MICADO
ActiveSummary
MICADO has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€67,675) and a net result of €31,149. Equity is shrinking by ~9.8% per year across the filed fiscal years. Its solvency ranks better than 7% of 7098 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 3.54 against 2.22 in 2024; short-term debt: 28.3% and cash: 53% of total assets), but equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-83.3%
Return on assets
38.4%
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 7% of 7098 sector peers (2025).
NBB · sector comparisonPosition among 7098 sector peers
Solvency
better than 7%
← 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 06-05-2026, 86 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
86 d early
2024
49 d early
2023
83 d late
2022
7 d early
2021
185 d late
2020
550 d late
2019
139 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 116 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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 24 July (4 of the last 5 filed years within 91 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€67,675▲ 31.5%
2024 · -€98,823
Total assets
€81,222▲ 76.5%
2024 · €46,011
Net result
€31,149▲ 39.4%
2024 · €22,337
Working capital
€58,254▲ 131%
2024 · €25,271
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, 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-€33,479▼ 117%-€15,238▲ 54.5%-€3,892▲ 74.5%€26,173€33,634▲ 28.5%
Net result-€34,363below the sector's middle half▼ 105%-€15,535below the sector's middle half▲ 54.8%-€3,598below the sector's middle half▲ 76.8%€22,337within the sector's middle half€31,149within the sector's middle half▲ 39.4%
Equity-€102,027below the sector's middle half▼ 50.8%-€117,562below the sector's middle half▼ 15.2%-€121,161below the sector's middle half▼ 3.1%-€98,823below the sector's middle half▲ 18.4%-€67,675below the sector's middle half▲ 31.5%
Total assets€27,323below the sector's middle half▼ 58.4%€16,697below the sector's middle half▼ 38.9%€14,997below the sector's middle half▼ 10.2%€46,011below the sector's middle half▲ 207%€81,222within the sector's middle half▲ 76.5%
Debt€129,351▼ 2.9%€134,260▲ 3.8%€136,157▲ 1.4%€144,835▲ 6.4%€148,897▲ 2.8%
Working capital€22,733within the sector's middle half▼ 61.9%€7,198within the sector's middle half▼ 68.3%€1,100below the sector's middle half▼ 84.7%€25,271within the sector's middle half▲ 2,198%€58,254within the sector's middle half▲ 131%
Solvency-373.4%below the sector's middle half▼ 270.3pp-704.1%below the sector's middle half▼ 330.7pp-807.9%below the sector's middle half▼ 103.8pp-214.8%below the sector's middle half▲ 593.1pp-83.3%below the sector's middle half▲ 131.5pp
Current ratio5.95above the sector's middle half▼ 5.851.76within the sector's middle half▼ 4.191.08within the sector's middle half▼ 0.682.22within the sector's middle half▲ 1.143.54within the sector's middle half▲ 1.32
Return on assets (ROA)-125.8%below the sector's middle half▼ 100.2pp-93.0%below the sector's middle half▲ 32.7pp-24.0%below the sector's middle half▲ 69.0pp48.5%above the sector's middle half▲ 72.5pp38.4%above the sector's middle half▼ 10.2pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 29% above 2024 and is the highest result in the available series.
Key figures and ratios
Quick ratio
3.51▲
2024 · 2.11
Debt to equity
-2.20▼
2024 · -1.47
Debt ≤ 1 year
€22,969▲
2024 · €20,740
Debt > 1 year
€122,260=
2024 · €122,260
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,795 companies that looked in July 2024 the way this one looks now, 2.7% went bankrupt within 24 months and 92% are still going.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
2.7%
went bankrupt
5.3%
stopped otherwise
92%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 3,795 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €493 | - | - | - | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €4,301 | - | - | - | - | - |
| Other operating charges640/8 | €516 | €667 | €449 | €2,411 | €960 | ▼ 60.2% |
| Non-recurring operating charges66A | €18,183 | - | - | - | - | - |
| Gross operating margin9900 | -€9,986 | -€14,571 | -€3,442 | €28,584 | €34,595 | ▲ 21.0% |
| Operating profit (loss)9901 | -€33,479 | -€15,238 | -€3,892 | €26,173 | €33,634 | ▲ 28.5% |
| Financial income75/76B | €6 | €82 | €583 | €450 | €354 | ▼ 21.4% |
| Recurring financial income75 | €6 | €82 | €583 | €450 | €354 | ▼ 21.4% |
| Financial charges65/66B | €890 | €379 | €290 | €4,286 | €2,839 | ▼ 33.7% |
| Recurring financial charges65 | €890 | €379 | €290 | €4,286 | €2,839 | ▼ 33.7% |
| Profit (loss) for the period before taxes9903 | -€34,363 | -€15,535 | -€3,598 | €22,337 | €31,149 | ▲ 39.4% |
| Profit (loss) for the period9904 | -€34,363 | -€15,535 | -€3,598 | €22,337 | €31,149 | ▲ 39.4% |
| Profit (loss) for the period to be appropriated9905 | -€34,363 | -€15,535 | -€3,598 | €22,337 | €31,149 | ▲ 39.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €27,323 | €16,697 | €14,997 | €46,011 | €81,222 | ▲ 76.5% |
| Fixed assets21/28 | - | - | - | - | €0 | - |
| Intangible fixed assets21 | - | - | - | - | €0 | - |
| Tangible fixed assets22/27 | - | - | - | - | €0 | - |
| Plant, machinery and equipment23 | - | - | - | - | €0 | - |
| Current assets29/58 | €27,323 | €16,697 | €14,997 | €46,011 | €81,222 | ▲ 76.5% |
| Stocks and contracts in progress3 | €19,500 | €3,000 | €2,500 | €2,167 | €567 | ▼ 73.8% |
| Stocks30/36 | €19,500 | €3,000 | €2,500 | €2,167 | €567 | ▼ 73.8% |
| Amounts receivable within one year40/41 | €3,906 | €8,808 | €8,160 | €11,255 | €37,466 | ▲ 233% |
| Trade receivables40 | €3,660 | €8,305 | €7,903 | €11,255 | €37,466 | ▲ 233% |
| Other amounts receivable41 | €246 | €503 | €257 | - | - | - |
| Cash at bank and in hand54/58 | €3,804 | €4,890 | €4,219 | €32,590 | €43,069 | ▲ 32.2% |
| Deferred charges and accrued income490/1 | €113 | - | €118 | - | €120 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €27,323 | €16,697 | €14,997 | €46,011 | €81,222 | ▲ 76.5% |
| Equity10/15 | -€102,027 | -€117,562 | -€121,161 | -€98,823 | -€67,675 | ▲ 31.5% |
| Contributions10/11 | €93,000 | €93,000 | €93,000 | €93,000 | €93,000 | = |
| Profit (loss) carried forward14 | -€195,027 | -€210,562 | -€214,161 | -€191,823 | -€160,675 | ▲ 16.2% |
| Amounts payable17/49 | €129,351 | €134,260 | €136,157 | €144,835 | €148,897 | ▲ 2.8% |
| Amounts payable after more than one year17 | €124,760 | €124,760 | €122,260 | €122,260 | €122,260 | = |
| Financial debts170/4 | €124,760 | €124,760 | €122,260 | €122,260 | €122,260 | = |
| Amounts payable within one year42/48 | €4,591 | €9,499 | €13,897 | €20,740 | €22,969 | ▲ 10.7% |
| Financial debts43 | - | - | - | €70 | - | - |
| Credit institutions430/8 | - | - | - | €70 | - | - |
| Trade debts44 | €2,827 | €8,574 | €2,924 | €8,901 | €7,567 | ▼ 15.0% |
| Suppliers440/4 | €2,827 | €8,574 | €2,924 | €8,901 | €7,567 | ▼ 15.0% |
| Taxes, remuneration and social security45 | €105 | €618 | €176 | €1,459 | €5,057 | ▲ 247% |
| Taxes450/3 | €105 | €618 | €176 | €1,459 | €2,057 | ▲ 41.0% |
| Remuneration and social security454/9 | - | - | - | - | €3,000 | - |
| Other amounts payable47/48 | €1,659 | €307 | €10,797 | €10,311 | €10,344 | ▲ 0.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1,834 | €3,668 | ▲ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€34,363 | -€15,535 | -€3,598 | €22,337 | €31,149 | ▲ 39.4% |
| + Depreciation and write-downs630 | €493 | - | - | - | - | - |
| Operating cash flow (approximation) | -€33,870 | -€15,535 | -€3,598 | €22,337 | €31,149 | ▲ 39.4% |
| Change in cash | - | €1,085 | -€671 | €28,371 | €10,480 | ▼ 63.1% |
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
06-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
12-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €22,337
Net result €22,337 after 4 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 2.22
Current ratio from 1.08 to 2.22.
22-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 83 days late
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
01-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 185 days late
01-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 550 days late
2021
31-12
Financial
Weakest financial yearnet -€34,363
Net result drops to -€34,363, the lowest in the series; recovery starts the following year.
2020
17-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 139 days late
2019
31-12
Financial
Liquidity times 8current ratio 71.19
Current ratio from 9.30 to 71.19; short-term debt falls from €14,068 to €1,367.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Ukkel · 1 establishment unit since 1994
Ground area
742 m²
Building footprint
279 m²
Volume, LiDAR
1,277 m³
Parcel 21612C0210/00Y008, Brussels · tallest building 11.8 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MICADO
since 19942.068.456.407
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21612C0210/00Y008 | Brussels | 742 m² | 1 · 279 m² | 11.8 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.
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 9,863 companies in sector 73110 we hold annual accounts for 3,758. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-09-1994
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
46180Agents specialised in the wholesale of other particular products
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453345930
Registered
22-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.