MULPAS
ActiveSummary
The computed 12-month bankruptcy probability of MULPAS is 2.3% (moderate). The 2025 annual accounts show equity of €100,628 and a net result of €29,057. Equity is growing by ~36% per year across the filed fiscal years. Its solvency ranks better than 45% of 4544 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability82▲+1
Solvency61▲+9
Growth78=
Track record94
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.18 against 0.94 in 2024; short-term debt: 14.7% and cash: 10% of total assets), and 64.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 81
Relative position
BE, all sectors
reference
Services to buildings and landscape activities (NACE 81)
about 79% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
35.8%
Return on assets
10.3%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 19-08-2026, 19 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 · 4 filingsDeviation from the deadline
2025
19 d late
2024
14 d early
2023
16 d late
2022
16 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 9 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 43% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€100,628▲ 39.0%
2024 · €72,404
Total assets
€280,955▲ 5.0%
2024 · €267,550
Net result
€29,057▲ 12.2%
2024 · €25,896
Working capital
€7,288
2024 · -€2,622
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
Line2022202320242025
Operating result€19,299-€13,264▼ 31.3%€33,551▲ 153%€35,582▲ 6.1%
Net result€15,227-€5,414▼ 64.4%€25,896▲ 378%€29,057▲ 12.2%
Equity€42,727-€47,341▲ 10.8%€72,404▲ 52.9%€100,628▲ 39.0%
Total assets€285,698-€272,890▼ 4.5%€267,550▼ 2.0%€280,955▲ 5.0%
Debt€242,971-€225,548▼ 7.2%€195,146▼ 13.5%€180,327▼ 7.6%
Working capital-€47,355--€23,435▲ 50.5%-€2,622▲ 88.8%€7,288
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 6% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €280,955
Fixed assets
€232,436 ▲ 1.8%
Current assets
€48,519 ▲ 23.7%
Equity and liabilities €280,955
Equity
€100,628 ▲ 39.0%
Debt
€180,327 ▼ 7.6%
Debt's share of the balance-sheet total falls from 72.9% to 64.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€69,040▼
2024 · €73,399
Cash flow
€62,515▼
2024 · €65,744
Current ratio
1.18▲
2024 · 0.94
Quick ratio
1.08▲
2024 · 0.87
Debt to equity
1.79▼
2024 · 2.70
ROE
28.9%▼
2024 · 35.8%
ROA
10.3%▲
2024 · 9.7%
Interest coverage
10.58▲
2024 · 9.59
Debt ≤ 1 year
€41,231▼
2024 · €41,860
Debt > 1 year
€135,335▼
2024 · €150,494
Staff costs
€2,734▲
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,000 | - |
| Goods, raw materials, services and sundry goods60/61 | €119,646 | €193,384 | €169,655 | €191,800 | ▲ 13.1% |
| Remuneration, social security and pensions62 | €16,775 | €24,780 | €0 | €2,734 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,365 | €39,252 | €39,848 | €33,458 | ▼ 16.0% |
| Other operating charges640/8 | €733 | €1,145 | €1,746 | €2,780 | ▲ 59.2% |
| Gross operating margin9900 | €59,172 | €78,440 | €75,145 | €74,554 | ▼ 0.8% |
| Operating profit (loss)9901 | €19,299 | €13,264 | €33,551 | €35,582 | ▲ 6.1% |
| Financial income75/76B | €0 | €1 | €0 | €2 | ▲ 821% |
| Recurring financial income75 | €0 | €1 | €0 | €2 | ▲ 821% |
| Financial charges65/66B | €4,049 | €7,874 | €7,656 | €6,527 | ▼ 14.7% |
| Recurring financial charges65 | €4,049 | €7,874 | €7,656 | €6,527 | ▼ 14.7% |
| Profit (loss) for the period before taxes9903 | €15,250 | €5,391 | €25,896 | €29,057 | ▲ 12.2% |
| Income taxes67/77 | €23 | -€23 | - | - | - |
| Profit (loss) for the period9904 | €15,227 | €5,414 | €25,896 | €29,057 | ▲ 12.2% |
| Profit (loss) for the period to be appropriated9905 | €15,227 | €5,414 | €25,896 | €29,057 | ▲ 12.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €285,698 | €272,890 | €267,550 | €280,955 | ▲ 5.0% |
| Fixed assets21/28 | €274,053 | €238,391 | €228,312 | €232,436 | ▲ 1.8% |
| Tangible fixed assets22/27 | €273,942 | €238,281 | €228,202 | €232,326 | ▲ 1.8% |
| Land and buildings22 | €201,489 | €192,175 | €203,119 | €208,502 | ▲ 2.7% |
| Plant, machinery and equipment23 | €67,346 | €42,107 | €17,702 | €12,512 | ▼ 29.3% |
| Furniture and vehicles24 | €5,108 | €3,999 | €7,381 | €11,312 | ▲ 53.3% |
| Financial fixed assets28 | €110 | €110 | €110 | €110 | = |
| Current assets29/58 | €11,646 | €34,499 | €39,238 | €48,519 | ▲ 23.7% |
| Stocks and contracts in progress3 | - | - | €2,877 | €3,950 | ▲ 37.3% |
| Stocks30/36 | - | - | €2,877 | €3,950 | ▲ 37.3% |
| Amounts receivable within one year40/41 | €1,840 | €12,471 | €2,326 | €4,026 | ▲ 73.1% |
| Trade receivables40 | €1,840 | €11,852 | €2,326 | €4,026 | ▲ 73.1% |
| Other amounts receivable41 | - | €619 | €0 | - | - |
| Cash at bank and in hand54/58 | €8,074 | €12,660 | €25,752 | €28,079 | ▲ 9.0% |
| Deferred charges and accrued income490/1 | €1,732 | €9,368 | €8,284 | €12,464 | ▲ 50.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €285,698 | €272,890 | €267,550 | €280,955 | ▲ 5.0% |
| Equity10/15 | €42,727 | €47,341 | €72,404 | €100,628 | ▲ 39.0% |
| Contributions10/11 | €27,500 | €27,500 | €27,500 | €27,500 | = |
| Reserves13 | - | - | €25,063 | €53,063 | ▲ 112% |
| Distributable reserves133 | - | - | €25,063 | €53,063 | ▲ 112% |
| Profit (loss) carried forward14 | €15,227 | €19,841 | €19,841 | €20,065 | ▲ 1.1% |
| Amounts payable17/49 | €242,971 | €225,548 | €195,146 | €180,327 | ▼ 7.6% |
| Amounts payable after more than one year17 | €183,126 | €166,425 | €150,494 | €135,335 | ▼ 10.1% |
| Financial debts170/4 | €183,126 | €166,425 | €150,494 | €135,335 | ▼ 10.1% |
| Amounts payable within one year42/48 | €59,001 | €57,933 | €41,860 | €41,231 | ▼ 1.5% |
| Current portion of amounts payable after more than one year42 | €24,348 | €22,732 | €15,931 | €14,717 | ▼ 7.6% |
| Trade debts44 | €9,274 | €8,457 | €3,013 | €3,092 | ▲ 2.6% |
| Suppliers440/4 | €9,274 | €8,457 | €3,013 | €3,092 | ▲ 2.6% |
| Taxes, remuneration and social security45 | €4,047 | €4,958 | €5,636 | €8,951 | ▲ 58.8% |
| Taxes450/3 | €547 | €543 | €5,636 | €4,785 | ▼ 15.1% |
| Remuneration and social security454/9 | €3,500 | €4,415 | - | €4,166 | - |
| Other amounts payable47/48 | €21,332 | €21,786 | €17,280 | €14,471 | ▼ 16.3% |
| Accrued charges and deferred income492/3 | €844 | €1,190 | €2,792 | €3,761 | ▲ 34.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,227 | €5,414 | €25,896 | €29,057 | ▲ 12.2% |
| + Depreciation and write-downs630 | €22,365 | €39,252 | €39,848 | €33,458 | ▼ 16.0% |
| Operating cash flow (approximation) | €37,591 | €44,666 | €65,744 | €62,515 | ▼ 4.9% |
| Investment in fixed assets (approximation) | - | -€3,590 | -€29,769 | -€37,582 | ▼ 26.2% |
| Change in cash | - | €4,586 | €13,092 | €2,328 | ▼ 82.2% |
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
19-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 19 days late
2025
31-12
Financial
Highest result since 2022net €29,057 ▲12.2%
Operating result €35,582, net result €29,057, both a record.
31-12
Financial
Equity above €100,000Eq €100,628 ▲39%
4 profitable years in a row build equity to €100,628.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
16-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 16 days late
2023
31-12
Financial
Weakest financial yearnet €5,414 ▼64.4%
Net result drops to €5,414, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Perwez · 1 establishment unit since 2022
Ground area
788 m²
Building footprint
126 m²
Parcel 25060B0039/00S000, Wallonia. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Rue des Jardins 56, 1360 Perwez
since 20222.331.811.506
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25060B0039/00S000 | Wallonia | 788 m² | 1 · 125 m² | - |
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 21,225 companies in sector 81300 we hold annual accounts for 4,366. 3,623 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
Founded13-05-2022
Fiscal year end31-12
Activities, NACEBEL 2025
81300Landscape service activities
01309Crop and animal production, hunting and related service activities
02200Logging
31009Manufacture of furniture
E-invoicing
Reachable via Peppol
Peppol ID
0208:0786210239
Registered
23-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.