MORVAN (0441.982.082): annual accounts, directors and company register

MORVAN

Ypres ·KBO/BCE: BE 0441.982.082

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%

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%

Company	Total assets	Gross margin	Solvency	Staff
MORVAN Ypres	€2.7m	€697,411	91.6%	4.5
SEYNS Zwevegem	€1.9m	€533,578	67.4%	3.5
WAELKENS GABY Ingelmunster	€1.5m	€614,569	67.5%	4.1
De Vlieger Kris Dentergem	€1.6m	€560,402	19.9%	5
BUCSAN BERNARD Roeselare	€1.6m	€793,053	66.5%	5.8
FIERENS Mechelen	€2.0m	€954,821	68.2%	5.8
EDCO SERVICE Gavere	€1.7m	€683,423	84.3%	4

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	2.7m	2.6m	2.4m	2.1m	2.2m	2.1m	2.1m	2.1m	1.9m	1.8m	1.8m	1.5m	1.4m	1.3m	1.2m	1.1m	913,157	850,719	570,415
Fixed assets`21/28`	49,684	68,332	98,748	128,995	164,366	341,456	303,548	337,860	295,391	308,601	353,424	399,559	443,317	468,167	452,280	433,570	274,518	122,828	48,519
Tangible fixed assets`22/27`	49,644	68,292	96,308	126,055	145,308	322,399	284,491	321,202	278,734	305,522	352,889	399,023	437,921	462,771	446,884	428,175	269,618	117,928	43,619
Land and buildings`22`	-	-	2,215	6,128	10,067	216,303	227,993	239,684	251,374	263,070	274,834	286,683	296,245	308,379	321,028	333,371	103,490	70,445	-
Plant, machinery and equipment`23`	33,738	39,951	46,165	50,440	52,231	44,914	49,849	70,257	25,389	37,046	64,226	89,479	118,111	124,817	93,816	45,751	45,293	27,288	9,428
Furniture and vehicles`24`	15,906	28,341	47,928	69,487	83,010	61,182	6,648	11,261	1,162	3,585	9,555	20,073	18,918	29,574	29,934	44,314	6,383	15,978	25,433
Other tangible fixed assets`26`	-	-	-	-	-	-	-	-	809	1,820	4,273	2,789	4,648	-	2,106	4,738	8,456	4,218	8,758
Assets under construction and advance payments`27`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	105,997	-	-
Financial fixed assets`28`	40	40	2,440	2,940	19,057	19,057	19,057	16,657	16,657	3,079	536	536	5,396	5,396	5,396	5,396	4,900	4,900	4,900
Current assets`29/58`	2.6m	2.5m	2.3m	2.0m	2.1m	1.8m	1.7m	1.8m	1.6m	1.5m	1.5m	1.1m	971,433	866,030	721,380	664,609	638,639	727,891	521,896
Stocks and contracts in progress`3`	432,145	466,353	472,042	538,937	496,683	343,232	336,644	364,195	341,456	376,989	312,903	269,147	289,756	270,999	270,015	263,358	249,999	321,781	232,206
Stocks`30/36`	432,145	466,353	472,042	538,937	496,683	343,232	336,644	364,195	341,456	376,989	312,903	269,147	289,756	270,999	270,015	263,358	249,999	321,781	232,206
Amounts receivable within one year`40/41`	55,458	41,750	77,503	87,111	49,593	95,402	87,588	77,918	46,448	49,091	66,105	58,887	69,863	80,916	50,303	89,295	78,599	98,893	104,666
Trade receivables`40`	54,161	41,750	77,503	86,600	49,284	95,131	87,458	77,004	45,600	49,091	65,709	58,521	68,820	80,376	47,471	80,073	77,874	74,251	104,341
Other amounts receivable`41`	1,297	-	-	510	309	272	130	913	848	-	396	365	1,043	541	2,832	9,223	725	24,642	325
Current investments`50/53`	1.8m	1.4m	1.2m	519,233	1.0m	552,252	920,795	946,488	1.0m	953,244	822,193	613,076	360,017	310,354	260,552	184,025	209,517	191,113	63,658
Cash at bank and in hand`54/58`	362,987	582,088	476,139	821,096	506,645	778,439	399,919	412,299	222,241	160,368	256,971	185,692	251,797	203,761	140,510	126,688	100,524	116,104	121,220
Deferred charges and accrued income`490/1`	14,941	10,212	13,162	8,718	9,999	6,933	4,452	-	-	-	-	-	-	-	-	1,242	-	-	147
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.7m	2.6m	2.4m	2.1m	2.2m	2.1m	2.1m	2.1m	1.9m	1.8m	1.8m	1.5m	1.4m	1.3m	1.2m	1.1m	913,157	850,719	570,415
Equity`10/15`	2.5m	2.3m	2.0m	1.7m	1.8m	1.5m	1.2m	1.7m	1.5m	1.4m	1.3m	1.1m	984,600	828,431	692,895	562,507	439,174	310,754	185,530
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	618,900	618,900	618,900	618,900	618,900	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	-	18,600	618,900	618,900	618,900	618,900	618,900	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Contributions outside capital`11`	-	-	18,600	18,600	18,600	18,600	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1109/19`	-	-	18,600	18,600	18,600	18,600	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	2.5m	2.3m	2.0m	1.7m	1.7m	1.5m	1.2m	1.0m	874,026	765,445	645,626	472,953	966,000	809,831	166,930	166,930	166,930	166,930	166,930
Non-distributable reserves`130/1`	4,237	4,237	4,237	4,237	4,237	66,127	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237
Legal reserve`130`	-	-	-	-	-	-	61,890	61,890	61,890	61,890	61,890	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Reserves not available under the articles`1311`	4,237	4,237	4,237	4,237	4,237	61,890	-	-	-	-	-	-	-	-	-	-	-	-	-
Other`1319`	-	-	-	-	-	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237	4,237
Tax-exempt reserves`132`	52,186	52,186	52,186	52,186	52,186	52,186	52,186	52,186	33,436	33,436	33,436	33,436	33,436	33,436	33,436	33,436	33,436	33,436	33,436
Distributable reserves`133`	2.4m	2.2m	2.0m	1.7m	1.7m	1.4m	1.1m	914,328	774,463	665,882	546,063	433,420	926,467	770,298	127,397	127,397	127,397	127,397	127,397
Profit (loss) carried forward`14`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	507,365	376,977	253,645	125,225	-
Provisions and deferred taxes`16`	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	-	-	-	-	8,000	21,537	35,017
Provisions for liabilities and charges`160/5`	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	-	-	-	-	8,000	21,537	35,017
Other liabilities and charges`164/5`	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	14,436	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	212,585	274,126	323,303	359,748	461,042	559,099	799,534	472,784	413,706	449,512	532,635	420,071	430,150	505,766	480,765	535,673	465,983	518,428	349,868
Amounts payable after more than one year`17`	34,000	50,000	50,000	50,000	61,000	165,708	190,208	201,428	195,208	207,708	220,208	232,708	245,208	257,708	270,208	222,470	122,359	33,333	47,619
Financial debts`170/4`	-	-	-	-	11,000	115,708	140,208	136,428	130,208	142,708	155,208	167,708	180,208	192,708	205,208	222,470	122,359	33,333	47,619
Other amounts payable`178/9`	34,000	50,000	50,000	50,000	50,000	50,000	50,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	65,000	-	-	-	-
Amounts payable within one year`42/48`	174,731	219,204	271,303	307,748	398,042	393,391	609,327	271,356	218,498	241,804	312,427	187,363	181,192	240,895	206,006	313,203	343,623	485,095	296,755
Current portion of amounts payable after more than one year`42`	-	-	-	11,000	12,000	24,500	24,500	53,723	37,545	12,500	32,564	47,740	45,304	41,867	46,629	56,136	26,786	39,286	14,286
Financial debts`43`	26,933	27,070	26,933	26,751	96,717	16,717	16,719	-	-	-	-	-	-	-	-	-	-	-	-
Credit institutions`430/8`	26,933	27,070	26,933	26,751	96,717	16,717	16,719	-	-	-	-	-	-	-	-	-	-	-	-
Trade debts`44`	95,367	103,505	124,384	126,430	175,013	226,108	110,350	124,936	123,239	84,855	183,941	75,154	92,601	141,442	121,012	212,484	189,396	313,862	199,839
Suppliers`440/4`	95,367	103,505	124,384	126,430	175,013	226,108	110,350	124,936	123,239	84,855	183,941	75,154	92,601	141,442	121,012	212,484	189,396	313,862	199,839
Taxes, remuneration and social security`45`	39,602	56,495	89,200	113,831	81,622	77,253	67,604	57,256	23,633	107,417	61,345	30,845	15,348	19,077	17,794	8,781	13,416	18,437	18,446
Taxes`450/3`	17,299	36,787	69,573	90,233	55,449	54,107	42,186	35,182	7,553	91,839	48,803	16,767	8,175	7,804	8,211	1,645	4,292	11,067	9,311
Remuneration and social security`454/9`	22,303	19,709	19,627	23,597	26,174	23,146	25,418	22,075	16,080	15,578	12,543	14,078	7,173	11,273	9,584	7,136	9,124	7,370	9,136
Other amounts payable`47/48`	12,829	32,134	30,785	29,736	32,690	48,813	390,154	35,440	34,081	37,032	34,576	33,624	27,939	38,508	20,572	35,802	114,025	113,510	64,183
Accrued charges and deferred income`492/3`	3,854	4,922	2,000	2,000	2,000	-	-	-	-	-	-	-	3,750	7,163	4,550	-	-	-	5,494
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	681	-	-	-
Gross operating margin`9900`	697,411	744,814	857,023	883,872	857,694	725,365	583,948	515,775	351,205	426,745	463,909	438,837	405,037	399,690	337,307	349,078	348,798	269,288	167,353
Remuneration, social security and pensions`62`	186,291	205,704	210,365	255,840	243,793	205,739	236,067	159,967	142,217	135,646	122,968	96,724	94,192	107,359	96,965	101,599	103,455	74,633	43,655
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	25,588	27,778	29,750	32,000	40,322	43,453	55,182	80,192	40,802	46,871	76,225	85,133	90,065	88,335	58,119	55,835	46,803	35,397	45,604
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-5,916	7,392	4,293	15,034	-1,582	-5,370	-5,341	31,213	321	-531	9	-5,501	-1,187	386	685	-	-	909	3,213
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-	-	-	14,436	-	-	-	-8,000	-13,537	-13,480	25,267
Other operating charges`640/8`	10,256	9,727	12,610	13,767	12,631	18,915	9,475	8,557	7,237	19,375	6,722	8,819	7,362	7,842	3,030	32,689	30,725	2,520	902
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	438	125
Operating profit (loss)`9901`	481,193	494,214	600,006	567,231	562,530	462,628	288,565	235,846	160,629	225,383	257,985	239,227	214,604	195,767	178,508	166,955	181,353	169,308	48,711
Financial income`75/76B`	57,027	73,391	28,906	59,563	25,226	21,830	18,043	19,645	19,648	25,069	26,108	27,274	30,038	29,692	22,617	26,765	27,347	26,591	19,117
Recurring financial income`75`	57,027	73,391	28,906	59,563	25,226	21,830	18,043	19,645	19,648	25,069	26,108	27,274	30,038	29,692	22,617	26,765	27,347	26,591	19,117
Financial charges`65/66B`	10,401	10,020	11,061	26,004	12,424	13,904	21,424	15,274	12,258	13,520	14,709	16,172	18,668	23,830	23,056	16,395	16,110	10,520	9,899
Recurring financial charges`65`	10,401	10,020	11,061	26,004	12,424	13,904	21,424	15,274	12,258	13,520	14,709	16,172	18,668	23,830	23,056	16,395	16,110	10,520	9,899
Profit (loss) for the period before taxes`9903`	527,819	557,585	617,851	600,790	575,332	470,555	285,184	240,217	168,019	236,933	269,384	250,329	225,974	201,630	178,069	178,006	192,590	184,942	57,804
Income taxes`67/77`	163,556	167,640	194,313	189,449	174,334	145,351	97,448	81,603	59,437	117,114	96,711	75,075	69,806	56,093	47,681	52,273	61,752	59,717	16,475
Profit (loss) for the period`9904`	364,263	389,945	423,537	411,341	400,998	325,204	187,736	158,614	108,581	119,819	172,673	175,254	156,168	145,537	130,388	125,733	130,838	125,225	43,384
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	18,750	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	364,263	389,945	423,537	411,341	400,998	325,204	187,736	139,864	108,581	119,819	172,673	175,254	156,168	145,537	130,388	125,733	130,838	125,225	43,384
Appropriation of the result
Profit (loss) to be appropriated`9906`	364,263	389,945	423,537	411,341	400,998	325,204	187,736	139,864	108,581	119,819	172,673	175,254	156,168	652,902	507,365	379,377	256,063	125,225	43,384
Transfer from equity`791/2`	187,736	139,864	108,581	449,941	172,673	-	-	-	-	-	-	667,000	-	-	-	-	-	-	-
Transfer to equity`691/2`	364,263	389,945	423,537	411,341	396,998	305,204	187,736	139,864	108,581	119,819	172,673	173,954	156,168	642,902	-	-	-	-	43,384
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	60,030	-	-	-	-	-	-	-	-
To other reserves`6921`	364,263	389,945	423,537	411,341	396,998	305,204	187,736	139,864	108,581	119,819	112,643	173,954	156,168	642,902	-	-	-	-	43,384
Profit to be distributed`694/7`	187,736	139,864	108,581	449,941	176,673	20,000	-	-	-	-	-	668,300	-	10,000	-	2,400	2,418	-	-
Return on contributions (dividend)`694`	187,736	139,864	108,581	449,941	172,673	-	-	-	-	-	-	668,300	-	-	-	2,400	2,418	-	-
Directors or managers`695`	-	-	-	-	4,000	20,000	-	-	-	-	-	-	-	10,000	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	4.5	5.7	6.5	6.5	6.5	5.9	6.4	4.6	4.5	4.3	3.9	3.3	3.4	2.7	2.6	3.1	3.8	1.9	1.2
Hours worked`1013`	6,090	7,386	8,121	9,268	9,575	7,905	9,163	6,437	6,199	5,974	5,167	4,005	3,847	4,490	5,596	5,116	6,078	3,758	2,276
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Financial year	Type	Filed	Reference	Document
30-09-2025	abbreviated format	23-03-2026	2026-00059747	PDF
30-09-2024	abbreviated format	18-03-2025	2025-00049880	PDF
30-09-2023	abbreviated format	26-03-2024	2024-00049760	PDF
30-09-2022	abbreviated format	28-03-2023	2023-00046753	PDF
30-09-2021	abbreviated format	30-03-2022	2022-09300010	PDF
30-09-2020	abbreviated format	23-03-2021	2021-08200293	PDF
30-09-2019	abbreviated format	27-04-2020	2020-09900463	PDF
30-09-2018	abbreviated format	29-04-2019	2019-11400135	PDF
30-09-2017	abbreviated format	28-03-2018	2018-08300016	PDF
30-09-2016	abbreviated format	29-03-2017	2017-07900309	PDF
30-09-2015	abbreviated format	20-04-2016	2016-10300535	PDF
30-09-2014	abbreviated format	26-03-2015	2015-07400391	PDF
30-09-2013	abbreviated format	24-03-2014	2014-07100561	PDF
30-09-2012	abbreviated format	09-04-2013	2013-08600178	PDF
30-09-2011	abbreviated format	16-03-2012	2012-06300453	PDF
30-09-2010	abbreviated format	27-04-2011	2011-09200386	PDF
30-09-2009	abbreviated format	22-03-2010	2010-07200090	PDF
30-09-2008	abbreviated format	20-03-2009	2009-08200231	PDF
30-09-2007	abbreviated format	04-04-2008	2008-10000300	PDF
30-09-2006	abbreviated format	29-03-2007	2007-10601722	PDF
30-09-2005	abbreviated format	04-04-2006	2006-10301917	PDF
31-12-2003	abbreviated format	17-06-2004	2004-26601200	PDF
31-12-2002	abbreviated format	15-09-2003	2003-66702664	PDF
31-12-2001	abbreviated format	15-07-2002	2002-38005321	PDF
31-12-2000	abbreviated format	29-06-2001	2001-30704002	PDF
31-12-1999	abbreviated format	14-07-2000	2000-42202617	PDF
31-12-1998	abbreviated format	30-04-1999	1999-08700848	PDF
31-12-1997	abbreviated format	30-06-1998	1998-24902896	PDF
31-12-1996	abbreviated format	18-07-1997	1997-31703347	PDF
31-12-1995	abbreviated format	28-05-1996	1996-10203530	PDF
31-12-1994	abbreviated format	27-06-1995	1995-29503604	PDF
31-12-1993	abbreviated format	28-12-1994	1994-51604571	PDF
31-12-1992	abbreviated format	28-12-1994	1994-51604560	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	506,781	521,992	629,755	599,231	602,853	506,082	343,747	316,038	201,430	272,255	334,210	324,359	304,670	284,102	236,626	222,790	228,156	204,705	94,316
Cash flow	389,851	417,723	453,287	443,342	441,321	368,657	242,918	238,807	149,383	166,690	248,897	260,386	246,234	233,872	188,507	181,567	177,641	160,622	88,989
Investment in fixed assets (approximation)	6,939	-2,638	1,799	12,747	89,165	81,362	20,870	122,660	27,592	16,170	30,090	46,235	65,216	104,222	76,828	220,101	198,493	109,706	50,283
Change in cash	-219,102	105,950	-344,957	314,451	-271,794	378,520	-12,380	190,058	61,874	-96,603	71,279	-66,105	48,036	63,251	13,822	26,165	-15,580	-5,116	-
Working capital	2.5m	2.3m	2.0m	1.7m	1.7m	1.4m	1.1m	1.5m	1.4m	1.3m	1.1m	939,438	790,241	625,136	515,373	351,406	295,015	242,796	225,141
Solvency	91.6%	88.8%	85.8%	82.2%	78.8%	72.9%	60.4%	77.2%	77.7%	74.9%	69.8%	71.5%	69.6%	62.1%	59.0%	51.2%	48.1%	36.5%	32.5%
Current ratio	15.16	11.47	8.42	6.42	5.22	4.52	2.87	6.64	7.44	6.37	4.67	6.01	5.36	3.60	3.50	2.12	1.86	1.50	1.76
Quick ratio	12.69	9.35	6.68	4.67	3.98	3.64	2.32	5.29	5.88	4.81	3.67	4.58	3.76	2.47	2.19	1.28	1.13	0.84	0.98
Debt to equity	0.09	0.12	0.16	0.21	0.26	0.36	0.65	0.29	0.28	0.32	0.42	0.38	0.44	0.61	0.69	0.95	1.06	1.67	1.89
ROE	14.7%	17.0%	20.7%	23.8%	22.7%	21.1%	15.2%	9.6%	7.3%	8.7%	13.7%	16.1%	15.9%	17.6%	18.8%	22.4%	29.8%	40.3%	23.4%
ROA	13.5%	15.1%	17.8%	19.5%	17.9%	15.4%	9.1%	7.4%	5.7%	6.5%	9.5%	11.5%	11.0%	10.9%	11.1%	11.4%	14.3%	14.7%	7.6%
Interest coverage	48.72	52.09	56.94	23.04	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	30-09-2025	30-09-2024	30-09-2023	30-09-2022
Employees at the balance-sheet date	5	5	7	7
full-time	4	4	4	6
part-time	1	1	3	1
in full-time equivalents	4.5	4.5	6.2	6.5
Average over the year, in full-time equivalents	4.5	5	5.6	6.5
On a permanent contract	5	5	6	6
Joined	1	25	63	12
Left	1	27	63	12

Item	30-09-2025	30-09-2024	30-09-2023	30-09-2022
Debts guaranteed by Belgian public bodies	-	-	-	€11,000
Pledge on the business	€49,579	€49,579	€49,579	€49,579

Item	30-09-2025	30-09-2024	30-09-2023	30-09-2022
Tangible fixed assets	€6,939	-	€1,799	€12,747
Depreciation and write-downs of the year	€25,588	€27,778	€29,750	€32,000

REXEL BELGIUM establishment since 01-07-2018 · founded in 1989	774 FTE (2025) 0437.237.396
Beaver registered office since 14-06-2021 · founded in 2021	total assets €10.6m (2025) 0769.668.373
MOVETHERM registered office since 06-04-1988 · founded in 1988	total assets €344,950 (2025) 0433.561.690

Overview

Lifetime

Key points

Equity

Turnover

Staff

Liquidity

Filings

Position in the sector

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts to 30-09-2025

Insights on MORVAN

Financials

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin euro

Position in the sector

Solvency91.6%

Current ratio15.16

Return on assets13.5%

Staff

Staff cost per FTE€41,398

Joined and left+0

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2025, 1 entry, €2,000 awarded, €2,000 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Insights on MORVAN

Board & ownership

Board

Mandates through the years

Control

Capital

Network & group

No group

At the same address

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Location

Parcels

Invoicing and payment