MUSCH-EUM
ActiveSummary
MUSCH-EUM has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€2,845) and a net result of €6,591. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 9% of 9537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability65▲+58
Solvency19▲+11
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.69 against 0.55 in 2024; short-term debt: 106.2% and cash: 1.7% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 71
Relative position
BE, all sectors
reference
Architectural and engineering activities; technical testing and analysis (NACE 71)
about 56% 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
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
-6.2%
Return on assets
14.3%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 9537 sector peers (2025).
NBB · sector comparisonPosition among 9537 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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
27 d late
2024
34 d early
2023
20 d late
2022
16 d late
2021
29 d late
2020
23 d late
2019
67 d late
← 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 21 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 33% 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
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
-€2,845▲ 69.9%
2024 · -€9,436
Total assets
€46,041▼ 17.3%
2024 · €55,676
Net result
€6,591
2024 · -€10,061
Working capital
-€15,121▲ 48.5%
2024 · -€29,359
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, 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
Line20212022202320242025
Operating result€10,479▼ 20.4%-€21,161-€2,102▲ 90.1%-€4,785▼ 128%€12,631
Net result€4,886within the sector's middle half▼ 29.1%-€26,071below the sector's middle half-€9,637below the sector's middle half▲ 63.0%-€10,061below the sector's middle half▼ 4.4%€6,591within the sector's middle half
Equity€36,333within the sector's middle half▲ 15.5%€10,262below the sector's middle half▼ 71.8%€625below the sector's middle half▼ 93.9%-€9,436below the sector's middle half-€2,845below the sector's middle half▲ 69.9%
Total assets€82,196within the sector's middle half▼ 21.3%€57,974below the sector's middle half▼ 29.5%€65,781below the sector's middle half▲ 13.5%€55,676below the sector's middle half▼ 15.4%€46,041below the sector's middle half▼ 17.3%
Debt€45,863▼ 37.1%€47,712▲ 4.0%€65,156▲ 36.6%€65,112▼ 0.1%€48,886▼ 24.9%
Working capital-€6,547▲ 70.6%-€24,302▼ 271%-€25,614▼ 5.4%-€29,359▼ 14.6%-€15,121▲ 48.5%
Solvency44.2%within the sector's middle half▲ 14.1pp17.7%below the sector's middle half▼ 26.5pp1.0%below the sector's middle half▼ 16.8pp-16.9%below the sector's middle half▼ 17.9pp-6.2%below the sector's middle half▲ 10.8pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 71, Architectural and engineering activities; technical testing and analysis, 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 2025: €12,631 after a loss of €4,785 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €46,041
Fixed assets
€12,277 ▼ 38.4%
Current assets
€33,764 ▼ 5.6%
Key figures and ratios
EBITDA
€20,277▲
2024 · €4,012
Cash flow
€14,237▲
2024 · -€1,264
Current ratio
0.69▲
2024 · 0.55
Debt to equity
-17.18▼
2024 · -6.90
ROA
14.3%▲
2024 · -18.1%
Interest coverage
3.43▲
2024 · 0.78
Debt ≤ 1 year
€48,886▼
2024 · €65,112
Income taxes
€176▲
2024 · €140
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,639 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
4.9%
stopped otherwise
92%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 3,639 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 | €4,525 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,675 | €9,429 | €9,239 | €8,797 | €7,646 | ▼ 13.1% |
| Other operating charges640/8 | €2,198 | €348 | €1,235 | €1,944 | €2,161 | ▲ 11.2% |
| Gross operating margin9900 | €25,351 | -€11,385 | €8,372 | €5,955 | €22,438 | ▲ 277% |
| Operating profit (loss)9901 | €10,479 | -€21,161 | -€2,102 | -€4,785 | €12,631 | ▲ 364% |
| Financial income75/76B | €25 | - | - | €0 | €42 | ▲ 69,333% |
| Recurring financial income75 | €25 | - | - | €0 | €42 | ▲ 69,333% |
| Financial charges65/66B | €5,005 | €4,788 | €7,404 | €5,137 | €5,905 | ▲ 15.0% |
| Recurring financial charges65 | €5,005 | €4,788 | €7,404 | €5,137 | €5,905 | ▲ 15.0% |
| Profit (loss) for the period before taxes9903 | €5,499 | -€25,949 | -€9,505 | -€9,922 | €6,768 | ▲ 168% |
| Income taxes67/77 | €613 | €121 | €132 | €140 | €176 | ▲ 26.3% |
| Profit (loss) for the period9904 | €4,886 | -€26,071 | -€9,637 | -€10,061 | €6,591 | ▲ 166% |
| Profit (loss) for the period to be appropriated9905 | €4,886 | -€26,071 | -€9,637 | -€10,061 | €6,591 | ▲ 166% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €82,196 | €57,974 | €65,781 | €55,676 | €46,041 | ▼ 17.3% |
| Fixed assets21/28 | €44,907 | €35,478 | €26,239 | €19,923 | €12,277 | ▼ 38.4% |
| Tangible fixed assets22/27 | €44,907 | €35,478 | €26,239 | €19,923 | €12,277 | ▼ 38.4% |
| Plant, machinery and equipment23 | €4,068 | €2,439 | €999 | €1,093 | €440 | ▼ 59.7% |
| Leasing and similar rights25 | €2,849 | €1,899 | €950 | - | - | - |
| Other tangible fixed assets26 | €37,989 | €31,140 | €24,291 | €18,830 | €11,837 | ▼ 37.1% |
| Current assets29/58 | €37,290 | €22,496 | €39,542 | €35,753 | €33,764 | ▼ 5.6% |
| Amounts receivable within one year40/41 | €31,814 | €21,587 | €38,646 | €35,199 | €29,292 | ▼ 16.8% |
| Trade receivables40 | €29,440 | €21,572 | €38,646 | €35,185 | €29,272 | ▼ 16.8% |
| Other amounts receivable41 | €2,375 | €15 | - | €14 | €20 | ▲ 38.6% |
| Cash at bank and in hand54/58 | €679 | €490 | €412 | €81 | €802 | ▲ 891% |
| Deferred charges and accrued income490/1 | €4,796 | €418 | €484 | €473 | €3,671 | ▲ 676% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €82,196 | €57,974 | €65,781 | €55,676 | €46,041 | ▼ 17.3% |
| Equity10/15 | €36,333 | €10,262 | €625 | -€9,436 | -€2,845 | ▲ 69.9% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €23,933 | €23,933 | €23,933 | €23,933 | €23,933 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | €22,073 | €22,073 | €22,073 | €22,073 | €22,073 | = |
| Profit (loss) carried forward14 | - | -€26,071 | -€35,708 | -€45,769 | -€39,177 | ▲ 14.4% |
| Amounts payable17/49 | €45,863 | €47,712 | €65,156 | €65,112 | €48,886 | ▼ 24.9% |
| Amounts payable after more than one year17 | €2,027 | €914 | - | - | - | - |
| Financial debts170/4 | €2,027 | €914 | - | - | - | - |
| Amounts payable within one year42/48 | €43,837 | €46,798 | €65,156 | €65,112 | €48,886 | ▼ 24.9% |
| Current portion of amounts payable after more than one year42 | €1,003 | €1,113 | €914 | - | - | - |
| Financial debts43 | €22,398 | €28,895 | €30,647 | €28,376 | €19,863 | ▼ 30.0% |
| Credit institutions430/8 | €22,398 | €28,895 | €30,647 | €28,376 | €19,863 | ▼ 30.0% |
| Trade debts44 | €12,278 | €4,999 | €12,553 | €8,319 | €6,349 | ▼ 23.7% |
| Suppliers440/4 | €12,278 | €4,999 | €12,553 | €8,319 | €6,349 | ▼ 23.7% |
| Taxes, remuneration and social security45 | €8,158 | €1,759 | €3,048 | €13,415 | €16,261 | ▲ 21.2% |
| Taxes450/3 | €7,498 | €1,759 | €3,048 | €13,415 | €16,261 | ▲ 21.2% |
| Remuneration and social security454/9 | €660 | - | - | - | - | - |
| Other amounts payable47/48 | - | €10,032 | €17,995 | €15,002 | €6,413 | ▼ 57.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,886 | -€26,071 | -€9,637 | -€10,061 | €6,591 | ▲ 166% |
| + Depreciation and write-downs630 | €12,675 | €9,429 | €9,239 | €8,797 | €7,646 | ▼ 13.1% |
| Operating cash flow (approximation) | €17,561 | -€16,642 | -€398 | -€1,264 | €14,237 | ▲ 1,226% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,481 | €0 | ▲ 100% |
| Change in cash | - | -€189 | -€79 | -€331 | €721 | ▲ 318% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
31-12
Financial
Back to profitnet €6,591
Net result €6,591 after 3 loss-making years.
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
20-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 20 days late
2023
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
2022
31-12
Financial
Weakest financial yearnet -€26,071
Net result drops to -€26,071, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
2020
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 67 days late
2019
31-12
Financial
Highest result since 2018net €8,430 ▲145%
Operating result €13,726, net result €8,430, both a record.
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 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, Pepingen · 1 establishment unit since 2006
Ground area
2,378 m²
Building footprint
199 m²
Volume, LiDAR
1,408 m³
Parcel 23029D0073/00H000, Flanders · tallest building 16.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Terrest(H) 3, 1670 Pepingen
since 20062.222.576.341
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23029D0073/00H000 | Flanders | 2,378 m² | 1 · 199 m² | 16.9 m · 2 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 174 EUR awarded · 174 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 174 EUR | 174 EUR |
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Of 18,250 companies in sector 71111 we hold annual accounts for 6,321. 387 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)
Founded23-10-2006
Fiscal year end31-12
Activities, NACEBEL 2025
71111Activities of building architects
E-invoicing
Reachable via Peppol
Peppol ID
0208:0884457975
Also
9925:BE0884457975
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.