MuCa Projects
ActiveThe file of MuCa Projects contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 0.3% (very low). The 2024 annual accounts show equity of €97,106 and a net result of €49,174. Equity is growing by ~35.9% per year across the filed fiscal years. Its solvency ranks better than 87% of 19374 sector peers (fiscal year 2024).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+100
Solvency100▲+36
Growth78▲+26
Track record85
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days only on tighter terms
Liquidity ample (current ratio 5.92 against 1.01 in 2023; short-term debt: 16.5% and cash: 48.3% of total assets), and 16.5% 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 07-10-2025, 68 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
68 d late
2023
6 d early
2022
100 d late
2021
12 d late
2020
61 d late
2019
179 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 69 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
In the rankings
#10 oldest company in Avelgem, Real estate sector
Equity
€97,106▲ 103%
2023 · €47,932
Total assets
€116,247▼ 4.5%
2023 · €121,693
Net result
€49,174
2023 · -€27,572
Working capital
€94,156▲ 13,251%
2023 · €705
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€52,429▼ 47.4%€4,586▼ 91.3%€20,668▲ 351%-€27,425€58,621
Net result€41,379above the sector's middle half▼ 56.4%€4,581within the sector's middle half▼ 88.9%€19,935within the sector's middle half▲ 335%-€27,572below the sector's middle half€49,174above the sector's middle half
Equity€50,988within the sector's middle half▲ 431%€55,569within the sector's middle half▲ 9.0%€75,504within the sector's middle half▲ 35.9%€47,932within the sector's middle half▼ 36.5%€97,106within the sector's middle half▲ 103%
Total assets€122,216below the sector's middle half▲ 9.4%€159,089within the sector's middle half▲ 30.2%€127,755below the sector's middle half▼ 19.7%€121,693below the sector's middle half▼ 4.7%€116,247below the sector's middle half▼ 4.5%
Debt€71,228▼ 30.2%€103,520▲ 45.3%€52,250▼ 49.5%€73,761▲ 41.2%€19,141▼ 74.1%
Working capital€8,541within the sector's middle half€15,395within the sector's middle half▲ 80.3%€37,604within the sector's middle half▲ 144%€705within the sector's middle half▼ 98.1%€94,156within the sector's middle half▲ 13,251%
Solvency41.7%within the sector's middle half▲ 33.1pp34.9%within the sector's middle half▼ 6.8pp59.1%within the sector's middle half▲ 24.2pp39.4%within the sector's middle half▼ 19.7pp83.5%above the sector's middle half▲ 44.1pp
Current ratio1.14within the sector's middle half▲ 0.541.17within the sector's middle half▲ 0.021.93within the sector's middle half▲ 0.761.01within the sector's middle half▼ 0.925.92above the sector's middle half▲ 4.91
Return on assets (ROA)33.9%above the sector's middle half▼ 51.2pp2.9%within the sector's middle half▼ 31.0pp15.6%above the sector's middle half▲ 12.7pp-22.7%below the sector's middle half▼ 38.3pp42.3%above the sector's middle half▲ 65.0pp
Staff (FTE)0.60.6=0.9▲ 50.0%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €58,621 after a loss of €27,425 in 2023, the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €116,247
Fixed assets
€2,950 ▼ 93.8%
Current assets
€113,297 ▲ 52.1%
Equity and liabilities €116,247
Equity
€97,106 ▲ 103%
Debt
€19,141 ▼ 74.1%
Debt's share of the balance-sheet total falls from 60.6% to 16.5%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
5.31▲
2023 · 0.78
Debt to equity
0.20▼
2023 · 1.54
ROE
50.6%▲
2023 · -57.5%
Debt ≤ 1 year
€19,141▼
2023 · €73,761
Income taxes
€9,094
Staff costs
€8,443▲
2023 · €7,987
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 34,696 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €300 | - | - | €58,773 | - |
| Remuneration, social security and pensions62 | - | - | €6,371 | €7,987 | €8,443 | ▲ 5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,610 | €2,273 | €2,273 | €2,273 | - | - |
| Other operating charges640/8 | - | €4,114 | €2,450 | €1,883 | €1,576 | ▼ 16.3% |
| Gross operating margin9900 | €59,789 | €10,973 | €31,762 | -€15,282 | €68,640 | ▲ 549% |
| Operating profit (loss)9901 | €52,429 | €4,586 | €20,668 | -€27,425 | €58,621 | ▲ 314% |
| Financial income75/76B | - | €166 | €623 | - | €5 | - |
| Recurring financial income75 | €71 | €166 | €623 | - | €5 | - |
| Financial charges65/66B | - | €170 | €428 | €147 | €358 | ▲ 143% |
| Recurring financial charges65 | €506 | €170 | €428 | €147 | €358 | ▲ 143% |
| Profit (loss) for the period before taxes9903 | €51,995 | €4,581 | €20,862 | -€27,572 | €58,268 | ▲ 311% |
| Income taxes67/77 | €10,616 | - | €927 | - | €9,094 | - |
| Profit (loss) for the period9904 | €41,379 | €4,581 | €19,935 | -€27,572 | €49,174 | ▲ 278% |
| Profit (loss) for the period to be appropriated9905 | €41,379 | €4,581 | €19,935 | -€27,572 | €49,174 | ▲ 278% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €122,216 | €159,089 | €127,755 | €121,693 | €116,247 | ▼ 4.5% |
| Fixed assets21/28 | €54,047 | €51,774 | €49,500 | €47,227 | €2,950 | ▼ 93.8% |
| Tangible fixed assets22/27 | €53,047 | €50,774 | €48,500 | €46,227 | - | - |
| Land and buildings22 | - | €50,774 | €48,500 | €46,227 | - | - |
| Financial fixed assets28 | €1,000 | €1,000 | €1,000 | €1,000 | €2,950 | ▲ 195% |
| Current assets29/58 | €68,169 | €107,315 | €78,255 | €74,466 | €113,297 | ▲ 52.1% |
| Stocks and contracts in progress3 | €26,870 | €25,381 | €21,240 | €16,900 | €11,630 | ▼ 31.2% |
| Stocks30/36 | - | €25,381 | €21,240 | €16,900 | €11,630 | ▼ 31.2% |
| Amounts receivable within one year40/41 | €32,081 | €78,890 | €56,618 | €52,963 | €45,476 | ▼ 14.1% |
| Trade receivables40 | - | €60,627 | €50,628 | €47,664 | €11,793 | ▼ 75.3% |
| Other amounts receivable41 | - | €18,262 | €5,990 | €5,299 | €33,683 | ▲ 536% |
| Cash at bank and in hand54/58 | €9,218 | €2,245 | €397 | €853 | €56,191 | ▲ 6,488% |
| Deferred charges and accrued income490/1 | - | €800 | - | €3,750 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €122,216 | €159,089 | €127,755 | €121,693 | €116,247 | ▼ 4.5% |
| Equity10/15 | €50,988 | €55,569 | €75,504 | €47,932 | €97,106 | ▲ 103% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €32,388 | €36,969 | €56,904 | €29,332 | €78,506 | ▲ 168% |
| Amounts payable17/49 | €71,228 | €103,520 | €52,250 | €73,761 | €19,141 | ▼ 74.1% |
| Amounts payable within one year42/48 | €59,628 | €91,920 | €40,650 | €73,761 | €19,141 | ▼ 74.1% |
| Financial debts43 | - | €12 | €12 | - | - | - |
| Credit institutions430/8 | - | €12 | €12 | - | - | - |
| Trade debts44 | €13,288 | €55,351 | €28,848 | €23,894 | €9,531 | ▼ 60.1% |
| Suppliers440/4 | - | €55,351 | €28,848 | €23,894 | €9,531 | ▼ 60.1% |
| Taxes, remuneration and social security45 | - | €10,647 | €31 | €1,659 | €9,610 | ▲ 479% |
| Taxes450/3 | - | €10,647 | €31 | €32 | €9,094 | ▲ 28,770% |
| Remuneration and social security454/9 | - | - | - | €1,627 | €516 | ▼ 68.3% |
| Other amounts payable47/48 | - | €25,909 | €11,759 | €48,209 | - | - |
| Accrued charges and deferred income492/3 | - | €11,600 | €11,600 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,379 | €4,581 | €19,935 | -€27,572 | €49,174 | ▲ 278% |
| + Depreciation and write-downs630 | €2,610 | €2,273 | €2,273 | €2,273 | - | - |
| Operating cash flow (approximation) | €43,989 | €6,854 | €22,209 | -€25,299 | €49,174 | ▲ 294% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €44,277 | - |
| Change in cash | - | -€6,973 | -€1,848 | €456 | €55,338 | ▲ 12,033% |
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
2025
07-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 68 days late
2024
31-12
Financial
Back to profitnet €49,174
Net result €49,174 after one loss-making year.
31-12
Financial
Liquidity times 6current ratio 5.92
Current ratio from 1.01 to 5.92; short-term debt falls from €73,761 to €19,141.
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€27,572
Net result drops to -€27,572, the lowest in the series; recovery starts the following year.
08-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 100 days late
2022
12-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 12 days late
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
26-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 179 days late
26-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 545 days late
26-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 910 days late
2019
31-12
Financial
Back to profitnet €94,944
Net result €94,944 after one loss-making year.
Show earlier events
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
27-12
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 149 days late
02-08
Bankruptcy
Bankruptcy reversal
Rechtbank van koophandel Antwerpen, afdeling Antwerpen
27-06
Bankruptcy
Opening
Rechtbank van koophandel Antwerpen, afdeling Antwerpen · event 23-06-2016
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Avelgem · 1 establishment unit since 2010
Ground area
1.4 ha
Building footprint
5,390 m²
Volume, LiDAR
66,852 m³
2 parcels, Flanders · tallest building 21.3 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Mu Ca Projects
since 20102.188.428.084
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34003A3102/00N003 | Flanders | 1.3 ha | 1 · 5,153 m² | 21.3 m · 4 fl. |
| 34003A3102/00P003 | Flanders | 330 m² | 1 · 237 m² | 10.2 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
2 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | Mr VAN MEENSEL STEVEN PALEISSTRAAT 12-14, 2018 ANTWERPEN 1 |
23-06-2016 → 02-08-2016 |
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,390. 3,684 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 (pre-2019)
Founded19-05-2010
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
43350Other building finishing work
E-invoicing
Not found in the Peppol register
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.