MOREELS
ActiveSummary
MOREELS has been active since 1975 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €92,521 and a net result of -€6,111. Equity is growing by ~4% per year across the filed fiscal years. Its solvency ranks better than 95% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability11▼-7
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
short-term debt: 0.5% and cash: 0.6% of total assets, and 0.5% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€6,111
neutral · Filed after the deadline
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. 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
28 d late
2024
28 d late
2023
28 d late
2022
29 d late
2021
24 d late
2020
27 d late
2019
70 d late
← 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 33 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
In the rankings
#3 oldest company in Ninove, Construction sector
Equity
€92,521▼ 6.2%
2024 · €98,631
Total assets
€93,030▼ 10.3%
2024 · €103,656
Net result
-€6,111▼ 500%
2024 · -€1,018
Working capital
€88,304▼ 6.0%
2024 · €93,917
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€3,744▼ 63.8%€3,885▲ 3.8%€13,026▲ 235%-€594-€5,663▼ 854%
Net result€2,426within the sector's middle half▼ 64.6%€2,573within the sector's middle half▲ 6.1%€8,041within the sector's middle half▲ 212%-€1,018below the sector's middle half-€6,111below the sector's middle half▼ 500%
Equity€89,035within the sector's middle half▲ 2.8%€91,609within the sector's middle half▲ 2.9%€99,649within the sector's middle half▲ 8.8%€98,631within the sector's middle half▼ 1.0%€92,521within the sector's middle half▼ 6.2%
Total assets€92,923within the sector's middle half▲ 2.5%€95,613within the sector's middle half▲ 2.9%€104,950within the sector's middle half▲ 9.8%€103,656within the sector's middle half▼ 1.2%€93,030within the sector's middle half▼ 10.3%
Debt€3,888▼ 4.7%€4,005▲ 3.0%€5,301▲ 32.4%€5,025▼ 5.2%€510▼ 89.9%
Working capital€85,344▲ 6.7%€88,122▲ 3.3%€95,433▲ 8.3%€93,917▼ 1.6%€88,304▼ 6.0%
Solvency95.8%above the sector's middle half▲ 0.3pp95.8%above the sector's middle half=94.9%above the sector's middle half▼ 0.9pp95.2%above the sector's middle half▲ 0.2pp99.5%above the sector's middle half▲ 4.3pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
The operating result stays negative: a loss of €5,663 in 2025 against €594 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €93,030
Fixed assets
€4,216 ▼ 10.6%
Current assets
€88,814 ▼ 10.2%
Equity and liabilities €93,030
Equity
€92,521 ▼ 6.2%
Debt
€510 ▼ 89.9%
Debt's share of the balance-sheet total falls from 4.8% to 0.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€5,166▼
2024 · -€92
Cash flow
-€5,613▼
2024 · -€516
Debt to equity
0.01▼
2024 · 0.05
ROE
-6.6%▼
2024 · -1.0%
ROA
-6.6%▼
2024 · -1.0%
Interest coverage
-11.54▼
2024 · -0.48
Debt ≤ 1 year
€510▼
2024 · €5,025
A ratio outside any meaningful range has been withheld (balance sheet total €93,030, equity €92,521).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% 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 497,662 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% | 1.7% |
| 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 75% 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 12,321 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 | €2,924 | €204 | €192 | €502 | €498 | ▼ 0.8% |
| Other operating charges640/8 | €1,442 | €1,367 | €1,909 | €658 | €427 | ▼ 35.1% |
| Gross operating margin9900 | €8,109 | €5,456 | €15,128 | €566 | -€4,739 | ▼ 937% |
| Operating profit (loss)9901 | €3,744 | €3,885 | €13,026 | -€594 | -€5,663 | ▼ 854% |
| Financial income75/76B | - | - | €12 | - | €0 | - |
| Recurring financial income75 | - | - | €12 | - | €0 | - |
| Financial charges65/66B | €345 | €248 | €258 | €192 | €448 | ▲ 133% |
| Recurring financial charges65 | €345 | €248 | €258 | €192 | €448 | ▲ 133% |
| Profit (loss) for the period before taxes9903 | €3,398 | €3,638 | €12,780 | -€786 | -€6,111 | ▼ 678% |
| Income taxes67/77 | €973 | €1,064 | €4,739 | €232 | - | - |
| Profit (loss) for the period9904 | €2,426 | €2,573 | €8,041 | -€1,018 | -€6,111 | ▼ 500% |
| Profit (loss) for the period to be appropriated9905 | €2,426 | €2,573 | €8,041 | -€1,018 | -€6,111 | ▼ 500% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €92,923 | €95,613 | €104,950 | €103,656 | €93,030 | ▼ 10.3% |
| Fixed assets21/28 | €3,691 | €3,487 | €4,216 | €4,714 | €4,216 | ▼ 10.6% |
| Tangible fixed assets22/27 | €555 | €351 | €1,080 | €1,578 | €1,080 | ▼ 31.5% |
| Plant, machinery and equipment23 | €470 | €351 | €1,080 | €1,578 | €1,080 | ▼ 31.5% |
| Furniture and vehicles24 | €85 | - | - | - | - | - |
| Financial fixed assets28 | €3,136 | €3,136 | €3,136 | €3,136 | €3,136 | = |
| Current assets29/58 | €89,232 | €92,126 | €100,734 | €98,942 | €88,814 | ▼ 10.2% |
| Stocks and contracts in progress3 | €2,233 | €2,000 | €945 | €895 | €370 | ▼ 58.6% |
| Stocks30/36 | €2,233 | €2,000 | €945 | €895 | €370 | ▼ 58.6% |
| Amounts receivable within one year40/41 | €86,809 | €88,007 | €95,915 | €92,281 | €87,897 | ▼ 4.7% |
| Trade receivables40 | €1,072 | €497 | €9,265 | €3,275 | €795 | ▼ 75.7% |
| Other amounts receivable41 | €85,737 | €87,511 | €86,650 | €89,005 | €87,102 | ▼ 2.1% |
| Cash at bank and in hand54/58 | €191 | €2,119 | €3,874 | €5,766 | €547 | ▼ 90.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €92,923 | €95,613 | €104,950 | €103,656 | €93,030 | ▼ 10.3% |
| Equity10/15 | €89,035 | €91,609 | €99,649 | €98,631 | €92,521 | ▼ 6.2% |
| Contributions10/11 | €19,831 | €19,831 | €19,831 | €19,831 | €19,831 | = |
| Reserves13 | €69,204 | €71,777 | €79,818 | €79,818 | €79,818 | = |
| Non-distributable reserves130/1 | €1,983 | €1,983 | €1,983 | - | - | - |
| Reserves not available under the articles1311 | €1,983 | €1,983 | €1,983 | - | - | - |
| Distributable reserves133 | €67,221 | €69,794 | €77,835 | €79,818 | €79,818 | = |
| Profit (loss) carried forward14 | - | - | - | -€1,018 | -€7,129 | ▼ 600% |
| Amounts payable17/49 | €3,888 | €4,005 | €5,301 | €5,025 | €510 | ▼ 89.9% |
| Amounts payable within one year42/48 | €3,888 | €4,005 | €5,301 | €5,025 | €510 | ▼ 89.9% |
| Trade debts44 | €2,142 | €3,191 | €891 | €508 | €510 | ▲ 0.3% |
| Suppliers440/4 | €2,142 | €3,191 | €891 | €508 | €510 | ▲ 0.3% |
| Taxes, remuneration and social security45 | €1,746 | €813 | €4,410 | €4,517 | - | - |
| Taxes450/3 | €1,746 | €813 | €4,410 | €4,517 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,426 | €2,573 | €8,041 | -€1,018 | -€6,111 | ▼ 500% |
| + Depreciation and write-downs630 | €2,924 | €204 | €192 | €502 | €498 | ▼ 0.8% |
| Operating cash flow (approximation) | €5,349 | €2,777 | €8,233 | -€516 | -€5,613 | ▼ 988% |
| Investment in fixed assets (approximation) | - | €0 | -€921 | -€1,000 | €0 | ▲ 100% |
| Change in cash | - | €1,928 | €1,755 | €1,892 | -€5,220 | ▼ 376% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
31-12
Financial
Weakest financial yearnet -€6,111
Net result drops to -€6,111, the lowest in the series.
31-12
Financial
Liquidity times 9current ratio 174.22
Current ratio from 19.69 to 174.22; short-term debt falls from €5,025 to €510.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
28-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 28 days late
2023
31-12
Financial
Highest result since 2018net €8,041 ▲212%
Operating result €13,026, net result €8,041, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
31-12
Financial
Liquidity quadruplescurrent ratio 20.61
Current ratio from 4.63 to 20.61; short-term debt falls from €18,476 to €4,079.
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 70 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
04-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 126 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Ninove · 1 establishment unit since 1975
Ground area
485 m²
Building footprint
269 m²
Volume, LiDAR
1,632 m³
Parcel 41012C0128/00C000, Flanders · tallest building 9.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MOREELS BVBA
since 19752.012.450.783
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41012C0128/00C000 | Flanders | 485 m² | 1 · 268 m² | 9.4 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.
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GEVELWERKEN CEUPPENS
BE 0451.084.642
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VAN BOCXLAER MANUEL
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Of 7,868 companies in sector 43341 we hold annual accounts for 2,666. 2,294 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
Founded09-12-1975
Fiscal year end31-12
Activities, NACEBEL 2025
43341Painting of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0415750116
Also
9925:BE0415750116
Registered
10-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.