M-ART
ActiveM-ART has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €46k and a net result of €64. Equity is growing by ~3.9% per year across the filed fiscal years. Its solvency ranks better than 23% of 36375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2024
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability79▲+69
Solvency47▼-53
Growth35=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2k at 30 days acceptable
Liquidity short (current ratio 0.47 against 13.85 in 2023; short-term debt: 78.4% and cash: 1.8% of total assets), and 78.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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
21.6%
Return on assets
0%
Age of the figures
20 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 36375 sector peers (2024).
NBB · sector comparisonPosition among 36375 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 09-10-2025, 70 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 · 7 filingsDeviation from the deadline
2025
not confirmed
2024
70 d late
2023
90 d late
2022
on the day
2021
1 d late
2020
12 d late
2019
87 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, micro schema
Turnover
€149k▲ 44.1%
2023 · €103k
2022: €215k
2023: €103k
2022 → 2024
EBIT margin
3.7%▲ 2.8pp
2023 · 0.9%
2022: 4.5%
2023: 0.9%
2022 → 2024
Net result
€64
2023 · €-6k
2018: €14k
2019: €16k
2020: €30k
2021: €-32k
2022: €11k
2023: €-6k
2018 → 2024
Working capital
€-88k
2023 · €50k
2018: €23k
2019: €41k
2020: €69k
2021: €39k
2022: €52k
2023: €50k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€215k€103k▼ 52.0%€149k▲ 44.1%
Equity€73k-€41k▼ 44.1%€52k▲ 26.6%€46k▼ 11.5%€46k▲ 0.1%
Operating result€27k-€-26k€10k€953▼ 90.2%€5k▲ 477%
Net result€30k-€-32k€11k€-6k€64
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 477% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €213k
Fixed assets
€134k
Current assets
€79k
Equity and liabilities €213k
Equity
€46k▲ 0.1%
Debt
€167k▲ 2,078%
The debt ratio rises from 14.3% to 78.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€36k
Cash flow
€31k
Solvency
21.6%▼
2023 · 85.7%
Current ratio
0.47▼
2023 · 13.85
Quick ratio
0.47▼
2023 · 13.85
Debt / equity
3.64▲
2023 · 0.17
ROE
0.1%▲
2023 · -13.0%
ROA
0.0%▲
2023 · -11.1%
Interest coverage
6.69
Debt
€167k▲
2023 · €8k
Debt ≤ 1 year
€167k▲
2023 · €4k
Staff costs
€146▼
2023 · €299
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€53k€213k▲
Fixed assets21/28-€134k
Tangible fixed assets22/27-€134k
Furniture and vehicles24-€134k
Current assets29/58€53k€79k▲
Amounts receivable within one year40/41€36k€65k▲
Trade receivables40€27k€52k▲
Other amounts receivable41€9k€13k▲
Cash at bank and in hand54/58-€4k
Deferred charges and accrued income490/1€18k€10k▼
Equity and liabilities
Total equity and liabilities10/49€53k€213k▲
Equity10/15€46k€46k▲
Contributions10/11€13k€13k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€31k€31k▲
Amounts payable17/49€8k€167k▲
Amounts payable within one year42/48€4k€167k▲
Financial debts43€4k-
Credit institutions430/8€4k-
Trade debts44-€167k
Suppliers440/4-€167k
Accrued charges and deferred income492/3€4k-
Income statement
Code20232024
Turnover70€103k€149k▲
Goods, raw materials, services and sundry goods60/61€117k€105k▼
Remuneration, social security and pensions62€299€146▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€31k
Other operating charges640/8€2k€7k▲
Non-recurring operating charges66A€0-
Gross operating margin9900€3k€44k▲
Operating profit (loss)9901€953€5k▲
Financial income75/76B€3-
Recurring financial income75€3-
Financial charges65/66B€7k€5k▼
Recurring financial charges65€7k€5k▼
Profit (loss) for the period before taxes9903€-6k€64▲
Profit (loss) for the period9904€-6k€64▲
Profit (loss) for the period to be appropriated9905€-6k€64▲
Appropriation of the result
Profit (loss) to be appropriated9906€31k€31k▲
Profit (loss) brought forward from the previous period14P€37k€31k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2026
31-07
State Gazette act
Resignations & appointmentsGeneral meeting · Director appointment2 facts ▸
State Gazette act
Resignations & appointments
General meeting · Director appointment2 facts ▸
- General meeting, 01/01/2026
- Director appointment, Murat Kurbanoglu (bestuurder)
2025
09-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 70 days late
2024
31-12
Financial
Back to profitnet €64
Net result €64 after one loss-making year.
29-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 90 days late
2023
31-12
Financial
Liquidity triplescurrent ratio 13.85
Current ratio from 5.11 to 13.85; short-term debt falls from €13k to €4k.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
01-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1 day late
2021
31-12
Financial
Weakest financial yearnet €-32k ▼207%
Net result drops to €-32k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity doublescurrent ratio 8.00
Current ratio from 3.78 to 8.00; short-term debt falls from €25k to €6k.
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 12 days late
2020
31-12
Financial
Highest result since 2018net €30k ▲90.3%
Operating result €27k, net result €30k, both a record.
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 87 days late
2019
31-12
Financial
Liquidity times 39current ratio 107.45
Current ratio from 2.76 to 107.45; short-term debt falls from €13k to €386.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 director, no change since 2026
Murat Kurbanoglu
CurrentDirector · since 31-07-2026
31-07-2026
Appointed as Director
Location & real-estate footprint
Registered office, Heusden-Zolder · 1 establishment unit since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Grootveldstraat 73550 Heusden-ZolderGround area
1,434 m²
Building footprint
311 m²
Volume, LiDAR
898 m³
2 parcels, Flanders · tallest building 6.1 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
M-ART
since 20172.270.150.287
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71065F0204/00S000 | Flanders | 956 m² | 1 · 197 m² | 6.1 m · 1 fl. |
| 71065F0796/00S003 | Flanders | 478 m² | 1 · 113 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
MIJO
BE 0794.741.883
Heusden-Zolder · Eq €46k
MOONEN REALISATIES
BE 0772.327.064
Maaseik · Eq €46k
Margodt Lowie
BE 0801.084.891
Lichtervelde · Eq €46k
IRK CONSTRUCTION
BE 1022.581.819
Geraardsbergen · Eq €46k
ISOLEXT
BE 0848.825.917
Le Roeulx · Eq €46k
Of 4,011 companies in sector 43310 we hold annual accounts for 1,746. 1,512 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded26-10-2017
Fiscal year end31-12
Activities, NACEBEL
43310Plastering work
Sources
Crossroads Bank for EnterprisesNational Bank · 7 filingsAddress and cadastre registers
Data from official sources, last processed on 14-09-2026. Scores and ratios are computed by Checked and are not a credit decision.