M-Squared
ActiveM-Squared has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €123k and a net result of €50k. Equity is growing by ~62% per year across the filed fiscal years. Its solvency ranks better than 41% of 9388 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
68
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability92▲+16
Solvency70▲+15
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity ample (current ratio 1.54 against 1.0 in 2024; short-term debt: 26.1% and cash: 9.2% of total assets), but 55% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← fewer bankruptcies
more bankruptcies →
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
45%
Return on assets
18.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-06-2026, 60 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
60 d early
2024
56 d early
2023
41 d early
2022
67 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€123k▲ 60.0%
2024 · €77k
2022: €28k
2023: €64k
2024: €77k
2022 → 2025
Total assets
€274k▲ 7.6%
2024 · €254k
2022: €118k
2023: €216k
2024: €254k
2022 → 2025
Net result
€50k▲ 231%
2024 · €15k
2022: €23k
2023: €37k
2024: €15k
2022 → 2025
Working capital
€39k▲ 29,042%
2024 · €134
2022: €-2k
2023: €-8k
2024: €134
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€28k-€64k▲ 128%€77k▲ 21.2%€123k▲ 60.0%
Operating result€31k-€51k▲ 64.8%€25k▼ 50.7%€77k▲ 208%
Net result€23k-€37k▲ 62.3%€15k▼ 59.3%€50k▲ 231%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 208% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €274k
Fixed assets
€164k▼ 6.4%
Current assets
€110k▲ 38.4%
Equity and liabilities €274k
Equity
€123k▲ 60.0%
Debt
€151k▼ 15.1%
The debt ratio falls from 69.7% to 55.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€136k▲
2024 · €71k
Cash flow
€109k▲
2024 · €62k
Solvency
45.0%▲
2024 · 30.3%
Current ratio
1.54▲
2024 · 1.00
Quick ratio
1.52▲
2024 · 0.88
Debt / equity
1.22▼
2024 · 2.30
ROE
40.7%▲
2024 · 19.7%
ROA
18.3%▲
2024 · 6.0%
Interest coverage
11.24▲
2024 · 10.81
Debt
€151k▼
2024 · €177k
Debt ≤ 1 year
€71k▼
2024 · €80k
Debt > 1 year
€78k▼
2024 · €98k
Income taxes
€15k▲
2024 · €3k
Staff costs
€63k▼
2024 · €69k
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 · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€254k€274k▲
Fixed assets21/28€175k€164k▼
Tangible fixed assets22/27€172k€161k▼
Plant, machinery and equipment23€76k€66k▼
Furniture and vehicles24€15k€25k▲
Leasing and similar rights25€81k€69k▼
Financial fixed assets28€3k€3k=
Current assets29/58€80k€110k▲
Stocks and contracts in progress3€10k€2k▼
Stocks30/36€2k€2k▲
Contracts in progress37€8k€0▼
Amounts receivable within one year40/41€38k€79k▲
Trade receivables40€27k€52k▲
Other amounts receivable41€11k€26k▲
Current investments50/53€0-
Cash at bank and in hand54/58€27k€25k▼
Deferred charges and accrued income490/1€5k€4k▼
Equity and liabilities
Total equity and liabilities10/49€254k€274k▲
Equity10/15€77k€123k▲
Contributions10/11€1k€1k=
Reserves13€4k€4k=
Distributable reserves133€4k€4k=
Profit (loss) carried forward14€72k€118k▲
Amounts payable17/49€177k€151k▼
Amounts payable after more than one year17€98k€78k▼
Financial debts170/4€98k€78k▼
Amounts payable within one year42/48€80k€71k▼
Current portion of amounts payable after more than one year42€42k€34k▼
Financial debts43€302€422▲
Credit institutions430/8€302€422▲
Trade debts44€19k€14k▼
Suppliers440/4€19k€14k▼
Taxes, remuneration and social security45€5k€9k▲
Taxes450/3€5k€9k▲
Remuneration and social security454/9-€652
Other amounts payable47/48€14k€14k▼
Accrued charges and deferred income492/3€0€842▲
Income statement
Code20242025
Non-recurring operating income76A€2k€0▼
Remuneration, social security and pensions62€69k€63k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€46k€59k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€9k
Other operating charges640/8€2k€2k▲
Non-recurring operating charges66A€4k€300▼
Gross operating margin9900€146k€210k▲
Operating profit (loss)9901€25k€77k▲
Financial income75/76B€6€11▲
Recurring financial income75€6€11▲
Financial charges65/66B€7k€12k▲
Recurring financial charges65€7k€12k▲
Profit (loss) for the period before taxes9903€18k€65k▲
Income taxes67/77€3k€15k▲
Profit (loss) for the period9904€15k€50k▲
Profit (loss) for the period to be appropriated9905€15k€50k▲
Appropriation of the result
Profit (loss) to be appropriated9906€74k€122k▲
Profit (loss) brought forward from the previous period14P€59k€72k▲
Profit to be distributed694/7€2k€4k▲
Return on contributions (dividend)694€2k€0▼
Directors or managers695-€4k
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2022net €50k ▲231%
Operating result €77k, net result €50k, both a record.
31-12
Financial
Equity above €100kEq €123k ▲60%
4 profitable years in a row build equity to €123k.
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €15k ▼59.3%
Net result drops to €15k, the lowest in the series; recovery starts the following year.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Sint-Niklaas · 1 establishment unit since 2019
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.
Leestraat 139112 Sint-NiklaasGround area
1,476 m²
Building footprint
169 m²
Volume, LiDAR
630 m³
Parcel 46019C0522/00E000, Flanders · tallest building 6.9 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
M-Squared
since 20192.286.165.086
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46019C0522/00E000 | Flanders | 1,476 m² | 1 · 169 m² | 6.9 m · 1 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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 1,805 EUR awarded · 1,805 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 479 EUR | 479 EUR |
| 2024 | 1 | 1,206 EUR | 1,206 EUR |
| 2022 | 1 | 120 EUR | 120 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 908 companies in sector 25120 we hold annual accounts for 677. 505 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded19-01-2019
Fiscal year end31-12
Activities, NACEBEL
25120Manufacture of fabricated metal products, except machinery and equipment
71112Activities of interior architects
33110Repair and maintenance of fabricated metal products
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:000@000.be
Phone:000000000