Michigan
ActiveSummary
Michigan has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €76,378 and a net result of €32,395. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 19% of 1931 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability70=
Solvency28▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,500 at 30 days acceptable
Liquidity tight (current ratio 1.13 against 0.43 in 2023; short-term debt: 13.1% and cash: 4.3% of total assets), and 96.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 59
Relative position
BE, all sectors
reference
Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59)
about 37% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 1931 sector peers (2024).
NBB · sector comparisonPosition among 1931 sector peers
Solvency
better than 19%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-10-2025, 90 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
90 d late
2023
86 d late
2022
32 d early
2021
12 d early
2020
9 d early
2019
24 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 25 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 41% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
In the rankings
#9 company by total assets in Vorst, Publishing and media sector
Equity
€76,378▼ 13.6%
2023 · €88,444
Total assets
€2.4m▲ 3.5%
2023 · €2.4m
Net result
€32,395▲ 25.0%
2023 · €25,920
Working capital
€42,204
2023 · -€252,612
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 59, Motion picture, video and television programme production, sound recording and music publishing 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
Line20202021202220232024
Operating result€5,792▼ 12.0%€10,162▲ 75.4%€5,873▼ 42.2%€35,242▲ 500%€37,304▲ 5.9%
Net result€4,515within the sector's middle half▼ 27.1%€6,514within the sector's middle half▲ 44.3%€291within the sector's middle half▼ 95.5%€25,920above the sector's middle half▲ 8,796%€32,395above the sector's middle half▲ 25.0%
Equity€158,746above the sector's middle half▲ 32.7%€528,119above the sector's middle half▲ 233%€952,990above the sector's middle half▲ 80.4%€88,444within the sector's middle half▼ 90.7%€76,378within the sector's middle half▼ 13.6%
Total assets€184,462within the sector's middle half▲ 38.1%€650,125above the sector's middle half▲ 252%€1.1mabove the sector's middle half▲ 73.1%€2.4mabove the sector's middle half▲ 109%€2.4mabove the sector's middle half▲ 3.5%
Debt€25,716▲ 84.1%€122,006▲ 374%€172,271▲ 41.2%€2.3m▲ 1,213%€2.4m▲ 4.1%
Working capital-€7,996below the sector's middle half€179,723above the sector's middle half€32,797within the sector's middle half▼ 81.8%-€252,612below the sector's middle half€42,204within the sector's middle half
Solvency86.1%above the sector's middle half▼ 3.5pp81.2%above the sector's middle half▼ 4.8pp84.7%above the sector's middle half▲ 3.5pp3.8%below the sector's middle half▼ 80.9pp3.1%below the sector's middle half▼ 0.6pp
Current ratio0.69below the sector's middle half▼ 0.382.83within the sector's middle half▲ 2.141.22within the sector's middle half▼ 1.610.43below the sector's middle half▼ 0.791.13within the sector's middle half▲ 0.70
Return on assets (ROA)2.4%within the sector's middle half▼ 2.2pp1.0%within the sector's middle half▼ 1.4pp0.0%within the sector's middle half▼ 1.0pp1.1%within the sector's middle half▲ 1.1pp1.3%within the sector's middle half▲ 0.2pp
Staff (FTE)1within the sector's middle half=7.11.4▼ 80.3%
above
within
below
the middle half (P25 to P75) of NACE 59, Motion picture, video and television programme production, sound recording and music publishing 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
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 6% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.1m ▼ 4.2%
Current assets
€360,640 ▲ 91.1%
Equity and liabilities €2.4m
Equity
€76,378 ▼ 13.6%
Debt
€2.4m ▲ 4.1%
Debt's share of the balance-sheet total rises from 96.2% to 96.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€563,138▼
2023 · €737,348
Cash flow
€558,229▼
2023 · €728,027
Debt to equity
30.84▲
2023 · 25.58
ROE
42.4%▲
2023 · 29.3%
Interest coverage
113.22▲
2023 · 80.91
Debt ≤ 1 year
€318,436▼
2023 · €441,369
Debt > 1 year
€28,342=
2023 · €28,342
Staff costs
€149,590▼
2023 · €931,599
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,375 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.2%
went bankrupt
1.6%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,340 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% | 1.8% |
| 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 1,375 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €131,900 | €254,367 | €931,599 | €149,590 | ▼ 83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €32,343 | €81,327 | €83,076 | €702,106 | €525,834 | ▼ 25.1% |
| Other operating charges640/8 | - | €758 | €348 | €126 | €131 | ▲ 4.0% |
| Gross operating margin9900 | €92,239 | €224,147 | €343,663 | €1.7m | €712,860 | ▼ 57.3% |
| Operating profit (loss)9901 | €5,792 | €10,162 | €5,873 | €35,242 | €37,304 | ▲ 5.9% |
| Financial income75/76B | - | €103 | - | €26 | €65 | ▲ 144% |
| Recurring financial income75 | - | €103 | - | €26 | €65 | ▲ 144% |
| Financial charges65/66B | - | €3,751 | €5,581 | €9,113 | €4,974 | ▼ 45.4% |
| Recurring financial charges65 | - | €3,751 | €5,581 | €9,113 | €4,974 | ▼ 45.4% |
| Profit (loss) for the period before taxes9903 | €4,515 | €6,514 | €291 | €26,155 | €32,395 | ▲ 23.9% |
| Income taxes67/77 | - | - | - | €235 | - | - |
| Profit (loss) for the period9904 | €4,515 | €6,514 | €291 | €25,920 | €32,395 | ▲ 25.0% |
| Profit (loss) for the period to be appropriated9905 | €4,515 | €6,514 | €291 | €25,920 | €32,395 | ▲ 25.0% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €184,462 | €650,125 | €1.1m | €2.4m | €2.4m | ▲ 3.5% |
| Fixed assets21/28 | €166,742 | €372,192 | €941,383 | €2.2m | €2.1m | ▼ 4.2% |
| Intangible fixed assets21 | €166,742 | €336,373 | €907,534 | €2.1m | €2.0m | ▼ 4.1% |
| Tangible fixed assets22/27 | - | €35,819 | €33,849 | €49,326 | €45,308 | ▼ 8.1% |
| Land and buildings22 | - | €33,349 | €31,873 | €30,397 | €28,921 | ▼ 4.9% |
| Furniture and vehicles24 | - | €2,470 | €1,976 | €1,383 | €790 | ▼ 42.9% |
| Other tangible fixed assets26 | - | - | - | €17,546 | €15,596 | ▼ 11.1% |
| Current assets29/58 | €17,720 | €277,933 | €183,878 | €188,757 | €360,640 | ▲ 91.1% |
| Amounts receivable within one year40/41 | €12,391 | €268,475 | €141,871 | €114,847 | €255,355 | ▲ 122% |
| Trade receivables40 | - | €13,218 | €214 | €88,848 | €248,314 | ▲ 179% |
| Other amounts receivable41 | - | €255,257 | €141,657 | €25,998 | €7,041 | ▼ 72.9% |
| Cash at bank and in hand54/58 | €5,329 | €9,457 | €42,007 | €73,910 | €105,285 | ▲ 42.4% |
| Deferred charges and accrued income490/1 | - | €1 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €184,462 | €650,125 | €1.1m | €2.4m | €2.4m | ▲ 3.5% |
| Equity10/15 | €158,746 | €528,119 | €952,990 | €88,444 | €76,378 | ▼ 13.6% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1109/19 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €5,057 | €11,571 | €11,863 | €37,783 | €70,178 | ▲ 85.7% |
| Investment grants15 | - | €510,348 | €934,927 | €44,461 | €0 | ▼ 100% |
| Amounts payable17/49 | €25,716 | €122,006 | €172,271 | €2.3m | €2.4m | ▲ 4.1% |
| Amounts payable after more than one year17 | - | €23,796 | €21,190 | €28,342 | €28,342 | = |
| Financial debts170/4 | - | €23,796 | €21,190 | €28,342 | €28,342 | = |
| Amounts payable within one year42/48 | €25,716 | €98,210 | €151,081 | €441,369 | €318,436 | ▼ 27.9% |
| Current portion of amounts payable after more than one year42 | - | €2,543 | €2,606 | €6,340 | €0 | ▼ 100% |
| Financial debts43 | - | €44,865 | €54,129 | €46,299 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €44,865 | €54,129 | €46,299 | €0 | ▼ 100% |
| Trade debts44 | €15,468 | €31,331 | €52,605 | €85,173 | €209,869 | ▲ 146% |
| Suppliers440/4 | - | €31,331 | €52,605 | €85,173 | €209,869 | ▲ 146% |
| Taxes, remuneration and social security45 | - | €15,668 | €17,532 | €259,294 | €27,265 | ▼ 89.5% |
| Taxes450/3 | - | €1,954 | €2,162 | €73,580 | €7,889 | ▼ 89.3% |
| Remuneration and social security454/9 | - | €13,714 | €15,370 | €185,715 | €19,376 | ▼ 89.6% |
| Other amounts payable47/48 | - | €3,803 | €24,210 | €44,263 | €81,301 | ▲ 83.7% |
| Accrued charges and deferred income492/3 | - | - | - | €1.8m | €2.0m | ▲ 12.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,515 | €6,514 | €291 | €25,920 | €32,395 | ▲ 25.0% |
| + Depreciation and write-downs630 | €32,343 | €81,327 | €83,076 | €702,106 | €525,834 | ▼ 25.1% |
| Operating cash flow (approximation) | €36,858 | €87,841 | €83,368 | €728,027 | €558,229 | ▼ 23.3% |
| Investment in fixed assets (approximation) | - | -€286,777 | -€652,267 | -€1.9m | -€435,183 | ▲ 77.4% |
| Change in cash | - | €4,128 | €32,550 | €31,903 | €31,375 | ▼ 1.7% |
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
2025
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 90 days late
2024
31-12
Financial
Highest result since 2018net €32,395 ▲25%
Operating result €37,304, net result €32,395, both a record.
31-12
Financial
Liquidity triplescurrent ratio 1.13
Current ratio from 0.43 to 1.13; short-term debt falls from €441,369 to €318,436.
25-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 86 days late
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet €291 ▼95.5%
Net result drops to €291, the lowest in the series; recovery starts the following year.
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity quadruplescurrent ratio 2.83
Current ratio from 0.69 to 2.83.
31-12
Financial
Equity above €500,000Eq €528,119 ▲233%
4 profitable years in a row build equity to €528,119.
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €150,000Eq €158,746 ▲32.7%
3 profitable years in a row build equity to €158,746.
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 24 days late
Show earlier events
2019
31-12
Financial
Equity above €100,000Eq €119,600 ▲21,845%
2 profitable years in a row build equity to €119,600.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 53 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
05-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 66 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
3 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, Vorst · 1 establishment unit since 2013
Ground area
345 m²
Building footprint
154 m²
Volume, LiDAR
1,839 m³
Parcel 21384D0300/00A000, Brussels · tallest building 15.9 m, ±4 floors. Linked by address, not a title deed.
10
companies at this address
See who is registered here
1 establishment unit
Michigan
since 20132.216.036.858
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21384D0300/00A000 | Brussels | 345 m² | 1 · 154 m² | 15.9 m · 4 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.
Public money · subsidies and aid
Wallonia-Brussels Federation
2021 to 2025 · 58 entries · 1,184,496 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 17 | 271,984 EUR |
| 2024 | 17 | 176,363 EUR |
| 2023 | 14 | 519,650 EUR |
| 2022 | 6 | 184,500 EUR |
| 2021 | 4 | 32,000 EUR |
Budget allocations
Show 1 more
European Union, budget
2024 · 1 entry · 195,000 EUR in total| Year | Entries | awarded |
|---|---|---|
| 2024 | 1 | 195,000 EUR |
Projects
M-SLATE24 - MICHIGAN DEVELOPMENT SLATE 2024
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Of 1,319 companies in sector 59111 we hold annual accounts for 688. 517 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded15-01-2013
Fiscal year end31-12
Activities, NACEBEL 2025
59111Production of cinema films
59112Motion picture, video and television programme production, sound recording and music publishing activities
59113Video and film production, excluding cinema and television films
59114Motion picture, video and television programme production, sound recording and music publishing activities
59120Post-production of films, video and television programmes
59130Motion picture, video and television programme production, sound recording and music publishing activities
Contact
Website
www.michiganfilms.be
E-mail
info@michiganfilms.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0502496721
Registered
27-12-2025
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.