MAAJ
ActiveSummary
MAAJ has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €973,787 and a net result of €320,168. Its solvency ranks better than 57% of 9742 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability65▼-35
Solvency63▼-8
Growth52
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65,000 at 30 days acceptable
Liquidity ample (current ratio 4.16 against 20.0 in 2023; short-term debt: 11.5% and cash: 5.2% of total assets), but 61.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← 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 2024Solvency, return and age of the figures
Solvency
38.4%
Return on assets
12.6%
Age of the figures
21 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-08-2025, 4 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 · 2 filingsDeviation from the deadline
2025
not confirmed
2024
4 d late
2023
49 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 2 accounts on average 23 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, abbreviated schema
In the rankings
#9 company by equity in Kampenhout, Real estate sector
Equity
€973,787▲ 49.0%
2023 · €653,619
Total assets
€2.5m▲ 78.7%
2023 · €1.4m
Net result
€320,168▼ 15.8%
2023 · €380,065
Working capital
€916,836▲ 60.5%
2023 · €571,226
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20232024
Operating result€550,161-€258,503▼ 53.0%
Net result€380,065above the sector's middle half-€320,168above the sector's middle half▼ 15.8%
Equity€653,619above the sector's middle half-€973,787within the sector's middle half▲ 49.0%
Total assets€1.4mabove the sector's middle half-€2.5mwithin the sector's middle half▲ 78.7%
Debt€763,965-€1.6m▲ 104%
Working capital€571,226above the sector's middle half-€916,836above the sector's middle half▲ 60.5%
Solvency46.1%within the sector's middle half-38.4%within the sector's middle half▼ 7.7pp
Current ratio20.00above the sector's middle half-4.16above the sector's middle half▼ 15.84
Return on assets (ROA)26.8%above the sector's middle half-12.6%above the sector's middle half▼ 14.2pp
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 53% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.5m
Fixed assets
€1.3m ▲ 62.4%
Current assets
€1.2m ▲ 101%
Equity and liabilities €2.5m
Equity
€973,787 ▲ 49.0%
Debt
€1.6m ▲ 104%
Debt's share of the balance-sheet total rises from 53.9% to 61.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€283,816▼
2023 · €585,927
Cash flow
€345,481▼
2023 · €415,831
Quick ratio
2.64▼
2023 · 19.56
Debt to equity
1.60▲
2023 · 1.17
ROE
32.9%▼
2023 · 58.1%
Interest coverage
3.63▼
2023 · 7.62
Debt ≤ 1 year
€290,168▲
2023 · €30,070
Debt > 1 year
€930,417▲
2023 · €712,895
Income taxes
€72,104▼
2023 · €121,836
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,778 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
2.6%
stopped otherwise
97%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,778 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,767 | €25,313 | ▼ 29.2% |
| Other operating charges640/8 | €48,032 | €2,124 | ▼ 95.6% |
| Gross operating margin9900 | €633,960 | €285,940 | ▼ 54.9% |
| Operating profit (loss)9901 | €550,161 | €258,503 | ▼ 53.0% |
| Financial income75/76B | €28,664 | €211,957 | ▲ 639% |
| Recurring financial income75 | €28,664 | €211,957 | ▲ 639% |
| Financial charges65/66B | €76,925 | €78,188 | ▲ 1.6% |
| Recurring financial charges65 | €76,925 | €78,188 | ▲ 1.6% |
| Profit (loss) for the period before taxes9903 | €501,900 | €392,272 | ▼ 21.8% |
| Income taxes67/77 | €121,836 | €72,104 | ▼ 40.8% |
| Profit (loss) for the period9904 | €380,065 | €320,168 | ▼ 15.8% |
| Profit (loss) for the period to be appropriated9905 | €380,065 | €320,168 | ▼ 15.8% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €1.4m | €2.5m | ▲ 78.7% |
| Fixed assets21/28 | €816,288 | €1.3m | ▲ 62.4% |
| Tangible fixed assets22/27 | €814,288 | €1.3m | ▲ 62.6% |
| Land and buildings22 | €601,260 | €777,348 | ▲ 29.3% |
| Plant, machinery and equipment23 | €2,477 | €1,311 | ▼ 47.1% |
| Furniture and vehicles24 | €8,880 | €32,071 | ▲ 261% |
| Other tangible fixed assets26 | €2,338 | €1,777 | ▼ 24.0% |
| Assets under construction and advance payments27 | €199,333 | €511,164 | ▲ 156% |
| Financial fixed assets28 | €2,000 | €2,000 | = |
| Current assets29/58 | €601,296 | €1.2m | ▲ 101% |
| Stocks and contracts in progress3 | €13,014 | €440,174 | ▲ 3,282% |
| Stocks30/36 | €13,014 | €150,000 | ▲ 1,053% |
| Contracts in progress37 | - | €290,174 | - |
| Amounts receivable within one year40/41 | €300,772 | €558,062 | ▲ 85.5% |
| Trade receivables40 | - | €1,222 | - |
| Other amounts receivable41 | €300,772 | €556,840 | ▲ 85.1% |
| Current investments50/53 | €200,000 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €84,039 | €131,838 | ▲ 56.9% |
| Deferred charges and accrued income490/1 | €3,471 | €76,930 | ▲ 2,116% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €1.4m | €2.5m | ▲ 78.7% |
| Equity10/15 | €653,619 | €973,787 | ▲ 49.0% |
| Contributions10/11 | €25,000 | €25,000 | = |
| Profit (loss) carried forward14 | €628,619 | €948,787 | ▲ 50.9% |
| Amounts payable17/49 | €763,965 | €1.6m | ▲ 104% |
| Amounts payable after more than one year17 | €712,895 | €930,417 | ▲ 30.5% |
| Financial debts170/4 | €712,895 | €930,417 | ▲ 30.5% |
| Amounts payable within one year42/48 | €30,070 | €290,168 | ▲ 865% |
| Current portion of amounts payable after more than one year42 | - | €17,383 | - |
| Financial debts43 | €0 | - | - |
| Credit institutions430/8 | €0 | - | - |
| Trade debts44 | €8,302 | €65,842 | ▲ 693% |
| Suppliers440/4 | €8,302 | €65,842 | ▲ 693% |
| Advances received on contracts in progress46 | €0 | - | - |
| Taxes, remuneration and social security45 | €21,665 | €0 | ▼ 100% |
| Taxes450/3 | €21,665 | €0 | ▼ 100% |
| Other amounts payable47/48 | €103 | €206,942 | ▲ 201,244% |
| Accrued charges and deferred income492/3 | €21,000 | €338,303 | ▲ 1,511% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €380,065 | €320,168 | ▼ 15.8% |
| + Depreciation and write-downs630 | €35,767 | €25,313 | ▼ 29.2% |
| Operating cash flow (approximation) | €415,831 | €345,481 | ▼ 16.9% |
| Investment in fixed assets (approximation) | - | -€534,695 | - |
| Change in cash | - | €47,799 | - |
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
2025
04-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 4 days late
2024
12-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
NBB filing
0 of 3 acts read
About the unread acts
We know of 3 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
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, Kampenhout · 2 establishment units since 2018
Ground area
5,637 m²
Building footprint
633 m²
Volume, LiDAR
7,467 m³
2 parcels, Flanders · tallest building 23.6 m, ±5 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
Lepelstraat 5, 1910 Kampenhout
since 20182.274.135.009
Diksmuidestraat 38, 8300 Knokke-Heist
since 20202.311.288.185
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23008B0042/00C000 | Flanders | 5,302 m² | 1 · 171 m² | 8.2 m · 2 fl. |
| 31334B0530/00A000 | Flanders | 335 m² | 1 · 462 m² | 23.6 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 · 1,595 EUR awarded · 1,595 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 117 EUR | 117 EUR |
| 2024 | 1 | 1,194 EUR | 1,194 EUR |
| 2022 | 1 | 284 EUR | 284 EUR |
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EVERLAND
BE 0894.232.508
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THOEN IMMO
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Of 3,761 companies in sector 68321 we hold annual accounts for 1,394. 797 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
Founded01-03-2018
Fiscal year end31-12
Activities, NACEBEL 2025
68321Property management for co-owned buildings (syndics)
68121Development of residential building projects
68122Development of non-residential building projects
68310Real estate agency activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0691629695
Also
9925:BE0691629695
Registered
29-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.