MUST TELECOM
ActiveMUST TELECOM has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €38k and a net result of €-7k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 30% of 11209 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
54
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability65▲+65
Solvency40▲+1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity short (current ratio 0.14 against 0.15 in 2024; short-term debt: 55.3% and cash: 3.1% of total assets), and 84.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
+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 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
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
15.2%
Return on assets
-3%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-7k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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
31 d late
2024
60 d late
2023
30 d late
2022
30 d late
2021
28 d late
2020
31 d late
2019
120 d late
← before the deadline
after the deadline →
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
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-7k▲ 93.9%
2024 · €-121k
2018: €43k
2019: €52k
2020: €7k
2021: €80k
2022: €11k
2023: €-57k
2024: €-121k
2018 → 2025
Working capital
€-118k▲ 25.1%
2024 · €-157k
2018: €-106k
2019: €-111k
2020: €-171k
2021: €-120k
2022: €-105k
2023: €-96k
2024: €-157k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€214k-€225k▲ 5.3%€168k▼ 25.5%€47k▼ 72.0%€38k▼ 19.6%
Operating result€109k-€16k▼ 85.0%€-54k€-116k▼ 116%€2k
Net result€80k-€11k▼ 85.9%€-57k€-121k▼ 110%€-7k▲ 93.9%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €2k after a loss of €116k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €248k
Fixed assets
€229k▼ 26.6%
Current assets
€19k▼ 34.2%
Equity and liabilities €248k
Equity
€38k▼ 19.6%
Debt
€210k▼ 28.5%
The debt ratio falls from 86.2% to 84.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€77k▲
2024 · €-14k
Cash flow
€67k▲
2024 · €-19k
Solvency
15.2%▲
2024 · 13.8%
Current ratio
0.14▼
2024 · 0.15
Quick ratio
0.14▼
2024 · 0.15
Debt / equity
5.58▼
2024 · 6.27
ROE
-19.5%▲
2024 · -257.7%
ROA
-3.0%▲
2024 · -35.5%
Interest coverage
8.59▲
2024 · -3.64
Debt
€210k▼
2024 · €294k
Debt ≤ 1 year
€137k▼
2024 · €186k
Debt > 1 year
€73k▼
2024 · €100k
Income taxes
€445▲
2024 · €300
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€341k€248k▼
Fixed assets21/28€312k€229k▼
Intangible fixed assets21€17k€0▼
Tangible fixed assets22/27€253k€187k▼
Land and buildings22€62k€46k▼
Plant, machinery and equipment23€1k€947▼
Furniture and vehicles24€189k€140k▼
Financial fixed assets28€42k€42k=
Current assets29/58€29k€19k▼
Amounts receivable within one year40/41€2k€8k▲
Trade receivables40€2k€8k▲
Cash at bank and in hand54/58€23k€8k▼
Deferred charges and accrued income490/1€3k€3k▼
Equity and liabilities
Total equity and liabilities10/49€341k€248k▼
Equity10/15€47k€38k▼
Contributions10/11€19k€19k=
Reserves13€42k€42k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€40k€40k=
Profit (loss) carried forward14€-14k€-23k▼
Amounts payable17/49€294k€210k▼
Amounts payable after more than one year17€100k€73k▼
Financial debts170/4€100k€73k▼
Amounts payable within one year42/48€186k€137k▼
Current portion of amounts payable after more than one year42€44k€30k▼
Trade debts44€11k€14k▲
Suppliers440/4€11k€14k▲
Taxes, remuneration and social security45€7k€1k▼
Taxes450/3€7k€1k▼
Other amounts payable47/48€124k€93k▼
Accrued charges and deferred income492/3€7k-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€102k€75k▼
Other operating charges640/8€4k€1k▼
Non-recurring operating charges66A-€242
Gross operating margin9900€-11k€78k▲
Operating profit (loss)9901€-116k€2k▲
Financial income75/76B-€2
Recurring financial income75-€2
Financial charges65/66B€4k€9k▲
Recurring financial charges65€4k€9k▲
Profit (loss) for the period before taxes9903€-120k€-7k▲
Income taxes67/77€300€445▲
Profit (loss) for the period9904€-121k€-7k▲
Profit (loss) for the period to be appropriated9905€-121k€-7k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-14k€-23k▼
Profit (loss) brought forward from the previous period14P€107k€-15k▼
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 60 days late
2024
31-12
Financial
Weakest financial yearnet €-121k
Net result drops to €-121k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
28-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 28 days late
2021
31-12
Financial
Highest result since 2018net €80k ▲1049%
Operating result €109k, net result €80k, both a record.
31-12
Financial
Equity above €200kEq €214k ▲60.3%
4 profitable years in a row build equity to €214k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
28-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 120 days late
2019
31-12
Financial
Equity above €100kEq €126k ▲69.5%
2 profitable years in a row build equity to €126k.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
09-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 9 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Hannut · 1 establishment unit since 2015
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Albert 1er 334280 HannutGround area
83 m²
Building footprint
65 m²
Volume, LiDAR
688 m³
Parcel 64034B0814/00H002, Wallonia · tallest building 12.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MUST TELECOM
since 20152.247.968.268
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 64034B0814/00H002 | Wallonia | 83 m² | 1 · 65 m² | 12.4 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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 4,431 companies in sector 46180 we hold annual accounts for 1,887. 1,317 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-09-2015
Fiscal year end31-12
Activities, NACEBEL
46180Agents specialised in the wholesale of other particular products
47400Retail sale of information and communication equipment
Sources
Crossroads Bank for EnterprisesNational Bank · 10 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.