Datavernietiging Michel
ActiveDatavernietiging Michel has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €412k and a net result of €-141k. Equity remains stable across the filed fiscal years (±0.4% per year). Its solvency ranks better than 53% of 73 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
50
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency75▼-17
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €20k at 30 days acceptable
Liquidity tight (current ratio 1.49 against 2.37 in 2024; short-term debt: 50.2% and cash: 8.2% of total assets), and 50.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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 17
Relative position
BE, all sectors
reference
Sector 17
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-141k
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 09-07-2026, 22 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
22 d early
2024
31 d early
2023
20 d early
2022
28 d late
2021
24 d early
2020
31 d late
2019
24 d late
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-141k▲ 5.5%
2024 · €-149k
2018: €39k
2019: €34k
2020: €-30k
2021: €274k
2022: €242k
2023: €40k
2024: €-149k
2018 → 2025
Working capital
€205k▼ 44.6%
2024 · €370k
2018: €382k
2019: €421k
2020: €441k
2021: €472k
2022: €504k
2023: €546k
2024: €370k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€539k-€662k▲ 22.6%€702k▲ 6.1%€553k▼ 21.2%€412k▼ 25.5%
Operating result€318k-€240k▼ 24.5%€36k▼ 85.1%€-166k€-169k▼ 1.8%
Net result€274k-€242k▼ 11.5%€40k▼ 83.3%€-149k€-141k▲ 5.5%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €169k in 2025 against €166k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €829k
Fixed assets
€208k▲ 12.7%
Current assets
€621k▼ 2.8%
Equity and liabilities €829k
Equity
€412k▼ 25.5%
Debt
€416k▲ 54.0%
The debt ratio rises from 32.8% to 50.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-103k▲
2024 · €-105k
Cash flow
€-75k▲
2024 · €-89k
Solvency
49.7%▼
2024 · 67.2%
Current ratio
1.49▼
2024 · 2.37
Quick ratio
1.49▼
2024 · 2.37
Debt / equity
1.01▲
2024 · 0.49
ROE
-34.2%▼
2024 · -26.9%
ROA
-17.0%▲
2024 · -18.1%
Interest coverage
-26.48▲
2024 · -150.46
Debt
€416k▲
2024 · €270k
Debt ≤ 1 year
€416k▲
2024 · €269k
Income taxes
€81
Staff costs
€670k▲
2024 · €519k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€823k€829k▲
Fixed assets21/28€185k€208k▲
Tangible fixed assets22/27€172k€196k▲
Plant, machinery and equipment23€63k€43k▼
Furniture and vehicles24€109k€153k▲
Financial fixed assets28€12k€12k=
Current assets29/58€639k€621k▼
Amounts receivable within one year40/41€545k€527k▼
Trade receivables40€178k€166k▼
Other amounts receivable41€367k€361k▼
Cash at bank and in hand54/58€64k€68k▲
Deferred charges and accrued income490/1€29k€25k▼
Equity and liabilities
Total equity and liabilities10/49€823k€829k▲
Equity10/15€553k€412k▼
Contributions10/11€65k€65k=
Capital10€65k€65k=
Issued capital100€65k€65k=
Reserves13€487k€347k▼
Non-distributable reserves130/1€7k€7k=
Legal reserve130€7k€7k=
Tax-exempt reserves132€32k€32k=
Distributable reserves133€448k€308k▼
Profit (loss) carried forward14€969€209▼
Amounts payable17/49€270k€416k▲
Amounts payable within one year42/48€269k€416k▲
Trade debts44€156k€135k▼
Suppliers440/4€156k€135k▼
Taxes, remuneration and social security45€84k€124k▲
Taxes450/3€23k€29k▲
Remuneration and social security454/9€61k€94k▲
Other amounts payable47/48€29k€157k▲
Accrued charges and deferred income492/3€1k€400▼
Income statement
Code20242025
Remuneration, social security and pensions62€519k€670k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€60k€66k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€102-
Other operating charges640/8€23k€18k▼
Gross operating margin9900€437k€584k▲
Operating profit (loss)9901€-166k€-169k▼
Financial income75/76B€17k€32k▲
Recurring financial income75€17k€20k▲
Non-recurring financial income76B-€12k
Financial charges65/66B€701€4k▲
Recurring financial charges65€701€4k▲
Profit (loss) for the period before taxes9903€-149k€-141k▲
Income taxes67/77-€81
Profit (loss) for the period9904€-149k€-141k▲
Profit (loss) for the period to be appropriated9905€-149k€-141k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-148k€-140k▲
Profit (loss) brought forward from the previous period14P€929€969▲
Transfer from equity791/2€149k€140k▼
Social balance
Average headcount (FTE)90878.510.8▲
The notes to these accounts (8 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
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-149k ▼469%
Net result drops to €-149k, the lowest in the series; recovery starts the following year.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 28 days late
2022
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €274k
Net result €274k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 24 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
06-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated 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, Kalmthout · 1 establishment unit since 1987
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.
Helleven (C) 22920 KalmthoutGround area
1,681 m²
Building footprint
257 m²
Volume, LiDAR
1,142 m³
Parcel 11662E0573/00D000, Flanders · tallest building 6.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Helleven (C) 2, 2920 Kalmthout
since 19872.029.747.368
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11662E0573/00D000 | Flanders | 1,681 m² | 1 · 257 m² | 6.6 m · 1 fl. |
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 4,937 EUR awarded · 4,937 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,341 EUR | 1,341 EUR |
| 2024 | 1 | 144 EUR | 144 EUR |
| 2023 | 2 | 3,264 EUR | 3,264 EUR |
| 2022 | 1 | 188 EUR | 188 EUR |
Schemes
Subsidies ecologisch en veilig transport (stopgezet)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 31 companies in sector 17110 we hold annual accounts for 27. 21 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded02-06-1987
Fiscal year end31-12
Activities, NACEBEL
17110Manufacture of paper and paper products
38210Materials recovery from waste
38329Waste collection, recovery and disposal activities
Sources
Crossroads Bank for EnterprisesNational Bank · 39 filingsAddress and cadastre registers
Data from official sources, last processed on 21-09-2026. Scores and ratios are computed by Checked and are not a credit decision.