MORRAZ
ActiveSummary
The computed 12-month bankruptcy probability of MORRAZ is 2.5% (moderate). The 2024 annual accounts show equity of €554,074 and a net result of €65,015. Equity is growing by ~20.8% per year across the filed fiscal years. Its solvency ranks better than 82% of 36380 sector peers (fiscal year 2024). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability75▼-1
Solvency100=
Growth42▼-5
Track record100
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days only on tighter terms
Liquidity ample (current ratio 3.48 against 3.57 in 2023; short-term debt: 23.6% and cash: 49.5% of total assets), and 23.6% 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
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 2024Solvency, return and age of the figures
Solvency
76.4%
Return on assets
9%
Age of the figures
21 mo
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-12-2025, 151 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
151 d late
2023
145 d late
2022
98 d late
2021
116 d late
2020
233 d late
2019
153 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 149 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Turnover
€968,696▼ 21.1%
2023 · €1.2m
EBIT margin
9.6%▼ 0.1pp
2023 · 9.6%
Net result
€65,015▼ 22.7%
2023 · €84,054
Working capital
€424,360▼ 16.9%
2023 · €510,748
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€1.3m▲ 11.5%€1.0m▼ 19.2%€1.5m▲ 50.7%€1.2m▼ 20.5%€968,696▼ 21.1%
Operating result€105,926▼ 24.8%€39,110▼ 63.1%€173,103▲ 343%€118,120▼ 31.8%€92,562▼ 21.6%
Net result€79,229▼ 27.2%€30,212▼ 61.9%€126,559▲ 319%€84,054▼ 33.6%€65,015▼ 22.7%
EBIT margin8.3%▼ 4.0pp3.8%▼ 4.5pp11.2%▲ 7.4pp9.6%▼ 1.6pp9.6%▼ 0.1pp
Equity€348,233▲ 29.5%€378,445▲ 8.7%€505,004▲ 33.4%€589,059▲ 16.6%€554,074▼ 5.9%
Total assets€488,532▲ 12.9%€487,719▼ 0.2%€778,788▲ 59.7%€787,985▲ 1.2%€725,303▼ 8.0%
Debt€140,299▼ 14.4%€109,274▼ 22.1%€273,783▲ 151%€198,926▼ 27.3%€171,229▼ 13.9%
Working capital€311,632▲ 28.7%€334,871▲ 7.5%€450,527▲ 34.5%€510,748▲ 13.4%€424,360▼ 16.9%
Staff (FTE)1▲ 233%1=1=0.1▼ 90.0%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2024 is 22% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €725,303
Fixed assets
€129,714 ▲ 65.6%
Current assets
€595,589 ▼ 16.1%
Equity and liabilities €725,303
Equity
€554,074 ▼ 5.9%
Debt
€171,229 ▼ 13.9%
Debt's share of the balance-sheet total falls from 25.2% to 23.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€111,230▼
2023 · €133,872
Cash flow
€83,683▼
2023 · €99,806
Current ratio
3.48▼
2023 · 3.57
Debt to equity
0.31▼
2023 · 0.34
ROE
11.7%▼
2023 · 14.3%
ROA
9.0%▼
2023 · 10.7%
Interest coverage
386.40▲
2023 · 268.03
Debt ≤ 1 year
€171,229▼
2023 · €198,926
Income taxes
€30,710▼
2023 · €31,329
Staff costs
€656▼
2023 · €6,567
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,776 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 higher bankruptcy probability: 2.5% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 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 6,776 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €1.3m | €1.0m | €1.5m | €1.2m | €968,696 | ▼ 21.1% |
| Non-recurring operating income76A | - | €5,015 | €630 | - | €7,751 | - |
| Remuneration, social security and pensions62 | - | €47,995 | €49,626 | €6,567 | €656 | ▼ 90.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,811 | €13,592 | €15,143 | €15,752 | €18,668 | ▲ 18.5% |
| Other operating charges640/8 | - | €3,116 | €4,295 | €6,360 | €3,311 | ▼ 47.9% |
| Gross operating margin9900 | €182,020 | €103,812 | €242,167 | €146,798 | €115,198 | ▼ 21.5% |
| Operating profit (loss)9901 | €105,926 | €39,110 | €173,103 | €118,120 | €92,562 | ▼ 21.6% |
| Financial income75/76B | - | €1,525 | €857 | €1,315 | €4,369 | ▲ 232% |
| Recurring financial income75 | €1,340 | €1,525 | €857 | €1,161 | €4,369 | ▲ 276% |
| Non-recurring financial income76B | - | - | - | €154 | - | - |
| Financial charges65/66B | - | €894 | €652 | €4,052 | €1,206 | ▼ 70.2% |
| Recurring financial charges65 | €206 | €894 | €652 | €499 | €288 | ▼ 42.4% |
| Non-recurring financial charges66B | - | - | - | €3,553 | €918 | ▼ 74.1% |
| Profit (loss) for the period before taxes9903 | €107,060 | €39,741 | €173,309 | €115,383 | €95,725 | ▼ 17.0% |
| Income taxes67/77 | €27,830 | €9,529 | €46,749 | €31,329 | €30,710 | ▼ 2.0% |
| Profit (loss) for the period9904 | €79,229 | €30,212 | €126,559 | €84,054 | €65,015 | ▼ 22.7% |
| Profit (loss) for the period to be appropriated9905 | €79,229 | €30,212 | €126,559 | €84,054 | €65,015 | ▼ 22.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €488,532 | €487,719 | €778,788 | €787,985 | €725,303 | ▼ 8.0% |
| Fixed assets21/28 | €36,601 | €54,240 | €57,189 | €78,311 | €129,714 | ▲ 65.6% |
| Intangible fixed assets21 | €15,244 | €12,590 | €9,937 | €7,284 | €4,631 | ▼ 36.4% |
| Tangible fixed assets22/27 | €21,357 | €41,650 | €47,252 | €71,027 | €69,110 | ▼ 2.7% |
| Plant, machinery and equipment23 | - | €11,205 | €11,201 | €10,398 | €9,681 | ▼ 6.9% |
| Furniture and vehicles24 | - | €30,445 | €36,051 | €60,630 | €59,430 | ▼ 2.0% |
| Financial fixed assets28 | - | - | - | - | €55,973 | - |
| Current assets29/58 | €451,931 | €433,479 | €721,598 | €709,674 | €595,589 | ▼ 16.1% |
| Amounts receivable within one year40/41 | €211,950 | €242,976 | €642,961 | €244,305 | €234,481 | ▼ 4.0% |
| Trade receivables40 | - | €225,798 | €558,906 | €227,830 | €195,908 | ▼ 14.0% |
| Other amounts receivable41 | - | €17,178 | €84,054 | €16,475 | €38,574 | ▲ 134% |
| Cash at bank and in hand54/58 | €237,329 | €187,827 | €75,592 | €461,772 | €359,118 | ▼ 22.2% |
| Deferred charges and accrued income490/1 | - | €2,677 | €3,046 | €3,597 | €1,990 | ▼ 44.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €488,532 | €487,719 | €778,788 | €787,985 | €725,303 | ▼ 8.0% |
| Equity10/15 | €348,233 | €378,445 | €505,004 | €589,059 | €554,074 | ▼ 5.9% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €66,860 | ▲ 3,495% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | - | €66,860 | - |
| Profit (loss) carried forward14 | €340,173 | €370,385 | €496,944 | €580,999 | €481,014 | ▼ 17.2% |
| Amounts payable17/49 | €140,299 | €109,274 | €273,783 | €198,926 | €171,229 | ▼ 13.9% |
| Amounts payable after more than one year17 | - | €10,667 | €2,712 | - | - | - |
| Financial debts170/4 | - | €10,667 | €2,712 | - | - | - |
| Amounts payable within one year42/48 | €140,299 | €98,608 | €271,072 | €198,926 | €171,229 | ▼ 13.9% |
| Current portion of amounts payable after more than one year42 | - | €8,000 | €8,067 | €2,712 | - | - |
| Financial debts43 | - | €102 | €70 | €70 | €70 | = |
| Credit institutions430/8 | - | €102 | €70 | €70 | €70 | = |
| Trade debts44 | €85,096 | €66,510 | €217,629 | €167,004 | €42,748 | ▼ 74.4% |
| Suppliers440/4 | - | €66,510 | €217,629 | €167,004 | €42,748 | ▼ 74.4% |
| Taxes, remuneration and social security45 | - | €23,996 | €45,197 | €26,851 | €25,830 | ▼ 3.8% |
| Taxes450/3 | - | €7,417 | €28,155 | €19,231 | €13,147 | ▼ 31.6% |
| Remuneration and social security454/9 | - | €16,579 | €17,042 | €7,620 | €12,683 | ▲ 66.4% |
| Other amounts payable47/48 | - | - | €108 | €2,290 | €102,582 | ▲ 4,379% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €79,229 | €30,212 | €126,559 | €84,054 | €65,015 | ▼ 22.7% |
| + Depreciation and write-downs630 | €10,811 | €13,592 | €15,143 | €15,752 | €18,668 | ▲ 18.5% |
| Operating cash flow (approximation) | €90,041 | €43,804 | €141,702 | €99,806 | €83,683 | ▼ 16.2% |
| Investment in fixed assets (approximation) | - | -€31,232 | -€18,092 | -€36,873 | -€70,071 | ▼ 90.0% |
| Change in cash | - | -€49,503 | -€112,235 | €386,180 | -€102,654 | ▼ 127% |
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
2026
25-08
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 01-05-2026
- Registered-office move, rue de la Procession n°49 à 1070 ANDERLECHT
2025
29-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 151 days late
2024
23-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 145 days late
2023
06-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 98 days late
2022
31-12
Financial
Highest result since 2018net €126,559 ▲319%
Operating result €173,103, net result €126,559, both a record.
31-12
Financial
Equity above €500,000Eq €505,004 ▲33.4%
5 profitable years in a row build equity to €505,004.
24-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 116 days late
21-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 233 days late
2021
31-12
Financial
Weakest financial yearnet €30,212 ▼61.9%
Net result drops to €30,212, the lowest in the series; recovery starts the following year.
2020
31-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 153 days late
2019
31-12
Financial
Equity above €200,000Eq €269,004 ▲67.9%
2 profitable years in a row build equity to €269,004.
18-12
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 140 days late
2018
30-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 61 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not 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 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Anderlecht · 2 establishment units since 2016
Ground area
533 m²
Building footprint
232 m²
Volume, LiDAR
2,066 m³
2 parcels, Brussels, Flanders · tallest building 17.3 m, ±5 floors. Linked by address, not a title deed.
104
companies at this address
See who is registered here
2 establishment units
MORRAZ
since 20162.259.209.578
MORRAZ
since 20172.265.207.148
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21001A0660/00W002 | Brussels | 270 m² | 1 · 104 m² | 17.3 m · 5 fl. |
| 23069A0057/00M002indicative | Flanders | 263 m² | 1 · 128 m² | 9.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
S.E.B.M.
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VERMEEREN
BE 0464.837.856
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VAE VICTIS
BE 0452.208.753
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KAIKO
BE 0895.428.675
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M.X. CONSTRUCTIONS
BE 0469.630.250
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,420. 4,355 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
Founded03-10-2016
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0663724379
Also
9925:BE0663724379
Registered
05-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.