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Complete company report
Generated 20-08-2026
Active BE 0759.830.692Private limited company

Middle East Shipping

Rue Krickelstein 90A ·4720 Kelmis, Belgium· 5 yrs active
Sector: Handelsbemiddeling in de groothandel in andere specifieke goederen (46180)
Conclusion Checked

The computed 12-month bankruptcy probability of Middle East Shipping is 1.3% (low). The 2025 annual accounts show equity of €351k and a net result of €116k. Equity is growing by ~30.5% per year across the filed fiscal years. Its solvency ranks better than 90% of 874 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 5 annual accounts.
Key figures
Equity €351k
Net result €116k
Better than sector 90%
Active 5 yrs
Financial profile 5 of 5 axes measured · computed by Checked
Health100Profitability71Solvency100Growth76Stability94
88 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 100
Profitability 71
Solvency 100
Growth 76
Stability 94
Bankruptcy probability (12 mo) Checked model v1 · free
1.3% Low
0%0,5%1,5%4%10%≥25%
Young company +Annual accounts: healthy financial profile −Higher-failure-rate sector +

Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?

Risk Assessment rule-based
0 / 100
Low risk
Trust signals 2 signals
More than 3 years active
Founded in 2020, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags0 events
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Health barometer FY 2025 · computed
100 / 100 Excellent
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview5 NBB filings
Annual accounts filed on 21-05-2026 with the NBB · fiscal year 2025 · micro
€0€500k€1.00M€1.50MOperating result 2021: €110k€110kNet result 2021: €81k€81kOperating result 2022: €20k€20kNet result 2022: €16k€16kRevenue 2023: €1.29M€1.29MOperating result 2023: €103k€103kNet result 2023: €99k€99kRevenue 2024: €1.40M€1.40MOperating result 2024: €120k€120kNet result 2024: €95k€95kRevenue 2025: €1.63M€1.63MOperating result 2025: €155k€155kNet result 2025: €116k€116k20212022202320242025
RevenueOperating resultNet result
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing Equity: growth of ~30.5%/year over 5 fiscal years, indicative, assuming unchanged policy.
€0€200k€400k€600k€800k2026: €400k (€372k - €428k)2027: €522k (€477k - €567k)2028: €681k (€619k - €743k)2021: €121k2022: €137k2023: €139k2024: €235k2025: €351k20212022202320242025202620272028
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison
Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (micro schema)
Metric This company Sector median Position in the sector
Solvency 88.5% 35.3%
better than 90% of 874 sector peers
Net result €116k €10k
better than 93% of 873 sector peers
Equity €351k €40k
better than 92% of 875 sector peers
Gross operating margin €171k €33k
better than 90% of 872 sector peers
Total assets €396k €132k
better than 80% of 874 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Revenue
€1.63M
+16.1% 21-25
EBITDA
€168k
+35.6% 21-25
Net profit
€116k
+21.5% 21-25
Cash flow
€130k
+30.1% 21-25
Total assets
€396k
+44.4% 21-25
Equity
€351k
+49.5% 21-25
Working capital
€276k
+48.2% 21-25
Income taxes
€39k
+57.8% 21-25
Show 12 other metrics
Debt
€46k
+14.8% 21-25
Debt ≤ 1y
€46k
+14.8% 21-25
Debt > 1y
€213k
+70.7% 21-25
Current ratio
7.04
+24.0% 21-25
Quick ratio
5.39
-5.1% 21-25
Solvency
88.5%
+3.5% 21-25
Debt / equity
0.13
-23.2% 21-25
ROE
33.1%
-18.7% 21-25
ROA
29.3%
-15.9% 21-25
Net margin
7.1%
+4.6% 21-25
EBITDA margin
10.4%
+16.8% 21-25
Interest coverage
112.09
+172.8% 21-25
Figures by fiscal year
Fiscal year2025
Depositmicro
Revenue€1.63M
EBITDA€168k
Net profit€116k
Cash flow€130k
Staff costs-
Income taxes€39k
Dividends-
Total assets€396k
Equity€351k
Debt€46k
of which ≤ 1y€46k
of which > 1y-
Working capital€276k
Employees (FTE)-
Ratios (computed)
2025
Current ratio7.04
Quick ratio5.39
Working capital ratio69.6%
Solvency88.5%
Debt / equity0.13
Long-term debt ratio-
Interest coverage-
Gross margin9.5%
Net margin7.1%
ROA29.3%
ROE33.1%
EBITDA margin10.4%
Days sales outstanding48d
Days payable outstanding1d
Inventory turnover19.51
Days inventory (DSI)19d
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2025
Balance sheet, Assets
TOTAL ASSETS 20/58€396k
Fixed assets 21/28€75k
Tangible fixed assets 22/27€47k
Financial fixed assets 28€28k
Current assets 29/58€321k
Stocks & contracts in progress 3€75k
Amounts receivable within one year 40/41€212k
Cash & bank 54/58€34k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€396k
Equity 10/15€351k
Contributions / capital 10/11€40k
Reserves 13€2k
Accumulated profits (losses) 14€309k
Amounts payable 17/49€46k
Amounts payable within one year 42/48€46k
Trade debts payable within one year 44€4k
Income statement
Turnover 70€1.63M
Gross operating margin 9900€171k
Operating result 9901€155k
Result before taxes 9903€155k
Income taxes 67/77€39k
Net result for the period 9904€116k
Result to be appropriated 9905€116k
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 2 directors
Current directors & mandates
  • Imad Ahmad Ali
    Director
    State Gazette act 24167930 (27-11-2024)
    Current
    15-11-2024 → present
Former directors (1)
  • Mazen Yaghi
    Director
    State Gazette act 24167930 (27-11-2024)
    Former
    - → 15-11-2024
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.
Legal Structure
NACE primary Handelsbemiddeling in de groothandel in andere specifieke goederen(46180)
Legal form Private limited company(610)
Incorporation15-12-2020
StatusActive
Postal code4720
Establishment units 1 location
Middle East Shipping
Luxemburgstraat 20, 9140 TemseHandelsbemiddeling in nieuwe en gebruikte vrachtwagens, trekkers, bestelwagens, terreinwagens (b.v. jeeps), enz.
since 20202.310.752.014
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 1 (50%) Wallonia 1 (50%)
Parcel (capakey) Region Area Buildings Height / fl.
46025B0179/09E000 Flanders 7,219 m² 1 · 1,412 m² 16.4 m · 4 fl.
63040A0529/00L000 Wallonia 165 m² 1 · 142 m² 12.9 m · 4 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 7 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2026
21-05-2026
NBB filing Annual accounts filed
fiscal year 2025 · micro
09-04-2026
NBB filing Annual accounts filed
fiscal year 2024 · micro
2024
27-11-2024
State Gazette act Capital & shares
06-11-2024
NBB filing Annual accounts filed
fiscal year 2023 · micro
24-05-2024
State Gazette act Registered-office change
2023
30-08-2023
NBB filing Annual accounts filed
fiscal year 2022 · micro
2022
31-08-2022
NBB filing Annual accounts filed
fiscal year 2021 · micro
Belgian State Gazette reading coverage 0 of 3 acts read

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.

Belgisch Staatsblad, acts 2 acts
Capital history · 1
27-11-2024
Capital change
Address history · 1
24-05-2024
Registered-office move
All acts · 2 updated 1 year ago
2024
27-11-2024 All shares are now held by a single shareholder Capital & shares
Technical details 
{
  "events": [
    {
      "kind": "share_transfer",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "subscribers": [
        {
          "kbo": null,
          "rrn": null,
          "kind": "person",
          "name": "Imad Ahmad Ali",
          "share_class": null,
          "liberation_pct": null,
          "contribution_kind": null,
          "n_shares_subscribed": 100,
          "contribution_amount_eur": null
        },
        {
          "kbo": null,
          "rrn": null,
          "kind": "person",
          "name": "Mazen Yaghi",
          "share_class": null,
          "liberation_pct": null,
          "contribution_kind": null,
          "n_shares_subscribed": 0,
          "contribution_amount_eur": null
        }
      ],
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    },
    {
      "kind": "eenhoofdigheid_declaration",
      "after_eur": null,
      "delta_eur": null,
      "before_eur": null,
      "decrease_purpose": null,
      "contribution_type": null,
      "paid_up_delta_eur": null,
      "n_shares_destroyed": null,
      "not_yet_called_eur": null,
      "merger_new_shares_n": null,
      "merger_exchange_ratio": null,
      "distribution_amount_eur": null,
      "statutory_unavailable_equity_op": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Gent",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2024-11-27",
    "filing_date": "2024-11-15",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "act_date": "2024-11-15",
    "unanimous": null,
    "under_authorized_capital": false,
    "underlying_resolution_date": "2024-11-15"
  },
  "bedrijfsrevisor": null,
  "subject_company": {
    "kbo": "0759.830.692",
    "name_full": "Middle East Shipping",
    "legal_form": "B.V.",
    "is_foreign_registered": false
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "shareholders_after": [
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Imad Ahmad Ali",
      "role": "aandeelhouder",
      "n_shares": 100,
      "share_class": null
    },
    {
      "kbo": null,
      "pct": null,
      "kind": "person",
      "name": "Mazen Yaghi",
      "role": "aandeelhouder",
      "n_shares": 0,
      "share_class": null
    }
  ],
  "share_classes_after": []
}
24-05-2024 Registered office moved to Gent Registered-office change
  • Myosotisstraat 20 te 9000 Gent
Technical details 
{
  "events": [
    {
      "kind": "zetel_transfer",
      "seat_type": "siege_social",
      "new_address": {
        "raw": "Myosotisstraat 20 te 9000 Gent",
        "city": "Gent",
        "region": "vlaams_gewest",
        "street": "Myosotisstraat",
        "country": "BE",
        "postcode": "9000",
        "box_number": null,
        "street_number": "20",
        "locality_suffix": null
      },
      "old_address": null,
      "effective_date": "2024-05-07",
      "evidence_quote": "",
      "region_changed": false,
      "is_statute_change": true,
      "nationality_change": false,
      "old_address_source": "missing",
      "statute_clause_text": null,
      "statute_article_number": null,
      "effective_date_qualifier": "immediate",
      "statutaire_vs_werkelijke": null,
      "linguistic_region_changed": false,
      "court_jurisdiction_changed": false,
      "effective_date_is_approximate": false
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2024-05-24",
    "filing_date": "2024-05-14",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "date": "2024-05-07",
    "unanimous": null
  },
  "subject_company": {
    "kbo": "0759.830.692",
    "name_full": "Middle East Shipping",
    "legal_form": "BV"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "Yaghi Mazen",
    "org_rep_person_name": null,
    "person_role_at_subject": "bestuurder"
  },
  "co_filed_documents": []
}
Credit advice verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
Company registry (CBE) Crossroads Bank
Activities
Handelsbemiddeling in andere motorvoertuigen (> 3,5 ton)45192Handelsbemiddeling in de groothandel in andere specifieke goederen46180
Primary activity highlighted.
Names & trade names
Legal nameNL Middle East Shipping
AbbreviationNL MES
Registered office
Rue Krickelstein 90A bus 2ET
4720 Kelmis, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative