METAMORPHOSE
ActiveSummary
METAMORPHOSE has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €21,631 and a net result of €18,197. Equity is growing by ~23.3% per year across the filed fiscal years. Its solvency ranks better than 25% of 9976 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability88▲+16
Solvency43▲+17
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.19 against 8.8 in 2023; short-term debt: 81.8% and cash: 40% of total assets), and 81.8% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
18.2%
Return on assets
15.3%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 07-10-2025, 68 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
68 d late
2023
31 d late
2022
35 d late
2021
26 d early
2020
31 d early
2019
3 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 13 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€21,631▲ 530%
2023 · €3,434
Total assets
€118,819▼ 65.9%
2023 · €348,903
Net result
€18,197▲ 108%
2023 · €8,769
Working capital
€18,700▼ 86.8%
2023 · €141,992
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€13,757-€3,011€89,048€8,892▼ 90.0%€21,515▲ 142%
Net result€14,338-€3,057€88,969€8,769▼ 90.1%€18,197▲ 108%
Equity-€91,247▲ 13.6%-€94,304▼ 3.4%-€5,335▲ 94.3%€3,434€21,631▲ 530%
Total assets€364,243▲ 56.5%€251,149▼ 31.0%€337,532▲ 34.4%€348,903▲ 3.4%€118,819▼ 65.9%
Debt€455,490▲ 34.6%€345,453▼ 24.2%€342,867▼ 0.7%€345,469▲ 0.8%€97,188▼ 71.9%
Working capital€118,377▲ 735%€21,895▼ 81.5%€122,930▲ 461%€141,992▲ 15.5%€18,700▼ 86.8%
Staff (FTE)0.51▲ 100%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 142% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €118,819
Fixed assets
€2,931 ▼ 98.4%
Current assets
€115,888 ▼ 27.7%
Equity and liabilities €118,819
Equity
€21,631 ▲ 530%
Debt
€97,188 ▼ 71.9%
Debt's share of the balance-sheet total falls from 99.0% to 81.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€25,039▲
2023 · €20,408
Cash flow
€21,721▲
2023 · €20,285
Current ratio
1.19▼
2023 · 8.80
Debt to equity
4.49
ROE
84.1%▼
2023 · 255.4%
ROA
15.3%▲
2023 · 2.5%
Interest coverage
69.21▼
2023 · 165.72
Debt ≤ 1 year
€97,188▲
2023 · €18,194
Income taxes
€2,956
Staff costs
€5,322▼
2023 · €8,518
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €85,985 | - |
| Remuneration, social security and pensions62 | - | €27,460 | €45,062 | €8,518 | €5,322 | ▼ 37.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,969 | €10,931 | €11,263 | €11,516 | €3,524 | ▼ 69.4% |
| Other operating charges640/8 | - | €4,800 | €5,674 | €5,938 | €15,251 | ▲ 157% |
| Gross operating margin9900 | €49,556 | €40,180 | €151,047 | €34,863 | €45,613 | ▲ 30.8% |
| Operating profit (loss)9901 | €13,757 | -€3,011 | €89,048 | €8,892 | €21,515 | ▲ 142% |
| Financial income75/76B | - | €11 | €5 | €0 | €0 | ▲ 250% |
| Recurring financial income75 | €641 | €11 | €5 | €0 | €0 | ▲ 250% |
| Financial charges65/66B | - | €57 | €84 | €123 | €362 | ▲ 194% |
| Recurring financial charges65 | €60 | €57 | €84 | €123 | €362 | ▲ 194% |
| Profit (loss) for the period before taxes9903 | €14,338 | -€3,057 | €88,969 | €8,769 | €21,154 | ▲ 141% |
| Income taxes67/77 | - | - | - | - | €2,956 | - |
| Profit (loss) for the period9904 | €14,338 | -€3,057 | €88,969 | €8,769 | €18,197 | ▲ 108% |
| Profit (loss) for the period to be appropriated9905 | €14,338 | -€3,057 | €88,969 | €8,769 | €18,197 | ▲ 108% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €364,243 | €251,149 | €337,532 | €348,903 | €118,819 | ▼ 65.9% |
| Fixed assets21/28 | €217,691 | €211,071 | €199,010 | €188,716 | €2,931 | ▼ 98.4% |
| Tangible fixed assets22/27 | €217,631 | €211,011 | €198,950 | €188,656 | €2,871 | ▼ 98.5% |
| Land and buildings22 | - | €198,972 | €190,617 | €182,261 | - | - |
| Furniture and vehicles24 | - | €12,039 | €8,333 | €6,395 | €2,871 | ▼ 55.1% |
| Financial fixed assets28 | €60 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €146,552 | €40,078 | €138,522 | €160,186 | €115,888 | ▼ 27.7% |
| Amounts receivable within one year40/41 | €66,628 | €15,518 | €122,869 | €151,740 | €66,786 | ▼ 56.0% |
| Trade receivables40 | - | €10,825 | €120,514 | €149,385 | €66,181 | ▼ 55.7% |
| Other amounts receivable41 | - | €4,693 | €2,355 | €2,355 | €605 | ▼ 74.3% |
| Cash at bank and in hand54/58 | €78,545 | €23,124 | €14,079 | €8,384 | €47,500 | ▲ 467% |
| Deferred charges and accrued income490/1 | - | €1,436 | €1,574 | €62 | €1,601 | ▲ 2,484% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €364,243 | €251,149 | €337,532 | €348,903 | €118,819 | ▼ 65.9% |
| Equity10/15 | -€91,247 | -€94,304 | -€5,335 | €3,434 | €21,631 | ▲ 530% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Non-distributable reserves130/1 | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | -€113,247 | -€116,304 | -€27,335 | -€18,566 | -€369 | ▲ 98.0% |
| Amounts payable17/49 | €455,490 | €345,453 | €342,867 | €345,469 | €97,188 | ▼ 71.9% |
| Amounts payable after more than one year17 | €427,315 | €327,270 | €327,275 | €327,275 | - | - |
| Financial debts170/4 | - | €327,270 | €327,275 | €327,275 | - | - |
| Amounts payable within one year42/48 | €28,175 | €18,183 | €15,592 | €18,194 | €97,188 | ▲ 434% |
| Trade debts44 | €19,113 | €7,732 | €2,171 | €10,907 | €65,697 | ▲ 502% |
| Suppliers440/4 | - | €7,732 | €2,171 | €10,907 | €65,697 | ▲ 502% |
| Taxes, remuneration and social security45 | - | €10,451 | €12,879 | €645 | €4,158 | ▲ 545% |
| Taxes450/3 | - | €544 | €5,932 | €610 | €2,956 | ▲ 385% |
| Remuneration and social security454/9 | - | €9,907 | €6,947 | €35 | €1,202 | ▲ 3,347% |
| Other amounts payable47/48 | - | - | €542 | €6,642 | €27,333 | ▲ 312% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,338 | -€3,057 | €88,969 | €8,769 | €18,197 | ▲ 108% |
| + Depreciation and write-downs630 | €8,969 | €10,931 | €11,263 | €11,516 | €3,524 | ▼ 69.4% |
| Operating cash flow (approximation) | €23,307 | €7,874 | €100,232 | €20,285 | €21,721 | ▲ 7.1% |
| Investment in fixed assets (approximation) | - | -€4,311 | €798 | -€1,222 | €182,261 | ▲ 15,014% |
| Change in cash | - | -€55,421 | -€9,045 | -€5,695 | €39,116 | ▲ 787% |
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
2026
20-03
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 05/01/2026
- Registered-office move, 368 avenue Louise à 1050 Ixelles
2025
07-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 68 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
04-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 35 days late
2022
31-12
Financial
Back to profitnet €88,969
Net result €88,969 after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 8.88
Current ratio from 2.20 to 8.88; short-term debt falls from €18,183 to €15,592.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Back to profitnet €14,338
Net result €14,338 after 2 loss-making years.
03-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 3 days late
2019
31-12
Financial
Weakest financial yearnet -€28,332
Net result drops to -€28,332, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 3.52
Current ratio from 1.51 to 3.52; short-term debt falls from €44,668 to €5,616.
Show earlier events
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
17-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 17 days late
2016
22-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 22 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Elsene · 1 establishment unit since 2000
Ground area
949 m²
Building footprint
570 m²
Volume, LiDAR
12,660 m³
2 parcels, Brussels · tallest building 29.8 m, ±9 floors. Linked by address, not a title deed.
15
companies at this address
See who is registered here
1 establishment unit
METAMORPHOSE SPRL
since 20002.093.867.239
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0180/00B004 | Brussels | 769 m² | 1 · 445 m² | 29.8 m · 9 fl. |
| 21363B0482/00L009 | Brussels | 180 m² | 1 · 125 m² | 17.9 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.
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,039. 11,737 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
Founded17-03-2000
Fiscal year end31-12
Abbreviation FR
M & A
Activities, NACEBEL 2025
41001General construction of residential buildings
43350Other building finishing work
68122Development of non-residential building projects
43320Joinery installation
43410Roofing work
43990Other specialised construction activities
Contact
E-mail
metamorphose@archi-archi.be
Scores and ratios are computed by Checked and are not a credit decision.