Summary
R-EXP is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €21,968 and a net result of €10,537. Equity is growing by ~93.3% per year across the filed fiscal years. Its solvency ranks better than 23% of 2464 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 2464 sector peers (2025).
NBB · sector comparisonPosition among 2464 sector peers
Solvency
better than 23%
← weakest
strongest →
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 10-06-2026, 51 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
51 d early
2024
149 d early
2023
69 d early
2022
22 d early
← 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 73 days before the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% 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 2 June (3 of the last 4 filed years within 37 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€21,968▲ 91.0%
2024 · €11,504
Net result
€10,537▲ 44.3%
2024 · €7,302
Total assets
€133,360▼ 2.9%
2024 · €137,336
Solvency
16.5%▲ 8.1pp
2024 · 8.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, 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
Line2022202320242025
Operating result€6,485-€6,809▲ 5.0%€16,121▲ 137%€22,855▲ 41.8%
Net result€64below the sector's middle half-€1,138below the sector's middle half▲ 1,690%€7,302within the sector's middle half▲ 541%€10,537within the sector's middle half▲ 44.3%
Equity€3,064below the sector's middle half-€4,202below the sector's middle half▲ 37.2%€11,504below the sector's middle half▲ 174%€21,968below the sector's middle half▲ 91.0%
Total assets€151,426within the sector's middle half-€138,783within the sector's middle half▼ 8.3%€137,336within the sector's middle half▼ 1.0%€133,360below the sector's middle half▼ 2.9%
Debt€148,363-€134,581▼ 9.3%€125,832▼ 6.5%€111,392▼ 11.5%
Working capital-€16,784below the sector's middle half--€25,236below the sector's middle half▼ 50.4%-€23,088below the sector's middle half▲ 8.5%-€18,172below the sector's middle half▲ 21.3%
Solvency2.0%below the sector's middle half-3.0%below the sector's middle half▲ 1.0pp8.4%below the sector's middle half▲ 5.3pp16.5%below the sector's middle half▲ 8.1pp
Current ratio0.53below the sector's middle half-0.44below the sector's middle half▼ 0.090.60below the sector's middle half▲ 0.160.72below the sector's middle half▲ 0.12
Return on assets (ROA)0.0%below the sector's middle half-0.8%below the sector's middle half▲ 0.8pp5.3%within the sector's middle half▲ 4.5pp7.9%within the sector's middle half▲ 2.6pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, 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 has risen three years in a row; 2025 is 42% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €133,360
Fixed assets
€86,507 ▼ 15.7%
Current assets
€46,853 ▲ 34.8%
Equity and liabilities €133,360
Equity
€21,968 ▲ 91.0%
Debt
€111,392 ▼ 11.5%
Debt's share of the balance-sheet total falls from 91.6% to 83.5%. Equity is higher and debt is lower.
Key figures and ratios
ROE
48.0%▼
2024 · 63.5%
Debt ≤ 1 year
€65,025▲
2024 · €57,833
Debt > 1 year
€46,366▼
2024 · €67,999
Income taxes
€6,384▲
2024 · €3,960
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,026 | €15,624 | €16,085 | €16,085 | = |
| Other operating charges640/8 | €7,376 | €10,477 | €894 | €868 | ▼ 2.8% |
| Gross operating margin9900 | €32,887 | €32,910 | €33,100 | €39,808 | ▲ 20.3% |
| Operating profit (loss)9901 | €6,485 | €6,809 | €16,121 | €22,855 | ▲ 41.8% |
| Financial charges65/66B | €4,735 | €3,191 | €4,859 | €5,934 | ▲ 22.1% |
| Recurring financial charges65 | €4,735 | €3,191 | €4,859 | €5,934 | ▲ 22.1% |
| Profit (loss) for the period before taxes9903 | €1,750 | €3,618 | €11,262 | €16,922 | ▲ 50.3% |
| Income taxes67/77 | €1,686 | €2,480 | €3,960 | €6,384 | ▲ 61.2% |
| Profit (loss) for the period9904 | €64 | €1,138 | €7,302 | €10,537 | ▲ 44.3% |
| Profit (loss) for the period to be appropriated9905 | €64 | €1,138 | €7,302 | €10,537 | ▲ 44.3% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €151,426 | €138,783 | €137,336 | €133,360 | ▼ 2.9% |
| Fixed assets21/28 | €132,472 | €118,676 | €102,591 | €86,507 | ▼ 15.7% |
| Intangible fixed assets21 | €130,566 | €115,641 | €100,716 | €85,790 | ▼ 14.8% |
| Tangible fixed assets22/27 | €1,861 | €2,990 | €1,831 | €672 | ▼ 63.3% |
| Plant, machinery and equipment23 | - | €908 | €597 | €285 | ▼ 52.1% |
| Furniture and vehicles24 | €1,861 | €2,083 | €1,235 | €387 | ▼ 68.7% |
| Financial fixed assets28 | €44 | €44 | €44 | €44 | = |
| Current assets29/58 | €18,955 | €20,108 | €34,745 | €46,853 | ▲ 34.8% |
| Amounts receivable within one year40/41 | €13,556 | €13,230 | €16,265 | €25,002 | ▲ 53.7% |
| Trade receivables40 | €13,556 | €13,230 | €15,028 | €9,848 | ▼ 34.5% |
| Other amounts receivable41 | - | - | €1,236 | €15,154 | ▲ 1,126% |
| Cash at bank and in hand54/58 | €3,756 | €6,688 | €17,836 | €21,180 | ▲ 18.7% |
| Deferred charges and accrued income490/1 | €1,643 | €190 | €644 | €671 | ▲ 4.2% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €151,426 | €138,783 | €137,336 | €133,360 | ▼ 2.9% |
| Equity10/15 | €3,064 | €4,202 | €11,504 | €21,968 | ▲ 91.0% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | €1,202 | €8,504 | €18,968 | ▲ 123% |
| Distributable reserves133 | - | €1,202 | €8,504 | €18,968 | ▲ 123% |
| Profit (loss) carried forward14 | €64 | - | - | - | - |
| Amounts payable17/49 | €148,363 | €134,581 | €125,832 | €111,392 | ▼ 11.5% |
| Amounts payable after more than one year17 | €111,810 | €89,238 | €67,999 | €46,366 | ▼ 31.8% |
| Financial debts170/4 | €111,810 | €89,238 | €67,999 | €46,366 | ▼ 31.8% |
| Amounts payable within one year42/48 | €35,739 | €45,343 | €57,833 | €65,025 | ▲ 12.4% |
| Current portion of amounts payable after more than one year42 | €20,441 | €20,852 | €21,239 | €35,180 | ▲ 65.6% |
| Trade debts44 | €3,410 | €3,984 | €1,507 | €3,574 | ▲ 137% |
| Suppliers440/4 | €3,410 | €3,984 | €1,507 | €3,574 | ▲ 137% |
| Taxes, remuneration and social security45 | €7,836 | €18,698 | €16,000 | €14,684 | ▼ 8.2% |
| Taxes450/3 | €7,836 | €16,080 | €14,000 | €12,684 | ▼ 9.4% |
| Remuneration and social security454/9 | - | €2,618 | €2,000 | €2,000 | = |
| Other amounts payable47/48 | €4,052 | €1,809 | €19,087 | €11,588 | ▼ 39.3% |
| Accrued charges and deferred income492/3 | €813 | - | - | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €64 | €1,138 | €7,302 | €10,537 | ▲ 44.3% |
| + Depreciation and write-downs630 | €19,026 | €15,624 | €16,085 | €16,085 | = |
| Operating cash flow (approximation) | €19,090 | €16,762 | €23,386 | €26,622 | ▲ 13.8% |
| Investment in fixed assets (approximation) | - | -€1,828 | €0 | €0 | - |
| Change in cash | - | €2,932 | €11,148 | €3,344 | ▼ 70.0% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2022net €10,537 ▲44.3%
Operating result €22,855, net result €10,537, both a record.
04-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
23-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Sint-Jans-Molenbeek · 1 establishment unit since 2021
Ground area
961 m²
Building footprint
222 m²
Volume, LiDAR
2,958 m³
Parcel 21524C0226/00A002, Brussels · tallest building 15.6 m, ±5 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
BUREAU D'EXPERTISE AUTOMOBILE ET D'INVESTIGATION MURGANO
since 20212.321.100.033
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21524C0226/00A002 | Brussels | 961 m² | 1 · 222 m² | 15.6 m · 5 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 853 companies in sector 66210 we hold annual accounts for 511. 304 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
Founded13-08-2021
Fiscal year end31-12
Activities, NACEBEL 2025
66210Risk and damage evaluation
71209Other technical testing and analysis
80010Investigation and private security services
96999Other personal services
Contact
Website
www.expertise-murgano.be/
E-mail
Info@expertise-murgano.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0772546701
Also
9925:BE0772546701
Registered
21-11-2025
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.