MUNFUS
ActiveSummary
The computed 12-month bankruptcy probability of MUNFUS is 2.1% (moderate). The 2025 annual accounts show equity of €134,504 and a net result of -€66,326. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 40% of 4695 sector peers (fiscal year 2025). The company has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability1▼-56
Solvency54▼-11
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.32 against 1.52 in 2024; short-term debt: 67.7% and cash: 13.4% of total assets), and 70.7% 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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
29.3%
Return on assets
-14.4%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
9 d early
2024
6 d early
2023
35 d early
2022
41 d early
2021
37 d early
2020
18 d early
2019
8 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 22 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 49% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€134,504▼ 33.0%
2024 · €200,830
Total assets
€459,751▼ 9.2%
2024 · €506,300
Net result
-€66,326
2024 · €29,742
Working capital
€99,484▼ 34.4%
2024 · €151,620
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
Line20212022202320242025
Operating result€12,260▼ 29.3%€50,701▲ 314%-€27,510€41,218-€69,554
Net result€5,018▼ 53.9%€30,867▲ 515%-€37,494€29,742-€66,326
Equity€177,714▲ 2.9%€208,581▲ 17.4%€171,088▼ 18.0%€200,830▲ 17.4%€134,504▼ 33.0%
Total assets€436,547▲ 13.3%€457,249▲ 4.7%€440,736▼ 3.6%€506,300▲ 14.9%€459,751▼ 9.2%
Debt€258,833▲ 21.7%€248,668▼ 3.9%€269,649▲ 8.4%€305,470▲ 13.3%€325,247▲ 6.5%
Working capital€168,133▲ 0.4%€191,698▲ 14.0%€160,241▼ 16.4%€151,620▼ 5.4%€99,484▼ 34.4%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €69,554 after €41,218 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €459,751
Fixed assets
€49,239 ▼ 21.8%
Current assets
€410,512 ▼ 7.4%
Equity and liabilities €459,751
Equity
€134,504 ▼ 33.0%
Debt
€325,247 ▲ 6.5%
Debt's share of the balance-sheet total rises from 60.3% to 70.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€55,862▼
2024 · €50,741
Cash flow
-€52,634▼
2024 · €39,264
Current ratio
1.32▼
2024 · 1.52
Debt to equity
2.42▲
2024 · 1.52
ROE
-49.3%▼
2024 · 14.8%
ROA
-14.4%▼
2024 · 5.9%
Interest coverage
-3.92▼
2024 · 3.70
Debt ≤ 1 year
€311,028▲
2024 · €291,749
Income taxes
€154▼
2024 · €1,091
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 308 companies that looked in July 2024 the way this one looks now, 4.9% went bankrupt within 24 months and 88% are still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
4.9%
went bankrupt
5.2%
stopped otherwise
88%
still going
A further 1.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.1% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 308 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,518 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,391 | €3,148 | €4,200 | €9,522 | €13,692 | ▲ 43.8% |
| Other operating charges640/8 | €1,498 | €2,570 | €3,482 | €2,670 | €2,855 | ▲ 6.9% |
| Gross operating margin9900 | €17,149 | €56,420 | -€19,828 | €53,410 | -€53,007 | ▼ 199% |
| Operating profit (loss)9901 | €12,260 | €50,701 | -€27,510 | €41,218 | -€69,554 | ▼ 269% |
| Financial income75/76B | €2,221 | €4,414 | €3,248 | €3,340 | €17,620 | ▲ 427% |
| Recurring financial income75 | €2,221 | €4,414 | €3,248 | €3,340 | €17,620 | ▲ 427% |
| Financial charges65/66B | €7,092 | €7,240 | €11,905 | €13,725 | €14,238 | ▲ 3.7% |
| Recurring financial charges65 | €7,092 | €7,240 | €11,905 | €13,725 | €14,238 | ▲ 3.7% |
| Profit (loss) for the period before taxes9903 | €7,389 | €47,876 | -€36,166 | €30,833 | -€66,172 | ▼ 315% |
| Income taxes67/77 | €2,371 | €17,009 | €1,328 | €1,091 | €154 | ▼ 85.9% |
| Profit (loss) for the period9904 | €5,018 | €30,867 | -€37,494 | €29,742 | -€66,326 | ▼ 323% |
| Profit (loss) for the period to be appropriated9905 | €5,018 | €30,867 | -€37,494 | €29,742 | -€66,326 | ▼ 323% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €436,547 | €457,249 | €440,736 | €506,300 | €459,751 | ▼ 9.2% |
| Fixed assets21/28 | €16,610 | €24,116 | €22,736 | €62,931 | €49,239 | ▼ 21.8% |
| Tangible fixed assets22/27 | €16,610 | €24,116 | €22,736 | €62,931 | €49,239 | ▼ 21.8% |
| Plant, machinery and equipment23 | €15,293 | €23,251 | €20,066 | €18,792 | €15,180 | ▼ 19.2% |
| Furniture and vehicles24 | €1,317 | €865 | €2,670 | €44,139 | €34,058 | ▼ 22.8% |
| Current assets29/58 | €419,937 | €433,133 | €418,000 | €443,369 | €410,512 | ▼ 7.4% |
| Amounts receivable after more than one year29 | €154,000 | €172,000 | €172,000 | €172,000 | €176,957 | ▲ 2.9% |
| Trade receivables290 | - | - | - | €172,000 | €176,957 | ▲ 2.9% |
| Other amounts receivable291 | €154,000 | €172,000 | €172,000 | - | - | - |
| Amounts receivable within one year40/41 | €56,034 | €9,165 | €14,394 | €47,758 | €18,174 | ▼ 61.9% |
| Trade receivables40 | €52,240 | - | - | €38,392 | €4,439 | ▼ 88.4% |
| Other amounts receivable41 | €3,794 | €9,165 | €14,394 | €9,366 | €13,735 | ▲ 46.6% |
| Current investments50/53 | - | - | - | €150,092 | €153,651 | ▲ 2.4% |
| Cash at bank and in hand54/58 | €209,903 | €251,968 | €231,606 | €73,519 | €61,729 | ▼ 16.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €436,547 | €457,249 | €440,736 | €506,300 | €459,751 | ▼ 9.2% |
| Equity10/15 | €177,714 | €208,581 | €171,088 | €200,830 | €134,504 | ▼ 33.0% |
| Contributions10/11 | €50,000 | €50,000 | €55,000 | €55,000 | €55,000 | = |
| Reserves13 | €127,714 | €158,581 | €153,581 | €153,581 | €153,581 | = |
| Non-distributable reserves130/1 | €5,000 | €5,000 | - | - | - | - |
| Reserves not available under the articles1311 | €5,000 | €5,000 | - | - | - | - |
| Distributable reserves133 | €122,714 | €153,581 | €153,581 | €153,581 | €153,581 | = |
| Profit (loss) carried forward14 | - | - | -€37,494 | -€7,752 | -€74,078 | ▼ 856% |
| Amounts payable17/49 | €258,833 | €248,668 | €269,649 | €305,470 | €325,247 | ▲ 6.5% |
| Amounts payable within one year42/48 | €251,804 | €241,435 | €257,759 | €291,749 | €311,028 | ▲ 6.6% |
| Financial debts43 | - | €166 | - | - | €182 | - |
| Credit institutions430/8 | - | €166 | - | - | €182 | - |
| Trade debts44 | €1,518 | €15 | €1,652 | €965 | €586 | ▼ 39.3% |
| Suppliers440/4 | €1,518 | €15 | €1,652 | €965 | €586 | ▼ 39.3% |
| Taxes, remuneration and social security45 | €9,053 | €3,738 | €3,115 | €3,437 | €2,010 | ▼ 41.5% |
| Taxes450/3 | €9,053 | €3,738 | €3,115 | €3,437 | €2,010 | ▼ 41.5% |
| Other amounts payable47/48 | €241,233 | €237,516 | €252,992 | €287,347 | €308,250 | ▲ 7.3% |
| Accrued charges and deferred income492/3 | €7,029 | €7,233 | €11,889 | €13,721 | €14,219 | ▲ 3.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,018 | €30,867 | -€37,494 | €29,742 | -€66,326 | ▼ 323% |
| + Depreciation and write-downs630 | €3,391 | €3,148 | €4,200 | €9,522 | €13,692 | ▲ 43.8% |
| Operating cash flow (approximation) | €8,409 | €34,015 | -€33,293 | €39,264 | -€52,634 | ▼ 234% |
| Investment in fixed assets (approximation) | - | -€10,654 | -€2,820 | -€49,718 | €0 | ▲ 100% |
| Change in cash | - | €42,065 | -€20,362 | -€158,087 | -€11,789 | ▲ 92.5% |
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
22-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€66,326
Net result drops to -€66,326, the lowest in the series.
25-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €29,742
Net result €29,742 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €200,830 ▲17.4%
Equity rises from €171,088 to €200,830.
26-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €30,867 ▲515%
Operating result €50,701, net result €30,867, both a record.
31-12
Financial
Equity above €200,000Eq €208,581 ▲17.4%
5 profitable years in a row build equity to €208,581.
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
2017
21-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 21 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Vorst · 1 establishment unit since 2006
Ground area
1,694 m²
Building footprint
483 m²
Volume, LiDAR
8,289 m³
Parcel 21007A0051/00R006, Brussels · tallest building 22.3 m, ±6 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
Munfus BVBA
since 20062.151.560.166
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21007A0051/00R006 | Brussels | 1,694 m² | 1 · 483 m² | 22.3 m · 6 fl. |
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 6,972 companies in sector 49320 we hold annual accounts for 2,715. 1,763 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
Founded30-01-2006
Fiscal year end31-12
Activities, NACEBEL 2025
49320Non-scheduled passenger transport by road
59111Production of cinema films
59201Sound recording
E-invoicing
Reachable via Peppol
Peppol ID
0208:0879101991
Also
9925:BE0879101991
Registered
15-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.