MH PROJECTS
ActiveSummary
MH PROJECTS has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €164,121 and a net result of €83,082. Equity remains stable across the filed fiscal years (±1.3% per year). Its solvency ranks better than 24% of 7564 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+25
Solvency42=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity short (current ratio 0.89 against 0.8 in 2024; short-term debt: 41.6% and cash: 1.6% of total assets), and 82.6% 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
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
17.4%
Return on assets
8.8%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 24% of 7564 sector peers (2025).
NBB · sector comparisonPosition among 7564 sector peers
Solvency
better than 24%
← weakest
strongest →
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
28 d early
2023
24 d early
2022
5 d early
2021
26 d early
2020
11 d early
2019
3 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 17 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, micro schema
In the rankings
#10 company by total assets in Rumst, Construction sector
Equity
€164,121▲ 5.2%
2024 · €156,039
Total assets
€943,445▲ 4.0%
2024 · €906,910
Net result
€83,082▲ 286%
2024 · €21,534
Working capital
-€42,180▲ 37.2%
2024 · -€67,124
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€26,656▲ 21.4%€24,157▼ 9.4%€33,879▲ 40.2%€57,831▲ 70.7%€116,609▲ 102%
Net result€4,693within the sector's middle half▼ 27.5%€7,520within the sector's middle half▲ 60.3%€4,357within the sector's middle half▼ 42.1%€21,534within the sector's middle half▲ 394%€83,082above the sector's middle half▲ 286%
Equity€142,628above the sector's middle half▼ 8.8%€150,148above the sector's middle half▲ 5.3%€154,504above the sector's middle half▲ 2.9%€156,039above the sector's middle half▲ 1.0%€164,121above the sector's middle half▲ 5.2%
Total assets€511,583above the sector's middle half▼ 23.3%€832,195above the sector's middle half▲ 62.7%€914,596above the sector's middle half▲ 9.9%€906,910above the sector's middle half▼ 0.8%€943,445above the sector's middle half▲ 4.0%
Debt€368,956▼ 27.7%€682,048▲ 84.9%€760,092▲ 11.4%€750,871▼ 1.2%€779,325▲ 3.8%
Working capital-€1,083-€74,787▼ 6,809%-€19,037▲ 74.5%-€67,124▼ 253%-€42,180▲ 37.2%
Solvency27.9%within the sector's middle half▲ 4.4pp18.0%within the sector's middle half▼ 9.8pp16.9%below the sector's middle half▼ 1.1pp17.2%below the sector's middle half▲ 0.3pp17.4%below the sector's middle half▲ 0.2pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 102% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €943,445
Fixed assets
€593,386 ▼ 5.9%
Current assets
€350,060 ▲ 26.7%
Equity and liabilities €943,445
Equity
€164,121 ▲ 5.2%
Debt
€779,325 ▲ 3.8%
Debt's share of the balance-sheet total falls from 82.8% to 82.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€143,819▲
2024 · €95,166
Cash flow
€110,292▲
2024 · €58,869
Current ratio
0.89▲
2024 · 0.80
Debt to equity
4.75▼
2024 · 4.81
ROE
50.6%▲
2024 · 13.8%
ROA
8.8%▲
2024 · 2.4%
Interest coverage
4.69▲
2024 · 2.73
Debt ≤ 1 year
€392,239▲
2024 · €343,366
Debt > 1 year
€367,683▼
2024 · €384,664
Income taxes
€2,844▲
2024 · €1,486
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,600 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 97% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
2.0%
stopped otherwise
97%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,600 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,158 | €53,767 | €63,286 | €37,335 | €27,210 | ▼ 27.1% |
| Other operating charges640/8 | €2,547 | €2,606 | €2,865 | €8,489 | €4,754 | ▼ 44.0% |
| Gross operating margin9900 | €47,361 | €80,530 | €100,030 | €103,655 | €148,573 | ▲ 43.3% |
| Operating profit (loss)9901 | €26,656 | €24,157 | €33,879 | €57,831 | €116,609 | ▲ 102% |
| Financial income75/76B | - | - | €0 | €3 | €3 | ▼ 14.7% |
| Recurring financial income75 | - | - | €0 | €3 | €3 | ▼ 14.7% |
| Financial charges65/66B | €19,569 | €13,059 | €27,615 | €34,815 | €30,686 | ▼ 11.9% |
| Recurring financial charges65 | €8,366 | €13,059 | €27,615 | €34,815 | €30,686 | ▼ 11.9% |
| Non-recurring financial charges66B | €11,203 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €7,087 | €11,098 | €6,264 | €23,020 | €85,926 | ▲ 273% |
| Income taxes67/77 | €2,394 | €3,578 | €1,908 | €1,486 | €2,844 | ▲ 91.4% |
| Profit (loss) for the period9904 | €4,693 | €7,520 | €4,357 | €21,534 | €83,082 | ▲ 286% |
| Profit (loss) for the period to be appropriated9905 | €4,693 | €7,520 | €4,357 | €21,534 | €83,082 | ▲ 286% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €511,583 | €832,195 | €914,596 | €906,910 | €943,445 | ▲ 4.0% |
| Fixed assets21/28 | €321,593 | €651,384 | €589,915 | €630,668 | €593,386 | ▼ 5.9% |
| Tangible fixed assets22/27 | €319,343 | €649,134 | €587,665 | €628,418 | €591,136 | ▼ 5.9% |
| Land and buildings22 | €249,765 | €589,202 | €543,250 | €533,159 | €539,230 | ▲ 1.1% |
| Furniture and vehicles24 | €69,578 | €59,931 | €44,415 | €95,259 | €51,905 | ▼ 45.5% |
| Financial fixed assets28 | €2,250 | €2,250 | €2,250 | €2,250 | €2,250 | = |
| Current assets29/58 | €189,990 | €180,812 | €324,681 | €276,242 | €350,060 | ▲ 26.7% |
| Stocks and contracts in progress3 | - | - | €55,000 | - | - | - |
| Stocks30/36 | - | - | €55,000 | - | - | - |
| Amounts receivable within one year40/41 | €160,118 | €166,163 | €177,528 | €219,869 | €331,526 | ▲ 50.8% |
| Trade receivables40 | €15,031 | €18,200 | - | €27,104 | €61,060 | ▲ 125% |
| Other amounts receivable41 | €145,087 | €147,963 | €177,528 | €192,765 | €270,466 | ▲ 40.3% |
| Cash at bank and in hand54/58 | €22,579 | €12,466 | €41,739 | €15,030 | €15,095 | ▲ 0.4% |
| Deferred charges and accrued income490/1 | €7,294 | €2,183 | €50,414 | €41,342 | €3,439 | ▼ 91.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €511,583 | €832,195 | €914,596 | €906,910 | €943,445 | ▲ 4.0% |
| Equity10/15 | €142,628 | €150,148 | €154,504 | €156,039 | €164,121 | ▲ 5.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €106,540 | €114,040 | €114,040 | €114,040 | €114,040 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €104,680 | €112,180 | €114,040 | €114,040 | €114,040 | = |
| Profit (loss) carried forward14 | €23,688 | €23,708 | €28,064 | €29,599 | €37,681 | ▲ 27.3% |
| Amounts payable17/49 | €368,956 | €682,048 | €760,092 | €750,871 | €779,325 | ▲ 3.8% |
| Amounts payable after more than one year17 | €174,050 | €418,624 | €401,894 | €384,664 | €367,683 | ▼ 4.4% |
| Financial debts170/4 | €174,050 | €418,624 | €401,894 | €383,464 | €367,683 | ▼ 4.1% |
| Other amounts payable178/9 | - | - | - | €1,200 | - | - |
| Amounts payable within one year42/48 | €191,073 | €255,599 | €343,718 | €343,366 | €392,239 | ▲ 14.2% |
| Current portion of amounts payable after more than one year42 | €17,000 | €16,244 | €16,730 | €17,230 | €17,746 | ▲ 3.0% |
| Trade debts44 | €65,142 | €16,621 | €3,426 | €5,446 | €8,293 | ▲ 52.3% |
| Suppliers440/4 | €65,142 | €16,621 | €3,426 | €5,446 | €8,293 | ▲ 52.3% |
| Taxes, remuneration and social security45 | - | - | €8,116 | €7,516 | €10,616 | ▲ 41.2% |
| Taxes450/3 | - | - | €8,116 | €7,516 | €10,616 | ▲ 41.2% |
| Other amounts payable47/48 | €108,931 | €222,734 | €315,447 | €313,173 | €355,584 | ▲ 13.5% |
| Accrued charges and deferred income492/3 | €3,833 | €7,825 | €14,480 | €22,842 | €19,402 | ▼ 15.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,693 | €7,520 | €4,357 | €21,534 | €83,082 | ▲ 286% |
| + Depreciation and write-downs630 | €18,158 | €53,767 | €63,286 | €37,335 | €27,210 | ▼ 27.1% |
| Operating cash flow (approximation) | €22,851 | €61,287 | €67,642 | €58,869 | €110,292 | ▲ 87.4% |
| Investment in fixed assets (approximation) | - | -€383,557 | -€1,817 | -€78,088 | €10,073 | ▲ 113% |
| Change in cash | - | -€10,113 | €29,273 | -€26,709 | €65 | ▲ 100% |
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
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €83,082 ▲286%
Operating result €116,609, net result €83,082, both a record.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
07-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €4,357 ▼42.1%
Net result drops to €4,357, the lowest in the series; recovery starts the following year.
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €150,000Eq €150,148 ▲5.3%
5 profitable years in a row build equity to €150,148.
05-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €150,000Eq €156,435 ▲4.3%
3 profitable years in a row build equity to €156,435.
28-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has 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 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Rumst · 1 establishment unit since 2005
Ground area
600 m²
Building footprint
172 m²
Volume, LiDAR
985 m³
Parcel 11036D0148/00P000, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MH PROJECTS
since 20052.148.469.331
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11036D0148/00P000 | Flanders | 599 m² | 1 · 172 m² | 11.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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COMPAGNIE IMMOBILIERE DE LA BUANDERIE - HET WASHUIS VOOR IMMOBILIEN
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GEBR. HESELMANS
BE 0452.274.277
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PAUL F&D
BE 0712.635.046
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 12,482 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
Founded04-08-2005
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
33150Repair, maintenance and installation of machinery and equipment
68121Development of residential building projects
43350Other building finishing work
43990Other specialised construction activities
47811Retail sale of cars and light vans (up to 3.5 tonnes)
47812Retail trade
95311General maintenance and repair of cars and light vans (up to 3.5 tonnes)
95312Repair and maintenance of computers, personal and household goods, and motor vehicles and motorcycles
95319Other maintenance and repair of motor vehicles
68110Buying and selling of own real estate
71111Activities of building architects
77110Renting and leasing of cars and light motor vehicles
77229Renting and leasing of other personal and household goods
77340Rental and leasing activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0875435094
Also
9925:BE0875435094
Registered
15-02-2024
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.