MUWAD
ActiveSummary
MUWAD has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€6,081) and a net result of -€1,654. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 18% of 11547 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-3
Solvency18▼-2
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.02 against 0.09 in 2024; short-term debt: 107.2% 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 · 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
-7.2%
Return on assets
-2%
Age of the figures
12 mo
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
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€6,081
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 11-04-2026, 19 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
19 d early
2024
1 d early
2023
11 d early
2022
6 d early
2021
30 d early
2020
37 d early
2019
24 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 18 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 20 April (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 close30-09-2026 today30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€6,081▼ 37.4%
2024 · -€4,427
Total assets
€84,576▼ 14.0%
2024 · €98,311
Net result
-€1,654
2024 · €582
Working capital
-€89,043▲ 5.1%
2024 · -€93,821
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€1,190▲ 82.0%-€10,807▼ 808%€479€612▲ 27.9%-€1,617
Net result-€1,353within the sector's middle half▲ 79.9%-€10,873below the sector's middle half▼ 704%€489within the sector's middle half€582within the sector's middle half▲ 19.1%-€1,654within the sector's middle half
Equity€5,375below the sector's middle half▼ 20.1%-€5,498below the sector's middle half-€5,010below the sector's middle half▲ 8.9%-€4,427below the sector's middle half▲ 11.6%-€6,081below the sector's middle half▼ 37.4%
Total assets€33,846below the sector's middle half▼ 17.9%€31,614below the sector's middle half▼ 6.6%€54,118below the sector's middle half▲ 71.2%€98,311within the sector's middle half▲ 81.7%€84,576within the sector's middle half▼ 14.0%
Debt€28,471▼ 17.5%€37,112▲ 30.3%€59,127▲ 59.3%€102,738▲ 73.8%€90,657▼ 11.8%
Working capital-€23,760below the sector's middle half▲ 23.2%-€25,870below the sector's middle half▼ 8.9%-€49,377below the sector's middle half▼ 90.9%-€93,821below the sector's middle half▼ 90.0%-€89,043below the sector's middle half▲ 5.1%
Solvency15.9%within the sector's middle half▼ 0.4pp-17.4%below the sector's middle half▼ 33.3pp-9.3%below the sector's middle half▲ 8.1pp-4.5%below the sector's middle half▲ 4.8pp-7.2%below the sector's middle half▼ 2.7pp
Current ratio0.13below the sector's middle half▲ 0.030.30below the sector's middle half▲ 0.170.16below the sector's middle half▼ 0.140.09below the sector's middle half▼ 0.070.02below the sector's middle half▼ 0.07
Return on assets (ROA)-4.0%below the sector's middle half▲ 12.4pp-34.4%below the sector's middle half▼ 30.4pp0.9%within the sector's middle half▲ 35.3pp0.6%within the sector's middle half▼ 0.3pp-2.0%within the sector's middle half▼ 2.5pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, 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 turns negative in 2025: a loss of €1,617 after €612 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84,576
Fixed assets
€82,962 ▼ 7.2%
Current assets
€1,614 ▼ 81.9%
Equity and liabilities
Equity-€6,081
Debt€90,657
Equity is negative: debt (€90,657) exceeds the balance-sheet total (€84,576).
Key figures and ratios
EBITDA
€5,783▼
2024 · €6,859
Cash flow
€5,746▼
2024 · €6,829
Interest coverage
153.72▼
2024 · 171.48
Debt ≤ 1 year
€90,657▼
2024 · €102,738
Income taxes
€0
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,795 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
2.1%
went bankrupt
6.0%
stopped otherwise
90%
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 0.7% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 2,795 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 | - | - | €11,124 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,051 | €9,807 | €3,601 | €6,247 | €7,400 | ▲ 18.5% |
| Other operating charges640/8 | - | €1,947 | €2,355 | €2,921 | €2,488 | ▼ 14.8% |
| Non-recurring operating charges66A | - | - | €92 | - | - | - |
| Gross operating margin9900 | €10,834 | €947 | €6,527 | €9,780 | €8,271 | ▼ 15.4% |
| Operating profit (loss)9901 | -€1,190 | -€10,807 | €479 | €612 | -€1,617 | ▼ 364% |
| Financial income75/76B | - | - | €46 | €10 | €0 | ▼ 96.5% |
| Recurring financial income75 | €7 | - | €46 | €10 | €0 | ▼ 96.5% |
| Financial charges65/66B | - | €66 | €36 | €40 | €38 | ▼ 6.0% |
| Recurring financial charges65 | €170 | €66 | €36 | €40 | €38 | ▼ 6.0% |
| Profit (loss) for the period before taxes9903 | -€1,353 | -€10,873 | €489 | €582 | -€1,654 | ▼ 384% |
| Income taxes67/77 | - | - | - | - | €0 | - |
| Profit (loss) for the period9904 | -€1,353 | -€10,873 | €489 | €582 | -€1,654 | ▼ 384% |
| Profit (loss) for the period to be appropriated9905 | -€1,353 | -€10,873 | €489 | €582 | -€1,654 | ▼ 384% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €33,846 | €31,614 | €54,118 | €98,311 | €84,576 | ▼ 14.0% |
| Fixed assets21/28 | €30,178 | €20,371 | €44,607 | €89,394 | €82,962 | ▼ 7.2% |
| Tangible fixed assets22/27 | €30,129 | €20,322 | €44,557 | €89,345 | €82,962 | ▼ 7.1% |
| Plant, machinery and equipment23 | - | - | - | - | €998 | - |
| Furniture and vehicles24 | - | - | €632 | €504 | €375 | ▼ 25.6% |
| Other tangible fixed assets26 | - | €20,322 | €43,925 | €88,841 | €81,589 | ▼ 8.2% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | - | - |
| Current assets29/58 | €3,668 | €11,242 | €9,511 | €8,917 | €1,614 | ▼ 81.9% |
| Amounts receivable within one year40/41 | €1,789 | €10,072 | €1,562 | €1,188 | - | - |
| Trade receivables40 | - | €10,072 | €1,562 | €1,188 | - | - |
| Other amounts receivable41 | - | - | - | €0 | - | - |
| Cash at bank and in hand54/58 | €1,340 | €652 | €7,928 | €7,586 | €1,458 | ▼ 80.8% |
| Deferred charges and accrued income490/1 | - | €519 | €20 | €144 | €155 | ▲ 8.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €33,846 | €31,614 | €54,118 | €98,311 | €84,576 | ▼ 14.0% |
| Equity10/15 | €5,375 | -€5,498 | -€5,010 | -€4,427 | -€6,081 | ▼ 37.4% |
| Contributions10/11 | - | €74,500 | €74,500 | €74,500 | €74,500 | = |
| Reserves13 | €38,016 | €38,016 | €38,016 | €38,016 | €38,016 | = |
| Non-distributable reserves130/1 | - | €1,859 | €1,859 | - | - | - |
| Reserves not available under the articles1311 | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | - | €36,157 | €36,157 | €38,016 | €38,016 | = |
| Profit (loss) carried forward14 | -€107,141 | -€118,014 | -€117,525 | -€116,943 | -€118,597 | ▼ 1.4% |
| Amounts payable17/49 | €28,471 | €37,112 | €59,127 | €102,738 | €90,657 | ▼ 11.8% |
| Amounts payable within one year42/48 | €27,429 | €37,112 | €58,887 | €102,738 | €90,657 | ▼ 11.8% |
| Trade debts44 | €623 | €725 | €246 | - | €259 | - |
| Suppliers440/4 | - | €725 | €246 | - | €259 | - |
| Taxes, remuneration and social security45 | - | €536 | - | - | - | - |
| Taxes450/3 | - | €536 | - | - | - | - |
| Other amounts payable47/48 | - | €35,852 | €58,641 | €102,738 | €90,398 | ▼ 12.0% |
| Accrued charges and deferred income492/3 | - | - | €240 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,353 | -€10,873 | €489 | €582 | -€1,654 | ▼ 384% |
| + Depreciation and write-downs630 | €10,051 | €9,807 | €3,601 | €6,247 | €7,400 | ▲ 18.5% |
| Operating cash flow (approximation) | €8,698 | -€1,067 | €4,090 | €6,829 | €5,746 | ▼ 15.9% |
| Investment in fixed assets (approximation) | - | €0 | -€27,836 | -€51,034 | -€968 | ▲ 98.1% |
| Change in cash | - | -€688 | €7,276 | -€342 | -€6,127 | ▼ 1,690% |
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
11-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
29-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Highest result since 2018net €582 ▲19.1%
Operating result €612, net result €582, both a record.
19-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Back to profitnet €489
Net result €489 after 5 loss-making years.
24-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Weakest financial yearnet -€10,873
Net result drops to -€10,873, the lowest in the series; recovery starts the following year.
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
06-04
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
26-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-04
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
No directors read yet: 0 of 4 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Wielsbeke · 1 establishment unit since 1996
Ground area
1,587 m²
Building footprint
154 m²
Volume, LiDAR
896 m³
Parcel 37017C0124/00F000, Flanders · tallest building 9.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Wandellaan 53, 8710 Wielsbeke
since 19962.079.167.581
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37017C0124/00F000 | Flanders | 1,587 m² | 1 · 154 m² | 9.2 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.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 6,138 companies in this sector we hold annual accounts for 2,575. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded22-10-1996
Fiscal year end30-09
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
64210Activities of holding companies
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0459084568
Also
9925:BE0459084568
Registered
02-02-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.