Equity
Equity rose in 2025 from €105,473 to €181,103.
Equity rose in 2025 from €105,473 to €181,103.
Of this, €518,741 falls due within a year.
In 2025, 1 person joined and 1 left.
The 2022 accounts came latest: 168 days after the end of the period.
A director left. Latest change 12-12-2025 · 1 in office.
Higher net result than 92% of companies in specialised construction. Sector median €10,184 · 35,124 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 26% of them on solvency, 10% on liquidity, 63% on profitability and 88% 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 low class on 30-06-2025, 0.8% 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).
In July 2024, 6,713 companies had the same profile as MK Projects has now. Each dot stands for 17 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MK Projects itself: 0.8% within 12 months.
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 6,713 companies, not a prediction for MK Projects. 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.
Liquidity is tight, with a current ratio of 1.37 (1.32 in 2024), below the usual 1.5. Short-term debt is 71% and cash 5.3% of total assets. 75.2% of the assets are financed with debt and provisions.
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.
The company filed its last 5 accounts on average 48 days after 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.
| Company | ||||
|---|---|---|---|---|
| MK Projects Maasmechelen | €731,050 | €217,214 | 24.8% | - |
| ELEC.RIGO Bilzen-Hoeselt | €650,627 | €211,725 | 43.5% | - |
| BELMATIC Tielt | €755,960 | €207,767 | 20.4% | 2.5 |
| VDM-T Izegem | €729,832 | €214,501 | 72.7% | - |
| DEB-CO Zwevegem | €690,591 | €232,469 | 89.7% | - |
| Karweiwerken Pieter Tips Balen | €654,402 | €234,956 | 66.3% | 1.9 |
| B.PRO-TEC Hotton | €765,840 | €188,080 | 10.5% | - |
These companies have the same main activity as MK Projects: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €651,000 and €766,000, founded between 2019 and 2021.
MK Projects files the micro format. That format states no turnover. The gross margin rose from €6,970 in 2021 to €217,214 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €650,000. Estimated: probably between €440,000 and €790,000.
Higher than 26% of 35,136 companies in 2025.
Higher than 36% of 34,510 companies in 2025.
Higher than 59% of 34,711 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 1 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
731,050 | 553,860 | 288,413 | 278,929 | 69,412 | |
21/28 |
20,499 | 29,059 | 25,372 | 39,098 | 2,332 | |
22/27 |
20,499 | 29,059 | 25,372 | 39,098 | 2,332 | |
23 |
3,664 | 4,494 | 3,985 | 3,226 | 2,332 | |
24 |
16,835 | 24,565 | 21,388 | 35,871 | - | |
29/58 |
710,551 | 524,801 | 263,041 | 239,831 | 67,080 | |
29 |
10,000 | - | - | - | - | |
291 |
10,000 | - | - | - | - | |
3 |
36,852 | 3,415 | 40,787 | 9,800 | 16,350 | |
30/36 |
36,852 | 3,415 | 40,787 | 9,800 | 16,350 | |
40/41 |
624,962 | 417,925 | 192,719 | 172,342 | 48,081 | |
40 |
603,673 | 411,974 | 174,813 | 172,104 | 47,376 | |
41 |
21,290 | 5,951 | 17,906 | 238 | 705 | |
54/58 |
38,649 | 103,262 | 27,554 | 55,997 | 2,649 | |
490/1 |
87 | 199 | 1,981 | 1,691 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
731,050 | 553,860 | 288,413 | 278,929 | 69,412 | |
10/15 |
181,103 | 105,473 | 60,805 | 56,058 | 5,739 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
13 |
178,103 | 102,473 | 57,805 | 53,058 | 2,739 | |
133 |
178,103 | 102,473 | 57,805 | 53,058 | 2,739 | |
17/49 |
549,946 | 448,386 | 227,608 | 222,871 | 63,673 | |
17 |
31,205 | 49,353 | 34,129 | 25,069 | 13,535 | |
170/4 |
31,205 | 49,353 | 34,129 | 25,069 | 13,535 | |
42/48 |
518,741 | 399,033 | 193,479 | 197,802 | 50,139 | |
42 |
3,376 | 2,857 | 467 | 560 | - | |
44 |
460,925 | 261,307 | 182,615 | 163,832 | 48,379 | |
440/4 |
460,925 | 261,307 | 182,615 | 163,832 | 48,379 | |
46 |
- | 86,335 | - | - | - | |
45 |
51,440 | 45,534 | 7,397 | 30,410 | 1,759 | |
450/3 |
40,208 | 22,886 | 3,567 | 26,517 | 1,759 | |
454/9 |
11,232 | 22,649 | 3,830 | 3,893 | - | |
47/48 |
3,000 | 3,000 | 3,000 | 3,000 | - | |
| Income statement | ||||||
76A |
2,000 | - | - | - | - | |
9900 |
217,214 | 200,972 | 76,306 | 87,617 | 6,970 | |
62 |
94,217 | 101,173 | 47,442 | 5,197 | - | |
630 |
13,219 | 17,909 | 13,698 | 7,531 | 292 | |
631/4 |
6,930 | 15,000 | 2,100 | - | - | |
640/8 |
1,667 | 3,714 | 2,701 | 763 | 2,303 | |
66A |
338 | - | 2,857 | - | - | |
9901 |
100,844 | 63,177 | 7,508 | 74,126 | 4,375 | |
75/76B |
350 | 263 | 184 | 2 | 54 | |
75 |
350 | 263 | 184 | 2 | 54 | |
65/66B |
1,242 | 1,263 | 401 | 387 | 664 | |
65 |
1,242 | 1,263 | 401 | 387 | 664 | |
9903 |
99,952 | 62,177 | 7,291 | 73,740 | 3,766 | |
67/77 |
24,322 | 17,509 | 2,543 | 23,421 | 1,027 | |
9904 |
75,630 | 44,668 | 4,748 | 50,319 | 2,739 | |
9905 |
75,630 | 44,668 | 4,748 | 50,319 | 2,739 | |
| Appropriation of the result | ||||||
9906 |
75,630 | 44,668 | 4,748 | 50,319 | 2,739 | |
691/2 |
75,630 | 44,668 | 4,748 | 50,319 | 2,739 | |
6921 |
75,630 | 44,668 | 4,748 | 50,319 | 2,739 | |
| Social balance sheet | ||||||
9087 |
2.7 | 2.1 | 1 | 0.2 | - | |
Hours worked1013 |
3,278 | 3,488 | 1,650 | 250 | - | |
| Document | ||||||
The notes to these accounts have 9 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 28-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00358118 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00453918 | |
| 31-12-2023 | micro format | 16-08-2024 | 2024-00348891 | |
| 31-12-2022 | micro format | 15-01-2024 | 2024-00002039 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20405084 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 114,063 | 81,085 | 21,207 | 81,656 | 4,667 | ||
| 88,849 | 62,577 | 18,446 | 57,850 | 3,030 | ||
| 4,997 | 21,595 | 6,136 | 44,296 | 2,624 | ||
| -64,613 | 75,708 | -28,443 | 53,349 | - | ||
| 191,810 | 125,768 | 69,562 | 42,029 | 16,941 | ||
| 24.8% | 19.0% | 21.1% | 20.1% | 8.3% | ||
| 1.37 | 1.32 | 1.36 | 1.21 | 1.34 | ||
| 1.30 | 1.31 | 1.15 | 1.16 | 1.01 | ||
| 3.04 | 4.25 | 3.74 | 3.98 | 11.10 | ||
| 41.8% | 42.4% | 7.8% | 89.8% | 47.7% | ||
| 10.3% | 8.1% | 1.6% | 18.0% | 3.9% | ||
| 91.87 | 64.21 | 52.83 | over 100 | 7.03 |
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 | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | 1 | 1 |
| full-time | 2 | 2 | 1 | 1 |
| part-time | 1 | 1 | - | - |
| in full-time equivalents | 2.6 | 2.9 | 1 | 1 |
| 2.7 | 2.1 | 1 | 0.2 | |
| On a permanent contract | 2 | 3 | 1 | 1 |
| Joined | 1 | 3 | - | 1 |
| Left | 1 | 1 | - | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Carrying value of the other pledged assets | - | €15,360 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €4,997 | €21,595 | €6,136 | €44,296 | €2,624 |
| €13,219 | €17,909 | €13,698 | €7,531 | €292 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 60% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Debt's share of the balance-sheet total falls from 81.0% to 75.2%. Equity and debt are higher.
MK Projects has no parent and no holdings in its annual accounts. BÖLÜKBAS Muhammed is the only director.
| KF SALMAN via KIZILKAYA Kürsat, at MK Projects until 2025 · Director (not named in the articles) · deed of 19-06-2019 Bankrupt |
total assets €86,454 (2020) |
The network starts from the earlier ties.
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 31 August 2020, MK Projects was incorporated as a private limited company by two natural persons, with a starting capital of €3,000.12 In 2022 the registered office moved to Maasmechelen.3 BÖLÜKBAS Muhammed is director of the company, appointed by deed of 02-09-2020.2 Total assets went from €69,412 in 2021 to €731,050 in 2025 and headcount from 0.2 full-time equivalents in 2022 to 2.7 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Bevrijdingslaan 7 registered office 3630 Maasmechelen | 07-09-2020 | 2.306.613.280 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 73013D0256/00A000 | 733 m² | 1 · 94 m² | 9.5 m · 2 |
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 0753.495.010
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