Losses
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Every financial year from 2023 to 2025 closed with a loss. 2024 was the heaviest.
Five of the last ten came late. The 2020 accounts came latest: 166 days after the end of the period.
New director. Latest change 29-11-2025 · 2 in office.
The dashed line is the sector median: 0.4% across 26,891 companies (NACE 46, micro).
About 5 in 1,000 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 46, micro). It does better than 44% of them on solvency, 37% on liquidity, 29% on profitability and 37% 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 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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).
In July 2024, 6,908 companies had the same profile as M2 TECHNICS has now. Each dot stands for 18 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M2 TECHNICS itself: 0.5% within 12 months.
The method was tested on the 497,447 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 6,908 companies, not a prediction for M2 TECHNICS. 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.
Liquidity is ample, with a current ratio of 3.15 (3.09 in 2024), above the usual 1.5. Short-term debt is 31.8% and cash 2.4% of total assets. However, 64.9% of the assets are financed with debt and provisions.
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 35 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| M2 TECHNICS Tubize | €362,540 | -€775 | 35.1% | - |
| KAPSTONE EUROPE Bornem | €452,132 | -€27,909 | 94.6% | - |
| VIDOCQ Mechelen | €436,000 | -€8,715 | 77.2% | - |
| La Plantation Europe Grez-Doiceau | €465,821 | -€14,021 | -30.4% | - |
| JESTOH Hasselt | €445,337 | -€3,383 | 97.6% | - |
| WABE Assesse | €449,535 | -€3,872 | -12.7% | 0 |
| NATURA MEDIA EUROPE Mons | €515,071 | -€68,710 | 33.1% | - |
These companies have the same main activity as M2 TECHNICS: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €436,000 and €515,000, founded between 2006 and 2013.
M2 TECHNICS files the micro format. That format states no turnover. The gross margin fell from €17,976 in 2009 to -€775 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 46% of 13,805 companies in 2025.
Higher than 72% of 13,186 companies in 2025.
Higher than 32% of 13,365 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||
20/58 |
362,540 | 368,077 | 423,746 | 359,726 | 316,716 | 477,084 | 418,745 | 196,690 | 228,705 | 235,692 | 264,571 | 289,893 | 277,381 | 108,368 | 127,560 | |
20 |
- | - | - | - | - | - | - | - | - | - | - | 44 | 421 | 687 | 953 | |
21/28 |
- | - | - | 451 | 2,555 | 9,347 | 16,140 | 22,932 | 31,827 | 32,147 | 46,313 | 60,891 | 34,305 | 1,926 | 2,830 | |
21 |
- | - | - | - | - | - | - | - | - | - | - | 175 | 600 | 900 | 1,200 | |
22/27 |
- | - | - | 451 | 2,555 | 9,347 | 16,140 | 22,932 | 31,827 | 32,147 | 46,313 | 60,672 | 33,284 | 339 | 677 | |
23 |
- | - | - | 451 | 2,555 | 5,608 | 8,662 | 11,715 | 14,875 | 19,769 | 25,847 | 31,925 | 31,894 | 339 | 677 | |
24 |
- | - | - | - | - | 3,739 | 7,478 | 11,217 | 16,952 | 12,378 | 20,466 | 28,747 | 1,391 | - | - | |
29/58 |
362,540 | 368,077 | 423,746 | 359,275 | 314,161 | 467,737 | 402,605 | 173,758 | 196,878 | 203,545 | 218,258 | 229,002 | 243,076 | 106,443 | 124,730 | |
3 |
- | - | - | - | - | - | - | - | 16,688 | 71,134 | 74,307 | - | 24,821 | - | - | |
30/36 |
- | - | - | - | - | - | - | - | 16,688 | 71,134 | 74,307 | - | 24,821 | - | - | |
40/41 |
353,502 | 354,984 | 343,646 | 356,598 | 307,240 | 440,770 | 394,106 | 151,309 | 150,106 | 100,763 | 122,929 | 149,133 | 141,439 | 15,418 | 78,427 | |
40 |
346,766 | 345,100 | 341,360 | 351,233 | 299,525 | 414,547 | 388,789 | 138,264 | 145,475 | 95,324 | 113,162 | 144,877 | 140,817 | 11,915 | 77,558 | |
41 |
6,736 | 9,884 | 2,286 | 5,364 | 7,714 | 26,224 | 5,317 | 13,045 | 4,631 | 5,439 | 9,767 | 4,256 | 622 | 3,503 | 868 | |
54/58 |
8,799 | 13,093 | 16,582 | 2,369 | 5,605 | 23,709 | 5,639 | 19,288 | 26,652 | 26,219 | 14,480 | 75,510 | 74,810 | 90,920 | 46,257 | |
490/1 |
239 | - | 63,518 | 308 | 1,317 | 3,258 | 2,860 | 3,161 | 3,432 | 5,429 | 6,542 | 4,359 | 2,005 | 104 | 46 | |
| Balance sheet: equity and liabilities | ||||||||||||||||
10/49 |
362,540 | 368,077 | 423,746 | 359,726 | 316,716 | 477,084 | 418,745 | 196,690 | 228,705 | 235,692 | 264,571 | 289,893 | 277,381 | 108,368 | 127,560 | |
10/15 |
127,318 | 128,906 | 146,055 | 100,603 | 84,349 | 147,347 | 107,133 | 101,603 | 115,154 | 167,618 | 191,746 | 196,678 | 185,321 | 98,823 | 110,681 | |
10/11 |
175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 100,000 | 100,000 | |
10 |
175,000 | 175,000 | 175,000 | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 175,000 | 100,000 | 100,000 | |
13 |
10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,016 | 10,000 | 10,000 | |
130/1 |
10,584 | 10,584 | 10,584 | 10,584 | 10,584 | - | - | - | - | - | - | - | - | - | - | |
130 |
10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,584 | 10,016 | 10,000 | 10,000 | |
14 |
-58,266 | -56,678 | -39,529 | -84,981 | -101,234 | -38,237 | -78,451 | -83,981 | -70,430 | -17,966 | 6,162 | 11,094 | 305 | -11,177 | 681 | |
16 |
120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | - | - | - | - | - | - | - | - | |
160/5 |
120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | 120,000 | - | - | - | - | - | - | - | - | |
160 |
120,000 | 120,000 | 120,000 | 120,000 | - | - | - | - | - | - | - | - | - | - | - | |
164/5 |
- | - | - | - | 120,000 | 120,000 | 120,000 | - | - | - | - | - | - | - | - | |
17/49 |
115,223 | 119,171 | 157,691 | 139,124 | 112,366 | 209,737 | 191,612 | 95,087 | 113,551 | 68,074 | 72,825 | 93,215 | 92,060 | 9,546 | 16,879 | |
17 |
- | - | - | - | - | 589 | 4,077 | 7,489 | 10,826 | 3,084 | 9,831 | 17,405 | - | - | - | |
170/4 |
- | - | - | - | - | 589 | 4,077 | 7,489 | 10,826 | 3,084 | 9,831 | 17,405 | - | - | - | |
42/48 |
115,223 | 119,171 | 157,691 | 139,124 | 112,366 | 208,707 | 187,488 | 87,598 | 102,725 | 64,990 | 62,994 | 71,031 | 92,053 | 9,530 | 16,872 | |
42 |
- | - | - | - | 589 | 3,488 | 3,412 | 3,337 | 6,346 | 6,748 | 7,574 | 7,219 | - | - | - | |
44 |
83,606 | 87,554 | 125,591 | 80,124 | 69,749 | 141,101 | 149,058 | 82,183 | 87,506 | 50,970 | 36,843 | 32,857 | 56,693 | 3,301 | 5,984 | |
440/4 |
83,606 | 87,554 | 125,591 | 80,124 | 69,749 | 141,101 | 149,058 | 82,183 | 87,506 | 50,970 | 36,843 | 32,857 | 56,693 | 3,301 | 5,984 | |
45 |
- | - | - | - | 28 | 19,118 | 24,018 | 2,079 | 8,873 | 7,272 | 18,577 | 30,955 | 25,360 | 6,229 | 10,888 | |
450/3 |
- | - | - | - | 28 | 167 | 6,582 | 99 | 149 | 4,955 | 5,007 | 16,864 | 13,093 | 6,229 | 10,888 | |
454/9 |
- | - | - | - | - | 18,951 | 17,436 | 1,980 | 8,724 | 2,317 | 13,570 | 14,091 | 12,266 | - | - | |
47/48 |
31,617 | 31,617 | 32,100 | 59,000 | 42,000 | 45,000 | 11,000 | - | - | - | - | - | 10,000 | - | - | |
492/3 |
- | - | - | - | - | 440 | 47 | - | - | - | - | 4,779 | 7 | 16 | 7 | |
| Income statement | ||||||||||||||||
76A |
- | - | - | - | 3,761 | - | - | - | 40 | - | - | - | 1,778 | 2,250 | - | |
9900 |
-775 | -11,860 | -3,315 | 25,165 | -18,361 | 263,020 | 279,937 | 118,474 | 166,525 | 174,189 | 199,891 | 391,709 | 107,399 | -12,656 | 17,976 | |
62 |
- | - | - | 85 | 41,076 | 109,282 | 145,808 | 121,269 | 204,037 | 180,221 | 185,901 | 322,226 | 89,829 | - | - | |
630 |
- | - | - | 2,104 | 3,054 | 6,793 | 6,793 | 8,895 | 12,054 | 14,166 | 14,579 | 21,144 | 6,491 | 905 | 1,015 | |
631/4 |
- | - | - | - | - | 102,079 | - | - | - | - | - | - | - | - | - | |
635/8 |
- | - | - | 6,081 | - | - | 120,000 | - | - | - | - | - | - | - | - | |
640/8 |
537 | 5,034 | 498 | 498 | 190 | 1,064 | 1,053 | 1,130 | 1,394 | 1,760 | 1,732 | 4,001 | 836 | 348 | 799 | |
66A |
- | - | 315 | - | - | 2,786 | - | - | - | - | - | - | - | - | - | |
9901 |
-1,312 | -16,894 | -4,127 | 16,397 | -62,681 | 41,018 | 6,283 | -12,820 | -50,960 | -21,958 | -2,321 | 44,338 | 10,243 | -13,908 | 16,161 | |
75/76B |
- | - | - | 98 | 78 | - | - | 86 | - | 50 | 9 | 327 | 175 | 621 | 382 | |
75 |
- | - | - | 98 | 78 | - | - | 86 | - | 50 | 9 | 327 | 175 | 621 | 382 | |
65/66B |
276 | 255 | 263 | 241 | 367 | 636 | 519 | 718 | 1,395 | 2,046 | 2,438 | 26,153 | 699 | 149 | 170 | |
65 |
276 | 255 | 263 | 241 | 367 | 636 | 519 | 718 | 1,395 | 2,046 | 2,438 | 26,153 | 699 | 149 | 170 | |
9903 |
-1,588 | -17,149 | -4,391 | 16,253 | -62,970 | 40,382 | 5,764 | -13,452 | -52,315 | -23,954 | -4,750 | 18,512 | 11,498 | -11,186 | 16,374 | |
67/77 |
- | - | - | - | 28 | 167 | 235 | 99 | 149 | 174 | 182 | 7,155 | - | 672 | 5,692 | |
9904 |
-1,588 | -17,149 | -4,391 | 16,253 | -62,998 | 40,215 | 5,530 | -13,551 | -52,464 | -24,128 | -4,932 | 11,357 | 11,498 | -11,859 | 10,681 | |
9905 |
-1,588 | -17,149 | -4,391 | 16,253 | -62,998 | 40,215 | 5,530 | -13,551 | -52,464 | -24,128 | -4,932 | 11,357 | 11,498 | -11,859 | 10,681 | |
| Appropriation of the result | ||||||||||||||||
9906 |
-58,266 | -56,678 | -39,529 | -84,981 | -101,234 | -38,237 | -78,451 | -83,981 | -70,430 | -17,966 | 6,162 | 11,662 | 321 | -11,177 | 10,681 | |
14P |
-56,678 | -39,529 | -35,138 | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 568 | 16 | - | 10,000 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 568 | 16 | - | 10,000 | |
| Social balance sheet | ||||||||||||||||
9087 |
- | - | - | - | 2 | 2 | 2.1 | 2 | 2.9 | 3 | 3 | 3.3 | 1.4 | - | - | |
Hours worked1013 |
- | - | - | - | 589 | 2,889 | 3,609 | 3,405 | 5,065 | 5,185 | 5,280 | 8,817 | 2,449 | - | - | |
| Document | ||||||||||||||||
The notes to these accounts have 4 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 05-03-2026.
2025 annual accounts filed 33 days after the deadline. Filed on 5 March 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00050105.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 05-03-2026 | 2026-00050105 | |
| 30-06-2024 | micro format | 04-03-2025 | 2025-00043973 | |
| 30-06-2023 | micro format | 26-02-2024 | 2024-00034357 | |
| 30-06-2021 | micro format | 22-02-2022 | 2022-06100152 | |
| 30-06-2020 | micro format | 16-07-2021 | 2021-36800519 | |
| 30-06-2019 | micro format | 28-12-2019 | 2019-77700314 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-03500371 | |
| 30-06-2017 | micro format | 15-01-2018 | 2018-01500047 | |
| 30-06-2016 | full format | 21-12-2016 | 2016-70800286 | |
| 30-06-2015 | full format | 21-12-2015 | 2015-69600147 | |
| 30-06-2014 | full format | 13-01-2015 | 2015-01100404 | |
| 30-06-2013 | full format | 21-12-2013 | 2013-69700213 | |
| 31-12-2011 | full format | 31-08-2012 | 2012-53000510 | |
| 31-12-2010 | full format | 29-07-2011 | 2011-36100029 | |
| 31-12-2009 | full format | 27-07-2010 | 2010-35500217 |
| Line | Trend | 2025 | 2024 | 2023 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | 18,500 | -59,627 | 47,810 | 13,075 | -3,926 | -38,906 | -7,792 | 12,258 | 65,482 | 16,735 | -13,004 | 17,177 | ||
| - | - | - | 18,357 | -59,944 | 47,007 | 12,322 | -4,656 | -40,410 | -9,962 | 9,647 | 32,501 | 17,989 | -10,954 | 11,697 | ||
| - | - | - | 0 | -3,739 | 0 | 0 | -0 | 18,695 | 0 | 1 | 47,730 | 38,871 | 0 | 2,516 | ||
| -4,293 | -3,489 | - | -3,236 | -18,104 | 18,070 | -13,650 | -7,364 | 433 | 11,739 | -61,030 | - | -16,110 | 44,663 | - | ||
| 247,318 | 248,906 | 266,055 | 220,151 | 201,795 | 259,029 | 215,117 | 86,160 | 94,153 | 138,555 | 155,264 | 157,971 | 151,023 | 96,913 | 107,858 | ||
| 35.1% | 35.0% | 34.5% | 28.0% | 26.6% | 30.9% | 25.6% | 51.7% | 50.4% | 71.1% | 72.5% | 67.8% | 66.8% | 91.2% | 86.8% | ||
| 3.15 | 3.09 | 2.69 | 2.58 | 2.80 | 2.24 | 2.15 | 1.98 | 1.92 | 3.13 | 3.46 | 3.22 | 2.64 | 11.17 | 7.39 | ||
| 3.15 | 3.09 | 2.69 | 2.58 | 2.80 | 2.24 | 2.15 | 1.98 | 1.75 | 2.04 | 2.29 | 3.22 | 2.37 | 11.17 | 7.39 | ||
| 0.91 | 0.92 | 1.08 | 1.38 | 1.33 | 1.42 | 1.79 | 0.94 | 0.99 | 0.41 | 0.38 | 0.47 | 0.50 | 0.10 | 0.15 | ||
| -1.2% | -13.3% | -3.0% | 16.2% | -74.7% | 27.3% | 5.2% | -13.3% | -45.6% | -14.4% | -2.6% | 5.8% | 6.2% | -12.0% | 9.7% | ||
| -0.4% | -4.7% | -1.0% | 4.5% | -19.9% | 8.4% | 1.3% | -6.9% | -22.9% | -10.2% | -1.9% | 3.9% | 4.1% | -10.9% | 8.4% |
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.
The operating result for 2025 is a loss of €1,312, smaller than the loss of €16,894 in 2024.
Debt's share of the balance-sheet total falls from 32.4% to 31.8%. Equity and debt are lower.
Source: lists of holdings in the owners' accounts
M2 TECHNICS has no parent and no holdings in its annual accounts.
| TERRA ELEC
registered office since 01-01-2020 · founded in 2009 |
51 FTE (2025) 0810.856.949 |
| QUADRALIGHT
registered office since 17-07-2020 · founded in 2020 |
2.4 FTE (2025) 0750.811.474 |
| IMMO SCRATCH
registered office since 22-03-1988 · founded in 1988 |
total assets €194,382 (2025) 0433.597.027 |
| Etudes et Installations Electriques & Chauffage
registered office since 30-08-2017 · founded in 2017 |
total assets €136,941 (2025) 0680.557.443 |
The network starts from the directors of M2 TECHNICS. Every other company they run is a node.
Deadline for the 2026 accounts: 31-01-2027
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 |
|---|---|---|
| Avenue Zénobe Gramme 1 registered office 1480 Tubize | ||
| Rozengaardstraat 9 1082 Berchem-Sainte-Agathe | 08-09-2008 | 2.173.019.833 |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25097C0575/00E002 | Wallonia | 2,594 m² | 1 · 1,030 m² | 6.6 m · 2 |
| 21003A0086/00A002 | Brussels | 202 m² | 1 · 82 m² | 10.1 m · 3 |
If something looks wrong or is missing, please tell us.