Equity
€380,850 ▼ 55.2%
MEULEMAN paid out €92,302 in dividends. That is 292% of the 2025 profit.
MEULEMAN
Lifetime
19 annual accounts with figures on one time axis, 48 filings since 1977peak €20.9m (2015)
-not published
lowest -€745,202 (2015)
€31,639▲ €75,373
peak €1.4m (2010)
€380,850▼ 55.2%
€436,483▲ 4.8%
peak 70.5 FTE (2013)
0 FTE
Board6 names since 2018
3 directorsMANAP and 2 others
Owners3 names in the annual accounts
26.09%MANAP
Documentsfilings and deeds
26-06-202634 days before the deadline
2025financial year
Back to profit: €31,639Capital increase 11-09Dividend €92,302Equity from €849,211 to €380,850
Key points
from the 2025 annual accountsResult
€31,639 €31,639
Back in profit in 2025, after a loss of €43,735 in 2024.
Filings
48 annual accounts since 1977
The 2019 accounts came 70 days late. The other nine of the last ten were filed on time.
Equity -55%: capital reduction
Checked score
92
Excellent
Financially stronger than 36% of micro companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.3%▲ +0.1 percentage points vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025
07-2025: 0.4%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.1%▼ -0.3 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.2%▲ +0.1 percentage points vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.3%▲ +0.1 percentage points vs 08-2026
10-2026: < 0.1%▼ -0.3 percentage points vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Sector: Specialised construction activities (NACE 43)
lowers risk
Liquidity: current ratio 4.03, cash €140,412
Size: total assets €817,333
Founded in 1971
Calculation
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 43, micro). It does better than 50% of them on solvency, 65% on liquidity, 23% on profitability and 8% on growth.
The bankruptcy probability was computed on 08-11-2026 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 30-12-2025.
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).
Comparable companies, two years later
In July 2024, 14,766 companies had the same profile as MEULEMAN has now. Each dot stands for 37 companies, two years later.
96.2%
were still trading
3.5%
stopped another way
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MEULEMAN itself: < 0.1% within 12 months.
Test of the method
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 14,766 companies, not a prediction for MEULEMAN. 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.
Credit verdict
Credit of up to €35,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 4.03 (8.12 in 2024), above the usual 1.5. Short-term debt is 18.2% and cash 17.2% of total assets. However, 53.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 30-12-2025 was due by 30-07-2026 and was filed on 26-06-2026, 34 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
34 days early
2024
28 days early
2023
41 days early
2022
45 days early
2021
60 days early
2020
4 days early
2019
70 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 20 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 30-12-2026 and is due by 30-07-2027. Nothing is late today. The company usually files around 20 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today30-12-2026 year end30-07-2027 deadline
Board and ownership
- PATRAS 73.91%score 95equity €2.3m (2025) · 2021 annual accounts of PATRAS
- Manap BV consolidatesannual accounts 30-12-2025
- MANAP 26.09%score 93equity €1.4m (2025) · 2025 annual accounts of MANAP
Recent changes
Capital increase
Capital from €192,302.20 to €192,400 · General meeting of 04-09-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0408465614
1 director appointed, 2 resignations
Resignations: Ignace GHEYSENS (director) and MANAP · Appointment: KARPE (director) · Permanent representative: Peter MEULEMAN · General meeting of 06-12-2022 · Gazette deed
3 directors reappointed
BV Manap (managing director and chair of the board), Ignace Gheysens and Mario Debel · Permanent representative: Peter Meuleman · General meeting of 30-06-2021 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MEULEMAN Kortrijk | €0.8m | €24,163 | 46.6% | 0 |
| AIR FLOW Woluwe-Saint-Pierre | €0.9m | €31,191 | -29.8% | - |
| CALLANT INTERIEUR Knokke-Heist | €1.7m | €80,056 | 59.8% | 0 |
| G. VLAMINCK en ZONEN Antwerp | €0.5m | €39,298 | 20.7% | - |
| MOMENTO M Kraainem | €1.1m | €129,297 | 82.5% | 0.3 |
| CALIDECO Hannut | €1.5m | €29,418 | 74.8% | - |
| Gezellige Warmte Mol | €0.7m | €63,662 | 74.9% | - |
These companies have the same main activity as MEULEMAN: wallpapering and laying of floor and wall coverings in other materials (NACE 43333). They are comparable in size and age: total assets between €511,000 and €1.7m, founded between 1977 and 2001.
Official details
Source: KBO- Status
- Active since 01-07-1971Normal situation
- Activity
- Wallpapering and laying of floor and wall coverings in other materialsNACE 43333and 1 other
- Establishment unit
- 2.038.023.0528500 Kortrijk, since 01-07-1971
- Financial year end
- 30 December
- Peppol
- Reachable since 10-09-2025
Annual accounts to 30-12-2025
- ≈ €210,000estimated
- €817,333▼ 35.4%
- Filing
- Filed on 26-06-2026, 34 days before the end of the filing period
Insights on MEULEMAN
MEULEMAN has existed since 1971. Turnover fell from €574,640 in 2023 to €845 in 2024.
Solvency fell in 2025 from 67.1% to 46.6% because of the dividend and higher debts to suppliers.
PATRAS holds 73.91% of the shares. In March 2022, the Official Gazette published the appointment of MANAP as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MEULEMAN
- What is the company number of MEULEMAN?
- The company number of MEULEMAN is 0408.465.614. The VAT number is the same number with BE in front: BE 0408.465.614.
- Where is MEULEMAN based?
- The registered office is at Stasegemsesteenweg 17, 8500 Kortrijk.Company details
- What does MEULEMAN do?
- According to the KBO register, the main activity is wallpapering and laying of floor and wall coverings in other materials (NACE 43333).
- What is the legal form of MEULEMAN?
- MEULEMAN is a public limited company (NV).
- When was MEULEMAN founded?
- MEULEMAN was founded on 01-07-1971.
- Is MEULEMAN still active?
- Yes, MEULEMAN is an active enterprise in the KBO register.
- How many employees does MEULEMAN have?
- MEULEMAN had an average of 17.1 full-time equivalents in financial year 2018, according to the filed annual accounts.Financials
- What is the turnover of MEULEMAN?
- The turnover in financial year 2025 is ≈ €210,000. This figure is estimated from the gross margin of €24,163 and 58 comparable companies (NACE 433). It probably lies between €110,000 and €460,000. It is a rough estimate. In financial year 2024 turnover was €845.
- Is MEULEMAN profitable?
- In financial year 2025, MEULEMAN made a profit of €31,639.
- Where can I find the annual accounts of MEULEMAN?
- MEULEMAN filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MEULEMAN due?
- MEULEMAN must file the annual accounts for financial year 2026 by 30-07-2027.Timeline
Next steps
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