MWST
ActiveSummary
MWST has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €668,299 and a net result of €20,290. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 37% of 222 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▼-19
Solvency49=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity short (current ratio 0.64 against 0.48 in 2024; short-term debt: 48.7% and cash: 3.4% of total assets), and 76.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
23.8%
Return on assets
0.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year €668,299
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-06-2026, 52 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
52 d early
2024
on the day
2023
293 d late
2022
151 d late
2021
113 d late
2020
235 d late
2019
201 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 134 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. Usually files around 21 November (4 of the last 5 filed years within 165 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€668,299▲ 3.1%
2024 · €648,008
Total assets
€2.8m▲ 5.4%
2024 · €2.7m
Net result
€20,290▼ 95.4%
2024 · €437,166
Working capital
-€497,956▲ 22.4%
2024 · -€641,599
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 38, Waste collection, recovery and disposal activities, 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€44,927▼ 36.7%-€21,988€130,629€569,384▲ 336%€25,304▼ 95.6%
Net result€6,954below the sector's middle half▼ 38.5%-€52,468below the sector's middle half€40,736above the sector's middle half€437,166above the sector's middle half▲ 973%€20,290within the sector's middle half▼ 95.4%
Equity€222,573within the sector's middle half▲ 3.2%€170,106within the sector's middle half▼ 23.6%€210,842above the sector's middle half▲ 23.9%€648,008within the sector's middle half▲ 207%€668,299within the sector's middle half▲ 3.1%
Total assets€3.5mwithin the sector's middle half▼ 2.2%€3.3mabove the sector's middle half▼ 5.3%€2.6mabove the sector's middle half▼ 22.3%€2.7mwithin the sector's middle half▲ 3.2%€2.8mwithin the sector's middle half▲ 5.4%
Debt€3.3m▼ 2.6%€3.2m▼ 4.0%€2.4m▼ 24.7%€2.0m▼ 14.9%€2.1m▲ 6.1%
Working capital-€489,291below the sector's middle half-€1.6mbelow the sector's middle half▼ 220%-€1.7mbelow the sector's middle half▼ 6.9%-€641,599below the sector's middle half▲ 61.7%-€497,956below the sector's middle half▲ 22.4%
Solvency6.3%below the sector's middle half▲ 0.3pp5.1%below the sector's middle half▼ 1.2pp8.2%below the sector's middle half▲ 3.0pp24.3%within the sector's middle half▲ 16.1pp23.8%within the sector's middle half▼ 0.5pp
Current ratio0.74below the sector's middle half▼ 0.380.43below the sector's middle half▼ 0.310.25below the sector's middle half▼ 0.170.48below the sector's middle half▲ 0.230.64below the sector's middle half▲ 0.16
Return on assets (ROA)0.2%below the sector's middle half▼ 0.1pp-1.6%below the sector's middle half▼ 1.8pp1.6%within the sector's middle half▲ 3.2pp16.4%above the sector's middle half▲ 14.8pp0.7%within the sector's middle half▼ 15.7pp
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2024 Net result +973% on 2023. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 96% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.8m
Fixed assets
€1.9m ▼ 6.6%
Current assets
€872,105 ▲ 47.6%
Equity and liabilities €2.8m
Equity
€668,299 ▲ 3.1%
Debt
€2.1m ▲ 6.1%
Debt's share of the balance-sheet total rises from 75.7% to 76.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€179,122▼
2024 · €726,860
Cash flow
€174,108▼
2024 · €594,642
Quick ratio
0.37▲
2024 · 0.29
Debt to equity
3.21▲
2024 · 3.12
ROE
3.0%▼
2024 · 67.5%
Interest coverage
55.64▲
2024 · 53.14
Debt ≤ 1 year
€1.4m▲
2024 · €1.2m
Debt > 1 year
€775,000▼
2024 · €788,265
Income taxes
€1,795▼
2024 · €118,539
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 4,105 companies that looked in July 2024 the way this one looks now, 1.0% went bankrupt within 24 months and 98% are still going.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
1.0%
went bankrupt
0.9%
stopped otherwise
98%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 4,105 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €659 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €141,507 | €181,154 | €152,035 | €157,476 | €153,817 | ▼ 2.3% |
| Other operating charges640/8 | €1,155 | €4,745 | €12,199 | €88,271 | €13,147 | ▼ 85.1% |
| Non-recurring operating charges66A | €250 | - | - | - | - | - |
| Gross operating margin9900 | €187,839 | €163,911 | €295,522 | €815,131 | €192,269 | ▼ 76.4% |
| Operating profit (loss)9901 | €44,927 | -€21,988 | €130,629 | €569,384 | €25,304 | ▼ 95.6% |
| Financial income75/76B | - | - | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €35,785 | €30,480 | €15,973 | €13,679 | €3,219 | ▼ 76.5% |
| Recurring financial charges65 | €35,785 | €30,082 | €15,973 | €13,679 | €3,219 | ▼ 76.5% |
| Non-recurring financial charges66B | - | €398 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €9,142 | -€52,468 | €114,657 | €555,705 | €22,085 | ▼ 96.0% |
| Income taxes67/77 | €2,188 | - | €73,921 | €118,539 | €1,795 | ▼ 98.5% |
| Profit (loss) for the period9904 | €6,954 | -€52,468 | €40,736 | €437,166 | €20,290 | ▼ 95.4% |
| Profit (loss) for the period to be appropriated9905 | €6,954 | -€52,468 | €40,736 | €437,166 | €20,290 | ▼ 95.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.5m | €3.3m | €2.6m | €2.7m | €2.8m | ▲ 5.4% |
| Fixed assets21/28 | €2.1m | €2.2m | €2.0m | €2.1m | €1.9m | ▼ 6.6% |
| Tangible fixed assets22/27 | €2.1m | €2.2m | €2.0m | €2.1m | €1.9m | ▼ 6.6% |
| Land and buildings22 | €1.6m | €1.5m | €1.4m | €1.4m | €1.4m | ▼ 4.1% |
| Plant, machinery and equipment23 | €239,665 | €246,325 | €217,195 | €175,643 | €134,092 | ▼ 23.7% |
| Furniture and vehicles24 | €23,371 | €21,287 | €18,595 | €69,995 | €56,863 | ▼ 18.8% |
| Leasing and similar rights25 | €113,892 | €184,316 | €132,790 | €67,761 | €26,047 | ▼ 61.6% |
| Assets under construction and advance payments27 | €201,506 | €201,506 | €201,506 | €355,498 | €372,598 | ▲ 4.8% |
| Current assets29/58 | €1.4m | €1.2m | €568,727 | €590,951 | €872,105 | ▲ 47.6% |
| Stocks and contracts in progress3 | €633,336 | €668,556 | €256,669 | €227,663 | €358,583 | ▲ 57.5% |
| Stocks30/36 | €633,336 | €668,556 | €256,669 | €227,663 | €358,583 | ▲ 57.5% |
| Amounts receivable within one year40/41 | €577,814 | €378,956 | €178,816 | €357,586 | €417,420 | ▲ 16.7% |
| Trade receivables40 | €412,183 | €197,980 | €178,816 | €109,968 | €186,681 | ▲ 69.8% |
| Other amounts receivable41 | €165,631 | €180,976 | - | €247,618 | €230,739 | ▼ 6.8% |
| Cash at bank and in hand54/58 | €85,936 | €121,682 | €133,242 | €5,702 | €96,102 | ▲ 1,585% |
| Deferred charges and accrued income490/1 | €75,623 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.5m | €3.3m | €2.6m | €2.7m | €2.8m | ▲ 5.4% |
| Equity10/15 | €222,573 | €170,106 | €210,842 | €648,008 | €668,299 | ▲ 3.1% |
| Contributions10/11 | €175,000 | €175,000 | €175,000 | €175,000 | €175,000 | = |
| Reserves13 | €17,104 | €17,104 | €17,104 | €17,104 | €17,104 | = |
| Non-distributable reserves130/1 | €17,104 | €17,104 | €17,104 | €0 | - | - |
| Reserves not available under the articles1311 | €17,104 | €17,104 | €17,104 | €0 | - | - |
| Distributable reserves133 | - | - | - | €17,104 | €17,104 | = |
| Profit (loss) carried forward14 | €30,469 | -€21,999 | €18,738 | €455,904 | €476,194 | ▲ 4.5% |
| Amounts payable17/49 | €3.3m | €3.2m | €2.4m | €2.0m | €2.1m | ▲ 6.1% |
| Amounts payable after more than one year17 | €491,190 | €421,633 | €133,252 | €788,265 | €775,000 | ▼ 1.7% |
| Financial debts170/4 | €491,190 | €421,633 | €133,252 | €788,265 | €775,000 | ▼ 1.7% |
| Amounts payable within one year42/48 | €1.9m | €2.7m | €2.2m | €1.2m | €1.4m | ▲ 11.2% |
| Current portion of amounts payable after more than one year42 | €171,279 | €206,349 | €226,012 | €120,315 | €13,265 | ▼ 89.0% |
| Trade debts44 | €597,897 | €741,476 | €940,380 | €90,318 | €250,553 | ▲ 177% |
| Suppliers440/4 | €597,897 | €741,476 | €940,380 | €90,318 | €250,553 | ▲ 177% |
| Taxes, remuneration and social security45 | €77,700 | €857,680 | €10,978 | €129,535 | €86,501 | ▼ 33.2% |
| Taxes450/3 | €77,700 | €857,680 | €10,978 | €127,188 | €86,501 | ▼ 32.0% |
| Remuneration and social security454/9 | - | - | - | €2,346 | €0 | ▼ 100% |
| Other amounts payable47/48 | €1.0m | €929,886 | €1.1m | €892,382 | €1.0m | ▲ 14.3% |
| Accrued charges and deferred income492/3 | €936,567 | €0 | - | €100 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,954 | -€52,468 | €40,736 | €437,166 | €20,290 | ▼ 95.4% |
| + Depreciation and write-downs630 | €141,507 | €181,154 | €152,035 | €157,476 | €153,817 | ▼ 2.3% |
| Operating cash flow (approximation) | €148,461 | €128,686 | €192,771 | €594,642 | €174,108 | ▼ 70.7% |
| Investment in fixed assets (approximation) | - | -€199,468 | -€12,000 | -€217,547 | -€17,100 | ▲ 92.1% |
| Change in cash | - | €35,746 | €11,560 | -€127,540 | €90,400 | ▲ 171% |
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
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
20-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 293 days late
2024
31-12
Financial
Highest result since 2019net €437,166 ▲973%
Operating result €569,384, net result €437,166, both a record.
31-12
Financial
Equity above €500,000Eq €648,008 ▲207%
2 profitable years in a row build equity to €648,008.
2023
31-12
Financial
Back to profitnet €40,736
Net result €40,736 after one loss-making year.
31-12
Financial
Equity above €200,000Eq €210,842 ▲23.9%
Equity rises from €170,106 to €210,842.
29-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 151 days late
2022
31-12
Financial
Weakest financial yearnet -€52,468
Net result drops to -€52,468, the lowest in the series; recovery starts the following year.
21-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 113 days late
23-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 235 days late
2021
17-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 201 days late
2017
22-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 31 days late
Financial 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
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Bilzen-Hoeselt · 1 establishment unit since 2015
Ground area
3,231 m²
Building footprint
202 m²
Volume, LiDAR
857 m³
Parcel 73037B0277/00M000, Flanders · tallest building 8.1 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
MWST
since 20152.242.693.943
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 73037B0277/00M000 | Flanders | 3,231 m² | 1 · 202 m² | 8.1 m · 1 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 977 companies in this sector we hold annual accounts for 587. 417 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded15-06-2015
Fiscal year end31-12
Activities, NACEBEL 2025
38210Materials recovery from waste
E-invoicing
Reachable via Peppol
Peppol ID
0208:0632468605
Also
9925:BE0632468605
Registered
10-04-2026
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.