MOREXFOR
ActiveMOREXFOR has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €228k and a net result of €20k. Equity is growing by ~13.8% per year across the filed fiscal years. Its solvency ranks better than 18% of 113 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability46▼-2
Solvency42▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity tight (current ratio 1.12 against 1.08 in 2024; short-term debt: 78.8% and cash: 1.2% of total assets), and 83% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 02
Relative position
BE, all sectors
reference
Sector 02
lower
← fewer bankruptcies
more bankruptcies →
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%
Return on assets
1.5%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 113 sector peers (2025).
NBB · sector comparisonPosition among 113 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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 · 7 filingsDeviation from the deadline
2025
27 d late
2024
6 d early
2023
12 d early
2022
22 d late
2021
29 d late
2020
26 d late
2019
31 d late
← before the deadline
after the deadline →
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
23-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€20k
2024 · €-4k
2019: €46k
2020: €16k
2021: €95k
2022: €37k
2023: €7k
2024: €-4k
2019 → 2025
Working capital
€123k▲ 29.0%
2024 · €96k
2019: €-21k
2020: €-34k
2021: €12k
2022: €39k
2023: €84k
2024: €96k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€169k-€206k▲ 21.9%€212k▲ 3.2%€209k▼ 1.7%€228k▲ 9.4%
Operating result€145k-€80k▼ 44.7%€17k▼ 78.3%€56k▲ 225%€61k▲ 8.1%
Net result€95k-€37k▼ 61.1%€7k▼ 82.3%€-4k€20k
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 8% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.35M
Fixed assets
€162k▼ 24.6%
Current assets
€1.18M▼ 8.5%
Equity and liabilities €1.35M
Equity
€228k▲ 9.4%
Debt
€1.12M▼ 14.1%
The debt ratio falls from 86.2% to 83.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€125k▲
2024 · €114k
Cash flow
€84k▲
2024 · €54k
Solvency
17.0%▲
2024 · 13.8%
Current ratio
1.12▲
2024 · 1.08
Quick ratio
0.49▼
2024 · 0.60
Debt / equity
4.90▼
2024 · 6.24
ROE
8.6%▲
2024 · -1.7%
ROA
1.5%▲
2024 · -0.2%
Interest coverage
3.04▼
2024 · 3.57
Debt
€1.12M▼
2024 · €1.30M
Debt ≤ 1 year
€1.06M▼
2024 · €1.20M
Debt > 1 year
€57k▼
2024 · €102k
Staff costs
€123k▼
2024 · €152k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.51M€1.35M▼
Fixed assets21/28€215k€162k▼
Tangible fixed assets22/27€214k€162k▼
Plant, machinery and equipment23€47k€2k▼
Furniture and vehicles24€155k€156k▲
Leasing and similar rights25€13k€4k▼
Financial fixed assets28€405€270▼
Current assets29/58€1.30M€1.18M▼
Stocks and contracts in progress3€571k€662k▲
Stocks30/36€571k€662k▲
Amounts receivable within one year40/41€704k€504k▼
Trade receivables40€478k€307k▼
Other amounts receivable41€226k€197k▼
Cash at bank and in hand54/58€20k€17k▼
Deferred charges and accrued income490/1-€3k
Equity and liabilities
Total equity and liabilities10/49€1.51M€1.35M▼
Equity10/15€209k€228k▲
Contributions10/11€12k€12k=
Profit (loss) carried forward14€196k€216k▲
Amounts payable17/49€1.30M€1.12M▼
Amounts payable after more than one year17€102k€57k▼
Financial debts170/4€102k€57k▼
Amounts payable within one year42/48€1.20M€1.06M▼
Current portion of amounts payable after more than one year42€39k€45k▲
Financial debts43€135k€214k▲
Credit institutions430/8€10k€39k▲
Other loans439€125k€175k▲
Trade debts44€892k€718k▼
Suppliers440/4€892k€718k▼
Taxes, remuneration and social security45€28k€39k▲
Taxes450/3€9k€31k▲
Remuneration and social security454/9€20k€8k▼
Other amounts payable47/48€104k€45k▼
Income statement
Code20242025
Non-recurring operating income76A-€20k
Remuneration, social security and pensions62€152k€123k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€58k€64k▲
Other operating charges640/8€19k€24k▲
Non-recurring operating charges66A€155€15k▲
Gross operating margin9900€286k€287k▲
Operating profit (loss)9901€56k€61k▲
Financial income75/76B€0€16▲
Recurring financial income75€0€16▲
Financial charges65/66B€32k€41k▲
Recurring financial charges65€32k€41k▲
Profit (loss) for the period before taxes9903€24k€20k▼
Income taxes67/77€28k-
Profit (loss) for the period9904€-4k€20k▲
Profit (loss) for the period to be appropriated9905€-4k€20k▲
Appropriation of the result
Profit (loss) to be appropriated9906€196k€216k▲
Profit (loss) brought forward from the previous period14P€200k€196k▼
Social balance
Average headcount (FTE)90873.73.1▼
The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Back to profitnet €20k
Net result €20k after one loss-making year.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet €-4k ▼154%
Net result drops to €-4k, the lowest in the series; recovery starts the following year.
19-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
2022
31-12
Financial
Equity above €200kEq €206k ▲21.9%
4 profitable years in a row build equity to €206k.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Highest result since 2019net €95k ▲510%
Operating result €145k, net result €95k, both a record.
31-12
Financial
Equity above €150kEq €169k ▲129%
3 profitable years in a row build equity to €169k.
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Viroinval · 1 establishment unit since 2018
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de la Station, Nismes 1045670 ViroinvalGround area
9,911 m²
Building footprint
41 m²
Parcel 93047B0318/00F003, Wallonia. Linked by address, not a title deed.
1 establishment unit
Rue de la Station, Nismes 104, 5670 Viroinval
since 20182.277.938.595
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 93047B0318/00F003 | Wallonia | 9,911 m² | 1 · 41 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteViroinval2.277.938.595
Similar companies · same sector, comparable size
ASTER
BE 0437.248.581
Putte · Eq €225k
ETN
BE 0422.894.957
Paliseul · Eq €232k
JGS ENTREPRISE SRL
BE 0878.774.072
Manhay · Eq €225k
DANIEL BEMELMANS
BE 0434.942.357
Lierneux · Eq €234k
MND FOREST
BE 0838.029.322
Etalle · Eq €222k
Of 1,556 companies in sector 02200 we hold annual accounts for 449. 332 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-07-2018
Fiscal year end31-12
Activities, NACEBEL
02200Logging
02100Forestry and logging
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 22-09-2026. Scores and ratios are computed by Checked and are not a credit decision.