Active BE 0464.846.269Private limited company

M.V.G.

Leest 89 ·2330 Merksplas, Belgium· 27 yrs active

Sector: Retail sale of information and communication equipment (47400)

Conclusion Checked

M.V.G. has been active since 1998 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13k and a net result of €-9k. Equity is shrinking by ~34% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 45% of 1433 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).

Based on the State Gazette, CBE and 3 annual accounts.

Key figures

Equity	€13k
Net result	€-9k
Better than sector	45%
Active	27 yrs

Financial profile 5 of 5 axes measured · computed by Checked

35 / 100

Fragile profile, watch profitability in particular.

All 5 axes are computed from data Checked has read.

Health 2

Profitability 0

Solvency 13

Growth 58

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.7% Low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1998, 27 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

2 / 100 Critical

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

No credit

negative equity or figures too weak

Score history

18 2023

20 2024

2 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.05 (< 1.0) -10

Quick ratio Quick ratio 0.05 (< 0.6) -5

Leverage Debt/equity 4.30 (> 3.0) -10

Profitability Negatieve ROE -72% -10

Interest coverage Interest coverage 0.2× (< 1.5×) -10

Profit trend Net profit down YoY -3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview27 NBB filings

Annual accounts filed on 01-07-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining At this pace, equity would indicatively turn negative around fiscal year 2027, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	18.9%	23.5%	better than 45% of 1433 sector peers
Net result	€-9k	€7k	better than 17% of 1430 sector peers
Equity	€13k	€25k	better than 39% of 1435 sector peers
Gross operating margin	€1k	€34k	better than 18% of 1427 sector peers
Total assets	€69k	€132k	better than 32% of 1434 sector peers

EBITDA

€774

-81.5% 23-25

Net profit

€-9k

-60.4% 23-25

Cash flow

€-3k

- 23-25

Total assets

€69k

-10.1% 23-25

Equity

€13k

-41.9% 23-25

Working capital

€-36k

-101.6% 23-25

Debt

€56k

+3.0% 23-25

Debt ≤ 1y

€38k

+29.0% 23-25

Debt > 1y

€18k

-26.9% 23-25

Current ratio

0.05

-87.5% 23-25

Quick ratio

0.05

-87.5% 23-25

Solvency

18.9%

-35.4% 23-25

Debt / equity

4.30

+77.3% 23-25

ROE

-72.1%

-176.0% 23-25

ROA

-13.6%

-78.4% 23-25

Interest coverage

0.23

-81.9% 23-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023
Deposit	micro schema	micro schema	micro schema
Revenue	-	-	-
EBITDA	€774	€4k	€-13k
Net profit	€-9k	€-6k	€-23k
Cash flow	€-3k	€928	€-16k
Staff costs	-	-	-
Income taxes	-	-	-
Dividends	-	-	-
Total assets	€69k	€77k	€82k
Equity	€13k	€22k	€28k
Debt	€56k	€54k	€53k
of which ≤ 1y	€38k	€29k	€22k
of which > 1y	€18k	€25k	€32k
Working capital	€-36k	€-18k	€-12k
Employees (FTE)	-	-	-

Ratios (computed)

	2025	2024	2023
Current ratio	0.05	0.39	0.44
Quick ratio	0.05	0.39	0.44
Working capital ratio	-51.7%	-23.1%	-14.9%
Solvency	18.9%	29.2%	34.7%
Debt / equity	4.30	2.42	1.88
Long-term debt ratio	1.42	1.13	1.12
Interest coverage	0.23	1.25	-5.59
Gross margin	-	-	-
Net margin	-	-	-
ROA	-13.6%	-7.6%	-28.4%
ROE	-72.1%	-26.1%	-82.0%
EBITDA margin	-	-	-
Days sales outstanding	-	-	-
Days payable outstanding	-	-	-
Inventory turnover	-	-	-
Days inventory (DSI)	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €67k · 97.3% Current assets €2k · 2.7%

Equity & liabilities

Equity €13k · 18.9% Debt €56k · 81.1%

Full annual accounts (23 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023
Balance sheet, Assets
TOTAL ASSETS	20/58	€69k	€77k	€82k
Fixed assets	21/28	€67k	€65k	€72k
Tangible fixed assets	22/27	€67k	€65k	€72k
Current assets	29/58	€2k	€11k	€9k
Amounts receivable within one year	40/41	€2k	€9k	€4k
Investments	50/53	-	-	€3k
Cash & bank	54/58	-	€2k	€2k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€69k	€77k	€82k
Equity	10/15	€13k	€22k	€28k
Contributions / capital	10/11	€19k	€19k	€19k
Reserves	13	€26k	€26k	€26k
Accumulated profits (losses)	14	€-32k	€-22k	€-16k
Amounts payable	17/49	€56k	€54k	€53k
Amounts payable after one year	17	€18k	€25k	€32k
Amounts payable within one year	42/48	€38k	€29k	€22k
Trade debts payable within one year	44	€65	€8k	€3k
Income statement
Gross operating margin	9900	€1k	€5k	€-13k
Operating result	9901	€-6k	€-3k	€-21k
Financial income	75	€44	€90	€90
Financial charges	65	€3k	€3k	€2k
Result before taxes	9903	€-9k	€-6k	€-23k
Net result for the period	9904	€-9k	€-6k	€-23k
Result to be appropriated	9905	€-9k	€-6k	€-23k

Legal Structure

NACE primary	Retail sale of information and communication equipment(47400)
Legal form	Private limited company(610)
Incorporation	22-12-1998
Status	Active
Postal code	2330

Establishment units 1 location

Leest 89, 2330 Merksplas

NACE 52487

since 20072.172.453.867

Real-estate footprint Source: CBE × cadastre

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
13023I0501/00K000	Flanders	737 m²	1 · 153 m²	7.8 m · 2 fl.

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 10 events

All 10Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

01-07