Losses
Every financial year from 2021 to 2025 closed with a loss. 2024 was the heaviest.
Every financial year from 2021 to 2025 closed with a loss. 2024 was the heaviest.
The last five annual accounts were filed 0 to 26 days before the end of the period.
About 1 in 100 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 (no NACE code, micro). It does better than 81% of them on solvency, 57% on liquidity, 18% on profitability and 30% 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 30-06-2025.
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, 3,440 companies had the same profile as Morevalue has now. Each dot stands for 9 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Morevalue itself: 1.1% 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 3,440 companies, not a prediction for Morevalue. 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 ample, with a current ratio of 19.28, above the usual 1.5. Short-term debt is 5.2% and cash 7.9% of total assets. 5.2% 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 5 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Morevalue files the micro format. That format states no turnover. The gross margin fell from -€2,587 in 2021 to -€5,700 in 2025.
PROVALUE holds all the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
83,644 | 83,797 | 89,352 | 91,925 | 97,495 | |
29/58 |
83,644 | 83,797 | 89,352 | 91,925 | 97,495 | |
40/41 |
75,000 | - | 0 | 1,109 | 1,199 | |
40 |
- | - | - | 0 | 1,199 | |
41 |
75,000 | - | 0 | 1,109 | - | |
54/58 |
6,613 | 83,797 | 89,352 | 90,816 | 96,296 | |
490/1 |
2,031 | - | - | - | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
83,644 | 83,797 | 89,352 | 91,925 | 97,495 | |
10/15 |
79,306 | 83,797 | 89,114 | 91,834 | 96,332 | |
10/11 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
10 |
100,000 | 100,000 | 100,000 | 100,000 | - | |
100 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
14 |
-20,694 | -16,203 | -10,886 | -8,166 | -3,668 | |
17/49 |
4,338 | 0 | 238 | 91 | 1,163 | |
42/48 |
4,338 | 0 | 238 | 91 | 991 | |
44 |
4,338 | 0 | 238 | 91 | 991 | |
440/4 |
4,338 | 0 | 238 | 91 | 991 | |
492/3 |
- | - | - | 0 | 172 | |
| Income statement | ||||||
9900 |
-5,700 | -4,497 | -2,102 | -4,094 | -2,587 | |
640/8 |
387 | 384 | 348 | 251 | 878 | |
9901 |
-6,087 | -4,882 | -2,449 | -4,345 | -3,465 | |
75/76B |
2,031 | - | - | - | - | |
75 |
2,031 | - | - | - | - | |
65/66B |
435 | 435 | 271 | 153 | 203 | |
65 |
435 | 435 | 271 | 153 | 203 | |
9903 |
-4,491 | -5,317 | -2,720 | -4,498 | -3,668 | |
9904 |
-4,491 | -5,317 | -2,720 | -4,498 | -3,668 | |
9905 |
-4,491 | -5,317 | -2,720 | -4,498 | -3,668 | |
| Appropriation of the result | ||||||
9906 |
-20,694 | -16,203 | -10,886 | -8,166 | -3,668 | |
14P |
-16,203 | -10,886 | -8,166 | -3,668 | - | |
| Document | ||||||
Source: Annual accounts 2025 (PDF), filed on 05-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 05-01-2026 | 2026-00001045 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00019752 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00017025 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00013155 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-02900574 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -77,184 | -5,555 | -1,463 | -5,481 | - | ||
| 79,306 | 83,797 | 89,114 | 91,834 | 96,504 | ||
| 94.8% | 100.0% | 99.7% | 99.9% | 98.8% | ||
| 19.28 | - | - | - | 98.42 | ||
| 0.05 | 0.00 | 0.00 | 0.00 | 0.01 | ||
| -5.7% | -6.3% | -3.1% | -4.9% | -3.8% | ||
| -5.4% | -6.3% | -3.0% | -4.9% | -3.8% |
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.
The operating result for 2025 is a loss of €6,087, larger than the loss of €4,882 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total is 5.2%.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 30-06-2025 accounts of PROVALUE. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
| KOMODO INVEST
registered office since 14-12-2015 · founded in 2015 |
total assets €57.1m (2025) 0644.469.483 |
| CORE+
registered office since 01-07-2021 · founded in 2021 |
total assets €52.1m (2025) 0770.609.372 |
| GROUP GLOBISS
registered office since 11-12-2001 · founded in 2000 |
total assets €52.0m (2025) 0473.043.066 |
| Reban Invest
registered office since 22-12-2023 · founded in 2023 · negative equity (2025) |
total assets €35.0m (2025) 1003.862.403 |
| BOWLY
registered office since 01-07-2021 · founded in 2021 |
total assets €20.0m (2025) 0770.607.491 |
| Idola
registered office since 04-04-2023 · founded in 2023 · negative equity (2025) |
total assets €11.4m (2025) 0800.410.643 |
| PROVALUE
registered office since 24-04-2015 · founded in 2015 |
total assets €4.8m (2025) 0628.859.017 |
| Hyper Invest
registered office since 27-04-2021 · founded in 2021 · negative equity (2025) |
total assets €2.5m (2025) 0767.534.571 |
| SHORT STAY
registered office since 31-03-2011 · founded in 2021 |
13 FTE (2025) 0770.610.164 |
| Annicka Invest
registered office since 05-05-2022 · founded in 2022 · negative equity (2025) |
total assets €1.4m (2025) 0785.773.145 |
| Core via MYNY Pieter, no longer at Core · Managing director · deed of 07-04-2021 No longer active |
13 FTE (2020) |
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Naamsestraat 9 registered office 3000 Leuven 68201 Renting and operating of own or leased residential real estate, excluding social housing | 05-12-2019 | 2.315.855.402 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24502B0920/00C000 | 495 m² | 1 · 442 m² | 13.5 m · 4 |
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