Equity
MC² DEVELOPMENT has made a profit without a break since 2021.
MC² DEVELOPMENT has made a profit without a break since 2021.
Green is investment, beige is depreciation.
The last five annual accounts were filed 101 to 121 days before the end of the period.
Higher net result than 83% of companies in real estate. Sector median €31,544 · 2,104 companies.
In July 2024, 721 companies had the same profile as MC² DEVELOPMENT has now. Each dot stands for 2 companies, two years later.
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 721 companies, not a prediction for MC² DEVELOPMENT. 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.
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.
| Company | ||||
|---|---|---|---|---|
| MC² DEVELOPMENT Saint-Josse-ten-Noode | €2.6m | 65.1% | 39.8% | - |
| ESPEVELO1 Brussels | €3.2m | 60.9% | 6.4% | - |
| KORTRIJK BUSINESS PARK Kortrijk | - | - | -17.4% | 2 |
| Oeverloos Antwerp | - | - | 99.6% | 0 |
| Life.be Antwerp | €1.8m | 34.6% | 36.8% | 1 |
| JENI PROJECTEN Turnhout | €3.4m | -3.6% | 22.6% | - |
| ELAWAN ENERGY HANNUT Namur | €5.5m | 24.5% | 22.5% | - |
Grey: the largest companies of the sector (real estate (NACE 68)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as MC² DEVELOPMENT: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €24m and €39m, founded between 2015 and 2020.
MC² DEVELOPMENT has existed since 2018. The present size dates from 2022. The gross margin rose that year from €781,536 to €2.1m.
The gross margin has grown every year since.
holds all the shares. In February 2022, four directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Higher than 56% of 4,692 companies in 2024.
Higher than 82% of 4,516 companies in 2024.
Higher than 65% of 4,668 companies in 2024.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||
20/58 |
34.7m | 34.5m | 34.3m | 34.1m | 33.9m | 14.1m | 1.8m | |
21/28 |
29.9m | 30.7m | 31.5m | 32.2m | 32.8m | 13.8m | 1.8m | |
22/27 |
29.9m | 30.7m | 31.5m | 32.2m | 32.8m | 13.8m | 1.8m | |
24 |
1,511 | 2,434 | 3,356 | 3,478 | - | - | - | |
26 |
29.9m | 30.7m | 31.5m | 32.2m | 32.8m | 13.8m | 1.8m | |
29/58 |
4.8m | 3.8m | 2.8m | 1.9m | 1.2m | 342,592 | 16,108 | |
40/41 |
649,790 | 636,388 | 614,084 | 672,077 | 82,469 | 360 | - | |
40 |
649,790 | 636,388 | 614,084 | 613,425 | 22,077 | 360 | - | |
41 |
- | - | - | 58,652 | 60,392 | - | - | |
54/58 |
4.1m | 3.1m | 2.1m | 1.3m | 1.1m | 340,381 | 14,247 | |
490/1 |
34,352 | 37,639 | 1,973 | 1,970 | 1,851 | 1,851 | 1,861 | |
| Balance sheet: equity and liabilities | ||||||||
10/49 |
34.7m | 34.5m | 34.3m | 34.1m | 33.9m | 14.1m | 1.8m | |
10/15 |
13.8m | 12.9m | 12.1m | 11.4m | 1.2m | 670,129 | 735,994 | |
10/11 |
10.5m | 10.5m | 10.5m | 10.5m | 750,000 | 750,000 | 750,000 | |
10 |
10.5m | 10.5m | 10.5m | 10.5m | 750,000 | - | - | |
100 |
10.5m | 10.5m | 10.5m | 10.5m | 750,000 | 750,000 | 750,000 | |
13 |
165,224 | 121,641 | 79,456 | 44,025 | 20,002 | - | - | |
130/1 |
165,224 | 121,641 | 79,456 | 44,025 | 20,002 | - | - | |
130 |
165,224 | 121,641 | 79,456 | 44,025 | 20,002 | - | - | |
14 |
3.1m | 2.3m | 1.5m | 836,469 | 380,038 | -79,871 | -14,006 | |
17/49 |
20.9m | 21.6m | 22.2m | 22.7m | 32.8m | 13.5m | 1.1m | |
17 |
19.3m | 20.0m | 20.7m | 21.3m | - | 11.3m | 530,523 | |
170/4 |
19.3m | 20.0m | 20.7m | 21.3m | - | 11.3m | 530,523 | |
42/48 |
769,627 | 770,798 | 714,019 | 640,376 | 32.7m | 2.1m | 561,034 | |
42 |
693,023 | 674,288 | 656,060 | 638,324 | 30.6m | - | - | |
43 |
- | - | - | - | 1.3m | 121 | 272 | |
430/8 |
- | - | - | - | 1.3m | 121 | 272 | |
44 |
24,378 | 88 | 6,751 | 2,052 | 685,956 | 2.1m | 560,762 | |
440/4 |
24,378 | 88 | 6,751 | 2,052 | 685,956 | 2.1m | 560,762 | |
45 |
52,225 | 96,422 | 51,208 | - | 145,853 | - | - | |
450/3 |
52,225 | 96,422 | 51,208 | - | 145,853 | - | - | |
492/3 |
793,559 | 782,470 | 746,181 | 748,312 | 48,781 | 30,920 | - | |
| Income statement | ||||||||
70 |
2.6m | - | 2.4m | - | 6.8m | - | - | |
9900 |
2.7m | 2.6m | 2.4m | 2.1m | 781,536 | -27,764 | -12,863 | |
60/61 |
76,434 | - | 159,054 | - | 6.0m | - | - | |
630 |
833,488 | 832,265 | 831,060 | 825,509 | 71,348 | - | - | |
640/8 |
224,467 | 217,638 | 1,031 | 10,495 | 930 | 410 | 695 | |
9901 |
1.7m | 1.6m | 1.5m | 1.2m | 709,258 | -28,174 | -13,558 | |
75/76B |
61,091 | 136,741 | - | 2,471 | - | - | - | |
75 |
61,091 | 136,741 | - | - | - | - | - | |
76B |
- | - | - | 2,471 | - | - | - | |
65/66B |
558,482 | 574,975 | 594,764 | 584,487 | 83,493 | 37,692 | 448 | |
65 |
558,482 | 574,975 | 594,764 | 583,862 | 83,493 | 37,692 | 448 | |
66B |
- | - | - | 625 | - | - | - | |
9903 |
1.2m | 1.1m | 944,834 | 640,606 | 625,765 | -65,866 | -14,006 | |
67/77 |
290,552 | 281,236 | 236,208 | 160,152 | 145,854 | - | - | |
9904 |
871,657 | 843,707 | 708,625 | 480,454 | 479,911 | -65,866 | -14,006 | |
9905 |
871,657 | 843,707 | 708,625 | 480,454 | 479,911 | -65,866 | -14,006 | |
| Appropriation of the result | ||||||||
9906 |
3.2m | 2.4m | 1.5m | 860,492 | 400,040 | -79,871 | -14,006 | |
14P |
2.3m | 1.5m | 836,469 | 380,038 | -79,871 | - | - | |
691/2 |
43,583 | 42,185 | 35,431 | 24,023 | 20,002 | - | - | |
6920 |
43,583 | 42,185 | 35,431 | 24,023 | 20,002 | - | - | |
| Document | ||||||||
The notes to these accounts have 7 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 08-04-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-04-2026 | 2026-00073809 | |
| 31-12-2024 | full format | 01-04-2025 | 2025-00059802 | |
| 31-12-2023 | full format | 02-04-2024 | 2024-00053947 | |
| 31-12-2022 | full format | 04-04-2023 | 2023-00052867 | |
| 31-12-2021 | full format | 21-04-2022 | 2022-20005872 | |
| 31-12-2020 | full format | 28-06-2021 | 2021-26500214 | |
| 31-12-2019 | full format | 24-06-2020 | 2020-20900042 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| 2.5m | 2.4m | 2.4m | 2.0m | 780,606 | - | - | ||
| 1.7m | 1.7m | 1.5m | 1.3m | 551,259 | - | - | ||
| 80,836 | 42,992 | 136,738 | 260,694 | 19.0m | 12.0m | 1.8m | ||
| 931,088 | 993,789 | 876,389 | 163,735 | 764,790 | 326,134 | - | ||
| 4.0m | 3.0m | 2.0m | 1.3m | -31.6m | -1.8m | -544,926 | ||
| 65.1% | - | 62.8% | - | 10.5% | - | - | ||
| 39.8% | 37.5% | 35.3% | 33.4% | 3.4% | 4.7% | 40.3% | ||
| 6.18 | 4.95 | 3.87 | 3.03 | 0.04 | 0.16 | 0.03 | ||
| 1.51 | 1.67 | 1.83 | 2.00 | 28.51 | 20.08 | 1.48 | ||
| 6.3% | 6.5% | 5.9% | 4.2% | 41.7% | -9.8% | -1.9% | ||
| 2.5% | 2.4% | 2.1% | 1.4% | 1.4% | -0.5% | -0.8% | ||
| 4.46 | 4.17 | 3.99 | 3.51 | 9.35 | - | - | ||
| 93 days | - | 91 days | - | 1 day | - | - | ||
| 116 days | - | 15 days | - | 42 days | - | - |
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €80,836 | €42,992 | €136,738 | €260,694 | €19.0m |
| €833,488 | €832,265 | €831,060 | €825,509 | €71,348 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 6% higher than in 2024 and the highest since 2019. It is the fifth rise in a row, after the fall in 2020.
Debt's share of the balance-sheet total falls from 62.5% to 60.2%. Equity is higher and debt is lower.
Deed of 07-05-2026New statutory auditor appointed, resigned · General meeting of 07-04-2026
Further up the chain consolidated 100% 100%
Source: shareholder structure in its own accounts, parent in its own accounts, lists of holdings in the owners' accounts
| MERCURIUS FUNDING
registered office since 23-12-2011 · founded in 2011 · group |
total assets €8.18bn (2025) 0842.094.414 |
| BELFIUS LEASE SERVICES
registered office since 08-02-1990 · founded in 1985 · group |
turnover €353.9m (2025) 0427.903.127 |
| BELFIUS COMMERCIAL FINANCE
registered office since 02-07-1992 · founded in 1990 · group |
turnover €57.9m (2025) 0440.627.349 |
| BELFIUS LEASE
registered office since 02-10-2002 · founded in 1987 · group |
turnover €106.3m (2025) 0431.916.551 |
| Belfius Asset Management
registered office since 20-05-2016 · founded in 2016 |
total assets €201.1m (2025) 0654.876.296 |
| BELFIUS IMMO
registered office since 06-01-1989 · founded in 1988 · group |
total assets €147.2m (2025) 0436.006.090 |
| CAPLINE
registered office since 01-04-1974 · founded in 1974 · group |
total assets €118.4m (2025) 0414.259.878 |
| BELFIUS ASSET FINANCE HOLDING
registered office since 30-11-2007 · founded in 2007 · group |
total assets €112.1m (2026) 0893.860.839 |
| Chancelier RE Invest
registered office since 17-12-2020 · founded in 2020 · group |
total assets €98.9m (2025) 0759.929.870 |
| CREFIUS
registered office since 14-09-1973 · founded in 1911 · group |
197 FTE (2025) 0405.549.377 |
via , at MC² DEVELOPMENT until 2022 · Manager · deed of 11-01-2017 founded in 2017 · accounts filed late |
43 FTE (2025) |
via , at MC² DEVELOPMENT until 2022 · Managing director · deed of 12-07-2021 founded in 2015 · accounts filed late |
turnover €140,920 (2025) |
via , at MC² DEVELOPMENT until 2022 · Director (not named in the articles) · deed of 10-06-2022 founded in 2022 · negative equity (2025) |
total assets €1.3m (2025) |
via , at MC² DEVELOPMENT until 2022 · Manager · deed of 13-03-2017 founded in 2017 · negative equity (2025) · accounts filed late |
5.3 FTE (2025) |
via , at MC² DEVELOPMENT until 2022 · Managing director · deed of 11-07-2019 founded in 2019 · negative equity (2025) · accounts filed late |
1.4 FTE (2025) |
via , at MC² DEVELOPMENT until 2020 · Permanent representative · deed of 14-12-2020 founded in 2019 · accounts filed late |
0.5 FTE (2023) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 22-11-2022 founded in 2010 · negative equity (2025) |
total assets €111,419 (2025) |
via (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · Director · deeds of 18-02-2022 and 09-08-2019 founded in 2004 · negative equity (2025) |
total assets €45,626 (2025) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 27-12-2018 founded in 2007 |
turnover €3.2m (2025) |
via , at MC² DEVELOPMENT until 2022 · Director (not named in the articles) · deed of 05-12-2022 founded in 2022 |
total assets €42.5m (2025) |
via (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · deeds of 23-09-2022 and 21-08-2017 founded in 2004 |
total assets €34.2m (2025) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 03-06-2025 founded in 2019 |
turnover €3.2m (2025) |
via , at MC² DEVELOPMENT until 2020 · Director · deed of 23-09-2013 founded in 1995 |
162 FTE (2025) |
via , at MC² DEVELOPMENT until 2022 · Class A director · deed of 05-12-2022 founded in 2022 |
total assets €26.8m (2025) |
via , at MC² DEVELOPMENT until 2022 · Independent director · deed of 19-11-2020 founded in 2015 |
turnover €858,968 (2026) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 19-05-2026 founded in 2004 |
turnover €1.0m (2025) |
via (at MC² DEVELOPMENT until 2022), (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · Director · deeds of 06-06-2025, 14-12-2020 and 24-05-2019 founded in 1993 |
total assets €2.8m (2025) |
via (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · Director · deeds of 06-06-2025 and 16-05-2017 founded in 1986 |
total assets €2.1m (2025) |
via , at MC² DEVELOPMENT until 2020 · Director · deed of 16-05-2017 founded in 1993 |
total assets €1.7m (2025) |
via , at MC² DEVELOPMENT until 2022 · Director (not named in the articles) · deed of 21-06-2023 founded in 2023 |
total assets €914,775 (2025) |
via , at MC² DEVELOPMENT until 2022 · Manager (not named in the articles) · deed of 10-06-2015 founded in 2015 |
total assets €533,745 (2025) |
via (at MC² DEVELOPMENT until 2020) and (at MC² DEVELOPMENT until 2020) · deed of 20-12-2017 founded in 2014 |
total assets €424,179 (2025) |
via , at MC² DEVELOPMENT until 2022 · Managing director · deed of 17-07-2020 founded in 2012 |
total assets €183,635 (2025) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 19-05-2025 founded in 1984 |
total assets €131,221 (2025) |
via , at MC² DEVELOPMENT until 2022 · Director (not named in the articles) · deed of 10-06-2022 founded in 2022 |
total assets €15,322 (2025) |
via , at MC² DEVELOPMENT until 2022 · Manager (not named in the articles) · deed of 13-02-2018 founded in 2018 |
total assets €9,572 (2025) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 06-05-2020 No longer active |
total assets €12.6m (2019) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 16-08-2019 No longer active |
total assets €7.8m (2022) |
via (at MC² DEVELOPMENT until 2022), (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · Director · deeds of 14-12-2020 and 19-07-2017 No longer active |
total assets €1.9m (2023) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 14-12-2020 No longer active |
total assets €1.7m (2020) |
via (at MC² DEVELOPMENT until 2020) and (at MC² DEVELOPMENT until 2020) · deed of 20-12-2017 No longer active |
total assets €1.5m (2018) |
via , at MC² DEVELOPMENT until 2022 · Director · deed of 25-03-2020 No longer active |
total assets €1.4m (2018) |
via , at MC² DEVELOPMENT until 2020 · Class A director · deed of 08-12-2016 No longer active |
total assets €830,009 (2018) |
via , at MC² DEVELOPMENT until 2020 · Director · deed of 08-03-2018 No longer active |
total assets €91,938 (2023) |
via (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · deeds of 31-01-2022 and 20-07-2017 No longer active |
total assets €90,121 (2022) |
via (at MC² DEVELOPMENT until 2022), (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · Class A director · deeds of 14-12-2020 and 19-07-2017 No longer active |
total assets €68,810 (2020) |
via (at MC² DEVELOPMENT until 2022) and (at MC² DEVELOPMENT until 2020) · deeds of 18-02-2022 and 09-08-2019 No longer active |
total assets €494 (2022) |
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
On 12 June 2018, MC² DEVELOPMENT was incorporated by and , with a starting capital of €750,000.12 The registered office moved to Brussels in 2020 and to Saint-Josse-ten-Noode in 2022.34 The capital was increased 2 times in 2022, most recently to €10.5m.45 Of the 2 current board members, has served longest, since 2023.6 Turnover went from €6.8m in 2021 to €2.6m in 2025.7
| Establishment | Since | Unit number |
|---|---|---|
| Karel Rogierplein 11 registered office 1210 Saint-Josse-ten-Noode | 12-06-2018 | 2.276.639.587 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21014A0014/02L002 | 3,343 m² | 1 · 3,343 m² | 144.7 m · 28 |
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 0697.839.972
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