M.SHAN · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

The computed 12-month bankruptcy probability of M.SHAN is 2.6% (moderate). The 2022 annual accounts show equity of €37k and a net result of €-2k. Equity is growing by ~51.3% per year across the filed fiscal years. Its solvency ranks better than 76% of 4418 sector peers (fiscal year 2022). The company has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.

Signals

Insufficient current data: the most recent filed accounts (financial year 2022) are too old to derive current signals.

Filing behaviour

From the deposit records, complete market-wide

Annual accounts not filed

The financial year that closed on 31-12-2023 was due at the National Bank by 31-07-2024. Nothing is on record today, 759 days later. 3 financial years are missing in total. Measured on financial year 2023: 41.75% of the companies that did not file are in an abnormal legal state today, against 1.66% of those that did.

Filed more than 90 days late

The financial year that closed on 31-12-2022 was due by 31-07-2023 and was filed on 31-12-2023, 153 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

How we compute the deadline

The year end is derived from 10 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2022, that is 31-07-2023.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	nothing on record	not filed	-
31-12-2023	31-07-2024	nothing on record	not filed	-
31-12-2022	31-07-2023	31-12-2023	153 d late	2024-00543083
31-12-2021	31-07-2022	31-12-2023	518 d late	2024-00543188
31-12-2020	31-07-2021	08-04-2023	616 d late	2023-00057627
31-12-2019	31-07-2020	21-11-2020	113 d late	2020-71700295
31-12-2018	31-07-2019	21-11-2020	479 d late	2020-71700293
31-12-2017	31-07-2018	25-02-2019	209 d late	2019-05700004
31-12-2016	31-07-2017	31-08-2017	31 d late	2017-54700229
31-12-2015	31-07-2016	28-07-2016	3 d early	2016-37400276
31-12-2014	31-07-2015	28-08-2015	28 d late	2015-53500179

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

Long-established

Founded in 2002, 24 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

2.6% Moderate

0%0,5%1,5%4%10%≥25%

Annual accounts: weaker financial profile +Multiple establishment units +Higher-failure-rate sector +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Financials

TurnoverNot published (abbreviated filing)

EBIT marginNot published (abbreviated filing)

Net result€-2k-389.4%

Working capital€37k-5.4%

CSV export

Annual accounts & ratios

Source: NBB · 2022

Annual accounts filed on 31-12-2023 with the NBB · fiscal year 2022 · micro

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~51.3%/year over 5 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2022 · NACE 47, Retail trade · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	50.4%	19.8%	better than 76% of 4418 sector peers
Net result	€-2k	€2k	better than 34% of 4402 sector peers
Equity	€37k	€14k	better than 70% of 4427 sector peers
Gross operating margin	€9k	€19k	better than 38% of 4392 sector peers
Staff costs	€5k	€30k	higher than 20% of 1949 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P76

Stable position over 2020-2022 · n=1505-4418

Net result P34

Weakening position over 2020-2022 · n=1499-4402

Equity P70

Stable position over 2020-2022 · n=1508-4427

Gross operating margin P38

Weakening position over 2020-2022 · n=1494-4392

Describes the position versus peers, not a forecast.

EBITDA

€21k

-35.2% 18-22

Net profit

€-2k

-389.4% 18-22

Cash flow

€17k

+83.4% 18-22

Total assets

€74k

+4.2% 18-22

Equity

€37k

-5.3% 18-22

Working capital

€37k

-5.4% 18-22

Staff costs

€5k

+266.3% 18-22

Income taxes

€176

-94.9% 18-22

Show 9 other metrics

Debt

€37k

+16.1% 18-22

Debt ≤ 1y

€37k

+16.1% 18-22

Current ratio

2.00

-10.2% 18-22

Quick ratio

1.80

-8.6% 18-22

Solvency

50.4%

-9.2% 18-22

Debt / equity

0.98

+22.6% 18-22

ROE

-5.6%

-416.8% 18-22

ROA

-2.8%

-369.6% 18-22

Interest coverage

27.10

- 18-22

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2022
Deposit	micro
Revenue	-
EBITDA	-
Net profit	€-2k
Cash flow	-
Staff costs	€5k
Income taxes	-
Dividends	-
Total assets	€74k
Equity	€37k
Debt	€37k
of which ≤ 1y	€37k
of which > 1y	-
Working capital	€37k
Employees (FTE)	-

Ratios (computed)

	2022
Current ratio	2.00
Quick ratio	1.80
Working capital ratio	49.8%
Solvency	50.4%
Debt / equity	0.98
Long-term debt ratio	-
Interest coverage	-
Gross margin	-
Net margin	-
ROA	-2.8%
ROE	-5.6%
EBITDA margin	-
Days sales outstanding	-
Days payable outstanding	-
Inventory turnover	-
Days inventory (DSI)	-

Balance-sheet composition 2022

Assets

Fixed assets €425 · 0.6% Current assets €74k · 99.4%

Equity & liabilities

Equity €37k · 50.4% Debt €37k · 49.6%

Full annual accounts (22 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€74k
Fixed assets	21/28	€425
Financial fixed assets	28	€425
Current assets	29/58	€74k
Stocks & contracts in progress	3	€8k
Amounts receivable within one year	40/41	€9k
Cash & bank	54/58	€56k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€74k
Equity	10/15	€37k
Contributions / capital	10/11	€6k
Reserves	13	€7k
Accumulated profits (losses)	14	€24k
Amounts payable	17/49	€37k
Amounts payable within one year	42/48	€37k
Trade debts payable within one year	44	€3k
Income statement
Gross operating margin	9900	€9k
Operating result	9901	€2k
Financial income	75	€0
Financial charges	65	€4k
Result before taxes	9903	€-2k
Net result for the period	9904	€-2k
Result to be appropriated	9905	€-2k

This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2022 · computed

62 / 100 Healthy

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →

Computed by Checked from the NBB filing for FY 2022. Indicative, not credit advice.

Structure & network

Locations & real estate

Registered office

on the map · from the address register

exact location from the address register On OpenStreetMap

2 companies at this address See who is registered here

Establishment units

3 locations

MALIK SHOP

Rue Neuve 2, 4690 BassengeExpeditiekantoor

since 20022.098.939.547

MALIK SHOP 3

Place de l'Eglise 4, 4684 OupeyeNiet-gespecialiseerde detailhandel in algemene voedingsmiddelen (verkoopsoppervlakte minder dan 100 m2)

since 20072.165.251.519

MALIK SHOP 4

Rue Neuve 2, 4690 BassengeDetailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen (verkoopsoppervlakte < 100 m²)

since 20082.169.506.849

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels2

Ground area476 m²

Buildings2

Building footprint279 m²

Volume (LiDAR)758 m³

Tallest building10.8 m · ±3 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Wallonia 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62011B0883/00E000	Wallonia	330 m²	1 · 189 m²	-
62048A0924/00D000	Wallonia	146 m²	1 · 91 m²	10.8 m · 3 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

No insolvency signals in the Belgian State Gazette

Belgian State Gazette · acts

0 of 4 acts read

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.

Have them read with priority Sign in to place this company at the front of the reading queue.

The insolvency signals above come from a separate source; the KBO register is the second source and appears as the legal situation on this page.

Analysis

Financial profile

5 of 5 axes measured

67 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 62

Profitability 0

Solvency 95

Growth 78

Stability 100

Credit advice

verdict per customer and amount

Similar

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Comparable size, same sector

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SARAO

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We hold annual accounts for 1,663 of the 10,441 companies in this sector. 1,385 of them are within a factor 10 of this company's equity.

See full sector →

Company registry

Company registry (CBE)

Crossroads Bank

Activities

Niet-gespecialiseerde detailhandel waarbij voedings- en genotmiddelen overheersen47110Detailhandel in niet-gespecialiseerde winkels waarbij voedings- en genotmiddelen overheersen (verkoopsoppervlakte < 100 m²)47112Niet-gespecialiseerde detailhandel in algemene voedingsmiddelen (verkoopsoppervlakte minder dan 100 m2)52112

Primary activity highlighted.

Names & trade names

Legal nameFR

M.SHAN

Registered office

Rue Neuve 2

4690 Bassenge, Belgium

Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.