MORSE
ActiveSummary
MORSE has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €26k and a net result of €1k. Equity is growing by ~20.1% per year across the filed fiscal years. Its solvency ranks better than 60% of 7780 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability56▲+46
Solvency87▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 2.52 against 1.96 in 2024; short-term debt: 35.8% and cash: 10.7% of total assets), and 37.8% of the assets are financed with debt.
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Signals
Four 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 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
62.2%
Return on assets
3.3%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 07-04-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
1 d early
2023
6 d early
2022
3 d early
2021
2 d early
2020
on the day
2019
1 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 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€26k▲ 5.7%
2024 · €24k
Total assets
€41k▼ 3.7%
2024 · €43k
Net result
€1k
2024 · €-3k
Working capital
€22k▲ 26.3%
2024 · €18k
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
Line20212022202320242025
Operating result€15k▲ 1,612%€16k▲ 5.2%€1k▼ 93.2%€-3k€4k
Net result€15k▲ 1,624%€13k▼ 11.6%€729▼ 94.5%€-3k€1k
Equity€16k▲ 602%€27k▲ 74.6%€27k=€24k▼ 11.0%€26k▲ 5.7%
Total assets€25k▲ 674%€35k▲ 41.8%€42k▲ 19.7%€43k▲ 2.1%€41k▼ 3.7%
Debt€9k▲ 840%€8k▼ 14.6%€15k▲ 88.8%€19k▲ 26.3%€16k▼ 15.9%
Working capital€15k▲ 564%€24k▲ 64.0%€22k▼ 10.3%€18k▼ 18.4%€22k▲ 26.3%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €4k after a loss of €3k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €41k
Fixed assets
€4k ▼ 37.6%
Current assets
€37k ▲ 2.4%
Equity and liabilities €41k
Equity
€26k ▲ 5.7%
Debt
€16k ▼ 15.9%
Debt's share of the balance-sheet total falls from 43.3% to 37.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€6k▲
2024 · €-300
Cash flow
€4k▲
2024 · €-756
Current ratio
2.52▲
2024 · 1.96
Debt to equity
0.61▼
2024 · 0.76
ROE
5.4%▲
2024 · -12.3%
ROA
3.3%▲
2024 · -7.0%
Interest coverage
3.94▲
2024 · -0.66
Debt ≤ 1 year
€15k▼
2024 · €19k
Income taxes
€781▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €41 | €462 | €1k | €2k | €2k | ▲ 9.9% |
| Other operating charges640/8 | €449 | €500 | €543 | €815 | €184 | ▼ 77.4% |
| Gross operating margin9900 | €16k | €17k | €3k | €516 | €6k | ▲ 1,139% |
| Operating profit (loss)9901 | €15k | €16k | €1k | €-3k | €4k | ▲ 247% |
| Financial income75/76B | - | - | €93 | €0 | - | - |
| Recurring financial income75 | - | - | €93 | €0 | - | - |
| Financial charges65/66B | €102 | €67 | €154 | €456 | €2k | ▲ 245% |
| Recurring financial charges65 | €102 | €67 | €154 | €456 | €2k | ▲ 245% |
| Profit (loss) for the period before taxes9903 | €15k | €16k | €1k | €-3k | €2k | ▲ 172% |
| Income taxes67/77 | - | €3k | €292 | €0 | €781 | - |
| Profit (loss) for the period9904 | €15k | €13k | €729 | €-3k | €1k | ▲ 146% |
| Profit (loss) for the period to be appropriated9905 | €15k | €13k | €729 | €-3k | €1k | ▲ 146% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €25k | €35k | €42k | €43k | €41k | ▼ 3.7% |
| Fixed assets21/28 | €859 | €3k | €6k | €7k | €4k | ▼ 37.6% |
| Tangible fixed assets22/27 | €859 | €2k | €6k | €7k | €4k | ▼ 37.6% |
| Furniture and vehicles24 | €859 | €2k | €6k | €7k | €4k | ▼ 37.6% |
| Financial fixed assets28 | - | €1k | €0 | - | - | - |
| Current assets29/58 | €24k | €32k | €36k | €36k | €37k | ▲ 2.4% |
| Amounts receivable within one year40/41 | €15k | €25k | €31k | €31k | €32k | ▲ 3.9% |
| Trade receivables40 | €15k | €25k | €31k | €31k | €32k | ▲ 3.8% |
| Other amounts receivable41 | €0 | €121 | €212 | €8 | €30 | ▲ 275% |
| Cash at bank and in hand54/58 | €9k | €6k | €6k | €6k | €4k | ▼ 22.8% |
| Deferred charges and accrued income490/1 | - | €444 | €156 | €0 | €1k | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €25k | €35k | €42k | €43k | €41k | ▼ 3.7% |
| Equity10/15 | €16k | €27k | €27k | €24k | €26k | ▲ 5.7% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €9k | €21k | €21k | €18k | €20k | ▲ 7.6% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €0 | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €0 | - | - |
| Distributable reserves133 | €8k | €19k | €19k | €18k | €20k | ▲ 7.6% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | - | - |
| Amounts payable17/49 | €9k | €8k | €15k | €19k | €16k | ▼ 15.9% |
| Amounts payable within one year42/48 | €9k | €8k | €15k | €19k | €15k | ▼ 20.3% |
| Trade debts44 | €447 | €880 | €1k | €3k | €2k | ▼ 26.2% |
| Suppliers440/4 | €447 | €880 | €1k | €3k | €2k | ▼ 26.2% |
| Taxes, remuneration and social security45 | €5k | €4k | €7k | €9k | €7k | ▼ 28.3% |
| Taxes450/3 | €5k | €4k | €7k | €5k | €4k | ▼ 20.9% |
| Remuneration and social security454/9 | - | - | - | €5k | €3k | ▼ 35.9% |
| Other amounts payable47/48 | €4k | €3k | €6k | €6k | €6k | ▼ 5.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | €815 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15k | €13k | €729 | €-3k | €1k | ▲ 146% |
| + Depreciation and write-downs630 | €41 | €462 | €1k | €2k | €2k | ▲ 9.9% |
| Operating cash flow (approximation) | €15k | €14k | €2k | €-756 | €4k | ▲ 610% |
| Investment in fixed assets (approximation) | - | €-3k | €-4k | €-3k | €0 | ▲ 100% |
| Change in cash | - | €-3k | €-523 | €131 | €-1k | ▼ 1,095% |
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
21-08
State Gazette act
General meeting · Director resignation
Director appointment · Permanent representative
07-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €1k
Net result €1k after one loss-making year.
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Highest result since 2018net €15k ▲1,624%
Net result €15k, the highest in the series.
30-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Back to profitnet €872
Net result €872 after 2 loss-making years.
29-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
16-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 16 days late
2018
26-04
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
28-04
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneState Gazette actNBB 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, Tielt · 1 establishment unit since 2013
Ground area
777 m²
Building footprint
216 m²
Volume, LiDAR
1,357 m³
Parcel 37303G0270/00L000, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
Morse BVBA
since 20132.225.812.775
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37303G0270/00L000 | Flanders | 777 m² | 1 · 216 m² | 8.1 m · 2 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 24,515 companies in sector 82990 we hold annual accounts for 9,413. 6,181 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
Founded18-12-2013
Fiscal year end30-09
Activities, NACEBEL 2025
82990Other business support services
62200Computer consultancy and computer facilities management
63100Computing infrastructure, data processing, hosting and related activities
63920Other information service activities
64210Activities of holding companies
73110Advertising agencies
73300Public relations and communication consultancy
74301Translation services
Scores and ratios are computed by Checked and are not a credit decision.