Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The dashed line is the sector median: 1.5% across 13,460 companies (NACE 41, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 41, micro). It does better than 65% of them on solvency, 38% on liquidity, 29% on profitability and 18% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
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).
In July 2024, 3,591 companies had the same profile as MTL Construct has now. Each dot stands for 9 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MTL Construct itself: 2.6% within 12 months.
The method was tested on the 497,447 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 3,591 companies, not a prediction for MTL Construct. 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.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 6 accounts on average 61 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MTL Construct Rendeux | €16,136 | €3,377 | 56.1% | - |
| MHCONCEPTION Liège | €18,990 | €3,186 | 13.2% | - |
| Mike Construct Quévy | €17,636 | €2,619 | 28.3% | - |
| Smarteco Construction La Bruyère | €14,712 | €3,395 | 25.6% | - |
| S&B WILLEMS Laakdal | €17,676 | €2,351 | 59.2% | - |
| AGA CONSTRUCT Sint-Pieters-Leeuw | €16,418 | €4,864 | 91.3% | - |
| B.A CONSTRUCT Drogenbos | €19,588 | €2,999 | 84.4% | - |
These companies have the same main activity as MTL Construct: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €14,700 and €19,600, founded between 2017 and 2021.
MTL Construct files the micro format. That format states no turnover. The gross margin rose from €1,650 in 2020 to €3,377 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €41,000. Estimated: probably between €21,000 and €73,000.
Higher than 64% of 9,462 companies in 2025.
Higher than 51% of 9,210 companies in 2025.
Higher than 9% of 9,282 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||
20/58 |
16,136 | 24,989 | 27,372 | 32,044 | 33,595 | 35,670 | |
21/28 |
3,751 | 5,706 | 13,109 | 20,585 | 25,376 | 29,569 | |
22/27 |
3,751 | 5,706 | 13,109 | 20,585 | 25,376 | 29,569 | |
23 |
888 | 1,337 | 2,354 | 3,443 | 1,848 | 1,145 | |
24 |
2,863 | 100 | 447 | 795 | 1,143 | - | |
25 |
- | 4,269 | 10,308 | 16,347 | 22,386 | - | |
29/58 |
12,384 | 19,284 | 14,263 | 11,460 | 8,219 | 6,101 | |
40/41 |
9,995 | 8,587 | 11,045 | 2,779 | 4,821 | 3,300 | |
40 |
8,700 | 5,760 | 9,017 | 788 | 3,278 | 1,395 | |
41 |
1,295 | 2,826 | 2,027 | 1,991 | 1,543 | 1,906 | |
54/58 |
1,601 | 9,938 | 3,119 | 8,581 | 2,528 | 2,155 | |
490/1 |
788 | 759 | 99 | 99 | 870 | 646 | |
| Balance sheet: equity and liabilities | |||||||
10/49 |
16,136 | 24,989 | 27,372 | 32,044 | 33,595 | 35,670 | |
10/15 |
9,049 | 11,776 | 13,823 | 12,664 | 10,030 | 5,202 | |
10/11 |
7,000 | 7,000 | 7,000 | 7,000 | 7,000 | 7,000 | |
14 |
2,049 | 4,776 | 6,823 | 5,664 | 3,030 | -1,798 | |
17/49 |
7,087 | 13,214 | 13,550 | 19,380 | 23,565 | 30,468 | |
17 |
- | - | 4,214 | 10,425 | 16,504 | 22,455 | |
170/4 |
- | - | 4,214 | 10,425 | 16,504 | 22,455 | |
42/48 |
7,087 | 13,214 | 9,335 | 8,955 | 7,060 | 8,013 | |
42 |
- | 4,214 | 6,210 | 6,079 | 5,951 | 5,825 | |
44 |
4,228 | 8,999 | - | 2,846 | 1,109 | 2,187 | |
440/4 |
4,228 | 8,999 | - | 2,846 | 1,109 | 2,187 | |
45 |
2,399 | - | 3,125 | 31 | - | - | |
450/3 |
- | - | 790 | 31 | - | - | |
454/9 |
2,399 | - | 2,335 | - | - | - | |
47/48 |
460 | - | - | - | - | - | |
| Income statement | |||||||
9900 |
3,377 | 6,535 | 10,030 | 13,086 | 12,214 | 1,650 | |
62 |
- | 0 | 123 | 2,327 | 47 | - | |
630 |
5,309 | 7,404 | 7,475 | 7,036 | 6,609 | 2,859 | |
640/8 |
612 | 725 | 533 | 496 | 50 | 149 | |
9901 |
-2,545 | -1,594 | 1,899 | 3,227 | 5,508 | -1,358 | |
75/76B |
5 | 104 | - | - | - | 0 | |
75 |
5 | 104 | - | - | - | 0 | |
65/66B |
187 | 547 | 366 | 563 | 680 | 440 | |
65 |
187 | 547 | 366 | 563 | 680 | 440 | |
9903 |
-2,727 | -2,037 | 1,533 | 2,664 | 4,828 | -1,798 | |
67/77 |
- | 10 | 375 | 31 | - | - | |
9904 |
-2,727 | -2,047 | 1,158 | 2,634 | 4,828 | -1,798 | |
9905 |
-2,727 | -2,047 | 1,158 | 2,634 | 4,828 | -1,798 | |
| Appropriation of the result | |||||||
9906 |
2,049 | 4,776 | 6,823 | 5,664 | 3,030 | -1,798 | |
14P |
4,776 | 6,823 | 5,664 | 3,030 | -1,798 | - | |
| Document | |||||||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00502160.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00502160 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00310784 | |
| 31-12-2023 | micro format | 17-12-2024 | 2024-00618762 | |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00404549 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20372096 | |
| 31-12-2020 | micro format | 20-12-2021 | 2021-81100278 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| 2,765 | 5,810 | 9,374 | 10,264 | 12,117 | 1,501 | ||
| 2,582 | 5,357 | 8,634 | 9,670 | 11,437 | 1,062 | ||
| 3,355 | 0 | 0 | 2,245 | 2,416 | 31,387 | ||
| -8,337 | 6,819 | -5,462 | 6,053 | 374 | - | ||
| 5,298 | 6,070 | 4,928 | 2,504 | 1,159 | -1,912 | ||
| 56.1% | 47.1% | 50.5% | 39.5% | 29.9% | 14.6% | ||
| 1.75 | 1.46 | 1.53 | 1.28 | 1.16 | 0.76 | ||
| 0.78 | 1.12 | 0.98 | 1.53 | 2.35 | 5.86 | ||
| -30.1% | -17.4% | 8.4% | 20.8% | 48.1% | -34.6% | ||
| -16.9% | -8.2% | 4.2% | 8.2% | 14.4% | -5.0% | ||
| 14.78 | 10.62 | 25.64 | 18.23 | 17.81 | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | €4,214 | €10,425 | €33,550 | €30,195 |
| Carrying value of the other pledged assets | - | €4,269 | €10,308 | €16,347 | €22,386 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,355 | - | - | €2,245 | €2,416 |
| €5,309 | €7,404 | €7,475 | €7,036 | €6,609 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €2,545, larger than the loss of €1,594 in 2024. It is the lowest result since 2020.
Debt's share of the balance-sheet total falls from 52.9% to 43.9%. Equity and debt are lower.
MTL Construct has no parent and no holdings in its annual accounts. THÉRER Mehdy Christian Emile Ghislain is the only director. MTL Construct shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
MTL Construct was incorporated on 29 May 2019 as a private limited company by one natural person, with a starting capital of €7,000.12 THÉRER Mehdy Christian Emile Ghislain is director of the company, appointed by deed of 03-06-2019.2 Total assets fell from €35,670 in 2020 to €16,136 in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| Rue des Hêtres, Nohaipré 17 registered office 6987 Rendeux 4100101 General construction of residential buildings | 29-05-2019 | 2.289.677.476 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 83044A0281/00C005 | 579 m² | 1 · 169 m² | 7.6 m · 2 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0727.619.467
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