MORPHEO
ActiveSummary
MORPHEO has been active since 2017 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 €435,536. Equity is growing by ~20.6% per year across the filed fiscal years. Its solvency ranks better than 95% of 1247 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability89▼-2
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €250,000 at 30 days acceptable
Liquidity ample (current ratio 55.37; short-term debt: 1.6% and cash: 28.9% of total assets), and 1.6% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% fewer 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 2024Solvency, return and age of the figures
Solvency
98.4%
Return on assets
15.9%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 25-07-2025, 6 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
6 d early
2023
61 d late
2022
17 d late
2021
17 d late
2020
31 d late
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 22 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, full schema
In the rankings
#3 company by total assets in Sint-Genesius-Rode, Health and social work sector#3 company by equity in Sint-Genesius-Rode, Health and social work sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€435,536▲ 8.1%
2023 · €402,835
Working capital
€2.5m▲ 27.2%
2023 · €1.9m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 86, Human health 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€464,763▼ 25.0%€566,644▲ 21.9%€587,230▲ 3.6%€617,693▲ 5.2%€643,388▲ 4.2%
Net result€317,683above the sector's middle half▼ 27.3%€384,320above the sector's middle half▲ 21.0%€381,075above the sector's middle half▼ 0.8%€402,835above the sector's middle half▲ 5.7%€435,536above the sector's middle half▲ 8.1%
Equity€1.3mabove the sector's middle half▲ 32.7%€1.7mabove the sector's middle half▲ 29.8%€1.9mabove the sector's middle half▲ 10.8%€2.3mabove the sector's middle half▲ 21.7%€2.7mabove the sector's middle half▲ 19.3%
Total assets€1.8mabove the sector's middle half▲ 23.7%€1.8mabove the sector's middle half▲ 2.5%€2.2mabove the sector's middle half▲ 19.5%€2.3mabove the sector's middle half▲ 4.3%€2.7mabove the sector's middle half▲ 21.0%
Debt€482,255▲ 4.6%€142,215▼ 70.5%€314,807▲ 121%€6,130▼ 98.1%€45,107▲ 636%
Working capital€783,262above the sector's middle half▲ 102%€1.3mabove the sector's middle half▲ 60.0%€1.5mabove the sector's middle half▲ 20.7%€1.9mabove the sector's middle half▲ 27.5%€2.5mabove the sector's middle half▲ 27.2%
Solvency72.8%within the sector's middle half▲ 5.0pp92.2%above the sector's middle half▲ 19.4pp85.5%above the sector's middle half▼ 6.7pp99.7%above the sector's middle half▲ 14.2pp98.4%above the sector's middle half▼ 1.4pp
Current ratio2.62within the sector's middle half▲ 0.789.81above the sector's middle half▲ 7.195.80above the sector's middle half▼ 4.0155.37above the sector's middle half
Return on assets (ROA)17.9%above the sector's middle half▼ 12.6pp21.2%above the sector's middle half▲ 3.2pp17.6%within the sector's middle half▼ 3.6pp17.8%within the sector's middle half▲ 0.2pp15.9%within the sector's middle half▼ 1.9pp
above
within
below
the middle half (P25 to P75) of NACE 86, Human health activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 4% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.7m
Fixed assets
€240,321 ▼ 27.0%
Current assets
€2.5m ▲ 29.1%
Equity and liabilities €2.7m
Equity
€2.7m ▲ 19.3%
Debt
€45,107 ▲ 636%
Debt's share of the balance-sheet total rises from 0.3% to 1.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€735,375▲
2023 · €701,485
Cash flow
€527,523▲
2023 · €486,627
Debt to equity
0.02▲
2023 · 0.00
ROE
16.2%▼
2023 · 17.8%
Interest coverage
22.52▲
2023 · 20.55
Debt ≤ 1 year
€45,107▲
2023 · €6,130
Income taxes
€212,908▲
2023 · €187,795
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,778 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 97% are still going.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
2.6%
stopped otherwise
97%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% 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 6,778 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €86,428 | €87,790 | €82,694 | €83,792 | €91,987 | ▲ 9.8% |
| Other operating charges640/8 | - | €1,454 | €1,292 | €1,143 | €968 | ▼ 15.4% |
| Gross operating margin9900 | €552,898 | €655,888 | €671,216 | €702,629 | €736,343 | ▲ 4.8% |
| Operating profit (loss)9901 | €464,763 | €566,644 | €587,230 | €617,693 | €643,388 | ▲ 4.2% |
| Financial income75/76B | - | €3,460 | €5,004 | €7,079 | €37,712 | ▲ 433% |
| Recurring financial income75 | - | €3,460 | €5,004 | €7,079 | €37,712 | ▲ 433% |
| Financial charges65/66B | - | €47,278 | €51,954 | €34,143 | €32,657 | ▼ 4.4% |
| Recurring financial charges65 | €38,200 | €47,278 | €51,954 | €34,143 | €32,657 | ▼ 4.4% |
| Profit (loss) for the period before taxes9903 | €426,563 | €522,826 | €540,279 | €590,630 | €648,444 | ▲ 9.8% |
| Income taxes67/77 | €108,880 | €138,506 | €159,204 | €187,795 | €212,908 | ▲ 13.4% |
| Profit (loss) for the period9904 | €317,683 | €384,320 | €381,075 | €402,835 | €435,536 | ▲ 8.1% |
| Transfer from tax-exempt reserves789 | - | - | - | €195,800 | €336,800 | ▲ 72.0% |
| Transfer to tax-exempt reserves689 | - | €189,450 | €98,935 | €147,350 | €189,450 | ▲ 28.6% |
| Profit (loss) for the period to be appropriated9905 | €170,333 | €194,870 | €282,140 | €451,285 | €582,886 | ▲ 29.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.8m | €2.2m | €2.3m | €2.7m | ▲ 21.0% |
| Fixed assets21/28 | €505,845 | €420,554 | €342,709 | €329,308 | €240,321 | ▼ 27.0% |
| Intangible fixed assets21 | €481,000 | €407,000 | €333,000 | €259,000 | €185,000 | ▼ 28.6% |
| Tangible fixed assets22/27 | €24,845 | €13,554 | €9,709 | €70,308 | €55,321 | ▼ 21.3% |
| Furniture and vehicles24 | - | €13,554 | €9,709 | €70,308 | €55,321 | ▼ 21.3% |
| Current assets29/58 | €1.3m | €1.4m | €1.8m | €1.9m | €2.5m | ▲ 29.1% |
| Amounts receivable within one year40/41 | €273,019 | €323,584 | €301,394 | €480,703 | €545,675 | ▲ 13.5% |
| Trade receivables40 | - | €274,572 | €253,394 | €313,812 | €287,796 | ▼ 8.3% |
| Other amounts receivable41 | - | €49,012 | €48,000 | €166,892 | €257,879 | ▲ 54.5% |
| Current investments50/53 | - | €160,997 | €159,998 | €1.1m | €1.2m | ▲ 9.4% |
| Cash at bank and in hand54/58 | €991,788 | €909,778 | €1.4m | €391,802 | €790,732 | ▲ 102% |
| Deferred charges and accrued income490/1 | - | €729 | €671 | €1,656 | €1,254 | ▼ 24.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €2.2m | €2.3m | €2.7m | ▲ 21.0% |
| Equity10/15 | €1.3m | €1.7m | €1.9m | €2.3m | €2.7m | ▲ 19.3% |
| Contributions10/11 | - | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €345,010 | €729,330 | €1.1m | €1.5m | €1.9m | ▲ 28.8% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Tax-exempt reserves132 | - | €532,600 | €631,535 | €583,085 | €435,735 | ▼ 25.3% |
| Distributable reserves133 | - | €194,870 | €477,010 | €930,155 | €1.5m | ▲ 62.7% |
| Profit (loss) carried forward14 | €931,697 | €931,697 | €731,697 | €731,697 | €731,697 | = |
| Amounts payable17/49 | €482,255 | €142,215 | €314,807 | €6,130 | €45,107 | ▲ 636% |
| Amounts payable within one year42/48 | €482,255 | €142,215 | €314,807 | €6,130 | €45,107 | ▲ 636% |
| Trade debts44 | €2,128 | €1,315 | €2,789 | €3,303 | €107 | ▼ 96.8% |
| Suppliers440/4 | - | €1,315 | €2,789 | €3,303 | €107 | ▼ 96.8% |
| Taxes, remuneration and social security45 | - | - | €29,149 | €2,827 | - | - |
| Taxes450/3 | - | - | €29,149 | €2,827 | - | - |
| Other amounts payable47/48 | - | €140,900 | €282,870 | - | €45,000 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €317,683 | €384,320 | €381,075 | €402,835 | €435,536 | ▲ 8.1% |
| + Depreciation and write-downs630 | €86,428 | €87,790 | €82,694 | €83,792 | €91,987 | ▲ 9.8% |
| Operating cash flow (approximation) | €404,111 | €472,110 | €463,770 | €486,627 | €527,523 | ▲ 8.4% |
| Investment in fixed assets (approximation) | - | -€2,499 | -€4,849 | -€70,392 | -€3,000 | ▲ 95.7% |
| Change in cash | - | -€82,010 | €454,760 | -€972,736 | €398,930 | ▲ 141% |
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
2025
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 61 days late
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 61 days late
2023
31-12
Financial
Liquidity times 54current ratio 315.51
Current ratio from 5.80 to 315.51; short-term debt falls from €314,807 to €6,130.
31-12
Financial
Equity above €2mEq €2.3m ▲21.7%
6 profitable years in a row build equity to €2.3m.
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 17 days late
2022
17-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 17 days late
2021
31-12
Financial
Liquidity quadruplescurrent ratio 9.81
Current ratio from 2.62 to 9.81; short-term debt falls from €482,255 to €142,215.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €317,683 ▼27.3%
Net result drops to €317,683, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1mEq €1.3m ▲32.7%
3 profitable years in a row build equity to €1.3m.
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 14 days late
2019
31-12
Financial
Liquidity doublescurrent ratio 1.84
Current ratio from 0.77 to 1.84; short-term debt falls from €588,668 to €460,846.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Sint-Genesius-Rode · 1 establishment unit since 2017
Ground area
883 m²
Building footprint
251 m²
Volume, LiDAR
2,534 m³
2 parcels, Brussels, Flanders · tallest building 18.1 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Stille Oceaanstraat 5, 1180 Ukkel
since 20172.271.458.995
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22552E0015/00S008 | Flanders | 756 m² | 1 · 148 m² | 9.8 m · 2 fl. |
| 21618B0278/00N017 | Brussels | 127 m² | 1 · 103 m² | 18.1 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
254900BT3XBYUQFFES50
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Of 16,631 companies in sector 86220 we hold annual accounts for 7,985. 3,935 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
Founded22-12-2017
Fiscal year end31-12
Activities, NACEBEL 2025
86220Specialist medical practice
E-invoicing
Not found in the Peppol register
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Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.