MALBAG
ActiveSummary
MALBAG has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €662,734 and a net result of €278. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 63% of 3163 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69=
Solvency74▼-6
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45,000 at 30 days acceptable
Liquidity tight (current ratio 1.12 against 1.24 in 2024; short-term debt: 51.4% and cash: 0.1% of total assets), and 51.4% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 01
Relative position
BE, all sectors
reference
Crop and animal production, hunting and related service activities (NACE 01)
about 70% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
48.6%
Return on assets
0%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 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 · 10 filingsDeviation from the deadline
2025
20 d late
2024
28 d late
2023
29 d late
2022
31 d late
2021
75 d late
2020
60 d late
2019
137 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 54 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 30 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€662,734=
2024 · €662,457
Total assets
€1.4m▲ 12.4%
2024 · €1.2m
Net result
€278▲ 552%
2024 · €43
Working capital
€80,948▼ 39.3%
2024 · €133,443
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 01, Crop and animal production, hunting and related service activities, 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€6,248▼ 59.4%-€5,097-€3,531▲ 30.7%€3,667€3,098▼ 15.5%
Net result€1,067within the sector's middle half▼ 90.3%-€11,561below the sector's middle half-€9,242below the sector's middle half▲ 20.1%€43within the sector's middle half€278within the sector's middle half▲ 552%
Equity€683,218above the sector's middle half▲ 0.2%€671,657above the sector's middle half▼ 1.7%€662,414above the sector's middle half▼ 1.4%€662,457above the sector's middle half=€662,734above the sector's middle half=
Total assets€1.0mabove the sector's middle half▼ 3.0%€1.0mabove the sector's middle half▲ 4.1%€1.1mabove the sector's middle half▲ 7.6%€1.2mabove the sector's middle half▲ 7.4%€1.4mabove the sector's middle half▲ 12.4%
Debt€324,462▼ 9.2%€377,486▲ 16.3%€466,368▲ 23.5%€550,022▲ 17.9%€700,290▲ 27.3%
Working capital€228,399above the sector's middle half▲ 12.3%€218,669above the sector's middle half▼ 4.3%€187,592above the sector's middle half▼ 14.2%€133,443above the sector's middle half▼ 28.9%€80,948within the sector's middle half▼ 39.3%
Solvency67.8%above the sector's middle half▲ 2.2pp64.0%above the sector's middle half▼ 3.8pp58.7%within the sector's middle half▼ 5.3pp54.6%within the sector's middle half▼ 4.0pp48.6%within the sector's middle half▼ 6.0pp
Current ratio1.83within the sector's middle half▲ 0.111.62within the sector's middle half▼ 0.211.41within the sector's middle half▼ 0.211.24within the sector's middle half▼ 0.171.12within the sector's middle half▼ 0.13
Return on assets (ROA)0.1%within the sector's middle half▼ 1.0pp-1.1%within the sector's middle half▼ 1.2pp-0.8%within the sector's middle half▲ 0.3pp0.0%within the sector's middle half▲ 0.8pp0.0%within the sector's middle half=
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 01, Crop and animal production, hunting and related service activities, 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 falls in 2025; 2025 is 16% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€581,787 ▲ 10.0%
Current assets
€781,238 ▲ 14.3%
Equity and liabilities €1.4m
Equity
€662,734 =
Debt
€700,290 ▲ 27.3%
Debt's share of the balance-sheet total rises from 45.4% to 51.4%. Debt is higher.
Key figures and ratios
EBITDA
€33,016▲
2024 · €22,987
Cash flow
€30,197▲
2024 · €19,362
Quick ratio
0.25▼
2024 · 0.28
Debt to equity
1.06▲
2024 · 0.83
ROE
0.0%▲
2024 · 0.0%
Interest coverage
11.42▲
2024 · 6.34
Debt ≤ 1 year
€700,290▲
2024 · €550,022
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,045 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.3%
went bankrupt
3.6%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,045 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,876 | €48,295 | €16,978 | €19,320 | €29,919 | ▲ 54.9% |
| Other operating charges640/8 | €14,941 | €12,108 | €14,550 | €15,096 | €1,502 | ▼ 90.1% |
| Gross operating margin9900 | €72,066 | €55,305 | €27,997 | €38,082 | €34,518 | ▼ 9.4% |
| Operating profit (loss)9901 | €6,248 | -€5,097 | -€3,531 | €3,667 | €3,098 | ▼ 15.5% |
| Financial income75/76B | €26 | €51 | €16 | €1 | €72 | ▲ 11,666% |
| Recurring financial income75 | €26 | €51 | €16 | €1 | €72 | ▲ 11,666% |
| Financial charges65/66B | €5,207 | €3,161 | €5,727 | €3,625 | €2,892 | ▼ 20.2% |
| Recurring financial charges65 | €5,207 | €3,161 | €5,727 | €3,625 | €2,892 | ▼ 20.2% |
| Profit (loss) for the period before taxes9903 | €1,067 | -€8,208 | -€9,242 | €43 | €278 | ▲ 552% |
| Income taxes67/77 | - | €3,354 | - | - | - | - |
| Profit (loss) for the period9904 | €1,067 | -€11,561 | -€9,242 | €43 | €278 | ▲ 552% |
| Profit (loss) for the period to be appropriated9905 | €1,067 | -€11,561 | -€9,242 | €43 | €278 | ▲ 552% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €1.1m | €1.2m | €1.4m | ▲ 12.4% |
| Fixed assets21/28 | €503,161 | €477,914 | €481,725 | €529,013 | €581,787 | ▲ 10.0% |
| Tangible fixed assets22/27 | €503,161 | €477,914 | €481,725 | €529,013 | €581,787 | ▲ 10.0% |
| Land and buildings22 | €429,299 | €431,232 | €429,695 | €437,997 | €435,845 | ▼ 0.5% |
| Plant, machinery and equipment23 | €64,521 | €46,582 | €52,030 | €91,016 | €145,942 | ▲ 60.3% |
| Furniture and vehicles24 | €9,341 | €100 | - | - | - | - |
| Current assets29/58 | €504,519 | €571,229 | €647,058 | €683,466 | €781,238 | ▲ 14.3% |
| Stocks and contracts in progress3 | €361,200 | €424,860 | €489,300 | €529,500 | €609,000 | ▲ 15.0% |
| Stocks30/36 | €361,200 | €386,400 | €436,800 | €529,500 | €609,000 | ▲ 15.0% |
| Contracts in progress37 | - | €38,460 | €52,500 | - | - | - |
| Amounts receivable within one year40/41 | €127,833 | €135,384 | €156,529 | €152,099 | €170,704 | ▲ 12.2% |
| Trade receivables40 | €16,342 | €24,301 | €33,096 | €33,685 | €29,596 | ▼ 12.1% |
| Other amounts receivable41 | €111,491 | €111,083 | €123,433 | €118,415 | €141,108 | ▲ 19.2% |
| Cash at bank and in hand54/58 | €15,244 | €10,985 | €1,228 | €1,163 | €1,534 | ▲ 31.9% |
| Deferred charges and accrued income490/1 | €242 | - | - | €703 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.1m | €1.2m | €1.4m | ▲ 12.4% |
| Equity10/15 | €683,218 | €671,657 | €662,414 | €662,457 | €662,734 | = |
| Contributions10/11 | €663,693 | €663,693 | €663,693 | €663,693 | €663,693 | = |
| Reserves13 | €14,014 | €14,014 | €14,014 | €14,014 | €14,014 | = |
| Non-distributable reserves130/1 | €14,014 | €14,014 | €14,014 | €14,014 | €14,014 | = |
| Reserves not available under the articles1311 | €14,014 | €14,014 | €14,014 | €14,014 | €14,014 | = |
| Profit (loss) carried forward14 | €5,511 | -€6,051 | -€15,293 | -€15,251 | -€14,973 | ▲ 1.8% |
| Amounts payable17/49 | €324,462 | €377,486 | €466,368 | €550,022 | €700,290 | ▲ 27.3% |
| Amounts payable after more than one year17 | €48,342 | €24,926 | €6,902 | - | - | - |
| Financial debts170/4 | €48,342 | €24,926 | €6,902 | - | - | - |
| Amounts payable within one year42/48 | €276,120 | €352,560 | €459,466 | €550,022 | €700,290 | ▲ 27.3% |
| Current portion of amounts payable after more than one year42 | €36,200 | €23,416 | €18,024 | €7,782 | - | - |
| Trade debts44 | €28,684 | €42,999 | €70,762 | €158,842 | €300,288 | ▲ 89.0% |
| Suppliers440/4 | €28,684 | €42,999 | €70,762 | €158,842 | €300,288 | ▲ 89.0% |
| Taxes, remuneration and social security45 | - | - | €503 | - | - | - |
| Taxes450/3 | - | - | €503 | - | - | - |
| Other amounts payable47/48 | €211,236 | €286,144 | €370,178 | €383,398 | €400,002 | ▲ 4.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,067 | -€11,561 | -€9,242 | €43 | €278 | ▲ 552% |
| + Depreciation and write-downs630 | €50,876 | €48,295 | €16,978 | €19,320 | €29,919 | ▲ 54.9% |
| Operating cash flow (approximation) | €51,943 | €36,733 | €7,735 | €19,362 | €30,197 | ▲ 56.0% |
| Investment in fixed assets (approximation) | - | -€23,047 | -€20,789 | -€66,608 | -€82,692 | ▼ 24.1% |
| Change in cash | - | -€4,258 | -€9,757 | -€65 | €371 | ▲ 666% |
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
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 20 days late
2025
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
31-12
Financial
Back to profitnet €43
Net result €43 after 2 loss-making years.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Weakest financial yearnet -€11,561
Net result drops to -€11,561, the lowest in the series; recovery starts the following year.
14-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 75 days late
2021
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 60 days late
2020
31-12
Financial
Highest result since 2018net €11,025 ▲263%
Operating result €15,371, net result €11,025, both a record.
15-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 137 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
21-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 52 days late
2017
15-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 46 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 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, Wingene · 1 establishment unit since 2015
Ground area
3,656 m²
Building footprint
354 m²
Volume, LiDAR
1,874 m³
Parcel 37012D0609/00P000, Flanders · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MALBAG
since 20152.241.087.604
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 37012D0609/00P000 | Flanders | 3,656 m² | 1 · 354 m² | 9.6 m · 2 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.
Public money · subsidies and aid
Flemish government
2023 · 1 entry · 1,469 EUR awarded · 1,469 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 1,469 EUR | 1,469 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteWingene2.241.087.604
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'T FORTJENSHOF
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Of 20,582 companies in sector 01500 we hold annual accounts for 1,149. 869 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
Founded30-06-2012
Fiscal year end31-12
Activities, NACEBEL 2025
01500Mixed farming
E-invoicing
Reachable via Peppol
Peppol ID
0208:0847429117
Also
9925:BE0847429117
Registered
29-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.