Summary
MA-GO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €103,810 and a net result of €15,491. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 25% of 8094 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 8094 sector peers (2025).
NBB · sector comparisonPosition among 8094 sector peers
Solvency
better than 25%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
2122232425
2021 to 2025 · latest year €103,810
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 23-03-2026, 51 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
51 d late
2024
252 d late
2023
621 d late
2022
14 d late
2021
1 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 188 days after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 23 March (4 of the last 5 filed years within 201 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close29-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€103,810▲ 17.5%
2024 · €88,319
Net result
€15,491▼ 55.6%
2024 · €34,917
Total assets
€509,786▲ 231%
2024 · €153,785
Solvency
20.4%▼ 37.1pp
2024 · 57.4%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€8,213-€7,077▼ 13.8%€65,089▲ 820%€38,122▼ 41.4%€44,209▲ 16.0%
Net result€6,563within the sector's middle half-€9,977within the sector's middle half▲ 52.0%€65,669within the sector's middle half▲ 558%€34,917within the sector's middle half▼ 46.8%€15,491within the sector's middle half▼ 55.6%
Equity€11,563below the sector's middle half-€21,540below the sector's middle half▲ 86.3%€20,812below the sector's middle half▼ 3.4%€88,319within the sector's middle half▲ 324%€103,810within the sector's middle half▲ 17.5%
Total assets€103,834below the sector's middle half-€256,502within the sector's middle half▲ 147%€209,209within the sector's middle half▼ 18.4%€153,785within the sector's middle half▼ 26.5%€509,786within the sector's middle half▲ 231%
Debt€92,271-€234,962▲ 155%€188,396▼ 19.8%€65,466▼ 65.3%€405,975▲ 520%
Working capital€11,563within the sector's middle half-€21,540within the sector's middle half▲ 86.3%€20,812within the sector's middle half▼ 3.4%€86,191within the sector's middle half▲ 314%-€19,748within the sector's middle half
Solvency11.1%below the sector's middle half-8.4%below the sector's middle half▼ 2.7pp9.9%below the sector's middle half▲ 1.6pp57.4%within the sector's middle half▲ 47.5pp20.4%below the sector's middle half▼ 37.1pp
Current ratio1.13within the sector's middle half-1.09within the sector's middle half▼ 0.031.11within the sector's middle half▲ 0.022.32within the sector's middle half▲ 1.210.95within the sector's middle half▼ 1.37
Return on assets (ROA)6.3%within the sector's middle half-3.9%within the sector's middle half▼ 2.4pp31.4%above the sector's middle half▲ 27.5pp22.7%within the sector's middle half▼ 8.7pp3.0%within the sector's middle half▼ 19.7pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 16% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €509,786
Fixed assets
€123,558 ▲ 5,323%
Current assets
€386,227 ▲ 155%
Equity and liabilities €509,786
Equity
€103,810 ▲ 17.5%
Debt
€405,975 ▲ 520%
Debt's share of the balance-sheet total rises from 42.6% to 79.6%. Equity and debt are higher.
Key figures and ratios
ROE
14.9%▼
2024 · 39.5%
Debt ≤ 1 year
€405,975▲
2024 · €65,316
Income taxes
€12,904▲
2024 · €11,084
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €346 | €27,069 | ▲ 7,733% |
| Other operating charges640/8 | - | €348 | €858 | €5,948 | €6,983 | ▲ 17.4% |
| Gross operating margin9900 | €8,213 | €7,424 | €65,947 | €44,416 | €78,261 | ▲ 76.2% |
| Operating profit (loss)9901 | €8,213 | €7,077 | €65,089 | €38,122 | €44,209 | ▲ 16.0% |
| Financial income75/76B | - | €2,983 | €6,270 | €9,566 | €14,977 | ▲ 56.6% |
| Recurring financial income75 | €1 | €2,983 | €6,270 | €9,566 | €14,977 | ▲ 56.6% |
| Financial charges65/66B | - | €83 | €269 | €1,687 | €30,792 | ▲ 1,725% |
| Recurring financial charges65 | €10 | €83 | €269 | €1,687 | €30,792 | ▲ 1,725% |
| Profit (loss) for the period before taxes9903 | €8,204 | €9,977 | €71,089 | €46,001 | €28,395 | ▼ 38.3% |
| Income taxes67/77 | €1,641 | €0 | €5,420 | €11,084 | €12,904 | ▲ 16.4% |
| Profit (loss) for the period9904 | €6,563 | €9,977 | €65,669 | €34,917 | €15,491 | ▼ 55.6% |
| Profit (loss) for the period to be appropriated9905 | €6,563 | €9,977 | €65,669 | €34,917 | €15,491 | ▼ 55.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €103,834 | €256,502 | €209,209 | €153,785 | €509,786 | ▲ 231% |
| Fixed assets21/28 | - | - | - | €2,278 | €123,558 | ▲ 5,323% |
| Tangible fixed assets22/27 | - | - | - | €2,278 | €123,558 | ▲ 5,323% |
| Furniture and vehicles24 | - | - | - | €2,278 | €123,558 | ▲ 5,323% |
| Current assets29/58 | €103,834 | €256,502 | €209,209 | €151,507 | €386,227 | ▲ 155% |
| Amounts receivable after more than one year29 | - | €11,000 | €0 | €11,000 | €322,456 | ▲ 2,831% |
| Other amounts receivable291 | - | €11,000 | €0 | €11,000 | €322,456 | ▲ 2,831% |
| Amounts receivable within one year40/41 | €60,103 | €206,006 | €202,815 | €99,734 | €41,500 | ▼ 58.4% |
| Trade receivables40 | - | €52,397 | €78,000 | €52,397 | €41,500 | ▼ 20.8% |
| Other amounts receivable41 | - | €153,609 | €124,815 | €47,338 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €19,731 | €15,496 | €6,394 | €7,206 | €6,651 | ▼ 7.7% |
| Deferred charges and accrued income490/1 | - | €24,000 | - | €33,566 | €15,621 | ▼ 53.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €103,834 | €256,502 | €209,209 | €153,785 | €509,786 | ▲ 231% |
| Equity10/15 | €11,563 | €21,540 | €20,812 | €88,319 | €103,810 | ▲ 17.5% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €6,563 | €16,540 | €15,812 | €83,319 | €98,810 | ▲ 18.6% |
| Amounts payable17/49 | €92,271 | €234,962 | €188,396 | €65,466 | €405,975 | ▲ 520% |
| Amounts payable within one year42/48 | €92,271 | €234,962 | €188,396 | €65,316 | €405,975 | ▲ 522% |
| Trade debts44 | €630 | €163,321 | €7,235 | €5,056 | €992 | ▼ 80.4% |
| Suppliers440/4 | - | €163,321 | €7,235 | €5,056 | €992 | ▼ 80.4% |
| Advances received on contracts in progress46 | - | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €1,641 | €7,061 | €51,715 | €50,998 | ▼ 1.4% |
| Taxes450/3 | - | €1,641 | €7,061 | €51,715 | €50,998 | ▼ 1.4% |
| Other amounts payable47/48 | - | €70,000 | €174,100 | €8,545 | €353,985 | ▲ 4,043% |
| Accrued charges and deferred income492/3 | - | - | - | €150 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,563 | €9,977 | €65,669 | €34,917 | €15,491 | ▼ 55.6% |
| + Depreciation and write-downs630 | - | - | - | €346 | €27,069 | ▲ 7,733% |
| Operating cash flow (approximation) | €6,563 | €9,977 | €65,669 | €35,262 | €42,559 | ▲ 20.7% |
| Investment in fixed assets (approximation) | - | - | - | - | -€148,348 | - |
| Change in cash | - | -€4,235 | -€9,103 | €812 | -€555 | ▼ 168% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 51 days late
2025
13-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 621 days late
10-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 252 days late
30-06
Financial
Equity above €100,000Eq €103,810 ▲17.5%
5 profitable years in a row build equity to €103,810.
2024
30-06
Financial
Liquidity doublescurrent ratio 2.32
Current ratio from 1.11 to 2.32; short-term debt falls from €188,396 to €65,316.
2023
30-06
Financial
Highest result since 2021net €65,669 ▲558%
Operating result €65,089, net result €65,669, both a record.
14-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 14 days late
2022
01-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Hasselt · 1 establishment unit since 2020
Ground area
2,765 m²
Building footprint
449 m²
Volume, LiDAR
5,142 m³
Parcel 71328D0384/00D000, Flanders · tallest building 13.1 m, ±4 floors. Linked by address, not a title deed.
17
companies at this address
See who is registered here
1 establishment unit
MA-GO
since 20202.312.108.331
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71328D0384/00D000 | Flanders | 2,765 m² | 1 · 449 m² | 13.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 24,728 companies in sector 64210 we hold annual accounts for 19,800. 12,409 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-12-2020
Fiscal year end30-06
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-mail
rieta@psi-bv.nl
E-invoicing
Reachable via Peppol
Peppol ID
0208:0760427837
Also
9925:BE0760427837
Registered
16-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.