MORGALINE
ActiveSummary
MORGALINE has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €2.7m and a net result of €21,723. Equity is growing by ~17.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability65▲+3
Solvency92▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €200,000 at 30 days acceptable
Liquidity short (current ratio 0.98 against 1.29 in 2023; short-term debt: 5.3% and cash: 1.5% of total assets), and 33.3% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer 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 2024Solvency, return and age of the figures
Solvency
66.7%
Return on assets
0.5%
Age of the figures
21 mo
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 15-06-2026, 46 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
46 d early
2024
49 d early
2023
30 d early
2022
49 d early
2021
19 d early
2020
51 d early
2019
46 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 41 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 15 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2024, micro schema
Equity
€2.7m▲ 0.8%
2023 · €2.7m
Total assets
€4.0m▼ 3.7%
2023 · €4.2m
Net result
€21,723▲ 58.1%
2023 · €13,740
Working capital
-€4,039
2023 · €58,799
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy 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
Line20202021202220232024
Operating result€646,979▲ 65.3%€67,853▼ 89.5%€27,385▼ 59.6%€55,974▲ 104%€71,384▲ 27.5%
Net result€1.3mabove the sector's middle half▲ 458%€13,673within the sector's middle half▼ 98.9%-€17,367below the sector's middle half€13,740within the sector's middle half€21,723within the sector's middle half▲ 58.1%
Equity€2.5mabove the sector's middle half▲ 108%€2.5mabove the sector's middle half▲ 0.5%€2.5mabove the sector's middle half▼ 0.7%€2.7mabove the sector's middle half▲ 5.6%€2.7mabove the sector's middle half▲ 0.8%
Total assets€4.1mabove the sector's middle half▲ 1.8%€4.5mabove the sector's middle half▲ 10.8%€4.3mabove the sector's middle half▼ 4.8%€4.2mabove the sector's middle half▼ 3.6%€4.0mabove the sector's middle half▼ 3.7%
Debt€1.5m▼ 44.2%€2.0m▲ 27.8%€1.8m▼ 10.2%€1.5m▼ 16.7%€1.3m▼ 11.7%
Working capital€1.1mabove the sector's middle half€776,565above the sector's middle half▼ 26.7%€440,781above the sector's middle half▼ 43.2%€58,799within the sector's middle half▼ 86.7%-€4,039below the sector's middle half
Solvency61.5%within the sector's middle half▲ 31.4pp55.8%within the sector's middle half▼ 5.7pp58.2%within the sector's middle half▲ 2.4pp63.8%within the sector's middle half▲ 5.6pp66.7%within the sector's middle half▲ 3.0pp
Current ratio3.90above the sector's middle half▲ 3.314.12above the sector's middle half▲ 0.233.02within the sector's middle half▼ 1.101.29within the sector's middle half▼ 1.730.98below the sector's middle half▼ 0.31
Return on assets (ROA)31.8%above the sector's middle half▲ 26.0pp0.3%below the sector's middle half▼ 31.5pp-0.4%below the sector's middle half▼ 0.7pp0.3%below the sector's middle half▲ 0.7pp0.5%below the sector's middle half▲ 0.2pp
Staff (FTE)0.5below the sector's middle half1▲ 100%1=
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 28% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.0m
Fixed assets
€3.8m ▼ 2.4%
Current assets
€207,360 ▼ 21.5%
Equity and liabilities €4.0m
Equity
€2.7m ▲ 0.8%
Provisions
€26,087 ▼ 3.3%
Debt
€1.3m ▼ 11.7%
Debt's share of the balance-sheet total falls from 35.6% to 32.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€226,282▲
2023 · €213,785
Cash flow
€176,621▲
2023 · €171,550
Debt to equity
0.49▼
2023 · 0.56
ROE
0.8%▲
2023 · 0.5%
Interest coverage
5.51▲
2023 · 5.12
Debt ≤ 1 year
€211,399▲
2023 · €205,407
Debt > 1 year
€1.1m▼
2023 · €1.3m
Income taxes
€12,876▲
2023 · €3,737
Staff costs
€41,838▲
2023 · €28,999
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.8%
went bankrupt
4.0%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 10,905 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €18,084 | €28,999 | €41,838 | ▲ 44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €110,119 | €200,119 | €143,424 | €157,811 | €154,898 | ▼ 1.8% |
| Other operating charges640/8 | - | €20,705 | €22,097 | €19,306 | €19,431 | ▲ 0.6% |
| Gross operating margin9900 | €775,994 | €288,677 | €210,989 | €262,089 | €287,551 | ▲ 9.7% |
| Operating profit (loss)9901 | €646,979 | €67,853 | €27,385 | €55,974 | €71,384 | ▲ 27.5% |
| Financial income75/76B | - | €116 | €456 | €2,316 | €3,407 | ▲ 47.1% |
| Recurring financial income75 | €874,428 | €116 | €456 | €2,316 | €3,407 | ▲ 47.1% |
| Financial charges65/66B | - | €47,725 | €45,774 | €41,717 | €41,095 | ▼ 1.5% |
| Recurring financial charges65 | €59,548 | €47,725 | €45,774 | €41,717 | €41,095 | ▼ 1.5% |
| Profit (loss) for the period before taxes9903 | €1.5m | €20,245 | -€17,933 | €16,573 | €33,696 | ▲ 103% |
| Transfer from deferred taxes780 | - | €751 | €903 | €903 | €903 | = |
| Income taxes67/77 | €162,789 | €7,323 | €337 | €3,737 | €12,876 | ▲ 245% |
| Profit (loss) for the period9904 | €1.3m | €13,673 | -€17,367 | €13,740 | €21,723 | ▲ 58.1% |
| Transfer from tax-exempt reserves789 | - | €2,252 | €2,710 | €2,710 | €2,710 | = |
| Profit (loss) for the period to be appropriated9905 | €1.3m | €15,926 | -€14,656 | €16,450 | €24,433 | ▲ 48.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.1m | €4.5m | €4.3m | €4.2m | €4.0m | ▼ 3.7% |
| Fixed assets21/28 | €2.7m | €3.5m | €3.7m | €3.9m | €3.8m | ▼ 2.4% |
| Tangible fixed assets22/27 | €2.7m | €3.5m | €3.7m | €3.9m | €3.8m | ▼ 2.4% |
| Land and buildings22 | - | €3.4m | €3.6m | €3.8m | €3.8m | ▼ 1.9% |
| Furniture and vehicles24 | - | €113,905 | €71,216 | €50,920 | €30,624 | ▼ 39.9% |
| Current assets29/58 | €1.4m | €1.0m | €658,923 | €264,206 | €207,360 | ▼ 21.5% |
| Amounts receivable within one year40/41 | €72,236 | €55,691 | €4,070 | €37,786 | - | - |
| Trade receivables40 | - | €32,895 | €4,070 | €37,259 | - | - |
| Other amounts receivable41 | - | €22,796 | - | €527 | - | - |
| Current investments50/53 | - | €500,000 | €499,032 | €200,000 | €141,416 | ▼ 29.3% |
| Cash at bank and in hand54/58 | €1.3m | €463,920 | €147,895 | €20,902 | €59,772 | ▲ 186% |
| Deferred charges and accrued income490/1 | - | €5,703 | €7,925 | €5,517 | €6,172 | ▲ 11.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.1m | €4.5m | €4.3m | €4.2m | €4.0m | ▼ 3.7% |
| Equity10/15 | €2.5m | €2.5m | €2.5m | €2.7m | €2.7m | ▲ 0.8% |
| Contributions10/11 | - | €18,550 | €18,550 | €148,550 | €148,550 | = |
| Reserves13 | €2.5m | €2.5m | €2.5m | €2.5m | €2.5m | ▲ 0.9% |
| Tax-exempt reserves132 | - | €86,391 | €83,681 | €80,971 | €78,260 | ▼ 3.3% |
| Distributable reserves133 | - | €2.4m | €2.4m | €2.4m | €2.5m | ▲ 1.0% |
| Provisions and deferred taxes16 | €29,548 | €28,797 | €27,894 | €26,990 | €26,087 | ▼ 3.3% |
| Deferred taxes168 | - | €28,797 | €27,894 | €26,990 | €26,087 | ▼ 3.3% |
| Amounts payable17/49 | €1.5m | €2.0m | €1.8m | €1.5m | €1.3m | ▼ 11.7% |
| Amounts payable after more than one year17 | €1.2m | €1.7m | €1.6m | €1.3m | €1.1m | ▼ 14.3% |
| Financial debts170/4 | - | €1.3m | €1.1m | €846,093 | €665,540 | ▼ 21.3% |
| Other amounts payable178/9 | - | €418,800 | €420,205 | €427,050 | €426,180 | ▼ 0.2% |
| Amounts payable within one year42/48 | €365,828 | €248,749 | €218,141 | €205,407 | €211,399 | ▲ 2.9% |
| Current portion of amounts payable after more than one year42 | - | €171,774 | €172,482 | €147,312 | €125,969 | ▼ 14.5% |
| Trade debts44 | €6,172 | €37,839 | €8,839 | €2,242 | €5,758 | ▲ 157% |
| Suppliers440/4 | - | €37,839 | €8,839 | €2,242 | €5,758 | ▲ 157% |
| Taxes, remuneration and social security45 | - | €19,230 | €17,720 | €23,641 | €35,776 | ▲ 51.3% |
| Taxes450/3 | - | €19,230 | €15,157 | €19,884 | €32,259 | ▲ 62.2% |
| Remuneration and social security454/9 | - | - | €2,563 | €3,756 | €3,517 | ▼ 6.4% |
| Other amounts payable47/48 | - | €19,906 | €19,100 | €32,213 | €43,896 | ▲ 36.3% |
| Accrued charges and deferred income492/3 | - | €875 | €942 | €2,710 | €5,204 | ▲ 92.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.3m | €13,673 | -€17,367 | €13,740 | €21,723 | ▲ 58.1% |
| + Depreciation and write-downs630 | €110,119 | €200,119 | €143,424 | €157,811 | €154,898 | ▼ 1.8% |
| Operating cash flow (approximation) | €1.4m | €213,792 | €126,057 | €171,550 | €176,621 | ▲ 3.0% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€289,927 | -€395,985 | -€59,626 | ▲ 84.9% |
| Change in cash | - | -€883,395 | -€316,025 | -€126,993 | €38,869 | ▲ 131% |
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
15-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
12-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €13,740
Net result €13,740 after one loss-making year.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet -€17,367
Net result drops to -€17,367, the lowest in the series; recovery starts the following year.
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Highest result since 2018net €1.3m ▲458%
Operating result €646,979, net result €1.3m, both a record.
31-12
Financial
Liquidity times 7current ratio 3.90
Current ratio from 0.58 to 3.90; short-term debt falls from €1.2m to €365,828.
31-12
Financial
Equity above €2mEq €2.5m ▲108%
3 profitable years in a row build equity to €2.5m.
15-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
31-12
Financial
Equity above €1mEq €1.2m ▲23.9%
2 profitable years in a row build equity to €1.2m.
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Evere · 1 establishment unit since 2007
Ground area
165 m²
Building footprint
119 m²
Volume, LiDAR
1,384 m³
Parcel 21372C0076/00V002, Brussels · tallest building 14.1 m, ±4 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Leuvensesteenweg 923, 1140 Evere
since 20072.166.338.810
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21372C0076/00V002 | Brussels | 165 m² | 1 · 119 m² | 14.1 m · 4 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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Of 82,641 companies in sector 70200 we hold annual accounts for 52,636. 16,995 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
Founded14-08-2007
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0891429109
Also
9925:BE0891429109
Registered
22-11-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.