Equity
€30,661 from €86,411 in 2023
Equity fell by 65% in 2 years.
MUES
Lifetime
20 annual accounts with figures on one time axis, 27 filings since 1999peak €109,078 (2016)
€77,479▼ 20.4%
lowest -€43,402 (2025)
-€43,402▼ €52,055
peak €86,411 (2023)
€30,661▼ 58.6%
€447,920▲ 10.4%
Board2 names since 1999
2 directorsMUES Geert André and 1 other
Documentsfilings and deeds
09-08-20269 days late
2025micro format
Gross margin from €97,364 to €77,479Loss of €43,402Equity from €74,063 to €30,661Investments €180,813Cash from €20,140 to €4,404
Key points
from the 2025 annual accountsResult
-€43,402 -€43,402
From profit to loss in 2025, after a profit of €8,653 in 2024.
Debts
€447,920 94% of the balance sheet
Financial debts 39%Suppliers 12%Taxes and wages 2%Other 47%
Of this, €297,123 falls due within a year.
Investments
€180,813 2.0 × depreciation
Green is investment, beige is depreciation.
Filings
27 annual accounts since 1999
Seven of the last ten came late. The 2017 accounts came latest: 10 days after the end of the period.
Position in the sector
-€43,402
Lower net result than 95% of companies in specialised construction. Sector median €10,189 · 35,113 companies.
Checked score
53
Fair
Financially stronger than 12% of micro companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.3% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.5%▲ +0.1 percentage points vs 04-2025
06-2025: 0.4%▼ -0.1 percentage points vs 05-2025
07-2025: 0.6%▲ +0.2 percentage points vs 06-2025
08-2025: 0.4%▼ -0.2 percentage points vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026lowest value
03-2026: 0.4%● unchanged vs 02-2026lowest value
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.4%● unchanged vs 06-2026
08-2026: 0.9%▲ +0.5 percentage points vs 07-2026
09-2026: 1.3%▲ +0.4 percentage points vs 08-2026highest value
10-2026: 1.3%● unchanged vs 09-2026highest value
11-2026: 1.3%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €43,402 (financial year 2025)
Sector: Specialised construction activities (NACE 43)
Equity €30,661 (6.4% of total assets)
lowers risk
Size: total assets €478,581
Calculation
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 43, micro). It does better than 12% of them on solvency, 10% on liquidity, 19% on profitability and 7% on growth.
The bankruptcy probability was computed on 09-11-2026 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 low class on 30-06-2025, 0.8% 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).
Comparable companies, two years later
In July 2024, 1,104 companies had the same profile as MUES has now. Each dot stands for 3 companies, two years later.
94.2%
were still trading
3.6%
stopped another way
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MUES itself: 1.3% within 12 months.
Test of the method
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 1,104 companies, not a prediction for MUES. 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.
Credit verdict
Credit of up to €1,500 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.47 (0.72 in 2024), below 1. Short-term debt is 62.1% and cash 0.9% of total assets. 93.6% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 35125 sector peers (2025).
NBB · sector comparisonPosition among 35125 sector peers
Solvency
better than 12%
← weakest
strongest →
raises risk · 2025 accounts filed 9 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-08-2026, 9 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
9 days late
2024
1 day early
2023
7 days early
2022
2 days late
2021
6 days early
2020
9 days late
2019
6 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0465655725
Changes of role: MUES Geert André (director) and MUES Kris (director)
General meeting of 13-12-2023 · Gazette deed
Registered office moved within Kortenaken
New registered office: Doddelbergstraat 14A te 3472 Kortenaken · Previous registered office: Doddelbergstraat 14 te 3472 Kortenaken · General meeting of 23-01-2019 · Gazette deed
First establishment
Doddelbergstraat 14, Kortenaken
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MUES Kortenaken | €478,581 | €77,479 | 6.4% | - |
| ROBERT MATHIJSSEN Peer | €449,970 | €78,595 | 32.3% | - |
| DEVACHT Geraardsbergen | €482,216 | €93,100 | 32.4% | - |
| NICO DELARUE PROJECTS Oudenaarde | €427,936 | €78,509 | 57.3% | - |
| VANDUFFEL Hechtel-Eksel | €509,022 | €63,182 | 49.8% | - |
| DEBOGRO Zelzate | €578,732 | €64,490 | 37.6% | - |
| GEERT MICHIELS Liedekerke | €662,828 | €104,874 | 37.6% | - |
These companies have the same main activity as MUES: site preparation (NACE 43120). They are comparable in size and age: total assets between €428,000 and €663,000, founded between 1997 and 2003.
Official details
Source: KBO- Status
- Active since 09-04-1999Normal situation
- Activity
- Site preparationNACE 43120and 1 other
- Establishment unit
- 2.090.683.7583472 Kortenaken, since 12-04-1999
- Financial year end
- 31 December
- Peppol
- Reachable since 12-03-2024
Insights on MUES
MUES files the micro format. That format states no turnover. The gross margin rose from €18,254 in 2006 to €77,479 in 2025.
The balance sheet grew most in 2014 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MUES
- What is the company number of MUES?
- The company number of MUES is 0465.655.725. The VAT number is the same number with BE in front: BE 0465.655.725.
- Where is MUES based?
- The registered office is at Doddelbergstraat 14, 3472 Kortenaken.Company details
- What does MUES do?
- According to the KBO register, the main activity is site preparation (NACE 43120).
- What is the legal form of MUES?
- MUES is a private limited company (BV).
- When was MUES founded?
- MUES was founded on 09-04-1999.
- Is MUES still active?
- Yes, MUES is an active enterprise in the KBO register.
- What is the turnover of MUES?
- The turnover in financial year 2025 is ≈ €330,000. This figure is estimated from the gross margin of €77,479 and 34 comparable companies (NACE 431). It probably lies between €230,000 and €560,000.Financials
- Is MUES profitable?
- In financial year 2025, MUES made a loss of €43,402.
- Where can I find the annual accounts of MUES?
- MUES filed 27 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MUES due?
- MUES must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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