MIDCAP
ActiveSummary
MIDCAP has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€45,303) and a net result of -€149,809. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 12% of 9,760 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Overview
- Equity
- -€45,303
- Loss
- -€149,809
Why 53raises riskCapped at 59: negative equityNegative equity -€45,3031 change of registered office in 24 monthslowers riskSize: total assets €5.4mFigures for financial year 2025 (filed 11-08-2026)Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, small): better than 4% on solvency, 44% on liquidity, 10% on profitability and 1% on growth.
The bankruptcy probability was computed on 24-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 7 accounts on average 26 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Registered officeRegistered-office move
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (11 days) Filed on 11 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392042.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €92,438 in 2025 against €98,457 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: 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).
Peer companies
Historical observationOf the 1,167 companies that looked in July 2024 the way this one looks now, 2.0% went bankrupt within 24 months and 94.9% are still going.
- Small
- 5 to 10 years old
- negative equity
- a small loss
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,167 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,124 | €12,447 | ▲ 202% |
| Remuneration, social security and pensions62 | - | - | €13,024 | €6,915 | €268 | -€459 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,203 | €27,039 | €34,317 | €35,250 | €35,449 | €30,266 | €38,806 | ▲ 28.2% |
| Other operating charges640/8 | - | - | €10,574 | €198,767 | €7,753 | €6,994 | €67,020 | ▲ 858% |
| Non-recurring operating charges66A | - | - | - | €5,613 | - | - | - | - |
| Gross operating margin9900 | €226,143 | €290,606 | €802,301 | €287,405 | €412,243 | -€61,656 | €13,388 | - |
| Operating profit (loss)9901 | €84,386 | €141,739 | €744,385 | €40,860 | €368,772 | -€98,457 | -€92,438 | ▲ 6.1% |
| Financial income75/76B | - | - | €3 | - | €0 | €88 | - | - |
| Recurring financial income75 | €0 | - | €3 | - | €0 | €88 | - | - |
| Financial charges65/66B | - | - | €36,870 | €24,233 | €46,402 | €107,537 | €56,934 | ▼ 47.1% |
| Recurring financial charges65 | €7,666 | €27,659 | €36,870 | €24,233 | €46,402 | €107,537 | €56,934 | ▼ 47.1% |
| Profit (loss) for the period before taxes9903 | €76,721 | €114,079 | €707,518 | €16,627 | €322,370 | -€205,906 | -€149,372 | ▲ 27.5% |
| Income taxes67/77 | €2,950 | €25,198 | €176,923 | €7,428 | €121,092 | €10,449 | €436 | ▼ 95.8% |
| Profit (loss) for the period9904 | €73,771 | €88,881 | €530,596 | €9,199 | €201,279 | -€216,355 | -€149,809 | ▲ 30.8% |
| Profit (loss) for the period to be appropriated9905 | €73,771 | €88,881 | €530,596 | €9,199 | €201,279 | -€216,355 | -€149,809 | ▲ 30.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.5m | €1.1m | €2.4m | €2.4m | €4.2m | €5.4m | ▲ 28.0% |
| Fixed assets21/28 | €0.4m | €0.5m | €0.7m | €0.5m | €0.4m | €1.8m | €2.3m | ▲ 27.1% |
| Tangible fixed assets22/27 | €0.4m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.8m | ▲ 107% |
| Land and buildings22 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.8m | ▲ 117% |
| Furniture and vehicles24 | - | - | €0.04m | €0.04m | €0.03m | €0.03m | €0.03m | ▼ 13.2% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.3m | €0.01m | €0.01m | €1.4m | €1.5m | ▲ 4.6% |
| Current assets29/58 | €0.7m | €1.0m | €0.4m | €1.9m | €1.9m | €2.4m | €3.1m | ▲ 28.7% |
| Stocks and contracts in progress3 | €0.4m | €0.7m | - | €1.6m | €1.6m | €1.6m | €2.5m | ▲ 51.3% |
| Stocks30/36 | - | - | - | €1.6m | €1.6m | €1.6m | €2.5m | ▲ 51.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.5m | €0.6m | ▲ 17.7% |
| Trade receivables40 | - | - | €0.2m | €0.3m | €0.3m | €360 | €0.1m | ▲ 329× |
| Other amounts receivable41 | - | - | €0.003m | €0.06m | €0.01m | €0.5m | €0.4m | ▼ 7.4% |
| Cash at bank and in hand54/58 | €0.02m | €0.07m | €0.1m | €0.02m | €0.06m | €0.3m | €0.07m | ▼ 75.7% |
| Deferred charges and accrued income490/1 | - | - | €0.008m | €0.004m | €0.006m | €0.005m | €0.008m | ▲ 65.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.5m | €1.1m | €2.4m | €2.4m | €4.2m | €5.4m | ▲ 28.0% |
| Equity10/15 | €0.09m | €0.2m | €0.5m | €0.5m | €0.5m | €0.1m | -€0.05m | - |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | €0.02m | €0.02m | - | - | - | - |
| Issued capital100 | - | - | €0.02m | €0.02m | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Other1109/19 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.07m | €0.2m | €0.5m | €0.5m | €0.5m | €0.08m | -€0.07m | - |
| Amounts payable17/49 | €1.0m | €1.3m | €0.6m | €1.8m | €1.8m | €4.1m | €5.5m | ▲ 32.4% |
| Amounts payable after more than one year17 | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €3.9m | €3.9m | ▼ 1.7% |
| Financial debts170/4 | - | - | €0.4m | €0.3m | €0.3m | €3.9m | €3.9m | ▼ 1.7% |
| Amounts payable within one year42/48 | €0.4m | €1.0m | €0.3m | €1.5m | €1.5m | €0.2m | €1.6m | ▲ 746% |
| Current portion of amounts payable after more than one year42 | - | - | €0.02m | €0.02m | €0.02m | €0.07m | €0.07m | ▲ 3.5% |
| Financial debts43 | - | - | - | €1.3m | €1.3m | - | €1.0m | - |
| Credit institutions430/8 | - | - | - | €1.3m | €1.3m | - | €1.0m | - |
| Trade debts44 | €0.03m | €0.009m | €0.001m | €0.006m | €0.001m | €0.001m | €0.09m | ▲ 140× |
| Suppliers440/4 | - | - | €0.001m | €0.006m | €0.001m | €0.001m | €0.09m | ▲ 140× |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.008m | ▼ 93.5% |
| Taxes450/3 | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.008m | ▼ 93.5% |
| Remuneration and social security454/9 | - | - | €3 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €0.03m | - | €0.08m | - | €0.4m | - |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.07m | €0.09m | €0.5m | €0.009m | €0.2m | -€0.2m | -€0.1m | ▲ 30.8% |
| + Depreciation and write-downs630 | €0.02m | €0.03m | €0.03m | €0.04m | €0.04m | €0.03m | €0.04m | ▲ 28.2% |
| Operating cash flow (approximation) | €0.09m | €0.1m | €0.6m | €0.04m | €0.2m | -€0.2m | -€0.1m | ▲ 40.3% |
| Investment in fixed assets (approximation) | - | -€0.1m | -€0.3m | €0.2m | -€0.001m | -€1.4m | -€0.5m | ▲ 62.2% |
| Change in cash | - | €0.06m | €0.07m | -€0.1m | €0.04m | €0.2m | -€0.2m | - |
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 (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-08-2026 | 2026-00392042 |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00419708 |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00376191 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00388162 |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20310434 |
| 31-12-2020 | micro format | 31-08-2021 | 2021-61900472 |
| 31-12-2019 | micro format | 27-08-2020 | 2020-46100505 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| DESPIEGELAERE Michael |
|
Owners and capital
Capital and shareholders
- 01-12-2023 Converted to unavailable equity
Group and network
Connections & network
2 connected companiesThe connected companies are in the list below.
Board mandates elsewhere
3 board mandatesHistory
Acts, filings and financial milestones
17-07
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 15-07-2026
- Registered-office move, Avenue Kamerdelle 70,1180 Uccle
12-02
Gazette deed
Registered officeRegistered-office move2 facts ▸
- General meeting, 09-01-2024
- Registered-office move, 13F boite 3, Avenue Juliette - 1180 Bruxelles
01-12
Gazette deed
Appointment: DESPIEGELAERE Michael (director)Registered office clause · Power of attorney · Capital conversion10 facts ▸
- Director appointment, DESPIEGELAERE Michael (director)
- Registered office clause, “1180 Uccle,Avenue Blücher 166” (deed in French)
- Other provision, “à ce jour, site internet et adresse électronique” (deed in French)
- Power of attorney, DESPIEGELAERE Michael
- General meeting, 28-11-2023
- Other provision, “historique statuts”, 18-12-2018 (deed in French)
- Other provision, “adaptation statuts CSA, adapter” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Amendment of the articles
- Capital
Show earlier events
About the unread acts
Of the 5 Belgian Official Gazette deeds we know for this company, 3 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 25 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21614H0008/00F047 | Brussels | 2,123 m² | 1 · 327 m² | 24.4 m · 3 |
| 21612D0025/00N023 | Brussels | 195 m² | 1 · 263 m² | 14.2 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “L’activité d’agent immobilier; L’activité de marchand de biens; La gestion et l’entretien de patrimoines immobiliers pour autrui ou pour…” (deed in French)
8 activities (deed in French)
- L’activité d’agent immobilier
- L’activité de marchand de biens
- La gestion et l’entretien de patrimoines immobiliers pour autrui ou pour elle-même, la vente, l’échange, l’achat, la construction par sous-traitance, la mise en valeur, le lotissement, la transformation, la démolition, la reconstruction, la restauration, l’entretien, le développement, l’embellissement, la location, la prise en location, l’affermage, d’immeubles bâtis ou non, meublés ou non, la création et entretien de jardins, de parcs et d’espaces verts pour installations sportives publiques, civiles ou privées
- La gestion de patrimoine mobilier incluant rachat d’instruments Financiers de toutes sortes et le prêt d’argent rémunéré ou non
- La gestion de participations sous n’importe quelle forme dans toutes sociétés belges ou étrangères, tant en vue de les valoriser qu’en exercice pur et simple de mandat d’administration
- Toutes opérations se rapportant à l’organisation d’événement
- Tout acte de commerce en gros ou au détail, import et export
- Toutes activités liées à la consultance, le conseil et l’assistance sous toutes ses formes aux entreprises, aux associations et aux particuliers ainsi que le conseil en relation publique, marketing, juridique, administrative, sociale, financière, recrutement et formation de personnel, l’étude de marchés et l’organisation financière, technique et commerciale dans le sens le plus large du terme
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MIDCAP
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale, Article 2” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Article 13. Pouvoirs de l’organe d’administration A/ S’il n’y a qu’un seul administrateur, la totalité des pouvoirs d’administration lui est…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Organe d'administration, un ou plusieurs administrateurs” (deed in French)“Fixe ou proportionnelle, assemblée générale” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “Nominatives, Article 8” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Entre vifs ou mort sans agrément vers actionnaire, conjoint cédant/testateur, ascendants/descendants ligne directe, Article 9” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of June at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “En tout temps par assemblée générale dans formes des modifications aux statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Dissolution pour quelque cause et à quelque moment que ce soit, désigner liquidateurs et déterminer pouvoirs et émoluments” (deed in French)