Active BE 0471.164.236Private limited company

MALHERBE SOCIETE DE GESTION

Rue Saint-Remy 7 ·4000 Liège, Belgium· 26 yrs active

Sector: Other activities auxiliary to financial services, excluding insurance and pension funding (66199)

Conclusion Checked

MALHERBE SOCIETE DE GESTION 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 €209k and a net result of €-31k. Equity remains stable across the filed fiscal years (±0.7% per year). Its solvency ranks better than 93% of 2351 sector peers (fiscal year 2025). The company has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals.

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

Key figures

Equity	€209k
Net result	€-31k
Better than sector	93%
Active	26 yrs

Financial profile 4 of 5 axes measured · computed by Checked

63 / 100

Strong profile, led by solvency.

Computed on 4 of 5 axes. Not measured: health. An unmeasured axis is not a zero: no data was read for it.

Health -

Profitability 0

Solvency 100

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 2000, 26 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 Flags0 events

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.

Checked score

Model not applicable to financial institutions

The health 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.

Financial overview26 NBB filings

Annual accounts filed on 23-07-2026 with the NBB · fiscal year 2025 · micro schema

RevenueOperating resultNet result

Trajectory (indicative)

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

stable Equity: stable across 5 fiscal years (±0.7%/year).

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 2025 · NACE 66, Activities auxiliary to financial services and insurance activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	93.9%	50.6%	better than 93% of 2351 sector peers
Net result	€-31k	€33k	better than 5% of 2351 sector peers
Equity	€209k	€127k	better than 62% of 2353 sector peers
Gross operating margin	€-26k	€105k	better than 5% of 2351 sector peers
Total assets	€223k	€359k	better than 37% of 2352 sector peers

Net profit

€-31k

- 21-25

Total assets

€223k

-28.7% 21-25

Equity

€209k

-13.0% 21-25

Income taxes

€3k

-85.9% 21-25

Dividends

€55k

+1275.0% 21-25

Debt

€14k

-81.1% 21-25

Debt ≤ 1y

€12k

-83.4% 21-25

Solvency

93.9%

+22.1% 21-25

ROE

-14.9%

- 21-25

ROA

-14.0%

- 21-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022	2021
Deposit	micro schema	micro schema	micro schema	micro schema	micro schema
Revenue	n/a	n/a	n/a	n/a	n/a
EBITDA	n/a	n/a	n/a	n/a	n/a
Net profit	€-31k	€7k	€40k	€41k	€38k
Cash flow	n/a	n/a	n/a	n/a	n/a
Staff costs	-	-	-	-	-
Income taxes	-	€3k	€19k	€18k	€18k
Dividends	-	€55k	-	-	€4k
Total assets	€223k	€313k	€318k	€287k	€250k
Equity	€209k	€241k	€289k	€249k	€207k
Debt	€14k	€72k	€29k	€39k	€42k
of which ≤ 1y	€12k	€71k	€28k	€37k	€41k
of which > 1y	-	-	-	-	-
Working capital	n/a	n/a	n/a	n/a	n/a
Employees (FTE)	-	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022	2021
Current ratio	n/a	n/a	n/a	n/a	n/a
Quick ratio	n/a	n/a	n/a	n/a	n/a
Working capital ratio	n/a	n/a	n/a	n/a	n/a
Solvency	93.9%	76.9%	91.0%	86.6%	83.1%
Debt / equity	n/a	n/a	n/a	n/a	n/a
Long-term debt ratio	n/a	n/a	n/a	n/a	n/a
Interest coverage	n/a	n/a	n/a	n/a	n/a
Gross margin	n/a	n/a	n/a	n/a	n/a
Net margin	n/a	n/a	n/a	n/a	n/a
ROA	-14.0%	2.2%	12.6%	14.4%	15.3%
ROE	-14.9%	2.8%	13.9%	16.6%	18.4%
EBITDA margin	n/a	n/a	n/a	n/a	n/a
Days sales outstanding	n/a	n/a	n/a	n/a	n/a
Days payable outstanding	n/a	n/a	n/a	n/a	n/a
Inventory turnover	n/a	n/a	n/a	n/a	n/a
Days inventory (DSI)	n/a	n/a	n/a	n/a	n/a

Balance-sheet composition 2025

Assets

Fixed assets €6k · 2.6% Current assets €217k · 97.4%

Equity & liabilities

Equity €209k · 93.9% Debt €14k · 6.1%

Full annual accounts (25 line items)

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

Line item	Code	2025	2024	2023	2022	2021
Balance sheet, Assets
TOTAL ASSETS	20/58	€223k	€313k	€318k	€287k	€250k
Fixed assets	21/28	€6k	€9k	€14k	€18k	€20k
Intangible fixed assets	21	-	-	€0	-	-
Tangible fixed assets	22/27	€6k	€9k	€14k	€18k	€20k
Current assets	29/58	€217k	€304k	€304k	€269k	€230k
Amounts receivable within one year	40/41	€16k	€10k	€0	€10k	€27k
Investments	50/53	€170k	€90k	€90k	€200k	€125k
Cash & bank	54/58	€31k	€203k	€214k	€60k	€78k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€223k	€313k	€318k	€287k	€250k
Equity	10/15	€209k	€241k	€289k	€249k	€207k
Contributions / capital	10/11	€27k	€27k	€27k	€25k	€25k
Reserves	13	€162k	€162k	€210k	€174k	€139k
Accumulated profits (losses)	14	€20k	€51k	€51k	€50k	€44k
Amounts payable	17/49	€14k	€72k	€29k	€39k	€42k
Amounts payable within one year	42/48	€12k	€71k	€28k	€37k	€41k
Trade debts payable within one year	44	€46	€300	€2k	€4k	€5k
Income statement
Turnover	70	-	€0	-	-	-
Gross operating margin	9900	€-26k	€14k	€64k	€65k	€62k
Operating result	9901	€-31k	€10k	€59k	€60k	€57k
Financial income	75	-	€0	-	-	-
Financial charges	65	€69	€86	€66	€65	€68
Result before taxes	9903	€-31k	€9k	€59k	€60k	€56k
Income taxes	67/77	-	€3k	€19k	€18k	€18k
Net result for the period	9904	€-31k	€7k	€40k	€41k	€38k
Result to be appropriated	9905	€-31k	€7k	€40k	€41k	€38k

Legal Structure

NACE primary	Other activities auxiliary to financial services, excluding insurance and pension funding(66199)
Legal form	Private limited company(610)
Incorporation	23-02-2000
Status	Active
Postal code	4000

Establishment units 1 location

Rue Saint-Remy 7, 4000 Liège

Insurance, reinsurance and pension funding, except compulsory social security

since 20002.093.727.380

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62803A1524/00T000	Wallonia	402 m²	1 · 226 m²	16.6 m · 5 fl.

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.

Updates 11 events

All 14Financial 3Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

23-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Weakest financial yearnet €-31k ▼559%

Net result drops to €-31k, the lowest in the series.

31-12

Financial Liquidity quadruplescurrent ratio 18.35

Current ratio from 4.27 to 18.35; short-term debt falls from €71k to €12k.

25-07

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

17-06

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

06-07

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

27-02

State Gazette act Director changes

Philippe DUSART

2022

31-12

Financial Highest result since 2021net €41k ▲8.6%

Operating result €60k, net result €41k, both a record.

17-06

NBB filing Annual accounts filed

fiscal year 2021 · micro schema

2021

06-07

NBB filing Annual accounts filed

fiscal year 2020 · micro schema

2020

22-06

NBB filing Annual accounts filed

fiscal year 2019 · micro schema

2019

15-07

NBB filing Annual accounts filed

fiscal year 2018 · micro schema

2018

25-06

NBB filing Annual accounts filed

fiscal year 2017 · micro schema

2017

21-06

NBB filing Annual accounts filed

fiscal year 2016 · micro schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 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.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 3 years ago

2023

27-02-2023 Board composition published Director changes·Philippe DUSART

Notary: Philippe DUSART · Liège

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Other activities auxiliary to financial services, excluding insurance and pension funding66199Real estate agency activities68310Real estate activities6831170311

Names & trade names

Legal nameFR	MALHERBE SOCIETE DE GESTION
AbbreviationFR	M.S.G.

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