 2 loss-making years.
25-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Weakest financial yearnet -€16,610
Net result drops to -€16,610, the lowest in the series; recovery starts the following year.
18-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
22-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Highest result since 2018net €41,468 ▲5.4%
Operating result €43,639, net result €41,468, both a record.
30-09
Financial
Equity above €150,000Eq €153,376 ▲37.1%
2 profitable years in a row build equity to €153,376.
29-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-03
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 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 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, Middelkerke · 1 establishment unit since 2000
Ground area
109 m²
Building footprint
109 m²
Volume, LiDAR
1,503 m³
Parcel 35022A0001/00Y028, Flanders · tallest building 15.7 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
SQUARE LUNAPARK
since 20002.099.215.008
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35022A0001/00Y028 | Flanders | 109 m² | 1 · 109 m² | 15.7 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
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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Of 6,732 companies in sector 93299 we hold annual accounts for 1,168. 789 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
Founded10-11-1999
Fiscal year end30-09
Activities, NACEBEL 2025
93299Other amusement and recreation activities
Scores and ratios are computed by Checked and are not a credit decision.