Summary
MIAU 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 €453,258 and a net result of €434,658. Equity is growing by ~17.6% per year across the filed fiscal years. Its solvency ranks better than 47% of 5651 sector peers (fiscal year 2025). The company has been active since 2015 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
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 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
7 d late
2024
22 d late
2023
2 d early
2022
31 d late
2021
5 d early
2020
31 d late
2019
21 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 15 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 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 7 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€453,258▲ 47.2%
2024 · €307,863
Net result
€434,658▲ 168%
2024 · €161,986
Total assets
€938,373▲ 56.9%
2024 · €597,967
Solvency
48.3%▼ 3.2pp
2024 · 51.5%
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: 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. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€181,440▲ 4.0%€161,144▼ 11.2%€198,516▲ 23.2%€214,351▲ 8.0%€576,949▲ 169%
Net result€129,994within the sector's middle half▲ 2.5%€116,500within the sector's middle half▼ 10.4%€150,699within the sector's middle half▲ 29.4%€161,986within the sector's middle half▲ 7.5%€434,658above the sector's middle half▲ 168%
Equity€234,477within the sector's middle half▲ 31.2%€292,127within the sector's middle half▲ 24.6%€389,877within the sector's middle half▲ 33.5%€307,863within the sector's middle half▼ 21.0%€453,258within the sector's middle half▲ 47.2%
Total assets€492,411below the sector's middle half▲ 5.3%€529,568below the sector's middle half▲ 7.5%€582,429below the sector's middle half▲ 10.0%€597,967below the sector's middle half▲ 2.7%€938,373within the sector's middle half▲ 56.9%
Debt€257,934▼ 10.7%€237,440▼ 7.9%€192,553▼ 18.9%€290,104▲ 50.7%€485,115▲ 67.2%
Working capital-€34,137within the sector's middle half▲ 59.4%-€51,497within the sector's middle half▼ 50.9%€41,871within the sector's middle half-€36,055within the sector's middle half€43,432within the sector's middle half
Solvency47.6%within the sector's middle half▲ 9.4pp55.2%within the sector's middle half▲ 7.5pp66.9%within the sector's middle half▲ 11.8pp51.5%within the sector's middle half▼ 15.5pp48.3%within the sector's middle half▼ 3.2pp
Current ratio0.84within the sector's middle half▲ 0.190.71within the sector's middle half▼ 0.141.26within the sector's middle half▲ 0.550.87within the sector's middle half▼ 0.391.09within the sector's middle half▲ 0.22
Return on assets (ROA)26.4%above the sector's middle half▼ 0.7pp22.0%above the sector's middle half▼ 4.4pp25.9%above the sector's middle half▲ 3.9pp27.1%above the sector's middle half▲ 1.2pp46.3%above the sector's middle half▲ 19.2pp
Staff (FTE)0below the sector's middle half0within the sector's middle half0within the sector's middle half0within the sector's middle half
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 abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 169% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €938,373
Fixed assets
€409,838 ▲ 15.9%
Current assets
€528,535 ▲ 116%
Equity and liabilities €938,373
Equity
€453,258 ▲ 47.2%
Debt
€485,115 ▲ 67.2%
Debt's share of the balance-sheet total rises from 48.5% to 51.7%. Equity and debt are higher.
Key figures and ratios
ROE
95.9%▲
2024 · 52.6%
Debt ≤ 1 year
€485,103▲
2024 · €280,541
Debt > 1 year
€0▼
2024 · €9,530
Income taxes
€148,122▲
2024 · €56,591
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €610 | €0 | - | €750 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,158 | €12,028 | €26,544 | €26,210 | €28,923 | ▲ 10.4% |
| Other operating charges640/8 | €1,318 | €1,293 | €1,624 | €1,395 | €942 | ▼ 32.4% |
| Non-recurring operating charges66A | - | €977 | €0 | - | - | - |
| Gross operating margin9900 | €184,915 | €175,442 | €226,684 | €241,955 | €606,815 | ▲ 151% |
| Operating profit (loss)9901 | €181,440 | €161,144 | €198,516 | €214,351 | €576,949 | ▲ 169% |
| Financial income75/76B | €0 | €751 | €2,492 | €7,243 | €7,778 | ▲ 7.4% |
| Recurring financial income75 | €0 | €751 | €2,492 | €7,243 | €7,778 | ▲ 7.4% |
| Financial charges65/66B | €4,155 | €3,320 | €3,125 | €3,017 | €1,947 | ▼ 35.5% |
| Recurring financial charges65 | €4,155 | €3,320 | €3,125 | €3,017 | €1,947 | ▼ 35.5% |
| Profit (loss) for the period before taxes9903 | €177,284 | €158,574 | €197,884 | €218,577 | €582,781 | ▲ 167% |
| Income taxes67/77 | €47,290 | €42,074 | €47,184 | €56,591 | €148,122 | ▲ 162% |
| Profit (loss) for the period9904 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| Profit (loss) for the period to be appropriated9905 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €492,411 | €529,568 | €582,429 | €597,967 | €938,373 | ▲ 56.9% |
| Fixed assets21/28 | €308,799 | €405,156 | €379,691 | €353,481 | €409,838 | ▲ 15.9% |
| Tangible fixed assets22/27 | €4,792 | €101,150 | €75,685 | €49,475 | €105,832 | ▲ 114% |
| Land and buildings22 | €2,636 | €8,299 | €7,577 | €6,855 | €88,699 | ▲ 1,194% |
| Furniture and vehicles24 | €2,156 | €92,851 | €68,108 | €42,620 | €17,133 | ▼ 59.8% |
| Financial fixed assets28 | €304,006 | €304,006 | €304,006 | €304,006 | €304,006 | = |
| Current assets29/58 | €183,612 | €124,411 | €202,738 | €244,486 | €528,535 | ▲ 116% |
| Amounts receivable within one year40/41 | €1,625 | €113,838 | €181,500 | €211,841 | €448,550 | ▲ 112% |
| Trade receivables40 | €1,611 | €4,990 | €0 | €750 | €17,544 | ▲ 2,239% |
| Other amounts receivable41 | €15 | €108,848 | €181,500 | €211,091 | €431,006 | ▲ 104% |
| Cash at bank and in hand54/58 | €181,518 | €8,746 | €19,273 | €30,762 | €77,790 | ▲ 153% |
| Deferred charges and accrued income490/1 | €469 | €1,828 | €1,965 | €1,883 | €2,195 | ▲ 16.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €492,411 | €529,568 | €582,429 | €597,967 | €938,373 | ▲ 56.9% |
| Equity10/15 | €234,477 | €292,127 | €389,877 | €307,863 | €453,258 | ▲ 47.2% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €215,877 | €273,527 | €371,277 | €289,263 | €434,658 | ▲ 50.3% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €214,017 | €271,667 | €371,277 | €289,263 | €434,658 | ▲ 50.3% |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €257,934 | €237,440 | €192,553 | €290,104 | €485,115 | ▲ 67.2% |
| Amounts payable after more than one year17 | €40,185 | €61,532 | €31,685 | €9,530 | €0 | ▼ 100% |
| Financial debts170/4 | €40,185 | €61,532 | €31,685 | €9,530 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €217,749 | €175,909 | €160,868 | €280,541 | €485,103 | ▲ 72.9% |
| Current portion of amounts payable after more than one year42 | €15,791 | €29,387 | €29,847 | €22,155 | €9,530 | ▼ 57.0% |
| Financial debts43 | €8,724 | €10,080 | €0 | €10,667 | €10,842 | ▲ 1.6% |
| Credit institutions430/8 | €8,724 | €10,080 | €0 | €10,667 | €10,842 | ▲ 1.6% |
| Trade debts44 | €690 | €576 | €130 | €69 | €16,905 | ▲ 24,227% |
| Suppliers440/4 | €690 | €576 | €130 | €69 | €16,905 | ▲ 24,227% |
| Taxes, remuneration and social security45 | €37,395 | €27,198 | €30,891 | €43,501 | €76,303 | ▲ 75.4% |
| Taxes450/3 | €35,793 | €25,411 | €29,040 | €25,564 | €37,187 | ▲ 45.5% |
| Remuneration and social security454/9 | €1,603 | €1,787 | €1,851 | €17,937 | €39,117 | ▲ 118% |
| Other amounts payable47/48 | €155,149 | €108,667 | €100,000 | €204,148 | €371,523 | ▲ 82.0% |
| Accrued charges and deferred income492/3 | - | - | - | €33 | €12 | ▼ 65.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| + Depreciation and write-downs630 | €2,158 | €12,028 | €26,544 | €26,210 | €28,923 | ▲ 10.4% |
| Operating cash flow (approximation) | €132,152 | €128,528 | €177,243 | €188,196 | €463,581 | ▲ 146% |
| Investment in fixed assets (approximation) | - | -€108,386 | -€1,078 | €0 | -€85,280 | - |
| Change in cash | - | -€172,772 | €10,528 | €11,489 | €47,027 | ▲ 309% |
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
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 7 days late
2025
31-12
Financial
Highest result since 2018net €434,658 ▲168%
Operating result €576,949, net result €434,658, both a record.
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 22 days late
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €200,000Eq €234,477 ▲31.2%
4 profitable years in a row build equity to €234,477.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
21-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 21 days late
2019
31-12
Financial
Equity above €150,000Eq €180,820 ▲48.2%
2 profitable years in a row build equity to €180,820.
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 7 days late
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 18 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
No directors read yet: 0 of 3 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Heusden-Zolder · 1 establishment unit since 2015
Ground area
1,178 m²
Building footprint
189 m²
Volume, LiDAR
976 m³
Parcel 71025A1276/00W000, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
XELLENT
since 2015unit no. 2.243.853.389
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71025A1276/00W000 | Flanders | 1,178 m² | 1 · 189 m² | 8.8 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.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
15.4%
According to the 2025 annual accounts of MIAU and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No directors read yet: 0 of 3 Gazette acts processed.
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €164 awarded · €164 paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | €72 | €72 |
| 2022 | 1 | €92 | €92 |
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Of 24,721 companies in this sector we hold annual accounts for 19,804. 13,680 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded14-07-2015
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
73300Public relations and communication consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0633827791
Also
9925:BE0633827791
Registered
21-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.