MakHzen
ActiveMakHzen has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €8.69M and a net result of €-484k. Equity is growing by ~4.7% per year across the filed fiscal years. Its solvency ranks better than 88% of 720 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-2
Solvency100=
Growth52=
Stability100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €450k at 30 days acceptable
Liquidity ample (current ratio 3.32 against 4.72 in 2024), and 17% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight 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 71
Relative position
BE, all sectors
reference
Sector 71
lower
← 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
83%
Return on assets
-4.6%
Age of the figures
8 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 28-07-2026, 3 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
3 d early
2024
16 d early
2023
16 d early
2022
on the day
2021
24 d early
2020
11 d late
2019
69 d late
← 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
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-484k
2024 · €43k
2018: €862k
2019: €254k
2020: €1.25M
2021: €1.27M
2022: €76k
2023: €-20k
2024: €43k
2018 → 2025
Working capital
€3.22M▼ 9.9%
2024 · €3.58M
2018: €4.77M
2019: €3.90M
2020: €4.99M
2021: €3.82M
2022: €3.84M
2023: €3.76M
2024: €3.58M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€9.09M-€9.16M▲ 0.8%€9.14M▼ 0.2%€9.18M▲ 0.3%€8.69M▼ 5.3%
Operating result€638k-€88k▼ 86.3%€-53k€9k€-541k
Net result€1.27M-€76k▼ 94.0%€-20k€43k€-484k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €541k after €9k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.47M
Fixed assets
€5.86M▼ 1.3%
Current assets
€4.61M▲ 1.6%
Equity and liabilities €10.47M
Equity
€8.69M▼ 5.3%
Provisions
€103k▼ 3.5%
Debt
€1.68M▲ 40.4%
The debt ratio rises from 11.4% to 16.0%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€-527k▼
2024 · €25k
Cash flow
€-470k▼
2024 · €58k
Solvency
83.0%▼
2024 · 87.6%
Current ratio
3.32▼
2024 · 4.72
Quick ratio
2.75▼
2024 · 4.06
Debt / equity
0.19▲
2024 · 0.13
ROE
-5.6%▼
2024 · 0.5%
ROA
-4.6%▼
2024 · 0.4%
Interest coverage
-5.60▼
2024 · 0.44
Debt
€1.68M▲
2024 · €1.19M
Debt ≤ 1 year
€1.39M▲
2024 · €962k
Debt > 1 year
€287k▲
2024 · €232k
Income taxes
€0▼
2024 · €49k
Staff costs
€0▼
2024 · €773
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€10.48M€10.47M▼
Fixed assets21/28€5.94M€5.86M▼
Tangible fixed assets22/27€1.05M€976k▼
Land and buildings22€1.03M€961k▼
Plant, machinery and equipment23€181€121▼
Furniture and vehicles24€22k€15k▼
Financial fixed assets28€4.88M€4.88M=
Current assets29/58€4.54M€4.61M▲
Stocks and contracts in progress3€632k€790k▲
Stocks30/36€632k€790k▲
Amounts receivable within one year40/41€3.84M€3.81M▼
Trade receivables40€99k€92k▼
Other amounts receivable41€3.74M€3.72M▼
Cash at bank and in hand54/58€67k€12k▼
Deferred charges and accrued income490/1€4k€2k▼
Equity and liabilities
Total equity and liabilities10/49€10.48M€10.47M▼
Equity10/15€9.18M€8.69M▼
Contributions10/11€2.34M€2.34M=
Capital10€2.34M€2.34M=
Issued capital100€2.34M€2.34M=
Outside capital11€4k€4k=
Share premium1100/10€4k€4k=
Reserves13€558k€547k▼
Non-distributable reserves130/1€234k€234k=
Legal reserve130€234k€234k=
Tax-exempt reserves132€324k€313k▼
Profit (loss) carried forward14€6.27M€5.80M▼
Provisions and deferred taxes16€107k€103k▼
Deferred taxes168€107k€103k▼
Amounts payable17/49€1.19M€1.68M▲
Amounts payable after more than one year17€232k€287k▲
Financial debts170/4€232k€287k▲
Amounts payable within one year42/48€962k€1.39M▲
Current portion of amounts payable after more than one year42-€60k
Financial debts43-€6k
Credit institutions430/8-€6k
Trade debts44€62k€248k▲
Suppliers440/4€62k€248k▲
Advances received on contracts in progress46€9k€0▼
Taxes, remuneration and social security45€5k€49k▲
Taxes450/3€5k€49k▲
Remuneration and social security454/9€39€39=
Other amounts payable47/48€886k€1.03M▲
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Remuneration, social security and pensions62€773€0▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€16k€14k▼
Other operating charges640/8€28k€11k▼
Gross operating margin9900€53k€-516k▼
Operating profit (loss)9901€9k€-541k▼
Financial income75/76B€125k€147k▲
Recurring financial income75€125k€147k▲
Financial charges65/66B€57k€94k▲
Recurring financial charges65€57k€94k▲
Profit (loss) for the period before taxes9903€77k€-488k▼
Transfer from deferred taxes780€15k€4k▼
Income taxes67/77€49k€0▼
Profit (loss) for the period9904€43k€-484k▼
Transfer from tax-exempt reserves789€156k€11k▼
Profit (loss) for the period to be appropriated9905€199k€-473k▼
Appropriation of the result
Profit (loss) to be appropriated9906€6.27M€5.80M▼
Profit (loss) brought forward from the previous period14P€6.08M€6.27M▲
Social balance
Average headcount (FTE)90870.0-
The notes to these accounts (18 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
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet €-484k ▼1233%
Net result drops to €-484k, the lowest in the series.
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €43k
Net result €43k after one loss-making year.
15-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €1.27M ▲1.9%
Net result €1.27M, the highest in the series.
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 11 days late
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
11-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 42 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 directors, no change since 2025
Thais Naihara Prado Uyttersprot
CurrentDirector · since 19-06-2025
Finance Consulting De Vos bv
CurrentDirector · since 29-07-2022 · Legal entity · perm. rep.: De Vos Peggy
19-06-2025
Thais Naihara Prado Uyttersprot: Appointed as Director
29-07-2022
Finance Consulting De Vos bv: Appointed as Director
29-07-2022
Finance Consulting De Vos bv: Appointed as Permanent representative
29-07-2022
De Vos Peggy: Resigned as Director
Location & real-estate footprint
Registered office, Aalst · 2 establishment units since 1987
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.
Korte Keppestraat 79320 AalstGround area
9,255 m²
Building footprint
1,329 m²
Volume, LiDAR
17,470 m³
2 parcels, Flanders · tallest building 29.3 m, ±9 floors. Linked by address, not a title deed.
2 establishment units
MAKHZEN
since 19872.030.548.510
MAKHZEN
since 19902.030.548.609
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41342B0950/00M002 | Flanders | 7,939 m² | 2 · 1,226 m² | 29.3 m · 9 fl. |
| 44802B0057/00D000 | Flanders | 1,316 m² | 1 · 103 m² | 18.1 m · 6 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
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 · 2 entries · 1,358 EUR awarded · 1,358 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,049 EUR | 1,049 EUR |
| 2022 | 1 | 309 EUR | 309 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 11,505 companies in sector 71121 we hold annual accounts for 6,524. 833 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded19-08-1987
Fiscal year end31-12
Activities, NACEBEL
71121Engineering and related technical consultancy, excluding land surveyors
74203
Sources
Crossroads Bank for EnterprisesNational Bank · 38 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.