Two Mae
ActiveSummary
Two Mae has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €218,705 and a net result of €7,021. Equity has been shrinking by about 5.1% per year since 2018. The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-02-2001 Normal situation
- Activity
- No activity registered in the KBO
- Establishment unit
- 2.115.423.114 3800 Sint-Truiden, since 06-11-2002
- Financial year end
- 31 December
- Peppol
- Reachable since 19-11-2025
Board and ownership
- DD&M ConsultingDirector · permanent representative Jean-Claude Nivelles
- DD&M Consulting100%2024 annual accounts of DD&M Consulting
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.3%
- Gross margin
- €79,472
- ▲ 91.3%
- Turnover
- ≈ €240,000
- estimated
- Profit
- €7,021
- Equity
- €218,705
- ▲ 3.3%
- Total assets
- €540,834
- ▼ 1.7%
Score breakdownraises riskLiquidity: current ratio 1.52, cash €1,476, halvedlowers riskSize: total assets €540,834Figures for financial year 2025 (filed on 15-06-2026)Founded in 2001Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (no NACE code, micro). It does better than 39% of them on solvency, 32% on liquidity, 50% on profitability and 57% on growth.
The bankruptcy probability was computed on 02-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 2 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 PDF all 25 filings
Every figure per financial year
The operating result for 2025 is a profit of €16,943, after a loss of €18,841 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €142,635 | €223,873 | €25,242 | €5,024 |
| Depreciation and write-downs of the year | €17,712 | €24,893 | €46,530 | €55,442 | €57,423 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,866 | €17,894 | €17,894 | €17,712 | €24,893 | €46,530 | €55,442 | €57,423 | ▲ 3.6% |
| Other operating charges640/8 | - | - | - | €4,264 | €4,358 | €4,024 | €4,952 | €5,106 | ▲ 3.1% |
| Gross operating margin9900 | €66,451 | €71,595 | €45,232 | €19,010 | €12,805 | €1,335 | €41,553 | €79,472 | ▲ 91.3% |
| Operating profit (loss)9901 | €47,746 | €50,493 | €23,898 | -€2,966 | -€16,445 | -€49,219 | -€18,841 | €16,943 | - |
| Financial income75/76B | - | - | - | - | €0 | €202 | €1,971 | €4,969 | ▲ 152% |
| Recurring financial income75 | - | - | - | - | €0 | €202 | €1,971 | €4,969 | ▲ 152% |
| Financial charges65/66B | - | - | - | €321 | €452 | €9,668 | €12,825 | €12,343 | ▼ 3.8% |
| Recurring financial charges65 | €2,815 | €928 | €306 | €321 | €452 | €9,668 | €12,825 | €12,343 | ▼ 3.8% |
| Profit (loss) for the period before taxes9903 | €44,932 | €49,565 | €23,593 | -€3,287 | -€16,897 | -€58,685 | -€29,694 | €9,570 | - |
| Income taxes67/77 | €13,378 | €14,192 | €7,507 | - | - | - | - | €2,549 | - |
| Profit (loss) for the period9904 | €31,554 | €35,373 | €16,086 | -€3,287 | -€16,897 | -€58,685 | -€29,694 | €7,021 | - |
| Profit (loss) for the period to be appropriated9905 | €31,554 | €35,373 | €16,086 | -€3,287 | -€16,897 | -€58,685 | -€29,694 | €7,021 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €575,411 | €575,047 | €559,211 | €320,060 | €360,323 | €591,992 | €549,916 | €540,834 | ▼ 1.7% |
| Fixed assets21/28 | €574,076 | €566,458 | €548,564 | €230,852 | €348,594 | €525,938 | €495,738 | €443,339 | ▼ 10.6% |
| Tangible fixed assets22/27 | €274,076 | €266,458 | €248,564 | €230,852 | €348,594 | €525,938 | €495,738 | €443,339 | ▼ 10.6% |
| Land and buildings22 | - | - | - | €230,852 | €348,594 | €525,938 | €495,738 | €443,339 | ▼ 10.6% |
| Financial fixed assets28 | €300,000 | €300,000 | €300,000 | - | - | - | - | - | - |
| Current assets29/58 | €1,335 | €8,589 | €10,647 | €89,208 | €11,729 | €66,054 | €54,178 | €97,494 | ▲ 80.0% |
| Amounts receivable within one year40/41 | €245 | €1,501 | €1,493 | €75,618 | - | €43,377 | €40,277 | €94,780 | ▲ 135% |
| Trade receivables40 | - | - | - | €673 | - | - | - | €3,834 | - |
| Other amounts receivable41 | - | - | - | €74,946 | - | €43,377 | €40,277 | €90,945 | ▲ 126% |
| Cash at bank and in hand54/58 | €1,090 | €4,183 | €3,443 | €10,140 | €3,463 | €21,661 | €10,056 | €1,476 | ▼ 85.3% |
| Deferred charges and accrued income490/1 | - | - | - | €3,450 | €8,266 | €1,016 | €3,845 | €1,238 | ▼ 67.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €575,411 | €575,047 | €559,211 | €320,060 | €360,323 | €591,992 | €549,916 | €540,834 | ▼ 1.7% |
| Equity10/15 | €268,790 | €304,163 | €320,248 | €316,961 | €300,064 | €241,378 | €211,684 | €218,705 | ▲ 3.3% |
| Contributions10/11 | €119,000 | €119,000 | - | €119,000 | €119,000 | €119,000 | €119,000 | €119,000 | = |
| Reserves13 | €8,867 | €10,636 | €26,722 | €26,722 | €26,722 | €26,722 | €26,722 | €26,722 | = |
| Non-distributable reserves130/1 | - | - | - | €10,636 | €10,636 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €10,636 | €10,636 | - | - | - | - |
| Distributable reserves133 | - | - | - | €16,086 | €16,086 | €26,722 | €26,722 | €26,722 | = |
| Profit (loss) carried forward14 | €140,922 | €174,527 | €174,527 | €171,239 | €154,342 | €95,657 | €65,962 | €72,983 | ▲ 10.6% |
| Amounts payable17/49 | €306,622 | €270,884 | €238,962 | €3,099 | €60,259 | €350,613 | €338,232 | €322,128 | ▼ 4.8% |
| Amounts payable after more than one year17 | - | - | - | - | - | €278,203 | €268,302 | €257,970 | ▼ 3.9% |
| Financial debts170/4 | - | - | - | - | - | €278,203 | €268,302 | €257,970 | ▼ 3.9% |
| Amounts payable within one year42/48 | €306,622 | €270,884 | €238,962 | €2,264 | €60,131 | €72,410 | €69,930 | €64,159 | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | €9,488 | €9,901 | €10,332 | ▲ 4.4% |
| Trade debts44 | - | €934 | €1,302 | €2,264 | €8,915 | €49,889 | €16,381 | €8,539 | ▼ 47.9% |
| Suppliers440/4 | - | - | - | €2,264 | €8,915 | €49,889 | €16,381 | €8,539 | ▼ 47.9% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €2,549 | - |
| Taxes450/3 | - | - | - | - | - | - | - | €2,549 | - |
| Other amounts payable47/48 | - | - | - | - | €51,217 | €13,034 | €43,648 | €42,739 | ▼ 2.1% |
| Accrued charges and deferred income492/3 | - | - | - | €835 | €128 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,554 | €35,373 | €16,086 | -€3,287 | -€16,897 | -€58,685 | -€29,694 | €7,021 | - |
| + Depreciation and write-downs630 | €16,866 | €17,894 | €17,894 | €17,712 | €24,893 | €46,530 | €55,442 | €57,423 | ▲ 3.6% |
| Operating cash flow (approximation) | €48,420 | €53,267 | €33,980 | €14,425 | €7,995 | -€12,156 | €25,748 | €64,443 | ▲ 150% |
| Investment in fixed assets (approximation) | - | -€10,275 | €0 | €300,000 | -€142,635 | -€223,873 | -€25,242 | -€5,024 | ▲ 80.1% |
| Change in cash | - | €3,093 | -€740 | €6,697 | -€6,677 | €18,198 | -€11,605 | -€8,580 | ▲ 26.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as Two Mae has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Two Mae itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 14,766 companies, not a prediction for Two Mae. 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.
Latest 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160488 | |
| 31-12-2024 | micro format | 30-07-2025 | 2025-00330410 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00383321 | |
| 31-12-2022 | abbreviated format | 07-09-2023 | 2023-00439366 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20237255 | |
| 31-12-2020 | micro format | 07-07-2021 | 2021-32200115 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34300337 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31900570 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31300148 | |
| 31-12-2016 | micro format | 12-07-2017 | 2017-30600282 |
Board & ownership
Directors
Board 1
Permanent representatives 1
Owners and capital
Shareholders
1 ownerChain of control
- DD&M Consulting
- Two Mae
Owners 1
- DD&M ConsultingparentEquity -€60,417 Profit of €15,448 in 2025 (loss of €32,347 in 2024)100%
Capital transactions
- 08-01-2024 Converted to unavailable equity
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| DD&M Consulting |
|
| Erik Cielen |
|
| Henri Trouwers |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Geheel bevoegdheden met mogelijkheid deel te delegeren, iedere bestuurder alleen mag alle handelingen nodig/nuttig voor voorwerp behalve…”“Algemene kosten los van representatie- reis- en verplaatsingskosten, algemene vergadering beslist kosteloos of niet”
Articles of association, deed of 08-01-2024 (in Dutch)
Network & group
Companies at the same address
1 other companyConnections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
08-01
Gazette deed
Company renamed from SOFAL ST. to Two MaeKind of shares · Purpose change · Amendment of the articles10 points ▸
- General meeting, 14-12-2023
- Name change, Two Mae
- Kind of shares, “afschaffing onderscheid” (deed in Dutch)
- Purpose change
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “opheffing statutair onbeschikbare eigen vermogensrekening, middelen beschikbaar voor uitkering” (deed in Dutch)
- Capital
- Power of attorney, Simon Vreven
- Registered office clause, “3800 Sint-Truiden, Naamsesteenweg 229 bus 1”, 9/. (deed in Dutch)
26-01
Gazette deed
1 director appointed, 2 directors resigningResignations: Erik Cielen (director) and Henri Trouwers (director) · Appointment: BV DD&M CONSULTING (director) · Permanent representative: Jean-Claude Nivelles5 points ▸
- General meeting, 07-12-2021
- Director resignation, Erik Cielen (director)
- Director resignation, Henri Trouwers (director)
- Director appointment, BV DD&M CONSULTING (director)
- Permanent representative, Jean-Claude Nivelles
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71353E0425/00R000 | Flanders | 6,347 m² | 1 · 359 m² | 8.6 m · 2 |