MIDELCO is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €238.27M and a net result of €51.53M. Equity is growing by ~7.4% per year across the filed fiscal years. Its solvency ranks better than 53% of 2377 sector peers (fiscal year 2025). The company has been active since 1987 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
Credit advice for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 15-12-2025, 47 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
47 d early
2024
43 d early
2023
43 d early
2022
40 d early
2021
7 d early
2020
47 d early
2019
11 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close17-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, full schema, statutory
Equity
€238.27M▲ 27.6%
2024 · €186.74M
2019: €137.48M
2020: €140.29M
2021: €148.03M
2022: €153.34M
2023: €165.56M
2024: €186.74M
2019 → 2025
Net result
€51.53M▲ 143%
2024 · €21.18M
2019: €36.75M
2020: €2.70M
2021: €7.74M
2022: €5.30M
2023: €12.22M
2024: €21.18M
2019 → 2025
Total assets
€370.00M▲ 26.1%
2024 · €293.34M
2019: €203.36M
2020: €214.87M
2021: €218.40M
2022: €247.61M
2023: €264.07M
2024: €293.34M
2019 → 2025
Solvency
64.4%▲ 0.7pp
2024 · 63.7%
2019: 67.6%
2020: 65.3%
2021: 67.8%
2022: 61.9%
2023: 62.7%
2024: 63.7%
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€892k-€769k▼ 13.8%€875k▲ 13.9%€877k▲ 0.2%€1.22M▲ 38.7%
Equity€148.03M-€153.34M▲ 3.6%€165.56M▲ 8.0%€186.74M▲ 12.8%€238.27M▲ 27.6%
Operating result€484k-€337k▼ 30.4%€187k▼ 44.6%€-159k€367k
Net result€7.74M-€5.30M▼ 31.5%€12.22M▲ 131%€21.18M▲ 73.3%€51.53M▲ 143%
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €367k after a loss of €159k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €370.00M
Fixed assets
€323.71M▲ 30.9%
Current assets
€46.30M▲ 0.5%
Equity and liabilities €370.00M
Equity
€238.27M▲ 27.6%
Provisions
€8k▼ 43.4%
Debt
€131.72M▲ 23.6%
The debt ratio falls from 36.3% to 35.6%. Equity and debt are higher.
Key figures and ratios
Solvency
64.4%▲
2024 · 63.7%
ROE
21.6%▲
2024 · 11.3%
ROA
13.9%▲
2024 · 7.2%
Debt
€131.72M▲
2024 · €106.59M
Debt ≤ 1 year
€83.78M▲
2024 · €67.18M
Debt > 1 year
€47.00M▲
2024 · €39.00M
Income taxes
€929
Staff costs
€109k▲
2024 · €105k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€293.34M€370.00M▲
Fixed assets21/28€247.26M€323.71M▲
Intangible fixed assets21€12k€11k▼
Tangible fixed assets22/27€958k€990k▲
Land and buildings22€738k€781k▲
Plant, machinery and equipment23€92k€98k▲
Furniture and vehicles24€57k€41k▼
Other tangible fixed assets26€71k€71k=
Financial fixed assets28€246.29M€322.70M▲
Affiliated companies280/1€159.39M€160.72M▲
Participating interests280€155.72M€155.72M=
Amounts receivable281€3.66M€5.00M▲
Companies linked by participating interests282/3€25.16M€79.23M▲
Participating interests282€24.72M€71.43M▲
Amounts receivable283€440k€7.79M▲
Other financial fixed assets284/8€61.75M€82.76M▲
Shares284€61.75M€82.32M▲
Amounts receivable and cash guarantees285/8-€440k
Current assets29/58€46.08M€46.30M▲
Amounts receivable after more than one year29€10.72M€17.23M▲
Other amounts receivable291€10.72M€17.23M▲
Amounts receivable within one year40/41€34.72M€26.01M▼
Trade receivables40€102k€79k▼
Other amounts receivable41€34.62M€25.93M▼
Cash at bank and in hand54/58€101k€2.19M▲
Deferred charges and accrued income490/1€533k€874k▲
Equity and liabilities
Total equity and liabilities10/49€293.34M€370.00M▲
Equity10/15€186.74M€238.27M▲
Contributions10/11€1.50M€1.50M=
Capital10€1.50M€1.50M=
Issued capital100€1.50M€1.50M=
Reserves13€204k€186k▼
Non-distributable reserves130/1€150k€150k=
Legal reserve130€150k€150k=
Tax-exempt reserves132€42k€24k▼
Distributable reserves133€12k€12k=
Profit (loss) carried forward14€185.04M€236.59M▲
Provisions and deferred taxes16€14k€8k▼
Deferred taxes168€14k€8k▼
Amounts payable17/49€106.59M€131.72M▲
Amounts payable after more than one year17€39.00M€47.00M▲
Financial debts170/4€39.00M€47.00M▲
Credit institutions173€39.00M€47.00M▲
Amounts payable within one year42/48€67.18M€83.78M▲
Financial debts43€23.80M€27.00M▲
Credit institutions430/8€23.80M€27.00M▲
Trade debts44€40k€17k▼
Suppliers440/4€40k€17k▼
Taxes, remuneration and social security45€37k€188k▲
Taxes450/3€4k€172k▲
Remuneration and social security454/9€34k€16k▼
Other amounts payable47/48€43.31M€56.57M▲
Accrued charges and deferred income492/3€403k€946k▲
Income statement
Code20242025
Operating income70/76A€930k€1.26M▲
Turnover70€877k€1.22M▲
Other operating income74€53k€45k▼
Operating charges60/66A€1.09M€895k▼
Services and other goods61€828k€575k▼
Remuneration, social security and pensions62€105k€109k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€81k€96k▲
Other operating charges640/8€75k€116k▲
Operating profit (loss)9901€-159k€367k▲
Financial income75/76B€27.61M€59.12M▲
Recurring financial income75€26.60M€32.05M▲
Income from financial fixed assets750€25.80M€31.39M▲
Income from current assets751€726k€663k▼
Other financial income752/9€81k-
Non-recurring financial income76B€1.00M€27.07M▲
Financial charges65/66B€6.27M€7.96M▲
Recurring financial charges65€2.74M€3.35M▲
Debt charges650€2.68M€2.89M▲
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651€-7k-
Other financial charges652/9€67k€456k▲
Non-recurring financial charges66B€3.53M€4.61M▲
Profit (loss) for the period before taxes9903€21.18M€51.53M▲
Transfer from deferred taxes780€6k€6k=
Income taxes67/77-€929
Taxes670/3-€929
Profit (loss) for the period9904€21.18M€51.53M▲
Transfer from tax-exempt reserves789€18k€18k=
Profit (loss) for the period to be appropriated9905€21.20M€51.55M▲
Appropriation of the result
Profit (loss) to be appropriated9906€185.04M€236.59M▲
Profit (loss) brought forward from the previous period14P€163.84M€185.04M▲
Social balance
Average headcount (FTE)90871.51.5=
The notes to these accounts (80 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
15-12
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
30-06
Financial
Highest result since 2019net €51.53M ▲143%
Net result €51.53M, the highest in the series.
17-03
State Gazette act
Board meeting · Capital increase
Bank account · Capital
2024
19-12
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2023
19-12
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
06-12
State Gazette act
Board meeting · Capital increase
Bank account · Capital
31-03
NBB filing
Annual accounts filed
fiscal year 2022 · consolidated
2022
22-12
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · consolidated
24-01
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
18-05
NBB filing
Annual accounts filed
fiscal year 2020 · consolidated
2020
15-12
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
30-06
Financial
Weakest financial yearnet €2.70M ▼92.7%
Net result drops to €2.70M, the lowest in the series; recovery starts the following year.
20-01
NBB filing
Annual accounts filed
fiscal year 2019 · consolidated
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2023
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
30-11-2023
Resigned as Director
Location & real-estate footprint
Registered office, Kortrijk · 2 establishment units since 1987
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Doorniksewijk(Kor) 498500 KortrijkGround area
5,234 m²
Building footprint
691 m²
Volume, LiDAR
9,114 m³
2 parcels, Brussels, Flanders · tallest building 18.5 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
Martelaarsplein 15, 1000 Brussel
since 19872.032.949.160
Midelco
since 20152.239.575.887
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34354C0020/00T009 | Flanders | 4,066 m² | 1 · 252 m² | 17.2 m · 5 fl. |
| 21802B0785/00B000 ProtectedMonumentGebouwen aan het Martelaarsplein alsook het Martelarenmonument |
Brussels | 1,168 m² | 1 · 439 m² | 18.4 m · 4 fl. |
Linked by address, not proof of ownership
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.
2 of these parcels carry protected heritage (source: regional heritage registers, Onroerend Erfgoed / patrimoine.brussels).
Structure & network
Group per the LEI register
6 subsidiaries, 1 abroadSubsidiary:BELGIAN INTERNATIONAL CARPET CO
Subsidiary:VIT NV
Subsidiary:VLERICK INVESTERINGSMAATSCHAPPIJ
Subsidiary:VOBIS FINANCE
Indirect subsidiary:B.M.H.
Subsidiary:BARELDAM S.A.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 88,352 EUR awarded| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 88,352 EUR | 0 EUR |
Schemes
Restauratiepremie
Recognitions · licences · registrations
Legal Entity Identifier
549300LGPO8O3CLX4205
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Of 24,726 companies in sector 64210 we hold annual accounts for 19,747. 1,038 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded25-02-1987
Fiscal year end30-06
Activities, NACEBEL
64200Holdings
64210Activities of holding companies
74151
70200Business and other management consultancy
70220Business consulting
Sources
Crossroads Bank for EnterprisesNational Bank · 51 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.