Equity
€79,239 ▲ 17.8%
NORGAD has made a profit without a break since 2021.
NORGAD
Lifetime
10 annual accounts with figures on one time axispeak €31,092 (2023)
-€3,781▼ €34,873
lowest -€2,318 (2020)
€11,979▼ 8.0%
peak €79,239 (2024)
€79,239▲ 17.8%
€679,067▼ 73.3%
Board2 names since 2021
1 directorMOHAMED GAD EL MAWLA MOHAMED Khaled
Documentsfilings and deeds
30-09-202561 days late
2024micro format
Gross margin from €31,092 to -€3,781Registered office moved within Brussels 08-05Equity from €67,261 to €79,239Debts from €2.5m to €679,067Cash from €43,592 to €265
Key points
from the 2024 annual accountsChecked score
38
Weak
Financially stronger than 46% of micro companies in wholesale trade (NACE 46)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
5.1% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,895 companies (NACE 46, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.7%
01-2025: 0.7%● unchanged vs 12-2024lowest value
02-2025: 0.7%● unchanged vs 01-2025
03-2025: 0.9%▲ +0.2 percentage points vs 02-2025
04-2025: 1.0%▲ +0.1 percentage points vs 03-2025
05-2025: 1.3%▲ +0.3 percentage points vs 04-2025
06-2025: 1.7%▲ +0.4 percentage points vs 05-2025
07-2025: 1.7%● unchanged vs 06-2025
08-2025: 2.2%▲ +0.5 percentage points vs 07-2025
09-2025: 2.8%▲ +0.6 percentage points vs 08-2025
10-2025: 4.1%▲ +1.3 percentage points vs 09-2025
11-2025: 4.1%● unchanged vs 10-2025
12-2025: 4.1%● unchanged vs 11-2025
01-2026: 4.1%● unchanged vs 12-2025
02-2026: 3.9%▼ -0.2 percentage points vs 01-2026
03-2026: 3.9%● unchanged vs 02-2026
04-2026: 4.0%▲ +0.1 percentage points vs 03-2026
05-2026: 4.3%▲ +0.3 percentage points vs 04-2026
06-2026: 2.2%▼ -2.1 percentage points vs 05-2026
07-2026: 2.1%▼ -0.1 percentage points vs 06-2026
08-2026: 3.0%▲ +0.9 percentage points vs 07-2026
09-2026: 3.4%▲ +0.4 percentage points vs 08-2026
10-2026: 5.1%▲ +1.7 percentage points vs 09-2026highest value
11-2026: 5.1%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
Figures for financial year 2024 (filed on 30-09-2025)
Liquidity: current ratio 102.45, cash €265, halved
1 financial year not filed after the legal deadline; last filed accounts filed 61 days late; 2 of the last 3 accounts late
Equity €79,239 (10.4% of total assets)
Calculation
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 46, micro). It does better than 24% of them on solvency, 53% on liquidity, 33% on profitability and 74% on growth.
The bankruptcy probability was computed on 06-11-2026 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 31-12-2024.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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).
Comparable companies, two years later
In July 2024, 4,107 companies had the same profile as NORGAD has now. Each dot stands for 11 companies, two years later.
98.0%
were still trading
0.9%
stopped another way
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of NORGAD itself is higher: 5.1% within 12 months. It rests on far more data about NORGAD than the profile alone.
Test of the method
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 4,107 companies, not a prediction for NORGAD. 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.
Credit verdict
Credit of up to €3,000 on 30-day terms, only on tighter conditions: elevated estimated bankruptcy probability calls for adjusted credit terms
Short-term debt is 1% and cash 0% of total assets. 89.6% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
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.
Signals
Six signals.
raises risk
raises risk · Annual accounts not filed
The financial year that closed on 31-12-2025 was due at the National Bank by 31-07-2026. Nothing is on record, 99 days later.
NBB · 10 filingsPosition against the passed deadline
31-12-2025 year end31-07-2026 deadline07-11-2026 today
raises risk · 2024 accounts filed 61 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-09-2025, 61 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
not filed
2024
61 days late
2023
22 days late
2022
60 days late
2021
6 days early
2020
30 days late
2019
119 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 48 days after the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (1)
Board and ownership
- MOHAMED GAD EL MAWLA MOHAMED Khaled 50 sharesdeed of 10-07-2023
- MOHAMED FATHY MOHAMED MOHAMED ELMAGHRABY 30 sharesdeed of 10-07-2023
- MOHAMAD AHMED BARAKAT Wafaa 10 sharesdeed of 10-07-2023
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0597979858
Registered office moved within Brussels
New registered office: Boulevard Adolph Max, n° 71 Flat 5D, 1000 Bruxelles · Previous registered office: RUE MARCHE AUX HERBES, N° 36, 1000 BRUXELLES · Gazette deed
Changes of role: MOHAMED GAD EL MAWLA MOHAMED Khaled (director) and ELMAGHRABY MOHAMED FATHY (director)
Director discharge: MOHAMED GAD EL MAWLA MOHAMED Khaled · Director discharge: ELMAGHRABY MOHAMED FATHY · General meeting of 27-09-2023 · Gazette deed
Transfer of 10 shares from MOHAMED GAD EL MAWLA MOHAMED Khaled to KHALED MOHAMED GAD EL MAWLA MOHAMED Amr
MOHAMED GAD EL MAWLA MOHAMED Khaled holds 50 shares · MOHAMED FATHY MOHAMED MOHAMED ELMAGHRABY holds 30 shares · MOHAMAD AHMED BARAKAT Wafaa holds 10 shares · General meeting of 01-01-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| NORGAD Brussels | €0.8m | -€3,781 | 10.4% | - |
| SLB BELGIUM Brussels | €1.5m | -€5,246 | 5.4% | - |
| WOODINC Retie | €0.4m | -€34,689 | 14.6% | - |
| THOVAC INVEST Zottegem | €0.3m | -€23,324 | -24.4% | - |
| M-DOORS Schoten | €0.3m | -€100,494 | -39.0% | 0.3 |
| EU-TIMBER Menen | €0.5m | -€66,042 | 39.9% | 1 |
| SPECIAL-BEER Liège | €0.2m | €901 | -46.9% | - |
These companies have the same main activity as NORGAD: wholesale of timber (NACE 46832). They are comparable in size and age: total assets between €210,000 and €1.5m, founded between 2008 and 2020.
Official details
Source: KBO- Status
- Active since 13-02-2015Normal situation
- Activity
- Wholesale of timberNACE 46832
- Establishment unit
- 2.239.392.6761000 Brussels, since 20-02-2015
- Financial year end
- 31 December
- Peppol
- Reachable since 12-03-2026
Insights on NORGAD
NORGAD files the micro format. That format states no turnover. The gross margin fell from €2,164 in 2015 to -€3,781 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about NORGAD
- What is the company number of NORGAD?
- The company number of NORGAD is 0597.979.858. The VAT number is the same number with BE in front: BE 0597.979.858.
- Where is NORGAD based?
- The registered office is at Adolphe Maxlaan 71, 1000 Brussels.Company details
- What does NORGAD do?
- According to the KBO register, the main activity is wholesale of timber (NACE 46832).
- What is the legal form of NORGAD?
- NORGAD is a private limited company (BV).
- When was NORGAD founded?
- NORGAD was founded on 13-02-2015.
- Is NORGAD still active?
- Yes, NORGAD is an active enterprise in the KBO register.
- What is the turnover of NORGAD?
- The annual accounts for financial year 2024 state no turnover.Financials
- Is NORGAD profitable?
- In financial year 2024, NORGAD made a profit of €11,979.
- Where can I find the annual accounts of NORGAD?
- NORGAD filed 10 annual accounts with the National Bank of Belgium, the latest for financial year 2024.
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Check which of your other customers you can e-invoice via Peppol.Peppol check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed
See how customers, suppliers and banks see your own company and what to improve first.