MG Distribution
Open bankruptcyA bankruptcy procedure is open for MG Distribution according to publications in the Belgian State Gazette; curator: GREGORY BRUNEEL.
Summary
The 2023 annual accounts show equity of €66k and a net result of €-165.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 25-10-2024, 86 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
not confirmed
2024
not filed
2023
86 d late
2022
65 d late
2021
10 d late
2020
10 d late
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2023, micro schema
Equity
€66k▼ 0.2%
2022 · €66k
2018: €-63k
2019: €-104k
2020: €-97k
2021: €-48k
2022: €66k
2018 → 2023
Total assets
€1.18M▲ 34.4%
2022 · €874k
2018: €744k
2019: €1.02M
2020: €1.04M
2021: €182k
2022: €874k
2018 → 2023
Net result
€-165
2022 · €114k
2018: €-48k
2019: €-41k
2020: €7k
2021: €50k
2022: €114k
2018 → 2023
Working capital
€104k▼ 11.3%
2022 · €118k
2018: €559k
2019: €519k
2020: €781k
2021: €16k
2022: €118k
2018 → 2023
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20192020202120222023Trend
Equity€-104k-€-97k▲ 6.9%€-48k▲ 51.0%€66k€66k▼ 0.2%
Operating result€-8k-€42k€68k▲ 61.7%€128k▲ 87.4%€27k▼ 78.6%
Net result€-41k-€7k€50k▲ 587%€114k▲ 130%€-165
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 2023; 2023 is 79% below 2022.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €1.18M
Fixed assets
€4k ▼ 10.0%
Current assets
€1.17M ▲ 34.6%
Equity and liabilities €1.18M
Equity
€66k ▼ 0.2%
Debt
€1.11M ▲ 37.3%
Debt's share of the balance-sheet total rises from 92.4% to 94.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€31k▼
2022 · €140k
Cash flow
€3k▼
2022 · €126k
Current ratio
1.10▼
2022 · 1.16
Quick ratio
0.18▼
2022 · 0.26
Debt to equity
16.76▲
2022 · 12.18
ROE
-0.2%▼
2022 · 171.8%
ROA
0.0%▼
2022 · 13.0%
Interest coverage
1.17▼
2022 · 14.30
Debt ≤ 1 year
€1.07M▲
2022 · €752k
Debt > 1 year
€42k▼
2022 · €55k
Income taxes
€2k▼
2022 · €4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2023 against 2022 · 46 lines
Balance sheet
Code20222023
Assets
Total assets20/58€874k€1.18M▲
Fixed assets21/28€4k€4k▼
Tangible fixed assets22/27€2k€1k▼
Plant, machinery and equipment23€928€682▼
Furniture and vehicles24€789€592▼
Financial fixed assets28€3k€3k=
Current assets29/58€870k€1.17M▲
Stocks and contracts in progress3€677k€984k▲
Stocks30/36€677k€984k▲
Amounts receivable within one year40/41€164k€178k▲
Trade receivables40€154k€165k▲
Other amounts receivable41€10k€13k▲
Cash at bank and in hand54/58€25k€8k▼
Deferred charges and accrued income490/1€3k€2k▼
Equity and liabilities
Total equity and liabilities10/49€874k€1.18M▲
Equity10/15€66k€66k▼
Contributions10/11€125k€125k=
Profit (loss) carried forward14€-59k€-59k▼
Amounts payable17/49€808k€1.11M▲
Amounts payable after more than one year17€55k€42k▼
Financial debts170/4€55k€42k▼
Amounts payable within one year42/48€752k€1.07M▲
Current portion of amounts payable after more than one year42€12k€13k▲
Financial debts43€534k€828k▲
Credit institutions430/8€534k€828k▲
Trade debts44€20k€6k▼
Suppliers440/4€20k€6k▼
Advances received on contracts in progress46€22k€182k▲
Taxes, remuneration and social security45€5k€6k▲
Taxes450/3€5k€6k▲
Other amounts payable47/48€159k€33k▼
Accrued charges and deferred income492/3€731-
Income statement
Code20222023
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€3k▼
Other operating charges640/8€3k€2k▼
Gross operating margin9900€142k€33k▼
Operating profit (loss)9901€128k€27k▼
Financial income75/76B€13€15▲
Recurring financial income75€13€15▲
Financial charges65/66B€10k€26k▲
Recurring financial charges65€10k€26k▲
Profit (loss) for the period before taxes9903€118k€1k▼
Income taxes67/77€4k€2k▼
Profit (loss) for the period9904€114k€-165▼
Profit (loss) for the period to be appropriated9905€114k€-165▼
Appropriation of the result
Profit (loss) to be appropriated9906€-59k€-59k▼
Profit (loss) brought forward from the previous period14P€-173k€-59k▲
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
05-11
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · MG DISTRIBUTION BV PAAR- DENMARKT 26, 2000 ANTWERPEN 1 · event 23-10-2025
2024
25-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 86 days late
2023
04-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 65 days late
2022
31-12
Financial
Highest result since 2018net €114k ▲130%
Operating result €128k, net result €114k, both a record.
10-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 10 days late
2021
10-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 10 days late
2020
31-12
Financial
Back to profitnet €7k
Net result €7k after 2 loss-making years.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
26-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
26-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
09-09
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema · 40 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
7 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, Antwerpen · 1 establishment unit since 2008
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Paardenmarkt 262000 AntwerpenGround area
404 m²
Building footprint
282 m²
Volume, LiDAR
3,011 m³
Parcel 11802B0519/00D000, Flanders · tallest building 17.0 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
MG Distribution
since 20082.172.379.435
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11802B0519/00D000 | Flanders | 404 m² | 1 · 282 m² | 17.0 m · 4 fl. |
Linked by address, not proof of ownership
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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | GREGORY BRUNEEL MUSEUMSTRAAT 31-33,
2000 ANTWERPEN 1 |
23-10-2025 → present |
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Of 7,320 companies in sector 68110 we hold annual accounts for 5,381. 3,463 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-05-2008
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
43990Other specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 15 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.