Liquidity
0.94 was 1.83 in 2024
Short-term debts fell from €6,504 to €1,035.
MGH CONSTRUCT
Overview
Lifetime
2 annual accounts with figures on one time axispeak €14,907 (2024)
-€5,270▼ €20,177
lowest -€9,702 (2025)
-€9,702▼ €19,056
peak €14,354 (2024)
€4,652▼ 67.6%
€1,035▼ 84.1%
Board1 name since 2023
1 directorM’GHARI El Mostafa
Documentsfilings and deeds
28-08-202628 days late
2025abbreviated format
Gross margin from €14,907 to -€5,270Loss of €9,702Equity from €14,354 to €4,652Debts from €6,504 to €1,035Cash from €2,273 to €1
Key points
from the 2025 annual accountsStarting capital
€5,000 100 shares
Position in the sector
€4,652
Less equity than 87% of companies in construction of buildings. Sector median €194,387 · 2,818 companies.
2025 accounts filed 28 days after the deadlineTurnover not published (abbreviated or micro format)
Checked score
35
Weak
Financially stronger than 37% of micro companies in construction of buildings (NACE 41)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
6.6% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.5% across 13,458 companies (NACE 41, micro).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.7%
01-2025: 4.2%▲ +0.5 percentage points vs 12-2024
02-2025: 4.2%● unchanged vs 01-2025
03-2025: 4.5%▲ +0.3 percentage points vs 02-2025
04-2025: 5.0%▲ +0.5 percentage points vs 03-2025
05-2025: 5.0%● unchanged vs 04-2025
06-2025: 4.8%▼ -0.2 percentage points vs 05-2025
07-2025: 4.7%▼ -0.1 percentage points vs 06-2025
08-2025: 5.1%▲ +0.4 percentage points vs 07-2025
09-2025: 5.2%▲ +0.1 percentage points vs 08-2025
10-2025: 3.6%▼ -1.6 percentage points vs 09-2025
11-2025: 3.6%● unchanged vs 10-2025
12-2025: 3.6%● unchanged vs 11-2025
01-2026: 3.6%● unchanged vs 12-2025
02-2026: 3.5%▼ -0.1 percentage points vs 01-2026lowest value
03-2026: 3.6%▲ +0.1 percentage points vs 02-2026
04-2026: 3.7%▲ +0.1 percentage points vs 03-2026
05-2026: 3.6%▼ -0.1 percentage points vs 04-2026
06-2026: 6.1%▲ +2.5 percentage points vs 05-2026
07-2026: 6.2%▲ +0.1 percentage points vs 06-2026
08-2026: 6.6%▲ +0.4 percentage points vs 07-2026highest value
09-2026: 6.6%● unchanged vs 08-2026
10-2026: 6.6%● unchanged vs 09-2026
11-2026: 6.6%● unchanged vs 10-2026
Financial strengthAverage
Score breakdown
raises risk
Founded in 2023
Sector: Construction of residential and non-residential buildings (NACE 41)
Liquidity: current ratio 0.94, cash €1, halved
1 change of registered office in 24 months
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 41, micro). It does better than 92% of them on solvency, 43% on liquidity, 5% on profitability and 8% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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, 3,223 companies had the same profile as MGH CONSTRUCT has now. Each dot stands for 9 companies, two years later.
87.8%
were still trading
8.7%
stopped another way
3.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MGH CONSTRUCT itself is higher: 6.6% within 12 months. It rests on far more data about MGH CONSTRUCT than the profile alone.
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 3,223 companies, not a prediction for MGH CONSTRUCT. 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
No publishable credit limit, so credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.94 (1.83 in 2024), below 1. Short-term debt is 18.2% and cash 0% of total assets. 18.2% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Five signals.
raises risk
raises risk · 2025 accounts filed 28 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 2 filingsDeviation from the deadline
2025
28 days late
2024
43 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 36 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered office moved from Charleroi to Trazegnies courcelles
New registered office: Rue des pâquerettes 5, 6183 Trazegnies courcelles · Previous registered office: Chaussée de Bruxelles 119, 6040 Charleroi · General meeting of 15-05-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0805769201
Incorporation
Founding capital of €5,000, 100 shares · Founder: M’GHARI El Mostafa · Appointment: M’GHARI El Mostafa (director) · published on 15-09-2023 · Gazette deed
First establishment
Chaussée de Bruxelles 119, Charleroi
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MGH CONSTRUCT Courcelles | €5,688 | -€5,270 | 81.8% | - |
| MICAH RENOV Seneffe | €4,951 | -€273 | -113.3% | - |
| KONCEPT RENOVATION Mons | €5,810 | -€5,396 | 78.6% | - |
| IMMOTECH Schilde | €5,422 | -€39,259 | -715.4% | - |
| BATILEC Ronse | €6,350 | €633 | 80.5% | - |
| BEROM Zaventem | €5,003 | -€2,400 | 62.2% | - |
| RENOWAND Hasselt | €5,421 | -€42,649 | -802.7% | - |
These companies have the same main activity as MGH CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €4,950 and €6,350, founded between 2023 and 2024.
Official details
Source: KBO- Status
- Active since 13-09-2023Normal situation
- Activity
- General construction of residential buildingsNACE 41001
- Establishment unit
- 2.349.401.6636040 Charleroi, since 13-09-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 06-02-2026
Insights on MGH CONSTRUCT
The computed 12-month bankruptcy probability of MGH CONSTRUCT is 6.6% (elevated). The annual accounts of MGH CONSTRUCT for financial year 2025 show a net loss of 171% of total assets and of 68% of the equity at the start of that year.
The 2025 annual accounts show equity of €4,652 and a net result of -€9,702. Its solvency ranks better than 89% of 2,818 sector peers (NACE 41, financial year 2025).
The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
abbreviated format, filed on 28-08-2026, 28 days late-€5,270
▼ €20,177
-€9,643
▼ €19,090
-€9,702
▼ €19,056
-€66
▼ €5,457
81.8%
▲ 13.0 percentage points
0.94
▼ 0.89
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance sheet
balance sheet total €5,688 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
81.8%
Higher than 89% of 2,818 companies in 2025.
0.94
Higher than 19% of 2,746 companies in 2025.
-170.6%
Lower than 95% of 2,782 companies in 2025.
MGH CONSTRUCT
Middle half of the sector
80% of the sector
Abbreviated accounts in construction of buildings (NACE 41)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
5,688 | 20,858 | |
21/28 |
4,719 | 8,964 | |
22/27 |
4,719 | 8,964 | |
23 |
2,201 | 2,846 | |
24 |
2,518 | 6,118 | |
29/58 |
969 | 11,894 | |
40/41 |
847 | 9,621 | |
40 |
- | 7,600 | |
41 |
847 | 2,021 | |
54/58 |
1 | 2,273 | |
490/1 |
122 | - | |
| Balance sheet: equity and liabilities | |||
10/49 |
5,688 | 20,858 | |
10/15 |
4,652 | 14,354 | |
10/11 |
5,000 | 5,000 | |
11 |
5,000 | 5,000 | |
1109/19 |
5,000 | 5,000 | |
13 |
500 | 500 | |
130/1 |
500 | 500 | |
1311 |
500 | 500 | |
14 |
-848 | 8,854 | |
17/49 |
1,035 | 6,504 | |
42/48 |
1,035 | 6,504 | |
44 |
- | 137 | |
440/4 |
- | 137 | |
47/48 |
1,035 | 6,367 | |
| Income statement | |||
9900 |
-5,270 | 14,907 | |
630 |
4,245 | 5,061 | |
640/8 |
128 | 398 | |
9901 |
-9,643 | 9,447 | |
65/66B |
59 | 93 | |
65 |
59 | 93 | |
9903 |
-9,702 | 9,354 | |
9904 |
-9,702 | 9,354 | |
9905 |
-9,702 | 9,354 | |
| Appropriation of the result | |||
9906 |
-848 | 9,354 | |
14P |
8,854 | - | |
691/2 |
- | 500 | |
6921 |
- | 500 | |
| Document | |||
The notes to these accounts have 3 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00479283.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| -5,398 | 14,509 | ||
| -5,457 | 14,416 | ||
| 0 | 14,025 | ||
| -2,273 | - | ||
| -66 | 5,391 | ||
| 81.8% | 68.8% | ||
| 0.94 | 1.83 | ||
| 0.22 | 0.45 | ||
| -208.5% | 65.2% | ||
| -170.6% | 44.8% | ||
| -91.35 | over 100 |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | - | €14,025 |
| €4,245 | €5,061 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on MGH CONSTRUCT
The operating result for 2025 is a loss of €9,643, after a profit of €9,447 in 2024.
Debt's share of the balance-sheet total falls from 31.2% to 18.2%. Equity and debt are lower.
Board & ownership
Board
1 director, since incorporationDirector (not named in the articles)
since 13-09-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 28-08-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Article 11. Pouvoirs de l’organe d’administration S’il n’y a qu’un seul administrateur, la totalité des pouvoirs d’administration lui est…”deed of 15-09-2023
Mandates through the years
1 name, the dashed line is todayM’GHARI El Mostafa
Director (not named in the articles)
Director (not named in the articles)
Board
Mandates as a list
- M’GHARI El Mostafa
- Director (not named in the articles), from 13-09-2023 to date
Control
Capital
- Contribution
- €5,000
- Shares
- 100
- Contribution per share
- €50
- Equity per share
- €46.52 in 2025
- Source
- deed of 15-09-2023
Articles of association
deed of 15-09-2023 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Apport en numéraire avec émission de nouvelles actions, au moins quinze jours”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 18:00
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Shareholders
At incorporation
deed of 15-09-2023 ↗
- M’GHARI El Mostafa 100 shares (100%) · €5,000 in cash
Network & group
No group
MGH CONSTRUCT has no parent and no holdings in its annual accounts. M’GHARI El Mostafa is the only director. MGH CONSTRUCT shares no director with another company.
Timeline
Timeline
6 events since 2023Filings
Establishments
Address
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBabbreviated format · 28 days late
Registered office moved from Charleroi to Trazegnies courcellesNew registered office: Rue des pâquerettes 5, 6183 Trazegnies courcelles · Previous registered office: Chaussée de Bruxelles 119, 6040 Charleroi · General meeting of 15-05-20262 points ▸
- General meeting, 15-05-2026
- Registered-office move, Rue des pâquerettes 5, 6183 Trazegnies courcelles
Registered in the Peppol Directory Reachable for e-invoices through 0208:0805769201
2025
Annual accounts 2024 filed PDFmicro format · 43 days late
2023
IncorporationFounding capital of €5,000, 100 shares · Founder: M’GHARI El Mostafa · Appointment: M’GHARI El Mostafa (director) · published on 15-09-20234 points ▸
- Founder, M’GHARI El Mostafa
- Founding capital, €5,000, 100 shares
- Registered office clause, Chaussée de Bruxelles 119, 6040 CHARLEROI, mentioned twice in the deed
- Director appointment, M’GHARI El Mostafa (director (not named in the articles))
- The deed holds 8 more points.
First establishment Chaussée de Bruxelles 119, Charleroi
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 13 September 2023, MGH CONSTRUCT was incorporated as a private limited company by one natural person, with a starting capital of €5,000.12 In 2026 the registered office moved to Trazegnies courcelles.3 M’GHARI El Mostafa has served as director since 2023.4
Company details
Identity
- Enterprise number
- 0805.769.201
- VAT number
- BE 0805.769.201
- Peppol ID
- 0208:0805769201
- Other Peppol ID
- 9925:BE0805769201
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 13-09-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 18:00deed of 15-09-2023 (in French)
- Peppol
- Reachable since 06-02-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MGH CONSTRUCT in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 15-09-2023 (in French)
Activities
NACEBEL 202541001
General construction of residential buildings main activity
Codes under NACEBEL 2008
41201
General construction of buildings main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “L’étude et la réalisation de tous travaux de construction,publics et privés,en qualité d’entrepreneur général et en sous traitance,la…”deed of 15-09-2023 (in French)
9 activities
- L’étude et la réalisation de tous travaux de construction,publics et privés,en qualité d’entrepreneur général et en sous traitance,la conception et la construction de tous bâtiments et édifices
- Toutes opérations se rapportant directement ou indirectement à l’entretien,la rénovation,les travaux de réparations,d’embellissement,de renouvellement,de modernisation,et la maintenance de tous les types d’ouvrages d’art,de biens immeubles,et plus généralement toutes opérations se rapportant directement ou indirectement aux secteurs des travaux publics et privés,et du bâtiment
- L’acquisition de tous terrains,la construction de tous bâtiments publics ou privés,l’achat,la vente,la location,la division de tous immeubles
- La prise en considération de tous travaux concernant la distribution d’eau,du gaz,de l’électricité,eaux usées
- L’achat et la vente en gros ou au détail,la location,l’importation,l’exportation de tous matériaux,marchandises,appareils et outillages nécessaires aux travaux de construction,d’entretien,de maintenance,de réparation et de renouvellement des ouvrages d’art et des bâtiments
- La préparation,la rédaction et la conclusion tant en tant que mandataire que pour compte propre,de tous marchés publics ou privés ou de fournitures.Toutes opérations se rapprochant de près ou de loin à tout ce qui précède
- Dans ce cadre,la société pourra notamment effectuer tous travaux de démolition,déblayage de chantiers,sondage,essais,forages d’essais,isolation,nettoyage de bâtiments nouveaux et remise en état des lieux,ravalement de façade,construction de cheminées décorative et feux ouverts,maçonnerie et rejointoiement,mise en place de fondation,ferraillage et pose de coffrage,construction de cheminées et de fours industriels,montage d’éléments de structures métalliques,travaux de levage,montage et démontage d’échaffaudages et de plates-formes de travail,construction de chambres froides,chambres fortes,location avec opérateur de matériel de construction,installation de piscines privées
- Fournir tous services ou prestations au profit de toutes clientèles privées ou commerciales,notamment : le nettoyage et l’entretien d’immeubles,le nettoyage de vitres et de bureaux,de petits travaux de bureau,services intérimaires,sous-traitance
- La constitution d’un patrimoine tant immobilier que mobilier en vue de le valoriser et de le faire fructifier
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Rue des Pâquerettes 5 registered office 6183 Courcelles | ||
| Chaussée de Bruxelles 119 6040 Charleroi 4100101 General construction of residential buildings | 13-09-2023 | 2.349.401.663 |
1 former office
- Chaussée de Bruxelles 119, 6040 Charleroi until 01-08-2024 · deed of 27-05-2026
Buildings and parcels at the addresses
- Ground area
- 222 m²
- Buildings
- 115 m²
- Volume, LiDAR
- 1,010 m³
- Tallest building
- 12.0 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 52066A0259/00S018 | 154 m² | 1 · 54 m² | 8.4 m · 2 |
| 52363D0578/00C000 | 68 m² | 1 · 60 m² | 12.0 m · 3 |
Contact
E-mail
mgharielmostafa@gmail.com
Phone
+32 485 29 41 21
Invoicing and payment
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 0805.769.201