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 about 18% per year across the filed financial years. Its solvency ranks better than 48% of 6,599 sector peers (NACE 64, financial year 2025). The company has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (7 days) Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00387773.
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
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
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.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€576,949
2025
Net result€434,658
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€938,373
2025
Equity€453,258
2025
Debt€485,115
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€43,432
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)46.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency48.3%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.09
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)0
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. 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 financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€57,210-€90,029▲ 57.4%€174,386▲ 93.7%€181,440▲ 4.0%€161,144▼ 11.2%€198,516▲ 23.2%€214,351▲ 8.0%€576,949▲ 169%
Net result€34,843-€58,775▲ 68.7%€126,763within the sector's middle half▲ 116%€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€122,044-€180,820▲ 48.2%€178,783within the sector's middle half▼ 1.1%€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€411,780-€427,168▲ 3.7%€467,684below the sector's middle half▲ 9.5%€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€289,736-€246,348▼ 15.0%€288,901▲ 17.3%€257,934▼ 10.7%€237,440▼ 7.9%€192,553▼ 18.9%€290,104▲ 50.7%€485,115▲ 67.2%
Working capital-€114,177--€68,188▲ 40.3%-€84,074within the sector's middle half▼ 23.3%-€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
Solvency29.6%-42.3%▲ 12.7pp38.2%within the sector's middle half▼ 4.1pp47.6%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 ratio0.46-0.63▲ 0.170.65within the sector's middle half▲ 0.030.84within 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)8.5%-13.8%▲ 5.3pp27.1%above the sector's middle half▲ 13.3pp26.4%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 of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the abbreviated or micro format does not require them.
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 | 2018 | 2019 | 2020 | 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 | €2,521 | €2,158 | €2,158 | €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 | €61,221 | €93,605 | €178,085 | €184,915 | €175,442 | €226,684 | €241,955 | €606,815 | ▲ 151% |
| Operating profit (loss)9901 | €57,210 | €90,029 | €174,386 | €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 | €1,380 | €2,408 | €2,837 | €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 | €5,338 | €5,025 | €4,460 | €4,155 | €3,320 | €3,125 | €3,017 | €1,947 | ▼ 35.5% |
| Profit (loss) for the period before taxes9903 | €53,252 | €87,412 | €172,763 | €177,284 | €158,574 | €197,884 | €218,577 | €582,781 | ▲ 167% |
| Income taxes67/77 | €18,409 | €28,636 | €46,000 | €47,290 | €42,074 | €47,184 | €56,591 | €148,122 | ▲ 162% |
| Profit (loss) for the period9904 | €34,843 | €58,775 | €126,763 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| Profit (loss) for the period to be appropriated9905 | €34,843 | €58,775 | €126,763 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €411,780 | €427,168 | €467,684 | €492,411 | €529,568 | €582,429 | €597,967 | €938,373 | ▲ 56.9% |
| Fixed assets21/28 | €315,585 | €313,427 | €310,956 | €308,799 | €405,156 | €379,691 | €353,481 | €409,838 | ▲ 15.9% |
| Tangible fixed assets22/27 | €11,266 | €9,108 | €6,950 | €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 | €304,319 | €304,319 | €304,006 | €304,006 | €304,006 | €304,006 | €304,006 | €304,006 | = |
| Current assets29/58 | €96,195 | €113,741 | €156,728 | €183,612 | €124,411 | €202,738 | €244,486 | €528,535 | ▲ 116% |
| Amounts receivable within one year40/41 | €70,218 | €95,472 | €25,897 | €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 | €16,769 | €18,269 | €128,230 | €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 | €411,780 | €427,168 | €467,684 | €492,411 | €529,568 | €582,429 | €597,967 | €938,373 | ▲ 56.9% |
| Equity10/15 | €122,044 | €180,820 | €178,783 | €234,477 | €292,127 | €389,877 | €307,863 | €453,258 | ▲ 47.2% |
| Contributions10/11 | €6,200 | €6,200 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €115,844 | €174,620 | €160,183 | €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 | €289,736 | €246,348 | €288,901 | €257,934 | €237,440 | €192,553 | €290,104 | €485,115 | ▲ 67.2% |
| Amounts payable after more than one year17 | €79,364 | €63,811 | €48,100 | €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 | €210,372 | €181,929 | €240,801 | €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 | €126 | €720 | €717 | €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 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €34,843 | €58,775 | €126,763 | €129,994 | €116,500 | €150,699 | €161,986 | €434,658 | ▲ 168% |
| + Depreciation and write-downs630 | €2,521 | €2,158 | €2,158 | €2,158 | €12,028 | €26,544 | €26,210 | €28,923 | ▲ 10.4% |
| Operating cash flow (approximation) | €37,365 | €60,933 | €128,921 | €132,152 | €128,528 | €177,243 | €188,196 | €463,581 | ▲ 146% |
| Investment in fixed assets (approximation) | - | €0 | €313 | €0 | -€108,386 | -€1,078 | €0 | -€85,280 | - |
| Change in cash | - | €1,500 | €109,961 | €53,288 | -€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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-08-2026 | 2026-00387773 |
| 31-12-2024 | abbreviated format | 22-08-2025 | 2025-00394156 |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00297860 |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00396264 |
| 31-12-2021 | abbreviated format | 26-07-2022 | 2022-20230693 |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-60700177 |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43200201 |
| 31-12-2018 | micro format | 07-08-2019 | 2019-44400113 |
| 31-12-2017 | micro format | 22-08-2018 | 2018-47600228 |
| 31-12-2016 | abbreviated format | 18-08-2017 | 2017-45300012 |
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Of the 24,462 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,970. 13,785 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
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 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.