Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 16 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
M-ART from Heusden-Zolder, company number BE0683742904, closed financial year 2025 with a result of € -35,416 after tax. For that financial year M-ART recorded revenue of € 30,183 and equity of € 10,403. Compared with financial year 2024, the result moved from € 64 to € -35,416. The company made a loss. The buffer shrank hard: equity is 77 % below last year. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on October 19, 2026.
€ 10,403
▼ 77% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -35,416
▼ still € 64 profit in 2024
Profit after tax over the fiscal year.
Loss, nothing to pay out
Reserves fell to € -2,397.
People and assets in 2025
€ 380
▲ 161% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 133,758
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 3,114
Loans from banks and other lenders, long and short.
€ 120,711
▼ 28% vs 2024
Supplier invoices still open on the last day of the fiscal year.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 215,090 | € 103,324 | € 148,840 | € 30,183 | ▼ 80% |
| Gross margin | € 44,186 | € 3,379 | € 43,587 | € -33,602 | ▼ € 77,189 |
| Profit after taxes | € 10,857 | € -5,927 | € 64 | € -35,416 | ▼ € 35,479 |
| Equity | € 51,682 | € 45,755 | € 45,819 | € 10,403 | ▼ 77% |
| Total debts | € 12,575 | € 7,655 | € 166,699 | € 146,933 | ▼ 12% |
| Cash | - | - | € 3,883 | - | |
| Retained profit | € 38,882 | € 32,955 | € 33,019 | € -2,397 | ▼ € 35,416 |
| Bank debt | € 11,410 | € 3,855 | € 0 | € 3,114 | |
| Balance sheet total | € 64,256 | € 53,410 | € 212,518 | € 157,336 | ▼ 26% |
Key figures of M-ART, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to M-ART?
What happened at M-ART in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 35,416 (▼ € 35,479 vs 2024). filed late Source: NBB ↗
- New establishment in Heusden-Zolder. KBO
- Start of the company according to the CBE. KBO
In short
From € 10,857 profit in 2022 to € 35,416 loss in 2025.
Best year ever: 2022, with € 10,857 profit.
Management
Behind M-ART are Murat Kurbanoglu and Sahinur Goksu.
Directors
According to the 2025 annual accounts
Murat Kurbanoglu
Director
Sahinur Goksu
Director
Establishments
Establishment units
Physical locations of this company
Grootveldstraat 7
3550 Heusden-Zolder
Meylandtlaan 139
3550 Heusden-Zolder
Active since 26 October 2017
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Self-hosted
Hosting
AMAZON-02 - Amazon.com, Inc., US
Website info
Features
Security
Network
Details
- Company number
- 0683.742.904
- VAT number
- BE 0683.742.904
- Registered office
- Grootveldstraat 7, 3550 Heusden-Zolder
- Names & denominations
- M-ART
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 26 October 2017
- Peppol
- Active · Active since 15 Jan 2026
- Contact
- makeupart.be
- Activities · NACE
Stukadoorswerk