Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Lower solvency than 90% of companies in specialised construction. Sector median 44.0% · 9,967 companies.
The dashed line is the sector median: 0.7% across 47,693 companies (NACE 43, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 10% of them on solvency, 1% on liquidity, 13% on profitability and 13% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 819 companies had the same profile as MVN Construct has now. Each dot stands for 3 companies, two years later.
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MVN Construct itself: 2.3% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 819 companies, not a prediction for MVN Construct. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is tight, with a current ratio of 1.03 (1.05 in 2024), below the usual 1.5. Short-term debt is 96.3% and cash 0% of total assets. 96.3% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 17 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MVN Construct Ghent | €1.6m | -€3,894 | 3.7% | - |
| SSE Projects Begijnendijk | €1.2m | -€71,966 | -12.3% | - |
| DESA CONSTRUCTION BELGIUM Zaventem | €1.1m | -€626,907 | -149.0% | 6.6 |
| Sepro Wuustwezel | €2.4m | -€30,635 | 25.4% | - |
| STESSENS RENOVATIE Geel | €1.3m | -€27,584 | -101.4% | 0 |
| DFH Jodoigne | €1.5m | -€36,788 | 99.9% | - |
| KUBRIEK Jabbeke | €1.0m | -€28,498 | 2.1% | 0 |
These companies have the same main activity as MVN Construct: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €972,000 and €2.4m, founded between 2018 and 2021.
MVN Construct files the abbreviated format. That format states no turnover. The gross margin rose from -€9,161 in 2021 to -€3,894 in 2025.
JAFEMA holds 98% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Higher than 9% of 9,967 companies in 2025.
Higher than 20% of 9,830 companies in 2025.
Higher than 17% of 9,899 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: top quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
1.6m | 1.6m | 1.7m | 3.5m | 3.3m | |
21/28 |
11,799 | 13,883 | 15,966 | 18,050 | 20,133 | |
22/27 |
11,799 | 13,883 | 15,966 | 18,050 | 20,133 | |
23 |
0 | 13,883 | 15,966 | 18,050 | 20,133 | |
24 |
11,799 | - | - | - | - | |
29/58 |
1.6m | 1.6m | 1.7m | 3.5m | 3.3m | |
3 |
- | 0 | 98,170 | 1.8m | 873,675 | |
30/36 |
- | 0 | 98,170 | 1.8m | 873,675 | |
40/41 |
1.6m | 1.6m | 1.6m | 1.6m | 12,808 | |
40 |
- | 0 | 25,366 | - | - | |
41 |
1.6m | 1.6m | 1.6m | 1.6m | 12,808 | |
54/58 |
576 | 9,136 | 25,466 | 68,301 | 2.4m | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
1.6m | 1.6m | 1.7m | 3.5m | 3.3m | |
10/15 |
59,465 | 86,878 | 96,488 | 86,139 | 89,710 | |
10/11 |
100,000 | 100,000 | 100,000 | 100,000 | 100,000 | |
14 |
-40,535 | -13,122 | -3,512 | -13,861 | -10,290 | |
17/49 |
1.6m | 1.5m | 1.6m | 3.4m | 3.2m | |
42/48 |
1.6m | 1.5m | 1.6m | 3.4m | 3.2m | |
44 |
193 | 1,524 | 429 | 83,917 | 95,859 | |
440/4 |
193 | 1,524 | 429 | 83,917 | 95,859 | |
45 |
645 | 26,243 | 518,307 | - | - | |
450/3 |
645 | 26,243 | 518,307 | - | - | |
47/48 |
1.6m | 1.5m | 1.1m | 3.3m | 3.1m | |
| Income statement | ||||||
9900 |
-3,894 | -3,454 | 6,530 | -76 | -9,161 | |
630 |
2,084 | 2,084 | 2,084 | 2,084 | 703 | |
640/8 |
24,739 | 4,033 | 132 | - | 371 | |
9901 |
-30,717 | -9,570 | 4,314 | -2,159 | -10,234 | |
75/76B |
3,400 | 0 | 7,296 | - | - | |
75 |
3,400 | 0 | 7,296 | - | - | |
65/66B |
96 | 39 | 1,261 | 1,412 | 56 | |
65 |
96 | 39 | 1,261 | 1,412 | 56 | |
9903 |
-27,413 | -9,610 | 10,349 | -3,571 | -10,290 | |
9904 |
-27,413 | -9,610 | 10,349 | -3,571 | -10,290 | |
9905 |
-27,413 | -9,610 | 10,349 | -3,571 | -10,290 | |
| Appropriation of the result | ||||||
9906 |
-40,535 | -13,122 | -3,512 | -13,861 | -10,290 | |
14P |
-13,122 | -3,512 | -13,861 | -10,290 | - | |
| Document | ||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 13-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00284853 | |
| 31-12-2024 | abbreviated format | 14-08-2025 | 2025-00381824 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00322454 | |
| 31-12-2022 | micro format | 27-06-2023 | 2023-00165976 | |
| 31-12-2021 | abbreviated format | 15-06-2022 | 2022-20064111 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -28,633 | -7,487 | 6,398 | -76 | -9,531 | ||
| -25,330 | -7,526 | 12,433 | -1,488 | -9,587 | ||
| 0 | 0 | 0 | 0 | 20,836 | ||
| -8,560 | -16,331 | -42,834 | -2.3m | - | ||
| 47,666 | 72,996 | 80,522 | 68,089 | 69,577 | ||
| 3.7% | 5.3% | 5.6% | 2.5% | 2.7% | ||
| 1.03 | 1.05 | 1.05 | 1.02 | 1.02 | ||
| 1.03 | 1.05 | 0.99 | 0.49 | 0.75 | ||
| 26.27 | 17.79 | 16.87 | 39.28 | 35.62 | ||
| -46.1% | -11.1% | 10.7% | -4.1% | -11.5% | ||
| -1.7% | -0.6% | 0.6% | -0.1% | -0.3% | ||
| -297.06 | -191.73 | 5.07 | -0.05 | -170.17 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €20,836 |
| €2,084 | €2,084 | €2,084 | €2,084 | €703 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €30,717, larger than the loss of €9,570 in 2024. It is the lowest result since 2021.
Debt's share of the balance-sheet total rises from 94.7% to 96.3%. Equity is lower and debt is higher.
Older annual accounts also name 1 natural person.
Source: shareholder structure in its own accounts
Source: list of holdings in the 30-06-2025 accounts of JAFEMA. Every holding stands with its own latest accounts.
Part of the group JAFEMA Group, risk and exposure| JAFEMA
registered office since 07-02-2020 · founded in 2020 |
total assets €8.1m (2025) 0743.417.995 |
| KOUTERLOS INVEST
registered office since 05-12-2012 · founded in 2012 · group JAFEMA |
total assets €4.6m (2025) 0501.756.452 |
| VALDAMCO
establishment since 01-01-2014 · founded in 1991 |
total assets €3.0m (2025) 0445.439.836 |
| MVN Management
registered office since 05-03-2020 · founded in 2020 · group JAFEMA |
total assets €884,555 (2025) 0744.764.713 |
| Fare
registered office since 05-03-2020 · founded in 2020 · group JAFEMA |
4 FTE (2025) 0744.765.010 |
| Kapa Consult
registered office since 11-09-2015 · founded in 2015 · negative equity (2025) |
total assets €21,100 (2025) 0636.978.214 |
| M plus R International
registered office since 03-01-1975 |
founded in 1975 0414.912.946 |
| Baronie van Boelare via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at Baronie van Boelare · Managing director · deed of 03-07-2020 founded in 1987 · accounts filed late |
95 FTE (2023) |
| REVA CLINICS via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at REVA CLINICS · Director · deed of 21-06-2023 founded in 2023 · negative equity (2025) |
total assets €51,001 (2025) |
| T.L.I. via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at T.L.I. · Sole director (not named in the articles) · deed of 02-04-2020 founded in 2004 · group JAFEMA |
total assets €16.4m (2025) |
| NEJARI via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at NEJARI · Sole director (not named in the articles) · deed of 07-04-2020 founded in 1988 · group JAFEMA |
total assets €6.8m (2025) |
| KOUTERLOS INVEST via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at KOUTERLOS INVEST · Sole director (not named in the articles) · deed of 02-04-2020 founded in 2012 · group JAFEMA |
total assets €4.6m (2025) |
| MVN Management via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at MVN Management · Director (not named in the articles) · deed of 09-03-2020 founded in 2020 · group JAFEMA |
total assets €884,555 (2025) |
| Fare via VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus, no longer at Fare · Director (not named in the articles) · deed of 09-03-2020 founded in 2020 · group JAFEMA |
4 FTE (2025) |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 20 January 2021, MVN Construct was incorporated as a private limited company by JAFEMA and one natural person, with a starting capital of €100,000.12 VAN NIEUWENHOVE Maarten Jan Fernand Lodewijk Ghislenus is director of the company, appointed by deed of 22-01-2021.2 Total assets went from €3.3m in 2021 to €1.6m in 2025.3
| Establishment | Since | Unit number |
|---|---|---|
| François Laurentplein 25 registered office 9000 Ghent 68121 Development of residential building projects | 20-01-2021 | 2.312.927.188 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44804D1764/00D000 | 659 m² | 1 · 459 m² | 22.1 m · 7 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0761.814.739
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