MICHAELI NIK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 31 filings
Turnover
≈ €360,000
Estimated: probably between €240,000 and €610,000
Total assets
€423,252▲ 5.3%
2024 · €401,838
Net result
€18,963▼ 4.3%
2024 · €19,824
Working capital
€272,607▲ 6.9%
2024 · €254,901
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€34,304
▼ 0.7%
2025
20182025
Net result
€18,963
▼ 4.3%
2025
middle half of the sector
20182025
Equity
€273,012
▲ 6.8%
2025
middle half of the sector
20182025
Total assets
€423,252
▲ 5.3%
2025
middle half of the sector
20182025
Debt
€150,239
▲ 2.8%
2025
20182025
Working capital
€272,607
▲ 6.9%
2025
middle half of the sector
20182025
Solvency
64.5%
▲ 0.9pp
2025
middle half of the sector
20182025
Current ratio
2.81
▲ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
4.5%
▼ 0.5pp
2025
middle half of the sector
20182025
Staff (FTE)
1
▼ 9.1%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€671-€6,455▲ 862%€11,327▲ 75.5%€27,660▲ 144%€30,893▲ 11.7%€20,877▼ 32.4%€34,556▲ 65.5%€34,304▼ 0.7%
Net result€903-€5,765▲ 538%€3,261below the sector's middle half▼ 43.4%€11,880within the sector's middle half▲ 264%€17,990within the sector's middle half▲ 51.4%€9,747within the sector's middle half▼ 45.8%€19,824within the sector's middle half▲ 103%€18,963within the sector's middle half▼ 4.3%
Equity€192,231-€197,997▲ 3.0%€201,258within the sector's middle half▲ 1.6%€213,138within the sector's middle half▲ 5.9%€229,528within the sector's middle half▲ 7.7%€237,609within the sector's middle half▲ 3.5%€255,716within the sector's middle half▲ 7.6%€273,012within the sector's middle half▲ 6.8%
Total assets€360,688-€398,878▲ 10.6%€352,025below the sector's middle half▼ 11.7%€371,819below the sector's middle half▲ 5.6%€376,059below the sector's middle half▲ 1.1%€375,527below the sector's middle half▼ 0.1%€401,838below the sector's middle half▲ 7.0%€423,252within the sector's middle half▲ 5.3%
Debt€168,457-€200,882▲ 19.2%€150,767▼ 24.9%€158,681▲ 5.2%€146,530▼ 7.7%€137,918▼ 5.9%€146,122▲ 5.9%€150,239▲ 2.8%
Working capital€190,725-€197,765▲ 3.7%€207,589within the sector's middle half▲ 5.0%€223,312within the sector's middle half▲ 7.6%€233,838within the sector's middle half▲ 4.7%€243,464within the sector's middle half▲ 4.1%€254,901within the sector's middle half▲ 4.7%€272,607within the sector's middle half▲ 6.9%
Solvency53.3%-49.6%▼ 3.7pp57.2%within the sector's middle half▲ 7.5pp57.3%within the sector's middle half▲ 0.2pp61.0%within the sector's middle half▲ 3.7pp63.3%above the sector's middle half▲ 2.2pp63.6%within the sector's middle half▲ 0.4pp64.5%within the sector's middle half▲ 0.9pp
Current ratio2.14-1.99▼ 0.152.44within the sector's middle half▲ 0.452.52within the sector's middle half▲ 0.082.66within the sector's middle half▲ 0.142.86within the sector's middle half▲ 0.202.74within the sector's middle half▼ 0.122.81within the sector's middle half▲ 0.07
Return on assets (ROA)0.3%-1.4%▲ 1.2pp0.9%below the sector's middle half▼ 0.5pp3.2%within the sector's middle half▲ 2.3pp4.8%within the sector's middle half▲ 1.6pp2.6%within the sector's middle half▼ 2.2pp4.9%within the sector's middle half▲ 2.3pp4.5%within the sector's middle half▼ 0.5pp
Staff (FTE)1.2-2.1▲ 75.0%1.8below the sector's middle half▼ 14.3%2below the sector's middle half▲ 11.1%1.6below the sector's middle half▼ 20.0%1below the sector's middle half▼ 37.5%1.1below the sector's middle half▲ 10.0%1below the sector's middle half▼ 9.1%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 1% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €423,252
Fixed assets
€405 ▼ 50.3%
Current assets
€422,846 ▲ 5.4%
Equity and liabilities €423,252
Equity
€273,012 ▲ 6.8%
Debt
€150,239 ▲ 2.8%
Debt's share of the balance-sheet total falls from 36.4% to 35.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€34,714▼
2024 · €34,966
Cash flow
€19,372▼
2024 · €20,234
Debt to equity
0.55▼
2024 · 0.57
ROE
6.9%▼
2024 · 7.8%
Interest coverage
3.82▼
2024 · 5.38
Debt ≤ 1 year
€150,239▲
2024 · €146,122
Income taxes
€8,823▼
2024 · €10,226
Staff costs
€61,264▲
2024 · €59,600
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 2 | 1 |
| full-time | 2 | 1 | 1 | - | - |
| part-time | - | - | - | 2 | 1 |
| in full-time equivalents | 2 | 1 | 1 | 1 | 0.8 |
| Average over the year, in full-time equivalents | 2 | 1.6 | 1 | 0.8 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | - | 1 |
| Joined | - | 0 | - | 1 | 0 |
| Left | - | 1 | - | 0 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,049 | - | - | - | - |
| Depreciation and write-downs of the year | €324 | €410 | €410 | €410 | €410 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €561 | €659 | ▲ 17.6% |
| Remuneration, social security and pensions62 | - | - | - | €69,301 | €80,594 | €71,804 | €59,600 | €61,264 | ▲ 2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,050 | €1,274 | €734 | €324 | €410 | €410 | €410 | €410 | = |
| Other operating charges640/8 | - | - | - | €712 | €765 | €731 | €738 | €754 | ▲ 2.2% |
| Non-recurring operating charges66A | - | - | - | €1,870 | - | - | - | - | - |
| Gross operating margin9900 | €81,005 | €78,536 | €84,303 | €99,867 | €112,662 | €93,822 | €95,304 | €96,733 | ▲ 1.5% |
| Operating profit (loss)9901 | €671 | €6,455 | €11,327 | €27,660 | €30,893 | €20,877 | €34,556 | €34,304 | ▼ 0.7% |
| Financial income75/76B | - | - | - | €1,864 | €1,633 | €1,141 | €1,999 | €2,566 | ▲ 28.4% |
| Recurring financial income75 | €873 | €1,076 | €1,721 | €1,864 | €1,633 | €1,141 | €1,999 | €2,566 | ▲ 28.4% |
| Financial charges65/66B | - | - | - | €5,426 | €5,676 | €7,400 | €6,505 | €9,085 | ▲ 39.7% |
| Recurring financial charges65 | €3,751 | €1,189 | €7,800 | €5,426 | €5,676 | €7,400 | €6,505 | €9,085 | ▲ 39.7% |
| Profit (loss) for the period before taxes9903 | €903 | €6,342 | €5,249 | €24,099 | €26,850 | €14,619 | €30,050 | €27,786 | ▼ 7.5% |
| Income taxes67/77 | - | €577 | €1,988 | €12,218 | €8,860 | €4,872 | €10,226 | €8,823 | ▼ 13.7% |
| Profit (loss) for the period9904 | €903 | €5,765 | €3,261 | €11,880 | €17,990 | €9,747 | €19,824 | €18,963 | ▼ 4.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €903 | €5,765 | €3,261 | €30,630 | €17,990 | €9,747 | €19,824 | €18,963 | ▼ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €360,688 | €398,878 | €352,025 | €371,819 | €376,059 | €375,527 | €401,838 | €423,252 | ▲ 5.3% |
| Fixed assets21/28 | €2,328 | €1,054 | €320 | €2,044 | €1,635 | €1,225 | €815 | €405 | ▼ 50.3% |
| Tangible fixed assets22/27 | €2,328 | €1,054 | €320 | €2,044 | €1,635 | €1,225 | €815 | €405 | ▼ 50.3% |
| Furniture and vehicles24 | - | - | - | €2,044 | €1,635 | €1,225 | €815 | €405 | ▼ 50.3% |
| Current assets29/58 | €358,360 | €397,824 | €351,705 | €369,775 | €374,424 | €374,302 | €401,023 | €422,846 | ▲ 5.4% |
| Stocks and contracts in progress3 | - | €3,146 | €7,758 | - | - | €2,204 | - | - | - |
| Stocks30/36 | - | - | - | - | - | €2,204 | - | - | - |
| Amounts receivable within one year40/41 | €21,043 | €49,213 | €28,431 | €12,996 | €1,948 | €15,846 | €29,119 | €15,822 | ▼ 45.7% |
| Trade receivables40 | - | - | - | €4,367 | €575 | €10,329 | €23,828 | €13,976 | ▼ 41.3% |
| Other amounts receivable41 | - | - | - | €8,629 | €1,372 | €5,516 | €5,291 | €1,846 | ▼ 65.1% |
| Current investments50/53 | €335,298 | €76,420 | €76,420 | €76,420 | €96,420 | €136,660 | €249,310 | €302,421 | ▲ 21.3% |
| Cash at bank and in hand54/58 | - | €265,677 | €237,160 | €277,875 | €273,493 | €217,021 | €118,942 | €101,337 | ▼ 14.8% |
| Deferred charges and accrued income490/1 | - | - | - | €2,484 | €2,564 | €2,572 | €3,651 | €3,267 | ▼ 10.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €360,688 | €398,878 | €352,025 | €371,819 | €376,059 | €375,527 | €401,838 | €423,252 | ▲ 5.3% |
| Equity10/15 | €192,231 | €197,997 | €201,258 | €213,138 | €229,528 | €237,609 | €255,716 | €273,012 | ▲ 6.8% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €29,636 | €35,401 | €38,663 | €50,543 | €68,533 | €78,280 | €98,104 | €115,401 | ▲ 17.6% |
| Non-distributable reserves130/1 | - | - | - | €10,886 | €28,876 | €20,633 | €10,886 | €10,886 | = |
| Legal reserve130 | - | - | - | €10,886 | €28,876 | €20,633 | €10,886 | €10,886 | = |
| Distributable reserves133 | - | - | - | €39,657 | €39,657 | €57,647 | €87,218 | €104,515 | ▲ 19.8% |
| Profit (loss) carried forward14 | €100,595 | €100,595 | €100,595 | €100,595 | €98,995 | €97,329 | €95,611 | €95,611 | = |
| Amounts payable17/49 | €168,457 | €200,882 | €150,767 | €158,681 | €146,530 | €137,918 | €146,122 | €150,239 | ▲ 2.8% |
| Amounts payable within one year42/48 | €167,635 | €200,059 | €144,116 | €146,463 | €140,586 | €130,838 | €146,122 | €150,239 | ▲ 2.8% |
| Trade debts44 | €2,638 | €10,093 | €6,995 | €12,784 | €1,205 | €529 | €837 | €5,936 | ▲ 609% |
| Suppliers440/4 | - | - | - | €12,784 | €1,205 | €529 | €837 | €5,936 | ▲ 609% |
| Taxes, remuneration and social security45 | - | - | - | €7,833 | €11,935 | €6,383 | €11,501 | €11,692 | ▲ 1.7% |
| Taxes450/3 | - | - | - | €6,411 | €9,003 | €1,582 | €10,850 | €9,394 | ▼ 13.4% |
| Remuneration and social security454/9 | - | - | - | €1,422 | €2,932 | €4,800 | €651 | €2,299 | ▲ 253% |
| Other amounts payable47/48 | - | - | - | €125,846 | €127,446 | €123,927 | €133,784 | €132,612 | ▼ 0.9% |
| Accrued charges and deferred income492/3 | - | - | - | €12,218 | €5,944 | €7,080 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €903 | €5,765 | €3,261 | €11,880 | €17,990 | €9,747 | €19,824 | €18,963 | ▼ 4.3% |
| + Depreciation and write-downs630 | €2,050 | €1,274 | €734 | €324 | €410 | €410 | €410 | €410 | = |
| Operating cash flow (approximation) | €2,953 | €7,039 | €3,995 | €12,205 | €18,400 | €10,157 | €20,234 | €19,372 | ▼ 4.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€2,049 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | -€28,517 | €40,715 | -€4,382 | -€56,472 | -€98,078 | -€17,605 | ▲ 82.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 17,041 companies had the same profile as MICHAELI NIK has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MICHAELI NIK itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 17,041 companies, not a prediction for MICHAELI NIK. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 16-06-2026 | 2026-00169238 | |
| 31-12-2024 | abbreviated format | 17-07-2025 | 2025-00287924 | |
| 31-12-2023 | abbreviated format | 07-06-2024 | 2024-00118727 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00251395 | |
| 31-12-2021 | abbreviated format | 08-03-2023 | 2023-00036963 | |
| 31-12-2020 | abbreviated format | 10-07-2021 | 2021-34100404 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-34800484 | |
| 31-12-2018 | abbreviated format | 26-07-2019 | 2019-39100509 | |
| 31-12-2017 | full format | 27-07-2018 | 2018-39700018 | |
| 31-12-2016 | full format | 31-07-2017 | 2017-39400274 |