MORGAN BELGIUM
ActiveSummary
MORGAN BELGIUM has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €405k and a net result of €-92k. Equity is shrinking by ~14% per year across the filed fiscal years. Its solvency ranks better than 37% of 10359 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
43
/ 100
Weak
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability11▼-56
Solvency51▼-1
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days only on tighter terms
Liquidity tight (current ratio 1.31 against 1.35 in 2024; short-term debt: 71.3% and cash: 4.7% of total assets), and 74.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
Sector 47
higher
← fewer bankruptcies
more bankruptcies →
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 02-06-2026, 59 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
59 d early
2024
9 d early
2023
9 d early
2022
6 d early
2021
5 d early
2020
25 d early
2019
on the day
← 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-92k
2024 · €126k
2018: €325k
2019: €372k
2020: €243k
2021: €101k
2022: €20k
2023: €120k
2024: €126k
2018 → 2025
Working capital
€348k▼ 37.5%
2024 · €557k
2018: €1.05M
2019: €1.54M
2020: €671k
2021: €691k
2022: €762k
2023: €571k
2024: €557k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€692k-€712k▲ 2.8%€611k▼ 14.1%€617k▲ 0.9%€405k▼ 34.3%
Operating result€162k-€58k▼ 64.5%€198k▲ 243%€237k▲ 19.8%€-44k
Net result€101k-€20k▼ 80.7%€120k▲ 512%€126k▲ 4.8%€-92k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €44k after €237k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.57M
Fixed assets
€103k ▼ 29.1%
Current assets
€1.47M ▼ 31.6%
Equity and liabilities €1.57M
Equity
€405k ▼ 34.3%
Debt
€1.17M ▼ 30.4%
Debt's share of the balance-sheet total rises from 73.1% to 74.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-20k▼
2024 · €273k
Cash flow
€-67k▼
2024 · €162k
Current ratio
1.31▼
2024 · 1.35
Quick ratio
0.87▲
2024 · 0.79
Debt to equity
2.88▲
2024 · 2.72
ROE
-22.6%▼
2024 · 20.3%
ROA
-5.8%▼
2024 · 5.5%
Interest coverage
-0.40▼
2024 · 4.93
Debt ≤ 1 year
€1.12M▼
2024 · €1.59M
Debt > 1 year
€43k▼
2024 · €82k
Income taxes
€2k▼
2024 · €58k
Staff costs
€333k▲
2024 · €330k
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 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.29M€1.57M▼
Fixed assets21/28€146k€103k▼
Intangible fixed assets21€9k€7k▼
Tangible fixed assets22/27€137k€97k▼
Plant, machinery and equipment23€21k€18k▼
Furniture and vehicles24€42k€13k▼
Other tangible fixed assets26€74k€66k▼
Financial fixed assets28€69€69=
Current assets29/58€2.15M€1.47M▼
Stocks and contracts in progress3€897k€499k▼
Stocks30/36€897k€499k▼
Amounts receivable within one year40/41€1.10M€873k▼
Trade receivables40€409k€14k▼
Other amounts receivable41€689k€859k▲
Cash at bank and in hand54/58€83k€74k▼
Deferred charges and accrued income490/1€68k€23k▼
Equity and liabilities
Total equity and liabilities10/49€2.29M€1.57M▼
Equity10/15€617k€405k▼
Contributions10/11€28k€28k=
Reserves13€27k€27k=
Distributable reserves133€27k€27k=
Profit (loss) carried forward14€562k€351k▼
Amounts payable17/49€1.68M€1.17M▼
Amounts payable after more than one year17€82k€43k▼
Financial debts170/4€82k€43k▼
Amounts payable within one year42/48€1.59M€1.12M▼
Current portion of amounts payable after more than one year42€46k€40k▼
Financial debts43€836k€754k▼
Credit institutions430/8€836k€754k▼
Trade debts44€125k€57k▼
Suppliers440/4€125k€57k▼
Advances received on contracts in progress46€419k€39k▼
Taxes, remuneration and social security45€45k€109k▲
Taxes450/3€11k€97k▲
Remuneration and social security454/9€34k€12k▼
Other amounts payable47/48€120k€121k▲
Accrued charges and deferred income492/3€4k€4k▲
Income statement
Code20242025
Remuneration, social security and pensions62€330k€333k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€36k€24k▼
Other operating charges640/8€13k€14k▲
Gross operating margin9900€616k€327k▼
Operating profit (loss)9901€237k€-44k▼
Financial income75/76B€2k€5k▲
Recurring financial income75€2k€5k▲
Financial charges65/66B€55k€50k▼
Recurring financial charges65€55k€50k▼
Profit (loss) for the period before taxes9903€184k€-89k▼
Income taxes67/77€58k€2k▼
Profit (loss) for the period9904€126k€-92k▼
Profit (loss) for the period to be appropriated9905€126k€-92k▼
Appropriation of the result
Profit (loss) to be appropriated9906€682k€471k▼
Profit (loss) brought forward from the previous period14P€557k€562k▲
Profit to be distributed694/7€120k€120k=
Return on contributions (dividend)694€120k€120k=
Social balance
Average headcount (FTE)90874.34.8▲
The notes to these accounts (28 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet €-92k ▼173%
Net result drops to €-92k, the lowest in the series.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €372k ▲14.5%
Operating result €553k, net result €372k, both a record.
04-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
10 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-Genesius-Rode · 1 establishment unit since 1982
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.
Hallesesteenweg 158c1640 Sint-Genesius-RodeGround area
1.1 ha
Building footprint
1,812 m²
Volume, LiDAR
2,584 m³
Parcel 22004D0028/00H005, Flanders · tallest building 4.9 m. Linked by address, not a title deed.
1 establishment unit
Hallesesteenweg 158c, 1640 Sint-Genesius-Rode
since 19822.021.246.309
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 22004D0028/00H005 | Flanders | 1.1 ha | 1 · 1,812 m² | 4.9 m |
Linked by address, not proof of ownership
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.
Similar companies · same sector, comparable size
TRADEFLOW
BE 0458.370.629
Bilzen-Hoeselt · Eq €405,254
NOVAFUND
BE 0421.340.185
Wemmel · Eq €404,809
AUTOSAN
BE 0424.330.359
Braine-l'Alleud · Eq €404,686
Docabé
BE 0473.202.424
Hasselt · Eq €406,306
AYKUT AUTOMOBILE
BE 0834.100.129
Verviers · Eq €406,338
Of 10,671 companies in sector 47811 we hold annual accounts for 5,222. 3,535 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded24-09-1982
Fiscal year end31-12
Activities, NACEBEL 2025
47811Retail sale of cars and light vans (up to 3.5 tonnes)
95311General maintenance and repair of cars and light vans (up to 3.5 tonnes)
Sources
Crossroads Bank for EnterprisesNational Bank · 44 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.