Active BE 0444.362.245Public limited company

MORRAN

Kruindersweg(E) 94 ·3630 Maasmechelen, Belgium· 35 yrs active

Sector: Real estate agency activities (68310)

Conclusion Checked

MORRAN has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.06M and a net result of €789k. Equity is shrinking by ~15% per year across the filed fiscal years. Its solvency ranks better than 60% of 4440 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Based on the State Gazette, CBE and 5 annual accounts.

Key figures

Equity	€4.06M
Net result	€789k
Staff (FTE)	2.1
Better than sector	60%

Financial profile 5 of 5 axes measured · computed by Checked

84 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 84

Profitability 99

Solvency 66

Growth 72

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.1% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1991, 35 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

84 / 100 Excellent

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€170k

estimate, not credit advice

Score history

32 2021

72 2022

64 2023

30 2024

84 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.70 (< 1.0) -10

Leverage Debt/equity 0.98 (< 1.0) +10

Profitability ROE 19% (≥ 10%) +10

EBITDA margin EBITDA-marge 71% (≥ 10%) +8

Interest coverage Interest coverage 14.4× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview34 NBB filings

Annual accounts filed on 31-08-2026 with the NBB · fiscal year 2025 · full schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Net result: growth of ~56.6%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	50.4%	38.4%	better than 60% of 4440 sector peers
Net result	€789k	€23k	better than 90% of 4431 sector peers
Equity	€4.06M	€918k	better than 76% of 4442 sector peers
Staff costs	€170k	€125k	higher than 56% of 1162 sector peers
Employees (FTE)	2.1	1.0	better than 66% of 1507 sector peers

Revenue

€1.70M

+414.2% 21-25

EBITDA

€1.21M

+2610.8% 21-25

Net profit

€789k

- 21-25

Cash flow

€816k

- 21-25

Total assets

€8.05M

+25.1% 21-25

Equity

€4.06M

+24.2% 21-25

Working capital

€-1.20M

+18.3% 21-25

Employees (FTE)

2

+5.0% 21-25

Staff costs

€170k

+6.6% 21-25

Income taxes

€107k

+253.2% 21-25

Dividends

€0

-100.0% 21-25

Debt

€3.99M

+26.1% 21-25

Debt ≤ 1y

€3.99M

+27.2% 21-25

Debt > 1y

€0

-100.0% 21-25

Current ratio

0.70

+31.4% 21-25

Quick ratio

0.70

+31.4% 21-25

Solvency

50.4%

-0.8% 21-25

Debt / equity

0.98

+1.6% 21-25

ROE

19.5%

- 21-25

ROA

9.8%

- 21-25

Net margin

46.5%

- 21-25

EBITDA margin

71.5%

+427.2% 21-25

Interest coverage

14.40

+1246.7% 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	full schema	full schema	full schema	full schema	full schema
Revenue	€1.70M	€330k	€418k	€456k	€383k
EBITDA	€1.21M	€45k	€121k	€108k	€6k
Net profit	€789k	€-3.55M	€227k	€88k	€-10k
Cash flow	€816k	€-3.54M	€237k	€97k	€-2k
Staff costs	€170k	€160k	€159k	€192k	€216k
Income taxes	€107k	€30k	€1k	€3k	-
Dividends	-	€0	€18k	-	-
Total assets	€8.05M	€6.44M	€10.01M	€9.96M	€10.16M
Equity	€4.06M	€3.27M	€6.82M	€7.61M	€7.52M
Debt	€3.99M	€3.17M	€3.19M	€2.35M	€2.63M
of which ≤ 1y	€3.99M	€3.14M	€3.11M	€2.23M	€2.45M
of which > 1y	€0	€27k	€72k	€123k	€181k
Working capital	€-1.20M	€-1.47M	€-1.57M	€-715k	€-756k
Employees (FTE)	2.1	2.0	2.1	2.8	4.7

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	0.70	0.53	0.50	0.68	0.69
Quick ratio	0.70	0.53	0.50	0.68	0.69
Working capital ratio	-14.9%	-22.8%	-15.7%	-7.2%	-7.4%
Solvency	50.4%	50.8%	68.1%	76.4%	74.1%
Debt / equity	0.98	0.97	0.47	0.31	0.35
Long-term debt ratio	0.00	0.01	0.01	0.02	0.02
Interest coverage	14.40	1.07	2.97	2.09	0.09
Gross margin	-	-	-	-	-
Net margin	46.5%	-1076.4%	54.2%	19.4%	-2.6%
ROA	9.8%	-55.2%	2.3%	0.9%	-0.1%
ROE	19.5%	-108.8%	3.3%	1.2%	-0.1%
EBITDA margin	71.5%	13.6%	29.0%	23.7%	1.5%
Days sales outstanding	292d	114d	221d	32d	2d
Days payable outstanding	-	-	-	-	-
Inventory turnover	-	-	-	-	-
Days inventory (DSI)	-	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €5.26M · 65.3% Current assets €2.79M · 34.7%

Equity & liabilities

Equity €4.06M · 50.4% Debt €3.99M · 49.6%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€8.05M	€6.44M	€10.01M	€9.96M	€10.16M
Fixed assets	21/28	€5.26M	€4.76M	€8.47M	€8.45M	€8.46M
Tangible fixed assets	22/27	€91k	€22k	€35k	€21k	€29k
Financial fixed assets	28	€5.17M	€4.74M	€8.43M	€8.43M	€8.43M
Current assets	29/58	€2.79M	€1.67M	€1.54M	€1.51M	€1.70M
Stocks & contracts in progress	3	€0	€0	€0	€0	-
Amounts receivable within one year	40/41	€1.93M	€530k	€1.32M	€1.36M	€1.68M
Cash & bank	54/58	€203k	€489k	€217k	€152k	€18k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€8.05M	€6.44M	€10.01M	€9.96M	€10.16M
Equity	10/15	€4.06M	€3.27M	€6.82M	€7.61M	€7.52M
Contributions / capital	10/11	€6.43M	€6.43M	€6.43M	€7.43M	€7.43M
Reserves	13	€65k	€65k	€393k	€184k	€96k
Accumulated profits (losses)	14	€-2.44M	€-3.23M	-	-	-
Amounts payable	17/49	€3.99M	€3.17M	€3.19M	€2.35M	€2.63M
Amounts payable after one year	17	€0	€27k	€72k	€123k	€181k
Amounts payable within one year	42/48	€3.99M	€3.14M	€3.11M	€2.23M	€2.45M
Trade debts payable within one year	44	€50k	€7k	€249k	€832	€1k
Income statement
Turnover	70	€1.70M	€330k	€418k	€456k	€383k
Operating result	9901	€1.19M	€32k	€111k	€100k	€-2k
Financial income	75	€44k	€176k	€158k	€43k	€64k
Financial charges	65	€84k	€42k	€41k	€52k	€71k
Result before taxes	9903	€896k	€-3.52M	€228k	€91k	€-10k
Income taxes	67/77	€107k	€30k	€1k	€3k	-
Net result for the period	9904	€789k	€-3.55M	€227k	€88k	€-10k
Result to be appropriated	9905	€789k	€-3.55M	€227k	€88k	€-10k

Legal Structure

NACE primary	Real estate agency activities(68310)
Legal form	Public limited company(014)
Incorporation	07-06-1991
Status	Active
Postal code	3630

Establishment units 1 location

MORRAN NV

Koninginnelaan(E) 58, 3630 MaasmechelenNACE 70201

since 19912.053.733.191

Real-estate footprint Source: CBE × cadastre

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
73013D0688/00A000	Flanders	4,769 m²	1 · 1,333 m²	18.2 m · 3 fl.
73013D0687/00B000	Flanders	1,443 m²	1 · 1,502 m²	26.8 m · 2 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 14Financial 3Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

31-08

NBB filing Annual accounts filed

fiscal year 2025 · full schema · 31 days late

2025

31-12

Financial Back to profitnet €789k

Net result €789k after one loss-making year.

29-08

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 29 days late

2024

31-12

Financial Weakest financial yearnet €-3.55M ▼1669%

Net result drops to €-3.55M, the lowest in the series; recovery starts the following year.

30-07

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

10-11

State Gazette act Capital & shares

Ilse Verdonck

31-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 31 days late

2022

31-12

Financial Back to profitnet €88k

Net result €88k after one loss-making year.

31-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 31 days late

2021

31-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 31 days late

2020

28-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

18-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

25-06

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

19-06

NBB filing Annual accounts filed

fiscal year 2016 · full schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 8 acts read

We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

Capital history · 1

10-11-2023

Capital change

All acts · 1 updated 2 years ago

2023

10-11-2023 Capital decrease of €1,000,000 to €6,428,774.44 Capital & shares·Ilse Verdonck

€7.428.774,44 → €6.428.774,44

Notary: Ilse Verdonck · Maasmechelen

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Holdings64200Activities of holding companies64210Real estate agency activities68310Real estate activities683117031174151

Names & trade names

Legal nameNL

MORRAN

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