Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The accounts state no turnover.
Of this, €36,809 falls due within a year.
Short-term debts rose from €9,533 to €36,809.
The 2023 accounts came 30 days late. The other six were filed on time.
Lower solvency than 90% of companies in construction of buildings. Sector median 38.6% · 2,816 companies.
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 41, micro). It does better than 11% of them on solvency, 45% on liquidity, 23% on profitability and 73% on growth.
The bankruptcy probability was computed on 09-11-2026 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 elevated class on 30-06-2025, 6.3% 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).
Liquidity is insufficient, with a current ratio of 0.3 (0.86 in 2024), below 1. Short-term debt is 16.9% and cash 0.2% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 14 days before the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Shares in 1 company, MODEL DECO
Board & ownership| Company | ||||
|---|---|---|---|---|
| M2 PROJECTS Lokeren | €217,949 | €1,654 | -0.4% | - |
| SISI-IMMO-DEAL Overijse | €244,134 | €1,849 | -6.9% | - |
| HELLINCKX INVESTMENT Aalst | €216,014 | -€2,023 | 41.0% | - |
| Easyliving Wonen Ghent | €218,941 | -€560 | 26.4% | - |
| PDVA Ghent | €236,083 | €1,311 | 9.3% | - |
| Binlu Leopoldsburg | €309,467 | €1,564 | 57.9% | - |
| BT-CONCEPT Herentals | €153,860 | €2,028 | 59.4% | - |
These companies have the same main activity as M2 PROJECTS: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €154,000 and €309,000, founded between 2018 and 2021.
M2 PROJECTS files the abbreviated format. That format states no turnover. The gross margin rose from -€3,234 in 2019 to €1,654 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €21,000. Estimated: probably between €9,700 and €40,000.
Higher than 10% of 2,816 companies in 2025.
Lower than 95% of 2,745 companies in 2025.
Higher than 28% of 2,781 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
217,949 | 190,223 | 185,950 | 104,459 | 1,653 | 2,877 | 6,192 | |
21/28 |
207,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
28 |
207,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
29/58 |
10,949 | 8,223 | 3,950 | 2,459 | 1,653 | 2,877 | 6,192 | |
40/41 |
10,533 | 7,889 | 1,618 | 2,219 | 219 | - | - | |
40 |
10,420 | 7,253 | 1,500 | 2,000 | - | - | - | |
41 |
113 | 637 | 118 | 219 | 219 | - | - | |
54/58 |
416 | 334 | 2,332 | 240 | 1,434 | 2,877 | 6,192 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
217,949 | 190,223 | 185,950 | 104,459 | 1,653 | 2,877 | 6,192 | |
10/15 |
-860 | -1,309 | -1,159 | -1,447 | -1,875 | -160 | 1,799 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | |
14 |
-7,060 | -7,509 | -7,359 | -7,647 | -8,075 | -6,360 | -4,401 | |
17/49 |
218,809 | 191,533 | 187,109 | 105,906 | 3,528 | 3,036 | 4,392 | |
17 |
182,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
170/4 |
182,000 | 182,000 | 182,000 | 102,000 | - | - | - | |
42/48 |
36,809 | 9,533 | 5,109 | 3,906 | 3,528 | 3,036 | 4,392 | |
44 |
0 | 797 | 505 | 505 | 481 | - | 2,189 | |
440/4 |
0 | 797 | 505 | 505 | 481 | - | 2,189 | |
47/48 |
36,809 | 8,736 | 4,603 | 3,400 | 3,047 | 3,036 | 2,203 | |
| Income statement | ||||||||
9900 |
1,654 | 763 | 1,243 | 1,782 | -1,024 | -1,132 | -3,234 | |
640/8 |
544 | 678 | 712 | 985 | 644 | 686 | 1,126 | |
9901 |
1,110 | 85 | 530 | 797 | -1,668 | -1,818 | -4,360 | |
65/66B |
661 | 236 | 242 | 369 | 48 | 141 | 41 | |
65 |
661 | 236 | 242 | 369 | 48 | 141 | 41 | |
9903 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
9904 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
9905 |
449 | -151 | 288 | 428 | -1,715 | -1,959 | -4,401 | |
| Appropriation of the result | ||||||||
9906 |
-7,060 | -7,509 | -7,359 | -7,647 | -8,075 | -6,360 | -4,401 | |
14P |
-7,509 | -7,359 | -7,647 | -8,075 | -6,360 | - | - | |
| Document | ||||||||
The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00226296 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00349510 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00417891 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00223032 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20174518 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-29000178 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-24300518 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 25,000 | - | 80,000 | 102,000 | - | - | - | ||
| 82 | -1,998 | 2,092 | -1,195 | -1,442 | -3,315 | - | ||
| -25,860 | -1,309 | -1,159 | -1,447 | -1,875 | -160 | 1,799 | ||
| -0.4% | -0.7% | -0.6% | -1.4% | - | - | 29.1% | ||
| 0.30 | 0.86 | 0.77 | 0.63 | - | - | 1.41 | ||
| - | - | - | - | - | - | 2.44 | ||
| - | - | - | - | - | - | -244.6% | ||
| 0.2% | -0.1% | 0.2% | 0.4% | - | - | -71.1% |
The equity ratios are withheld because equity of -€860 is too small for a meaningful ratio.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Financial fixed assets | €25,000 | - | €80,000 | €102,000 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 13 times that of 2024 and the highest since 2019. It is a recovery after the fall in 2024.
Equity is negative. Debt (€218,809) exceeds the balance-sheet total (€217,949).
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| T-Cube
registered office since 18-04-2013 · founded in 2013 |
0.8 FTE (2025) 0526.926.368 |
| COCHABAMBA via MOUTON Gerd, at M2 PROJECTS, last mentioned in 2018 · Director · deed of 22-09-2023 founded in 2016 |
total assets €1.3m (2025) |
| HUSHLIST via MOUTON Gerd, at M2 PROJECTS, last mentioned in 2018 · Director · deed of 10-07-2026 |
founded in 2026 |
| Name | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| MODEL DECO | 51% | 75.5% | 100% | |
Source: list of holdings in its own accounts
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Heyerstraat 27 registered office 9160 Lokeren 6811001 Buying and selling of own real estate | 14-11-2018 | 2.282.217.285 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 46383D1272/00N000 | 2,298 m² | 1 · 126 m² | 7.7 m · 1 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0713.550.113
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