MWG - Construct
ActiveSummary
The computed 12-month bankruptcy probability of MWG - Construct is 6.2% (elevated). The 2024 annual accounts show equity of €47,872 and a net result of €4,801. Equity is growing by ~29.9% per year across the filed fiscal years. Its solvency ranks better than 28% of 9973 sector peers (fiscal year 2024). The company has been active since 2020 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags).
Checked score
Score 2024
Axes · tick = 2023
Profitability65▲+27
Solvency46=
Growth78▲+26
Track record92
Bankruptcy probability, 12 months
6.2%
Elevated
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity tight (current ratio 1.08 against 0.98 in 2023; short-term debt: 72.3% and cash: 2.1% of total assets), and 79% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← 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 2024Solvency, return and age of the figures
Solvency
21%
Return on assets
2.1%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 31-08-2025, 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 · 4 filingsDeviation from the deadline
2025
not confirmed
2024
31 d late
2023
64 d late
2022
16 d late
2021
54 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 41 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
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 How does this company compare with its sector?Sector benchmark
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2024, micro schema
Equity
€47,872▲ 21.5%
2023 · €39,390
Total assets
€228,076▲ 18.9%
2023 · €191,853
Net result
€4,801▲ 147%
2023 · €1,942
Working capital
€13,983
2023 · -€2,584
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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
Line2021202220232024
Operating result€11,413-€51,898▲ 355%€14,630▼ 71.8%€15,571▲ 6.4%
Net result€3,502within the sector's middle half-€32,946above the sector's middle half▲ 841%€1,942within the sector's middle half▼ 94.1%€4,801within the sector's middle half▲ 147%
Equity€4,502below the sector's middle half-€37,447within the sector's middle half▲ 732%€39,390within the sector's middle half▲ 5.2%€47,872within the sector's middle half▲ 21.5%
Total assets€95,727within the sector's middle half-€151,686within the sector's middle half▲ 58.5%€191,853within the sector's middle half▲ 26.5%€228,076within the sector's middle half▲ 18.9%
Debt€91,225-€114,239▲ 25.2%€152,464▲ 33.5%€180,204▲ 18.2%
Working capital€15,274within the sector's middle half-€44,062within the sector's middle half▲ 188%-€2,584below the sector's middle half€13,983within the sector's middle half
Solvency4.7%below the sector's middle half-24.7%within the sector's middle half▲ 20.0pp20.5%within the sector's middle half▼ 4.2pp21.0%within the sector's middle half▲ 0.5pp
Current ratio1.26within the sector's middle half-1.52within the sector's middle half▲ 0.270.98below the sector's middle half▼ 0.541.08within the sector's middle half▲ 0.10
Return on assets (ROA)3.7%within the sector's middle half-21.7%above the sector's middle half▲ 18.1pp1.0%within the sector's middle half▼ 20.7pp2.1%within the sector's middle half▲ 1.1pp
Staff (FTE)0.51▲ 100%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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 recovers in 2024; 2024 is 6% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €228,076
Fixed assets
€49,243 ▼ 20.9%
Current assets
€178,832 ▲ 38.0%
Equity and liabilities €228,076
Equity
€47,872 ▲ 21.5%
Debt
€180,204 ▲ 18.2%
Debt's share of the balance-sheet total falls from 79.5% to 79.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€30,088▲
2023 · €23,759
Cash flow
€19,318▲
2023 · €11,071
Quick ratio
0.93▲
2023 · 0.43
Debt to equity
3.76▼
2023 · 3.87
ROE
10.0%▲
2023 · 4.9%
Interest coverage
5.19▲
2023 · 2.19
Debt ≤ 1 year
€164,849▲
2023 · €132,196
Debt > 1 year
€15,355▼
2023 · €20,268
Income taxes
€4,977▲
2023 · €3,051
Staff costs
€1,159▼
2023 · €41,841
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,275 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
2.5%
went bankrupt
2.5%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 6.2% 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 497,340 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 3,275 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 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €28,072 | €31,324 | - | - |
| Remuneration, social security and pensions62 | - | €17,177 | €41,841 | €1,159 | ▼ 97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,473 | €4,172 | €9,129 | €14,517 | ▲ 59.0% |
| Other operating charges640/8 | €4,486 | €2,451 | €2,677 | €4,127 | ▲ 54.1% |
| Non-recurring operating charges66A | - | €20,121 | - | - | - |
| Gross operating margin9900 | €26,371 | €95,819 | €68,278 | €35,373 | ▼ 48.2% |
| Operating profit (loss)9901 | €11,413 | €51,898 | €14,630 | €15,571 | ▲ 6.4% |
| Financial income75/76B | €12 | €1,541 | €1,233 | €3 | ▼ 99.7% |
| Recurring financial income75 | €12 | €1,541 | €1,233 | €3 | ▼ 99.7% |
| Financial charges65/66B | €3,601 | €8,350 | €10,869 | €5,797 | ▼ 46.7% |
| Recurring financial charges65 | €3,601 | €8,350 | €10,869 | €5,797 | ▼ 46.7% |
| Profit (loss) for the period before taxes9903 | €7,824 | €45,090 | €4,994 | €9,777 | ▲ 95.8% |
| Income taxes67/77 | €4,322 | €12,145 | €3,051 | €4,977 | ▲ 63.1% |
| Profit (loss) for the period9904 | €3,502 | €32,946 | €1,942 | €4,801 | ▲ 147% |
| Profit (loss) for the period to be appropriated9905 | €3,502 | €32,946 | €1,942 | €4,801 | ▲ 147% |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €95,727 | €151,686 | €191,853 | €228,076 | ▲ 18.9% |
| Fixed assets21/28 | €20,836 | €23,648 | €62,242 | €49,243 | ▼ 20.9% |
| Tangible fixed assets22/27 | €20,836 | €23,648 | €62,242 | €49,243 | ▼ 20.9% |
| Plant, machinery and equipment23 | €715 | €10,880 | €14,023 | €12,795 | ▼ 8.8% |
| Furniture and vehicles24 | €20,121 | €10,295 | €44,611 | €33,107 | ▼ 25.8% |
| Other tangible fixed assets26 | - | €2,472 | €3,607 | €3,342 | ▼ 7.3% |
| Current assets29/58 | €74,890 | €128,038 | €129,611 | €178,832 | ▲ 38.0% |
| Amounts receivable after more than one year29 | - | - | €2,500 | - | - |
| Trade receivables290 | - | - | €2,500 | - | - |
| Stocks and contracts in progress3 | €55,240 | €23,870 | €72,930 | €25,455 | ▼ 65.1% |
| Contracts in progress37 | €55,240 | €23,870 | €72,930 | €25,455 | ▼ 65.1% |
| Amounts receivable within one year40/41 | €15,541 | €60,072 | €51,864 | €144,082 | ▲ 178% |
| Trade receivables40 | - | €23,281 | €8,387 | €125,381 | ▲ 1,395% |
| Other amounts receivable41 | €15,541 | €36,790 | €43,477 | €18,701 | ▼ 57.0% |
| Cash at bank and in hand54/58 | €1 | €43,999 | €2,318 | €4,729 | ▲ 104% |
| Deferred charges and accrued income490/1 | €4,108 | €98 | - | €4,567 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €95,727 | €151,686 | €191,853 | €228,076 | ▲ 18.9% |
| Equity10/15 | €4,502 | €37,447 | €39,390 | €47,872 | ▲ 21.5% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Outside capital11 | €1,000 | €1,000 | €1,000 | - | - |
| Other1109/19 | €1,000 | €1,000 | €1,000 | - | - |
| Reserves13 | - | €32,000 | €32,000 | €40,482 | ▲ 26.5% |
| Distributable reserves133 | - | €32,000 | €32,000 | €40,482 | ▲ 26.5% |
| Profit (loss) carried forward14 | €3,502 | €4,447 | €6,390 | €6,390 | = |
| Amounts payable17/49 | €91,225 | €114,239 | €152,464 | €180,204 | ▲ 18.2% |
| Amounts payable after more than one year17 | €31,609 | €30,262 | €20,268 | €15,355 | ▼ 24.2% |
| Financial debts170/4 | €31,609 | €30,262 | €20,268 | €15,355 | ▼ 24.2% |
| Amounts payable within one year42/48 | €59,616 | €83,977 | €132,196 | €164,849 | ▲ 24.7% |
| Current portion of amounts payable after more than one year42 | €10,680 | €25,310 | €17,695 | €25,890 | ▲ 46.3% |
| Financial debts43 | €38,220 | €10,122 | - | €49,896 | - |
| Credit institutions430/8 | €38,220 | €10,122 | - | €49,896 | - |
| Trade debts44 | €3,895 | €21,705 | €104,583 | €55,382 | ▼ 47.0% |
| Suppliers440/4 | €3,895 | €21,705 | €104,583 | €55,382 | ▼ 47.0% |
| Taxes, remuneration and social security45 | €6,821 | €26,839 | €9,918 | €6,659 | ▼ 32.9% |
| Taxes450/3 | €4,322 | €22,590 | €3,967 | €4,533 | ▲ 14.3% |
| Remuneration and social security454/9 | €2,499 | €4,249 | €5,951 | €2,125 | ▼ 64.3% |
| Other amounts payable47/48 | - | - | - | €27,023 | - |
| Line | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,502 | €32,946 | €1,942 | €4,801 | ▲ 147% |
| + Depreciation and write-downs630 | €10,473 | €4,172 | €9,129 | €14,517 | ▲ 59.0% |
| Operating cash flow (approximation) | €13,974 | €37,117 | €11,071 | €19,318 | ▲ 74.5% |
| Investment in fixed assets (approximation) | - | -€6,983 | -€47,723 | -€1,518 | ▲ 96.8% |
| Change in cash | - | €43,997 | -€41,681 | €2,412 | ▲ 106% |
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
2026
31-08
KBO administration
Address struck
event 16-08-2026
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
03-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 64 days late
2023
31-12
Financial
Weakest financial yearnet €1,942 ▼94.1%
Net result drops to €1,942, the lowest in the series; recovery starts the following year.
16-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 16 days late
2022
31-12
Financial
Highest result since 2021net €32,946 ▲841%
Operating result €51,898, net result €32,946, both a record.
23-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 54 days late
SignalFinancial 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, Elsene · 1 establishment unit since 2020
Ground area
1,907 m²
Building footprint
1,788 m²
Volume, LiDAR
27,322 m³
Parcel 21807G0089/00A007, Brussels · tallest building 32.0 m, ±2 floors. Linked by address, not a title deed.
227
companies at this address
See who is registered here
1 establishment unit
MWG - Construct
since 20202.299.749.343
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0089/00A007 | Brussels | 1,907 m² | 1 · 1,788 m² | 32.0 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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Of 2,456 companies in sector 41003 we hold annual accounts for 1,058. 698 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
Founded02-03-2020
Fiscal year end31-12
Activities, NACEBEL 2025
16230Manufacture of other builders' carpentry and joinery
41003General construction of other non-residential buildings
43320Joinery installation
43331Floor and wall tiling
43910Bricklaying and masonry work
43990Other specialised construction activities
82990Other business support services
Contact
E-mail
gw3008@hotmail.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0744632871
Also
9925:BE0744632871
Registered
08-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.