MIDA
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 47 filings
Turnover
€39,441=
2018 · €39,441
EBIT margin
-62.9%▼ 29.7pp
2018 · -33.2%
Net result
-€26,273▲ 21.3%
2024 · -€33,390
Working capital
€355,225▼ 6.7%
2024 · €380,696
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€28,310
▲ 19.8%
2025
20182025
Net result
-€26,273
▲ 21.3%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€1.3m
▼ 2.0%
2025
20182025
Total assets
€1.3m
▼ 2.5%
2025
20182025
Debt
€32,789
▼ 18.4%
2025
20182025
Working capital
€355,225
▼ 6.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0.04m-€0.04m=
Operating result-€0.01m--€0.02m▼ 89.5%€0.004m€0.003m▼ 6.9%-€0.003m€0.01m-€0.04m-€0.03m▲ 19.8%
Net result-€0.01m--€0.02m▼ 87.0%€0.004m€0.004m▼ 10.5%-€0.002m€0.01m-€0.03m-€0.03m▲ 21.3%
EBIT margin-33.2%--62.9%▼ 29.7pp
Equity€1.4m-€1.3m▼ 1.8%€1.3m▲ 0.3%€1.3m▲ 0.3%€1.3m▼ 0.2%€1.4m▲ 1.0%€1.3m▼ 2.5%€1.3m▼ 2.0%
Total assets€1.4m-€1.3m▼ 1.8%€1.3m▲ 0.3%€1.4m▲ 0.4%€1.3m▼ 0.2%€1.4m▲ 1.0%€1.4m▲ 0.5%€1.3m▼ 2.5%
Debt€0.001m€0.001m▲ 2.9%€0.001m▼ 50.4%€0.04m▲ 72×€0.03m▼ 18.4%
Working capital€0.4m€0.4m▼ 1.0%€0.4m▲ 3.8%€0.4m▼ 7.4%€0.4m▼ 6.7%
The operating result for 2025 is a loss of €28,310, smaller than the loss of €35,286 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€949,008 ▼ 0.1%
Current assets
€385,728 ▼ 7.9%
Equity and liabilities €1.3m
Equity
€1.3m ▼ 2.0%
Debt
€32,789 ▼ 18.4%
Debt's share of the balance-sheet total falls from 2.9% to 2.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€27,790▲
2024 · -€34,766
Cash flow
-€25,753▲
2024 · -€32,870
Current ratio
12.65▲
2024 · 11.04
Debt to equity
0.03▼
2024 · 0.03
ROE
-2.0%▲
2024 · -2.5%
ROA
-2.0%▲
2024 · -2.4%
Interest coverage
-40.72▲
2024 · -61.95
Debt ≤ 1 year
€30,502▼
2024 · €37,901
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,602 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,218 | €808 | €934 | €520 | €520 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €39,441 | €39,441 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,811 | €21,093 | €13,460 | €6,218 | €808 | €934 | €520 | €520 | = |
| Other operating charges640/8 | - | - | - | €14,220 | €13,308 | €14,362 | €12,741 | €14,924 | ▲ 17.1% |
| Gross operating margin9900 | - | €8,154 | €27,258 | €23,849 | €10,720 | €28,305 | -€22,025 | -€12,866 | ▲ 41.6% |
| Operating profit (loss)9901 | -€13,097 | -€24,817 | €3,663 | €3,411 | -€3,397 | €13,009 | -€35,286 | -€28,310 | ▲ 19.8% |
| Financial income75/76B | - | - | - | €1,026 | €1,632 | €1,675 | €2,458 | €2,719 | ▲ 10.6% |
| Recurring financial income75 | - | €255 | €918 | €1,026 | €1,632 | €1,675 | €2,458 | €2,719 | ▲ 10.6% |
| Financial charges65/66B | - | - | - | €576 | €511 | €538 | €561 | €682 | ▲ 21.6% |
| Recurring financial charges65 | €120 | €153 | €268 | €576 | €511 | €538 | €561 | €682 | ▲ 21.6% |
| Profit (loss) for the period before taxes9903 | -€13,216 | -€24,715 | €4,313 | €3,861 | -€2,276 | €14,147 | -€33,390 | -€26,273 | ▲ 21.3% |
| Profit (loss) for the period9904 | -€13,216 | -€24,715 | €4,313 | €3,861 | -€2,276 | €14,147 | -€33,390 | -€26,273 | ▲ 21.3% |
| Profit (loss) for the period to be appropriated9905 | -€13,216 | -€24,715 | €4,313 | €3,861 | -€2,276 | €14,147 | -€33,390 | -€26,273 | ▲ 21.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.3m | €1.3m | €1.4m | €1.3m | €1.4m | €1.4m | €1.3m | ▼ 2.5% |
| Fixed assets21/28 | €1.0m | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 0.1% |
| Tangible fixed assets22/27 | €1.0m | €1.0m | €1.0m | €0.9m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 0.1% |
| Land and buildings22 | - | - | - | €0.9m | €1.0m | €1.0m | €0.9m | €0.9m | ▼ 0.1% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €413 | €0 | - | - | - |
| Financial fixed assets28 | €283 | €283 | €283 | €283 | €283 | €283 | €283 | €0 | ▼ 100% |
| Current assets29/58 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 7.9% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.4% |
| Trade receivables40 | - | - | - | €0 | €0.005m | €0 | - | - | - |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 6.4% |
| Cash at bank and in hand54/58 | €0.009m | €0.004m | €0.007m | €0.005m | €0.005m | €0.01m | €0.01m | €0.002m | ▼ 79.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.002m | €0.002m | €0 | €0.002m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.3m | €1.3m | €1.4m | €1.3m | €1.4m | €1.4m | €1.3m | ▼ 2.5% |
| Equity10/15 | €1.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.4m | €1.3m | €1.3m | ▼ 2.0% |
| Contributions10/11 | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Capital10 | - | - | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Issued capital100 | - | - | - | €1.7m | €1.7m | €1.7m | €1.7m | €1.7m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Distributable reserves133 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Profit (loss) carried forward14 | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | -€0.6m | ▼ 4.3% |
| Amounts payable17/49 | - | - | - | €0.001m | €0.001m | €0.001m | €0.04m | €0.03m | ▼ 18.4% |
| Amounts payable within one year42/48 | - | - | - | €0.001m | €0.001m | €0.001m | €0.04m | €0.03m | ▼ 19.5% |
| Trade debts44 | - | - | - | €0.001m | €0.001m | €0.001m | €0.04m | €0.03m | ▼ 19.5% |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.04m | €0.03m | ▼ 19.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.002m | €0.002m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€13,216 | -€24,715 | €4,313 | €3,861 | -€2,276 | €14,147 | -€33,390 | -€26,273 | ▲ 21.3% |
| + Depreciation and write-downs630 | €21,811 | €21,093 | €13,460 | €6,218 | €808 | €934 | €520 | €520 | = |
| Operating cash flow (approximation) | €8,595 | -€3,622 | €17,773 | €10,079 | -€1,467 | €15,081 | -€32,870 | -€25,753 | ▲ 21.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€2,602 | €0 | €0 | €283 | - |
| Change in cash | - | -€4,609 | €3,143 | -€2,233 | €379 | €8,678 | -€3,337 | -€8,587 | ▼ 157% |
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, 8,617 companies had the same profile as MIDA has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MIDA 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 8,617 companies, not a prediction for MIDA. 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 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 16-07-2026 | 2026-00302452 | |
| 31-12-2024 | abbreviated format | 07-07-2025 | 2025-00235418 | |
| 31-12-2023 | abbreviated format | 16-07-2024 | 2024-00249511 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00162748 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20085432 | |
| 31-12-2020 | abbreviated format | 08-07-2021 | 2021-33300166 | |
| 31-12-2019 | abbreviated format | 30-07-2020 | 2020-36500260 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-59600049 | |
| 31-12-2017 | full format | 18-07-2018 | 2018-34700090 | |
| 31-12-2016 | abbreviated format | 20-07-2017 | 2017-34300242 |