MORPHO
ActiveSummary
MORPHO has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €269,206 and a net result of €17,641, of which €15,706 non-recurring income. Equity has been growing by about 11% per year since 2022. Its solvency ranks better than 38% of 298 sector peers (NACE 90, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 13-12-2007 Normal situation
- Activity
- Other support activities for arts and performing arts NACE 90399
- Establishment unit
- 2.169.059.659 2018 Antwerpen, since 07-03-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 02-10-2025
Board and ownership
- Caroline DumalinDaily manager
- Claïs Lemmens BoonDaily manager
- Anna Vyazemskaya SnauwaertDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €505,963
- ▲ 11.2%
- Turnover
- ≈ €690,000
- estimated
- Surplus
- €17,641
- ▼ 0.7%
- Equity
- €269,206
- ▲ 7.0%
- Total assets
- €766,670
- ▲ 87.4%
- Employees on 31-12-2025
- 8
- =
Score breakdownlowers riskLegal form: non-profit associationLiquidity: current ratio 5.49, cash €420,085Sector: Arts creation and performing arts activities (NACE 90)Figures for financial year 2025 (filed on 18-06-2026)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 (NACE 90, micro). It does better than 40% of them on solvency, 88% on liquidity, 48% on profitability and 56% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 4 accounts on average 38 days before the deadline. In the sector (NACE 90), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, full format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 12% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 8 | 8 | 8 |
| full-time | 2 | 2 | 2 | 2 |
| part-time | 7 | 6 | 6 | 6 |
| in full-time equivalents | 5.9 | 5.5 | 5.5 | 5.5 |
| Average over the year, in full-time equivalents | 5.6 | 5.1 | 5.1 | 5.5 |
| On a permanent contract | 9 | 8 | 8 | 8 |
| Joined | 8 | 6 | 6 | 7 |
| Left | 6 | 7 | 7 | 7 |
| Training hours | - | 11 | 11 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €15,640 | €11,117 | €8,332 | - |
| Financial fixed assets | - | €3,500 | - | - |
| Depreciation and write-downs of the year | €66,943 | €56,425 | €43,227 | €41,273 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €1.2m awarded · €1.0m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €733,334 | €622,313 |
| 2024 | 2 | €174,745 | €173,761 |
| 2023 | 3 | €171,424 | €165,986 |
| 2022 | 1 | €75,996 | €68,396 |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €131,209 | - | - | €15,706 | - |
| Remuneration, social security and pensions62 | €319,080 | €298,889 | €364,666 | €419,633 | ▲ 15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €66,943 | €56,425 | €43,227 | €41,273 | ▼ 4.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €3,638 | €13,763 | €1,861 | ▼ 86.5% |
| Other operating charges640/8 | €16,093 | €15,278 | €15,046 | €25,589 | ▲ 70.1% |
| Non-recurring operating charges66A | - | €2,745 | - | €1,332 | - |
| Gross operating margin9900 | €390,426 | €446,139 | €455,207 | €505,963 | ▲ 11.2% |
| Operating profit (loss)9901 | -€11,690 | €69,164 | €18,505 | €16,275 | ▼ 12.1% |
| Financial income75/76B | €2,881 | €174 | €1,209 | €2,232 | ▲ 84.6% |
| Recurring financial income75 | €2,881 | €174 | €1,209 | €2,232 | ▲ 84.6% |
| Financial charges65/66B | €10,198 | €2,741 | €1,940 | €866 | ▼ 55.4% |
| Recurring financial charges65 | €7,610 | €2,741 | €1,940 | €866 | ▼ 55.4% |
| Non-recurring financial charges66B | €2,588 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€19,007 | €66,597 | €17,774 | €17,641 | ▼ 0.7% |
| Profit (loss) for the period9904 | -€19,007 | €66,597 | €17,774 | €17,641 | ▼ 0.7% |
| Profit (loss) for the period to be appropriated9905 | -€19,007 | €66,597 | €17,774 | €17,641 | ▼ 0.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €369,882 | €459,113 | €409,187 | €766,670 | ▲ 87.4% |
| Fixed assets21/28 | €196,020 | €154,212 | €119,317 | €78,044 | ▼ 34.6% |
| Tangible fixed assets22/27 | €192,455 | €147,147 | €112,252 | €70,979 | ▼ 36.8% |
| Land and buildings22 | €184,031 | €138,428 | €105,743 | €66,860 | ▼ 36.8% |
| Plant, machinery and equipment23 | €8,424 | €8,719 | €6,509 | €4,119 | ▼ 36.7% |
| Financial fixed assets28 | €3,565 | €7,065 | €7,065 | €7,065 | = |
| Current assets29/58 | €173,862 | €304,901 | €289,870 | €688,626 | ▲ 138% |
| Amounts receivable within one year40/41 | €94,426 | €83,987 | €28,648 | €18,956 | ▼ 33.8% |
| Trade receivables40 | €89,264 | €67,949 | €14,275 | €17,956 | ▲ 25.8% |
| Other amounts receivable41 | €5,162 | €16,038 | €14,373 | €1,000 | ▼ 93.0% |
| Current investments50/53 | - | - | €175,920 | €227,190 | ▲ 29.1% |
| Cash at bank and in hand54/58 | €68,584 | €211,871 | €76,222 | €420,085 | ▲ 451% |
| Deferred charges and accrued income490/1 | €10,852 | €9,043 | €9,080 | €22,395 | ▲ 147% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €369,882 | €459,113 | €409,187 | €766,670 | ▲ 87.4% |
| Equity10/15 | €167,194 | €233,791 | €251,565 | €269,206 | ▲ 7.0% |
| Profit (loss) carried forward14 | €167,194 | €233,791 | €251,565 | €269,206 | ▲ 7.0% |
| Provisions and deferred taxes16 | €113,748 | €82,517 | €65,427 | €19,003 | ▼ 71.0% |
| Provisions for liabilities and charges160/5 | €113,748 | €82,517 | €65,427 | €19,003 | ▼ 71.0% |
| Major repairs and maintenance162 | €113,748 | €82,517 | €65,427 | - | - |
| Other liabilities and charges164/5 | - | - | - | €19,003 | - |
| Amounts payable17/49 | €88,940 | €142,805 | €92,195 | €478,461 | ▲ 419% |
| Amounts payable within one year42/48 | €82,206 | €112,386 | €87,296 | €125,407 | ▲ 43.7% |
| Trade debts44 | €16,901 | €27,508 | €13,055 | €43,749 | ▲ 235% |
| Suppliers440/4 | €16,901 | €27,508 | €13,055 | €43,749 | ▲ 235% |
| Taxes, remuneration and social security45 | €33,318 | €45,542 | €32,744 | €45,072 | ▲ 37.6% |
| Taxes450/3 | €3,172 | €12,215 | - | €3,333 | - |
| Remuneration and social security454/9 | €30,146 | €33,327 | €32,744 | €41,739 | ▲ 27.5% |
| Accrued charges and deferred income492/3 | €6,734 | €30,419 | €4,899 | €353,054 | ▲ 72× |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,007 | €66,597 | €17,774 | €17,641 | ▼ 0.7% |
| + Depreciation and write-downs630 | €66,943 | €56,425 | €43,227 | €41,273 | ▼ 4.5% |
| Operating cash flow (approximation) | €47,936 | €123,022 | €61,001 | €58,914 | ▼ 3.4% |
| Investment in fixed assets (approximation) | - | -€14,617 | -€8,332 | €0 | - |
| Change in cash | - | €143,287 | -€135,649 | €343,863 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 10,904 companies had the same profile as MORPHO has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of MORPHO itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 10,904 companies, not a prediction for MORPHO. 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.
Filings with the National Bank (4)
Board & ownership
Directors
Board 7
Day-to-day management 2
Owners and capital
Owners
This non-profit association has no shareholders or capital.
Mandate history
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Anna Vyazemskaya Snauwaert |
|
| Guy Woueté |
|
| Laure Prouvost |
|
| Manuel Claeys |
|
| Natalie Gielen |
|
| Petra Van Brabandt |
|
| Anne Pontegnie |
|
| Caroline Dumalin |
|
| Claïs Lemmens Boon |
|
| Bruno Spaas |
|
| Greet Vlegels |
|
| Seppe Jespers |
|
| Steven Holsbeeks |
|
| Wim Peeters |
|
Network & group
Connections & network
6 connected companiesShow 2 more companies with a shared director
Timeline
Acts, filings and financial milestones
15-07
Gazette deed
Appointment: Anne Pontegnie (director)9 points ▸
- General meeting, 30-04-2025
- Director appointment, Anne Pontegnie (director)
- Board composition, Petra Van Brabandt (chair)
- Board composition, Guy Woueté (director)
- Board composition, Laure Prouvost (director)
- Board composition, Anna Vyazemskaya Snauwaert (director)
- Board composition, Manu Claeys (director)
- Board composition, Natalie Gielen (director)
- Board composition, Anne Pontegnie (director)
05-04
Gazette deed
Resignations: Bruno Spaas, Seppe Jespers and 3 othersAppointments: Anna Vyazemskaya Snauwaert, Manuel Claeys and 3 others · Reappointments: Laure Prouvost, Petra Van Brabandt and 4 others25 points ▸
- General meeting, 31-05-2023
- Director resignation, Bruno Spaas (director)
- Director resignation, Seppe Jespers (director)
- Director appointment, Anna Vyazemskaya Snauwaert (director)
- Director appointment, Manuel Claeys (director)
- Director appointment, Natalie Gielen (director)
- Board composition, Laure Prouvost (director)
- Board composition, Petra Van Brabandt (director)
- Board composition, Guy Woueté (director)
- Board composition, Anna Vyazemskaya Snauwaert (director)
- Board composition, Manuel Claeys (director)
- Board composition, Natalie Gielen (director)
- The act holds 13 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11808H1138/00N000 | Flanders | 3,117 m² | 1 · 132 m² | 14.5 m · 4 |