M-Square
0467.239.397 · rovalta.com · 21/09/2026
ACTIVE
M-Square
Financial year 2025 · closed on 30/09/2025
Net result
20,9 k €
+521.4% YoY
Gross margin
47,8 k €
+85.9% YoY
Equity
199,6 k €
+11.7% YoY
Overview
What does M-Square do?
M-Square is a Private limited company incorporated in 1999. Its main activity is: Gambling and betting activities. Its registered office is in Middelkerke.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0467.239.397
Incorporation
10/11/1999
Legal form
Private limited company
Registered office
Distellaan 15
8434 Middelkerke · FlandreSee on map
8434 Middelkerke · FlandreSee on map
Contributed capital
18 608,72 €
Latest accounts
30/09/2025
Activities (NACE)
Joint committees (1)
- 14904
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Financials
Trend over 19 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||||
| Gross margin | 47,8 k € | +85.9% | 25,7 k € | +332% | 5,9 k € | -43.8% | 10,6 k € | -77.6% | 47,1 k € | +91.9% | 24,6 k € | -61.3% | 63,5 k € | -27.4% | 87,4 k € | +7.6% | 81,3 k € | +28.7% | 63,1 k € | -6.0% | 67,2 k € | -52.6% | 141,7 k € | +54.9% | 91,5 k € | +94.5% | 47 k € | +145% | -104,6 k € | -158% | 180,7 k € | -14.1% | 210,4 k € | -12.5% | 240,4 k € | +2.4% | 234,8 k € |
| EBITDA | 42,7 k € | +106% | 20,7 k € | +418% | -6,5 k € | -239% | 4,7 k € | -89.3% | 43,6 k € | +115% | 20,3 k € | -64.5% | 57 k € | -10.6% | 63,7 k € | +18.1% | 53,9 k € | +119% | 24,6 k € | -21.8% | 31,4 k € | -67.3% | 96,1 k € | +307% | 23,6 k € | +331% | -10,2 k € | +86.7% | -77,1 k € | -209% | 70,8 k € | -33.4% | 106,2 k € | -17.2% | 128,3 k € | +21.4% | 105,7 k € |
| Operating result | 25,7 k € | +236% | 7,7 k € | +159% | -12,9 k € | -847% | 1,7 k € | -94.9% | 33,5 k € | +278% | 8,9 k € | -79.7% | 43,6 k € | +6.2% | 41,1 k € | +31.5% | 31,3 k € | +199% | 10,4 k € | -0.7% | 10,5 k € | +23.3% | 8,5 k € | +123% | -36,5 k € | +60.8% | -93 k € | +42.6% | -161,9 k € | -703% | -20,2 k € | -221% | 16,7 k € | +24.9% | 13,4 k € | -14.8% | 15,7 k € |
| Net result | 20,9 k € | +521% | 3,4 k € | +120% | -16,6 k € | -59519% | -27,9 € | -100% | 31,8 k € | +377% | 6,7 k € | -83.9% | 41,5 k € | +5.4% | 39,4 k € | +30.2% | 30,2 k € | +250% | 8,6 k € | +1.5% | 8,5 k € | +74.1% | 4,9 k € | +112% | -42 k € | +58.4% | -100,8 k € | +40.4% | -169 k € | -484% | -29 k € | -1313% | 2,4 k € | +31.9% | 1,8 k € | +9.5% | 1,7 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||||
| Equity | 199,6 k € | +11.7% | 178,6 k € | +1.9% | 175,2 k € | -8.7% | 191,9 k € | -0.0% | 191,9 k € | +19.9% | 160 k € | +4.4% | 153,4 k € | +37.1% | 111,9 k € | +54.3% | 72,5 k € | +71.4% | 42,3 k € | +25.6% | 33,7 k € | +33.8% | 25,2 k € | +119% | -129,7 k € | -47.8% | -87,8 k € | -772% | 13,1 k € | -87.8% | 107,1 k € | +110% | 51 k € | +4.9% | 48,6 k € | +3.9% | 46,8 k € |
| Total assets | 267,5 k € | -8.4% | 292 k € | +17.6% | 248,2 k € | +12.5% | 220,6 k € | -12.8% | 253,1 k € | +12.7% | 224,5 k € | -2.5% | 230,2 k € | -11.6% | 260,4 k € | -6.3% | 278 k € | +10.4% | 251,8 k € | -2.9% | 259,3 k € | -1.5% | 263,2 k € | +43.9% | 182,9 k € | -18.9% | 225,4 k € | -37.9% | 363,3 k € | -14.8% | 426,4 k € | +3.8% | 410,6 k € | -5.1% | 432,7 k € | +20.3% | 359,8 k € |
| Cash | 32,4 k € | +13.3% | 28,6 k € | +135% | 12,2 k € | -60.5% | 30,8 k € | -62.5% | 82 k € | +101% | 40,9 k € | +54.7% | 26,5 k € | -45.3% | 48,3 k € | +30.8% | 37 k € | +73.0% | 21,4 k € | +32.5% | 16,1 k € | -13.6% | 18,7 k € | -20.6% | 23,5 k € | +226% | 7,2 k € | -47.9% | 13,8 k € | -70.0% | 46,1 k € | -32.2% | 68 k € | +111% | 32,2 k € | -11.1% | 36,2 k € |
| Debts | 67,9 k € | -40.1% | 113,4 k € | +55.3% | 73 k € | +154% | 28,8 k € | -41.5% | 49,2 k € | -11.1% | 55,3 k € | -28.0% | 76,8 k € | -48.3% | 148,5 k € | -27.7% | 205,4 k € | -1.9% | 209,5 k € | -7.1% | 225,6 k € | -5.2% | 238 k € | -23.9% | 312,6 k € | -0.2% | 313,2 k € | -9.8% | 347,2 k € | +62.9% | 213,2 k € | -18.6% | 261,8 k € | -11.0% | 294,1 k € | +27.6% | 230,4 k € |
| Other | |||||||||||||||||||||||||||||||||||||
| Workforce | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 0,5 ETP | 0.0% | 0,5 ETP | -16.7% | 0,6 ETP | -40.0% | 1,0 ETP | |||||||||||||||
Estimate
Indicative valuation
As an indication, this company is worth
between 100 k€ and 250 k€
See the valuationGovernance
Board of directors
Seen on filing of 30/09/2025 · 2 active · 6 ended
Active mandates
Eunice Löevering
ActiveMarc De Munter
ActiveEnded mandates
Eunice Loevering
EndedEunice Löevering
EndedMarc De Munter
EndedMarc De Munter
EndedAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
CHLOQUENTIN● Bankrupt | 0862.799.261 |
| 0877.850.097 |
Financials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Micro model | Micro model | Micro model | Micro model | Micro model | Micro model |
| Start of the financial year | 01/10/2024 | 01/10/2023 | 01/10/2022 | 01/10/2021 | 01/10/2020 | 01/10/2019 |
| Closing of the financial year | 30/09/2025 | 30/09/2024 | 30/09/2023 | 30/09/2022 | 30/09/2021 | 30/09/2020 |
| Length of the financial year | 12 months | 12 months | 12 months | 12 months | 12 months | 12 months |
| Filing date | 13/05/2026 | 30/04/2025 | 25/04/2024 | 18/04/2023 | 27/04/2022 | 22/04/2021 |
| General meeting | 30/04/2026 | 17/03/2025 | 18/03/2024 | 20/03/2023 | 21/03/2022 | 15/03/2021 |
| Currency of the financial year | EUR | EUR | EUR | EUR | EUR | EUR |
| NBB quality label | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls | Satisfying controls |
Ratios
Financial ratios
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
19 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Micro model | 30/09/2025 | 30/04/2026 | 13/05/2026 | Dutch | |
| Micro model | 30/09/2024 | 17/03/2025 | 30/04/2025 | Dutch | |
| Micro model | 30/09/2023 | 18/03/2024 | 25/04/2024 | Dutch | |
| Micro model | 30/09/2022 | 20/03/2023 | 18/04/2023 | Dutch | |
| Micro model | 30/09/2021 | 21/03/2022 | 27/04/2022 | Dutch | |
| Micro model | 30/09/2020 | 15/03/2021 | 22/04/2021 | Dutch | |
| Micro model | 30/09/2019 | 16/03/2020 | 30/03/2020 | Dutch | |
| Micro model | 30/09/2018 | 18/03/2019 | 29/03/2019 | Dutch | |
| Micro model | 30/09/2017 | 19/03/2018 | 27/03/2018 | Dutch | |
| Abridged model | 30/09/2016 | 20/03/2017 | 29/03/2017 | Dutch | |
| Abridged model | 30/09/2015 | 21/03/2016 | 31/03/2016 | Dutch | |
| Abridged model | 30/09/2014 | 16/03/2015 | 31/03/2015 | Dutch | |
| Abridged model | 31/12/2012 | 21/06/2013 | 17/07/2013 | Dutch | |
| Abridged model | 31/12/2011 | 15/06/2012 | 17/08/2012 | Dutch | |
| Abridged model | 31/12/2010 | 17/06/2011 | 30/06/2011 | Dutch | |
| Abridged model | 31/12/2009 | 18/06/2010 | 24/06/2010 | Dutch | |
| Abridged model | 31/12/2008 | 19/06/2009 | 29/06/2009 | Dutch | |
| Abridged model | 31/12/2007 | 20/06/2008 | 03/07/2008 | Dutch | |
| Abridged model | 31/12/2006 | 15/06/2007 | 21/06/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 k€ and 250 k€
The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 30/09/2025 · 2 active · 6 ended
Active mandates
Eunice Löevering
ActiveMarc De Munter
ActiveEnded mandates
Eunice Loevering
EndedEunice Löevering
EndedMarc De Munter
EndedMarc De Munter
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
- Registered office04/05/2023MAATSCHAPPELIJKE ZETEL
- Mandates28/12/2022WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
- Other06/02/2014DOEL - ALGEMENE VERGADERING - BOEKJAAR - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates16/04/2010BENAMING - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
- Mandates28/01/2010ONTSLAGEN - BENOEMINGEN
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 202520,9 k €↑
- 2024Annual accounts 20243,4 k €↑
- 2023Annual accounts 2023-16,6 k €↓
- 2022Annual accounts 2022-27,9 €↓
- 2021Annual accounts 202131,8 k €↑
- 2020Annual accounts 20206,7 k €↓
- 2019Annual accounts 201941,5 k €↑
- 2018Annual accounts 201839,4 k €↑
- 2017Annual accounts 201730,2 k €↑
- 2016Annual accounts 20168,6 k €↑
- 2015Annual accounts 20158,5 k €↑
- 2014Annual accounts 20144,9 k €↑
- 2012Annual accounts 2012-42 k €↑
- 2011Annual accounts 2011-100,8 k €↑
- 2010Annual accounts 2010-169 k €↓
- 2009Annual accounts 2009-29 k €↓
- 2008Annual accounts 20082,4 k €↑
- 2007Annual accounts 20071,8 k €↑
- 2006Annual accounts 20061,7 k €
- 10/11/1999IncorporationPrivate limited company