MFR Team
ActiveSummary
MFR Team has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €22,908 and a net result of €104,926. Equity is shrinking by ~20.5% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 15% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+11
Solvency29=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity short (current ratio 0.8 against 0.85 in 2024; short-term debt: 95.3% and cash: 25.9% of total assets), and 96.1% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more 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
3.9%
Return on assets
17.7%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 10519 sector peers (2025).
NBB · sector comparisonPosition among 10519 sector peers
Solvency
better than 15%
← weakest
strongest →
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 01-07-2026, 30 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
30 d early
2024
48 d early
2023
29 d late
2022
85 d early
2021
5 d early
2020
9 d early
2019
45 d early
← 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 28 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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 1 July (4 of the last 5 filed years within 55 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€104,926▲ 28.1%
2024 · €81,902
Working capital
-€111,267▲ 7.8%
2024 · -€120,741
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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€167,869▼ 64.1%€52,284▼ 68.9%€115,433▲ 121%€115,720▲ 0.2%€139,529▲ 20.6%
Net result€132,995above the sector's middle half▼ 63.9%€41,932within the sector's middle half▼ 68.5%€80,202within the sector's middle half▲ 91.3%€81,902within the sector's middle half▲ 2.1%€104,926above the sector's middle half▲ 28.1%
Equity€251,664within the sector's middle half▼ 49.3%€175,862within the sector's middle half▼ 30.1%€238,329within the sector's middle half▲ 35.5%€40,635below the sector's middle half▼ 82.9%€22,908below the sector's middle half▼ 43.6%
Total assets€1.2mwithin the sector's middle half▼ 18.2%€1.0mwithin the sector's middle half▼ 14.7%€932,786within the sector's middle half▼ 9.3%€910,577within the sector's middle half▼ 2.4%€592,669within the sector's middle half▼ 34.9%
Debt€954,041▼ 2.4%€852,591▼ 10.6%€694,457▼ 18.5%€869,941▲ 25.3%€569,761▼ 34.5%
Working capital€26,995within the sector's middle half▼ 89.8%-€119,152below the sector's middle half€56,840within the sector's middle half-€120,741below the sector's middle half-€111,267below the sector's middle half▲ 7.8%
Solvency20.9%within the sector's middle half▼ 12.8pp17.1%within the sector's middle half▼ 3.8pp25.6%within the sector's middle half▲ 8.5pp4.5%below the sector's middle half▼ 21.1pp3.9%below the sector's middle half▼ 0.6pp
Current ratio1.04within the sector's middle half▼ 0.360.80below the sector's middle half▼ 0.241.10within the sector's middle half▲ 0.300.85below the sector's middle half▼ 0.250.80below the sector's middle half▼ 0.05
Return on assets (ROA)11.0%within the sector's middle half▼ 14.0pp4.1%within the sector's middle half▼ 7.0pp8.6%within the sector's middle half▲ 4.5pp9.0%within the sector's middle half▲ 0.4pp17.7%above the sector's middle half▲ 8.7pp
Staff (FTE)35above the sector's middle half▲ 2.6%30above the sector's middle half▼ 14.3%33.3above the sector's middle half▲ 11.0%33.2above the sector's middle half▼ 0.3%51.2above the sector's middle half▲ 54.2%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Staff (FTE) +54% on 2024. The accounts now follow the abbreviated schema, last year the full schema.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 21% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €592,669
Fixed assets
€139,330 ▼ 40.3%
Current assets
€453,339 ▼ 33.1%
Equity and liabilities €592,669
Equity
€22,908 ▼ 43.6%
Debt
€569,761 ▼ 34.5%
Debt's share of the balance-sheet total rises from 95.5% to 96.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€236,987▲
2024 · €212,166
Cash flow
€202,384▲
2024 · €178,348
Quick ratio
0.44▼
2024 · 0.56
Debt to equity
24.87▲
2024 · 21.41
ROE
458.0%▲
2024 · 201.6%
Interest coverage
8.51▲
2024 · 7.18
Debt ≤ 1 year
€564,606▼
2024 · €798,040
Debt > 1 year
€4,833▼
2024 · €71,482
Income taxes
€31,020▲
2024 · €23,094
Staff costs
€410,087▲
2024 · €397,684
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 166 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- solvency under 10%
- a profit of 5% of the balance sheet or more
- without age
1.2%
went bankrupt
1.8%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 1.3% 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 166 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,569 | €1,080 | €294 | - | - | - |
| Remuneration, social security and pensions62 | €481,412 | €416,243 | €363,736 | €397,684 | €410,087 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €103,255 | €107,242 | €95,560 | €96,446 | €97,459 | ▲ 1.1% |
| Other operating charges640/8 | €9,499 | €5,287 | €4,598 | €2,479 | €2,180 | ▼ 12.0% |
| Non-recurring operating charges66A | €47,474 | €8,851 | €21,892 | - | - | - |
| Gross operating margin9900 | €809,510 | €589,906 | €601,220 | €612,328 | €649,255 | ▲ 6.0% |
| Operating profit (loss)9901 | €167,869 | €52,284 | €115,433 | €115,720 | €139,529 | ▲ 20.6% |
| Financial income75/76B | €27,477 | €32,029 | €19,098 | €18,829 | €24,254 | ▲ 28.8% |
| Recurring financial income75 | €27,477 | €32,029 | €19,098 | €18,829 | €24,254 | ▲ 28.8% |
| Financial charges65/66B | €27,037 | €25,710 | €31,639 | €29,552 | €27,837 | ▼ 5.8% |
| Recurring financial charges65 | €27,037 | €25,710 | €27,384 | €29,552 | €27,837 | ▼ 5.8% |
| Non-recurring financial charges66B | - | - | €4,254 | - | - | - |
| Profit (loss) for the period before taxes9903 | €168,310 | €58,603 | €102,893 | €104,997 | €135,945 | ▲ 29.5% |
| Income taxes67/77 | €35,315 | €16,670 | €22,691 | €23,094 | €31,020 | ▲ 34.3% |
| Profit (loss) for the period9904 | €132,995 | €41,932 | €80,202 | €81,902 | €104,926 | ▲ 28.1% |
| Profit (loss) for the period to be appropriated9905 | €132,995 | €41,932 | €80,202 | €81,902 | €104,926 | ▲ 28.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.0m | €932,786 | €910,577 | €592,669 | ▼ 34.9% |
| Fixed assets21/28 | €540,491 | €543,762 | €324,819 | €233,278 | €139,330 | ▼ 40.3% |
| Tangible fixed assets22/27 | €540,491 | €443,762 | €324,819 | €233,278 | €139,330 | ▼ 40.3% |
| Plant, machinery and equipment23 | €296,982 | €249,482 | €194,646 | €142,939 | €90,463 | ▼ 36.7% |
| Furniture and vehicles24 | €74,250 | €56,612 | €22,760 | €17,667 | €10,933 | ▼ 38.1% |
| Other tangible fixed assets26 | €169,260 | €137,668 | €107,412 | €72,673 | €37,934 | ▼ 47.8% |
| Financial fixed assets28 | - | €100,000 | €0 | - | - | - |
| Current assets29/58 | €665,214 | €484,691 | €607,967 | €677,298 | €453,339 | ▼ 33.1% |
| Stocks and contracts in progress3 | €221,233 | €230,578 | €245,401 | €230,156 | €202,189 | ▼ 12.2% |
| Stocks30/36 | €221,233 | €230,578 | €245,401 | €230,156 | €202,189 | ▼ 12.2% |
| Amounts receivable within one year40/41 | €90,815 | €71,867 | €132,094 | €107,435 | €87,817 | ▼ 18.3% |
| Trade receivables40 | €25,090 | €11,056 | €12,225 | €27,523 | €43,350 | ▲ 57.5% |
| Other amounts receivable41 | €65,724 | €60,812 | €119,869 | €79,912 | €44,467 | ▼ 44.4% |
| Cash at bank and in hand54/58 | €332,801 | €159,685 | €225,375 | €329,616 | €153,718 | ▼ 53.4% |
| Deferred charges and accrued income490/1 | €20,366 | €22,560 | €5,098 | €10,091 | €9,615 | ▼ 4.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.0m | €932,786 | €910,577 | €592,669 | ▼ 34.9% |
| Equity10/15 | €251,664 | €175,862 | €238,329 | €40,635 | €22,908 | ▼ 43.6% |
| Contributions10/11 | €23,000 | €23,000 | €23,000 | €5,000 | €5,000 | = |
| Reserves13 | €139,856 | €81,788 | €81,788 | - | - | - |
| Distributable reserves133 | €139,856 | €81,788 | €81,788 | - | - | - |
| Profit (loss) carried forward14 | - | - | €80,202 | - | - | - |
| Investment grants15 | €88,808 | €71,074 | €53,339 | €35,635 | €17,908 | ▼ 49.7% |
| Amounts payable17/49 | €954,041 | €852,591 | €694,457 | €869,941 | €569,761 | ▼ 34.5% |
| Amounts payable after more than one year17 | €293,322 | €221,243 | €143,329 | €71,482 | €4,833 | ▼ 93.2% |
| Financial debts170/4 | €293,322 | €221,243 | €143,329 | €71,482 | €4,833 | ▼ 93.2% |
| Amounts payable within one year42/48 | €638,219 | €603,843 | €551,128 | €798,040 | €564,606 | ▼ 29.3% |
| Current portion of amounts payable after more than one year42 | €75,326 | €72,261 | €65,852 | €75,222 | €79,792 | ▲ 6.1% |
| Financial debts43 | €10,000 | €6,661 | €6,724 | - | - | - |
| Credit institutions430/8 | €10,000 | €6,661 | €6,724 | - | - | - |
| Trade debts44 | €427,635 | €361,307 | €434,401 | €422,657 | €348,328 | ▼ 17.6% |
| Suppliers440/4 | €427,635 | €361,307 | €434,401 | €422,657 | €348,328 | ▼ 17.6% |
| Taxes, remuneration and social security45 | €124,941 | €63,614 | €44,151 | €38,268 | €29,668 | ▼ 22.5% |
| Taxes450/3 | €69,516 | €8,431 | €5,834 | - | €0 | - |
| Remuneration and social security454/9 | €55,424 | €55,182 | €38,317 | €38,268 | €29,668 | ▼ 22.5% |
| Other amounts payable47/48 | €317 | €100,000 | €0 | €261,893 | €106,818 | ▼ 59.2% |
| Accrued charges and deferred income492/3 | €22,500 | €27,505 | €0 | €420 | €322 | ▼ 23.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €132,995 | €41,932 | €80,202 | €81,902 | €104,926 | ▲ 28.1% |
| + Depreciation and write-downs630 | €103,255 | €107,242 | €95,560 | €96,446 | €97,459 | ▲ 1.1% |
| Operating cash flow (approximation) | €236,250 | €149,174 | €175,762 | €178,348 | €202,384 | ▲ 13.5% |
| Investment in fixed assets (approximation) | - | -€110,513 | €123,383 | -€4,905 | -€3,510 | ▲ 28.4% |
| Change in cash | - | -€173,116 | €65,689 | €104,241 | -€175,899 | ▼ 269% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
13-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 29 days late
2023
31-12
Financial
Equity above €200,000Eq €238,329 ▲35.5%
4 profitable years in a row build equity to €238,329.
07-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €368,493
Net result €368,493 after one loss-making year.
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Weakest financial yearnet -€12,520
Net result drops to -€12,520, the lowest in the series; recovery starts the following year.
04-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Etterbeek · 1 establishment unit since 2017
Ground area
2,185 m²
Building footprint
1,233 m²
Volume, LiDAR
11,065 m³
Parcel 21362B0232/00F002, Brussels · tallest building 17.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MFR TEAM SRL
since 20172.257.738.346
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21362B0232/00F002 | Brussels | 2,185 m² | 1 · 1,233 m² | 17.6 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.
Recognitions · licences · registrations
Food safety, FASFC
1 site · 1 with a smileyEtterbeek2.257.738.346
Dual-learning approval
3 live approvals · 3 endedOnthaal, organisatie en sales duaal (so)
Winkelmedewerker (vwo)
Winkelmedewerker duaal (so)
Show 3 ended approvals
Winkelbediende (so)
Winkelmedewerker (vwo)
Winkelmedewerker duaal (so)
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Of 10,510 companies in sector 47110 we hold annual accounts for 5,853. 4,244 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
Founded26-10-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
Contact
E-mail
info@mfrteam.beEtterbeek
E-invoicing
Reachable via Peppol
Peppol ID
0208:0664984191
Also
9925:BE0664984191
Registered
04-10-2025
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.