MORAY
ActiveSummary
MORAY has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €21k and a net result of €115k. Equity is shrinking by ~31.5% per year across the filed fiscal years. Its solvency ranks better than 30% of 18400 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency36▼-5
Growth58=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity short (current ratio 0.64 against 0.72 in 2024; short-term debt: 74.1% and cash: 31.9% of total assets), and 89.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
10.7%
Return on assets
58.2%
Age of the figures
9 mo
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
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 29-05-2026, 63 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
63 d early
2024
66 d early
2023
68 d early
2022
6 d early
2021
52 d early
2020
37 d early
2019
43 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€115k▲ 4.6%
2024 · €110k
2018: €78k
2019: €110k▲ +40.6% vs 2018
2020: €106k▼ -3.8% vs 2019
2021: €112k▲ +5.4% vs 2020
2022: €82k▼ -26.8% vs 2021
2023: €36k▼ -56.0% vs 2022lowest in 8 years
2024: €110k▲ +205% vs 2023
2025: €115k▲ +4.6% vs 2024highest in 8 years
2018 → 2025
Working capital
€-52k▼ 56.9%
2024 · €-33k
2018: €70k
2019: €81k▲ +15.7% vs 2018
2020: €166k▲ +105% vs 2019highest in 8 years
2021: €-4k▼ -103% vs 2020
2022: €15k▲ +439% vs 2021
2023: €-27k▼ -281% vs 2022
2024: €-33k▼ -21.8% vs 2023
2025: €-52k▼ -56.9% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€124k-€86k▼ 30.9%€22k▼ 74.7%€31k▲ 44.4%€21k▼ 32.7%
2021: €124khighest in 5 years
2022: €86k▼ -30.9% vs 2021
2023: €22k▼ -74.7% vs 2022
2024: €31k▲ +44.4% vs 2023
2025: €21k▼ -32.7% vs 2024lowest in 5 years
Operating result€146k-€108k▼ 26.2%€50k▼ 53.3%€149k▲ 195%€157k▲ 5.2%
2021: €146k
2022: €108k▼ -26.2% vs 2021
2023: €50k▼ -53.3% vs 2022lowest in 5 years
2024: €149k▲ +195% vs 2023
2025: €157k▲ +5.2% vs 2024highest in 5 years
Net result€112k-€82k▼ 26.8%€36k▼ 56.0%€110k▲ 205%€115k▲ 4.6%
2021: €112k
2022: €82k▼ -26.8% vs 2021
2023: €36k▼ -56.0% vs 2022lowest in 5 years
2024: €110k▲ +205% vs 2023
2025: €115k▲ +4.6% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 5% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €197k
Fixed assets
€103k ▼ 8.8%
Current assets
€94k ▲ 13.3%
Equity and liabilities €197k
Equity
€21k ▼ 32.7%
Debt
€176k ▲ 6.9%
Debt's share of the balance-sheet total rises from 84.0% to 89.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€195k▲
2024 · €180k
Cash flow
€153k▲
2024 · €141k
Current ratio
0.64▼
2024 · 0.72
Quick ratio
0.47▼
2024 · 0.53
Debt to equity
8.32▲
2024 · 5.24
ROE
542.5%▲
2024 · 349.1%
ROA
58.2%▲
2024 · 55.9%
Interest coverage
22.14▲
2024 · 21.77
Debt ≤ 1 year
€146k▲
2024 · €116k
Debt > 1 year
€30k▼
2024 · €48k
Income taxes
€34k▲
2024 · €31k
Staff costs
€354k▲
2024 · €315k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€196k€197k▲
Fixed assets21/28€113k€103k▼
Intangible fixed assets21€26k€19k▼
Tangible fixed assets22/27€86k€83k▼
Land and buildings22€69k€70k▲
Furniture and vehicles24€17k€13k▼
Financial fixed assets28€1k€1k=
Current assets29/58€83k€94k▲
Stocks and contracts in progress3€22k€26k▲
Stocks30/36€22k€26k▲
Amounts receivable within one year40/41€6k€196▼
Trade receivables40€345€196▼
Other amounts receivable41€5k€0▼
Cash at bank and in hand54/58€53k€63k▲
Deferred charges and accrued income490/1€2k€5k▲
Equity and liabilities
Total equity and liabilities10/49€196k€197k▲
Equity10/15€31k€21k▼
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€11k€692▼
Amounts payable17/49€165k€176k▲
Amounts payable after more than one year17€48k€30k▼
Financial debts170/4€48k€30k▼
Amounts payable within one year42/48€116k€146k▲
Current portion of amounts payable after more than one year42€18k€40k▲
Trade debts44€5k€15k▲
Suppliers440/4€5k€15k▲
Taxes, remuneration and social security45€54k€61k▲
Taxes450/3€16k€14k▼
Remuneration and social security454/9€38k€47k▲
Other amounts payable47/48€39k€29k▼
Income statement
Code20242025
Remuneration, social security and pensions62€315k€354k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€31k€39k▲
Other operating charges640/8€8k€2k▼
Gross operating margin9900€503k€551k▲
Operating profit (loss)9901€149k€157k▲
Financial income75/76B€294€635▲
Recurring financial income75€294€635▲
Financial charges65/66B€8k€9k▲
Recurring financial charges65€8k€9k▲
Profit (loss) for the period before taxes9903€141k€148k▲
Income taxes67/77€31k€34k▲
Profit (loss) for the period9904€110k€115k▲
Profit (loss) for the period to be appropriated9905€110k€115k▲
Appropriation of the result
Profit (loss) to be appropriated9906€111k€126k▲
Profit (loss) brought forward from the previous period14P€1k€11k▲
Profit to be distributed694/7€100k€125k▲
Return on contributions (dividend)694€100k€125k▲
The notes to these accounts (18 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €221k | €226k | €289k | €315k | €354k | ▲ 12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €64k | €56k | €49k | €31k | €39k | ▲ 25.4% |
| Other operating charges640/8 | €3k | €2k | €2k | €8k | €2k | ▼ 77.8% |
| Gross operating margin9900 | €433k | €393k | €391k | €503k | €551k | ▲ 9.6% |
| Operating profit (loss)9901 | €146k | €108k | €50k | €149k | €157k | ▲ 5.2% |
| Financial income75/76B | €29 | €1 | €0 | €294 | €635 | ▲ 116% |
| Recurring financial income75 | €29 | €1 | €0 | €294 | €635 | ▲ 116% |
| Financial charges65/66B | €4k | €5k | €5k | €8k | €9k | ▲ 6.9% |
| Recurring financial charges65 | €4k | €5k | €5k | €8k | €9k | ▲ 6.9% |
| Profit (loss) for the period before taxes9903 | €142k | €103k | €45k | €141k | €148k | ▲ 5.4% |
| Income taxes67/77 | €31k | €21k | €10k | €31k | €34k | ▲ 7.9% |
| Profit (loss) for the period9904 | €112k | €82k | €36k | €110k | €115k | ▲ 4.6% |
| Profit (loss) for the period to be appropriated9905 | €112k | €82k | €36k | €110k | €115k | ▲ 4.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €599k | €353k | €237k | €196k | €197k | ▲ 0.6% |
| Fixed assets21/28 | €241k | €155k | €116k | €113k | €103k | ▼ 8.8% |
| Intangible fixed assets21 | €49k | €41k | €34k | €26k | €19k | ▼ 28.6% |
| Tangible fixed assets22/27 | €191k | €113k | €81k | €86k | €83k | ▼ 2.8% |
| Land and buildings22 | €102k | €77k | €57k | €69k | €70k | ▲ 2.4% |
| Furniture and vehicles24 | €88k | €36k | €24k | €17k | €13k | ▼ 23.8% |
| Financial fixed assets28 | €1k | €1k | €1k | €1k | €1k | = |
| Current assets29/58 | €358k | €198k | €122k | €83k | €94k | ▲ 13.3% |
| Stocks and contracts in progress3 | €20k | €23k | €26k | €22k | €26k | ▲ 17.1% |
| Stocks30/36 | €20k | €23k | €26k | €22k | €26k | ▲ 17.1% |
| Amounts receivable within one year40/41 | €3k | €13k | €8k | €6k | €196 | ▼ 96.6% |
| Trade receivables40 | €3k | €4k | €2k | €345 | €196 | ▼ 43.2% |
| Other amounts receivable41 | €0 | €9k | €6k | €5k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €335k | €161k | €85k | €53k | €63k | ▲ 17.9% |
| Deferred charges and accrued income490/1 | €879 | €1k | €2k | €2k | €5k | ▲ 178% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €599k | €353k | €237k | €196k | €197k | ▲ 0.6% |
| Equity10/15 | €124k | €86k | €22k | €31k | €21k | ▼ 32.7% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Distributable reserves133 | - | - | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €104k | €65k | €1k | €11k | €692 | ▼ 93.7% |
| Amounts payable17/49 | €475k | €268k | €215k | €165k | €176k | ▲ 6.9% |
| Amounts payable after more than one year17 | €112k | €84k | €67k | €48k | €30k | ▼ 38.2% |
| Financial debts170/4 | €112k | €84k | €67k | €48k | €30k | ▼ 38.2% |
| Amounts payable within one year42/48 | €363k | €183k | €149k | €116k | €146k | ▲ 25.7% |
| Current portion of amounts payable after more than one year42 | €34k | €29k | €18k | €18k | €40k | ▲ 121% |
| Trade debts44 | €7k | €4k | €5k | €5k | €15k | ▲ 210% |
| Suppliers440/4 | €7k | €4k | €5k | €5k | €15k | ▲ 210% |
| Taxes, remuneration and social security45 | €92k | €54k | €48k | €54k | €61k | ▲ 14.3% |
| Taxes450/3 | €64k | €28k | €9k | €16k | €14k | ▼ 9.7% |
| Remuneration and social security454/9 | €28k | €25k | €38k | €38k | €47k | ▲ 24.4% |
| Other amounts payable47/48 | €229k | €96k | €78k | €39k | €29k | ▼ 25.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €112k | €82k | €36k | €110k | €115k | ▲ 4.6% |
| + Depreciation and write-downs630 | €64k | €56k | €49k | €31k | €39k | ▲ 25.4% |
| Operating cash flow (approximation) | €176k | €138k | €84k | €141k | €153k | ▲ 9.2% |
| Investment in fixed assets (approximation) | - | €29k | €-9k | €-28k | €-29k | ▼ 2.0% |
| Change in cash | - | €-174k | €-76k | €-32k | €10k | ▲ 130% |
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
29-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €115k ▲4.6%
Operating result €157k, net result €115k, both a record.
26-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €36k ▼56%
Net result drops to €36k, the lowest in the series; recovery starts the following year.
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
09-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity doublescurrent ratio 3.20
Current ratio from 1.59 to 3.20; short-term debt falls from €137k to €76k.
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €200kEq €207k ▲114%
2 profitable years in a row build equity to €207k.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Blégny · 2 establishment units since 2018
Ground area
504 m²
Building footprint
220 m²
Volume, LiDAR
1,940 m³
2 parcels, Wallonia · tallest building 11.4 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
2 establishment units
MORAY
since 20182.278.147.839
Rue Entre-deux-Villes 19, 4670 Blégny
since 20252.381.394.045
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62103B0861/00Z002 | Wallonia | 362 m² | 1 · 71 m² | 10.8 m · 2 fl. |
| 62103B0861/00B003 | Wallonia | 142 m² | 1 · 150 m² | 11.4 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteBlégny2.278.147.839
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Of 269 companies in sector 47222 we hold annual accounts for 134. 95 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
Founded14-06-2018
Fiscal year end31-12
Activities, NACEBEL 2025
47221Retail sale of meat and meat products, excluding game and poultry
47222Retail trade
10120Manufacture of food products
10130Manufacture of food products
Scores and ratios are computed by Checked and are not a credit decision.