MORHAK
ActiveSummary
MORHAK has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €347k and a net result of €103k. Equity is growing by ~33.3% per year across the filed fiscal years. Its solvency ranks better than 60% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▲+32
Solvency81▲+10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 1.97 against 1.43 in 2024; short-term debt: 18.3% and cash: 24.4% of total assets), and 43.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 →
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
56.5%
Return on assets
16.8%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 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
26 d late
2024
19 d late
2023
25 d late
2022
24 d late
2021
16 d late
2020
19 d late
2019
28 d early
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€347k▲ 26.6%
2024 · €274k
2018: €48klowest in 8 years
2019: €68k▲ +43.1% vs 2018
2020: €77k▲ +12.5% vs 2019
2021: €83k▲ +7.5% vs 2020
2022: €132k▲ +59.8% vs 2021
2023: €253k▲ +91.6% vs 2022
2024: €274k▲ +8.3% vs 2023
2025: €347k▲ +26.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€615k▲ 3.4%
2024 · €595k
2018: €127klowest in 8 years
2019: €133k▲ +4.7% vs 2018
2020: €128k▼ -3.7% vs 2019
2021: €140k▲ +9.3% vs 2020
2022: €298k▲ +113% vs 2021
2023: €639k▲ +114% vs 2022highest in 8 years
2024: €595k▼ -7.0% vs 2023
2025: €615k▲ +3.4% vs 2024
2018 → 2025
Net result
€103k▲ 192%
2024 · €35k
2018: €6klowest in 8 years
2019: €21k▲ +259% vs 2018
2020: €9k▼ -58.6% vs 2019
2021: €6k▼ -32.2% vs 2020
2022: €49k▲ +754% vs 2021
2023: €121k▲ +145% vs 2022highest in 8 years
2024: €35k▼ -70.9% vs 2023
2025: €103k▲ +192% vs 2024
2018 → 2025
Working capital
€109k▲ 75.4%
2024 · €62k
2018: €36k
2019: €62k▲ +71.5% vs 2018
2020: €63k▲ +1.1% vs 2019
2021: €24k▼ -62.3% vs 2020lowest in 8 years
2022: €27k▲ +12.7% vs 2021
2023: €75k▲ +183% vs 2022
2024: €62k▼ -17.4% vs 2023
2025: €109k▲ +75.4% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€83k-€132k▲ 59.8%€253k▲ 91.6%€274k▲ 8.3%€347k▲ 26.6%
2021: €83klowest in 5 years
2022: €132k▲ +59.8% vs 2021
2023: €253k▲ +91.6% vs 2022
2024: €274k▲ +8.3% vs 2023
2025: €347k▲ +26.6% vs 2024highest in 5 years
Operating result€15k-€77k▲ 425%€192k▲ 148%€63k▼ 67.0%€152k▲ 140%
2021: €15klowest in 5 years
2022: €77k▲ +425% vs 2021
2023: €192k▲ +148% vs 2022highest in 5 years
2024: €63k▼ -67.0% vs 2023
2025: €152k▲ +140% vs 2024
Net result€6k-€49k▲ 754%€121k▲ 145%€35k▼ 70.9%€103k▲ 192%
2021: €6klowest in 5 years
2022: €49k▲ +754% vs 2021
2023: €121k▲ +145% vs 2022highest in 5 years
2024: €35k▼ -70.9% vs 2023
2025: €103k▲ +192% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 140% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €615k
Fixed assets
€393k ▲ 1.1%
Current assets
€222k ▲ 7.9%
Equity and liabilities €615k
Equity
€347k ▲ 26.6%
Debt
€268k ▼ 16.4%
Debt's share of the balance-sheet total falls from 53.9% to 43.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€180k▲
2024 · €89k
Cash flow
€131k▲
2024 · €62k
Current ratio
1.97▲
2024 · 1.43
Debt to equity
0.77▼
2024 · 1.17
ROE
29.7%▲
2024 · 12.9%
ROA
16.8%▲
2024 · 5.9%
Interest coverage
10.92▲
2024 · 3.78
Debt ≤ 1 year
€113k▼
2024 · €143k
Debt > 1 year
€155k▼
2024 · €177k
Income taxes
€34k▲
2024 · €8k
Staff costs
€77k▼
2024 · €101k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 54 lines
Balance sheet
Code20242025
Assets
Total assets20/58€595k€615k▲
Fixed assets21/28€389k€393k▲
Tangible fixed assets22/27€389k€393k▲
Land and buildings22€358k€345k▼
Plant, machinery and equipment23€9k€8k▼
Furniture and vehicles24€22k€19k▼
Assets under construction and advance payments27€544€21k▲
Financial fixed assets28€175€175=
Current assets29/58€206k€222k▲
Stocks and contracts in progress3€20k€0▼
Stocks30/36€20k€0▼
Amounts receivable within one year40/41€64k€65k▲
Trade receivables40€46k€57k▲
Other amounts receivable41€19k€7k▼
Cash at bank and in hand54/58€115k€150k▲
Deferred charges and accrued income490/1€6k€7k▲
Equity and liabilities
Total equity and liabilities10/49€595k€615k▲
Equity10/15€274k€347k▲
Contributions10/11€6k€6k=
Reserves13€232k€232k=
Non-distributable reserves130/1€202k€202k=
Other1319€202k€202k=
Distributable reserves133€30k€30k=
Profit (loss) carried forward14€36k€109k▲
Amounts payable17/49€321k€268k▼
Amounts payable after more than one year17€177k€155k▼
Financial debts170/4€177k€155k▼
Amounts payable within one year42/48€143k€113k▼
Current portion of amounts payable after more than one year42€22k€23k▲
Trade debts44€96k€25k▼
Suppliers440/4€96k€25k▼
Taxes, remuneration and social security45€8k€24k▲
Taxes450/3€2k€20k▲
Remuneration and social security454/9€6k€4k▼
Other amounts payable47/48€17k€41k▲
Income statement
Code20242025
Remuneration, social security and pensions62€101k€77k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€26k€28k▲
Other operating charges640/8€3k€2k▼
Gross operating margin9900€193k€259k▲
Operating profit (loss)9901€63k€152k▲
Financial income75/76B€4k€2k▼
Recurring financial income75€4k€2k▼
Financial charges65/66B€24k€16k▼
Recurring financial charges65€24k€16k▼
Profit (loss) for the period before taxes9903€43k€137k▲
Income taxes67/77€8k€34k▲
Profit (loss) for the period9904€35k€103k▲
Profit (loss) for the period to be appropriated9905€35k€103k▲
Appropriation of the result
Profit (loss) to be appropriated9906€70k€139k▲
Profit (loss) brought forward from the previous period14P€35k€36k▲
Transfer to equity691/2€20k-
To other reserves6921€20k-
Profit to be distributed694/7€14k€30k▲
Return on contributions (dividend)694€14k€30k▲
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €38k | €96k | €128k | €101k | €77k | ▼ 23.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14k | €23k | €17k | €26k | €28k | ▲ 7.3% |
| Other operating charges640/8 | €1k | €1k | €2k | €3k | €2k | ▼ 8.9% |
| Gross operating margin9900 | €67k | €198k | €339k | €193k | €259k | ▲ 34.4% |
| Operating profit (loss)9901 | €15k | €77k | €192k | €63k | €152k | ▲ 140% |
| Financial income75/76B | €342 | €693 | €835 | €4k | €2k | ▼ 41.9% |
| Recurring financial income75 | €342 | €693 | €835 | €4k | €2k | ▼ 41.9% |
| Financial charges65/66B | €6k | €10k | €11k | €24k | €16k | ▼ 30.4% |
| Recurring financial charges65 | €6k | €10k | €11k | €24k | €16k | ▼ 30.4% |
| Profit (loss) for the period before taxes9903 | €9k | €68k | €181k | €43k | €137k | ▲ 216% |
| Income taxes67/77 | €3k | €19k | €60k | €8k | €34k | ▲ 318% |
| Profit (loss) for the period9904 | €6k | €49k | €121k | €35k | €103k | ▲ 192% |
| Profit (loss) for the period to be appropriated9905 | €6k | €49k | €121k | €35k | €103k | ▲ 192% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €140k | €298k | €639k | €595k | €615k | ▲ 3.4% |
| Fixed assets21/28 | €61k | €145k | €376k | €389k | €393k | ▲ 1.1% |
| Tangible fixed assets22/27 | €61k | €145k | €376k | €389k | €393k | ▲ 1.1% |
| Land and buildings22 | - | €82k | €304k | €358k | €345k | ▼ 3.7% |
| Plant, machinery and equipment23 | €18k | €16k | €12k | €9k | €8k | ▼ 9.3% |
| Furniture and vehicles24 | €44k | €29k | €22k | €22k | €19k | ▼ 10.7% |
| Assets under construction and advance payments27 | - | €17k | €38k | €544 | €21k | ▲ 3,785% |
| Financial fixed assets28 | €175 | €175 | €175 | €175 | €175 | = |
| Current assets29/58 | €79k | €153k | €263k | €206k | €222k | ▲ 7.9% |
| Stocks and contracts in progress3 | €647 | €647 | €92k | €20k | €0 | ▼ 100% |
| Stocks30/36 | €647 | €647 | €92k | €20k | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €43k | €56k | €110k | €64k | €65k | ▲ 0.2% |
| Trade receivables40 | €30k | €38k | €89k | €46k | €57k | ▲ 25.8% |
| Other amounts receivable41 | €14k | €18k | €20k | €19k | €7k | ▼ 62.1% |
| Cash at bank and in hand54/58 | €30k | €94k | €55k | €115k | €150k | ▲ 30.9% |
| Deferred charges and accrued income490/1 | €4k | €3k | €6k | €6k | €7k | ▲ 10.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €140k | €298k | €639k | €595k | €615k | ▲ 3.4% |
| Equity10/15 | €83k | €132k | €253k | €274k | €347k | ▲ 26.6% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €43k | €92k | €212k | €232k | €232k | = |
| Non-distributable reserves130/1 | €26k | €62k | €182k | €202k | €202k | = |
| Other1319 | €26k | €62k | €182k | €202k | €202k | = |
| Distributable reserves133 | €17k | €30k | €30k | €30k | €30k | = |
| Profit (loss) carried forward14 | €34k | €34k | €35k | €36k | €109k | ▲ 202% |
| Amounts payable17/49 | €57k | €166k | €386k | €321k | €268k | ▼ 16.4% |
| Amounts payable after more than one year17 | €2k | €40k | €198k | €177k | €155k | ▼ 12.4% |
| Financial debts170/4 | €2k | €40k | €198k | €177k | €155k | ▼ 12.4% |
| Amounts payable within one year42/48 | €55k | €126k | €188k | €143k | €113k | ▼ 21.4% |
| Current portion of amounts payable after more than one year42 | €5k | €14k | €21k | €22k | €23k | ▲ 3.1% |
| Trade debts44 | €38k | €77k | €113k | €96k | €25k | ▼ 73.9% |
| Suppliers440/4 | €38k | €77k | €113k | €96k | €25k | ▼ 73.9% |
| Taxes, remuneration and social security45 | €10k | €32k | €50k | €8k | €24k | ▲ 202% |
| Taxes450/3 | €4k | €15k | €40k | €2k | €20k | ▲ 900% |
| Remuneration and social security454/9 | €7k | €17k | €10k | €6k | €4k | ▼ 35.6% |
| Other amounts payable47/48 | €1k | €3k | €3k | €17k | €41k | ▲ 136% |
| Accrued charges and deferred income492/3 | €0 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6k | €49k | €121k | €35k | €103k | ▲ 192% |
| + Depreciation and write-downs630 | €14k | €23k | €17k | €26k | €28k | ▲ 7.3% |
| Operating cash flow (approximation) | €20k | €73k | €139k | €62k | €131k | ▲ 113% |
| Investment in fixed assets (approximation) | - | €-107k | €-249k | €-39k | €-32k | ▲ 16.9% |
| Change in cash | - | €64k | €-39k | €59k | €35k | ▼ 40.2% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
2025
19-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 19 days late
2024
25-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 25 days late
2023
31-12
Financial
Highest result since 2018net €121k ▲145%
Operating result €192k, net result €121k, both a record.
31-12
Financial
Equity above €200kEq €253k ▲91.6%
6 profitable years in a row build equity to €253k.
24-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 24 days late
2022
31-12
Financial
Equity above €100kEq €132k ▲59.8%
5 profitable years in a row build equity to €132k.
16-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 16 days late
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 19 days late
2020
03-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
21-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 21 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Liège · 1 establishment unit since 2008
Ground area
402 m²
Building footprint
238 m²
Volume, LiDAR
1,924 m³
Parcel 62113B0685/00G002, Wallonia · tallest building 12.7 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MORHAK
since 20082.173.375.961
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62113B0685/00G002 | Wallonia | 402 m² | 1 · 238 m² | 12.7 m · 3 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 4,271 companies in sector 43230 we hold annual accounts for 1,240. 849 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
Founded12-09-2008
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
43240Other construction installation
43310Plastering work
43320Joinery installation
43341Painting of buildings
43350Other building finishing work
Scores and ratios are computed by Checked and are not a credit decision.