MIDI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-06-2026 PDF all 21 filings
Turnover
€378,656▼ 5.1%
2018 · €398,946
EBIT margin
4.1%▲ 2.1pp
2018 · 1.9%
Net result
-€37,960▼ 0.2%
2024 · -€37,889
Working capital
-€71,475▼ 25.5%
2024 · -€56,959
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€32,355
▲ 5.1%
2025
20182025
Net result
-€37,960
▼ 0.2%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€136,197
▼ 38.6%
2025
lowest quarter of the sector
20182025
Total assets
€27,405
▼ 12.2%
2025
lowest quarter of the sector
20182025
Debt
€163,602
▲ 26.4%
2025
20182025
Working capital
-€71,475
▼ 25.5%
2025
lowest quarter of the sector
20182025
Solvency
-497.0%
▼ 182.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.16
▼ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-138.5%
▼ 17.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
0.3
▼ 66.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€398,946-€378,656▼ 5.1%
Operating result€7,702-€15,368▲ 99.5%-€5,882€6,014-€40,083-€43,356▼ 8.2%-€34,094▲ 21.4%-€32,355▲ 5.1%
Net result€2,331-€5,465▲ 134%-€8,600within the sector's middle half€2,805within the sector's middle half-€43,236below the sector's middle half-€47,660below the sector's middle half▼ 10.2%-€37,889below the sector's middle half▲ 20.5%-€37,960below the sector's middle half▼ 0.2%
EBIT margin1.9%-4.1%▲ 2.1pp
Equity€30,877-€36,342▲ 17.7%€27,742within the sector's middle half▼ 23.7%€30,547within the sector's middle half▲ 10.1%-€12,689below the sector's middle half-€60,349below the sector's middle half▼ 376%-€98,237below the sector's middle half▼ 62.8%-€136,197below the sector's middle half▼ 38.6%
Total assets€157,870-€145,910▼ 7.6%€106,994within the sector's middle half▼ 26.7%€109,924within the sector's middle half▲ 2.7%€93,042within the sector's middle half▼ 15.4%€65,196within the sector's middle half▼ 29.9%€31,198below the sector's middle half▼ 52.1%€27,405below the sector's middle half▼ 12.2%
Debt€126,993-€109,568▼ 13.7%€79,252▼ 27.7%€79,377▲ 0.2%€105,731▲ 33.2%€125,545▲ 18.7%€129,436▲ 3.1%€163,602▲ 26.4%
Working capital-€25,945--€6,649▲ 74.4%-€5,666within the sector's middle half▲ 14.8%€23,242within the sector's middle half-€525within the sector's middle half-€24,986within the sector's middle half▼ 4,660%-€56,959below the sector's middle half▼ 128%-€71,475below the sector's middle half▼ 25.5%
Solvency19.6%-24.9%▲ 5.3pp25.9%within the sector's middle half▲ 1.0pp27.8%within the sector's middle half▲ 1.9pp-13.6%below the sector's middle half▼ 41.4pp-92.6%below the sector's middle half▼ 78.9pp-314.9%below the sector's middle half▼ 222.3pp-497.0%below the sector's middle half▼ 182.1pp
Current ratio0.69-0.91▲ 0.220.85within the sector's middle half▼ 0.061.70within the sector's middle half▲ 0.850.99within the sector's middle half▼ 0.710.69within the sector's middle half▼ 0.300.28below the sector's middle half▼ 0.410.16below the sector's middle half▼ 0.11
Return on assets (ROA)1.5%-3.7%▲ 2.3pp-8.0%within the sector's middle half▼ 11.8pp2.6%within the sector's middle half▲ 10.6pp-46.5%below the sector's middle half▼ 49.0pp-73.1%below the sector's middle half▼ 26.6pp-121.4%below the sector's middle half▼ 48.3pp-138.5%below the sector's middle half▼ 17.1pp
Staff (FTE)2.6-2.1▼ 19.2%1.3within the sector's middle half▼ 38.1%1.2▼ 7.7%1.3▲ 8.3%1▼ 23.1%0.9▼ 10.0%0.3▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €32,355, smaller than the loss of €34,094 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €27,405
Fixed assets
€13,304 ▲ 43.8%
Current assets
€14,101 ▼ 35.8%
Equity and liabilities
Equity-€136,197
Debt€163,602
Equity is negative. Debt (€163,602) exceeds the balance-sheet total (€27,405).
Key figures and ratios
EBITDA
-€30,267▼
2024 · -€28,660
Cash flow
-€35,871▼
2024 · -€32,454
Quick ratio
0.09▼
2024 · 0.14
Interest coverage
-5.65▲
2024 · -7.73
Debt ≤ 1 year
€85,576▲
2024 · €78,908
Debt > 1 year
€78,026▲
2024 · €50,528
Income taxes
€246▲
2024 · €234
Staff costs
€20,283▼
2024 · €22,597
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 2 | 1 | - |
| full-time | 1 | 1 | - | 1 | - |
| part-time | - | - | 2 | - | - |
| in full-time equivalents | 1 | 1 | 0.9 | 1 | - |
| Average over the year, in full-time equivalents | 1.2 | 1.3 | 1 | 0.9 | 0.3 |
| On a permanent contract | 1 | 1 | - | - | - |
| Joined | 6 | 5 | 9 | 3 | 3 |
| Left | 6 | 5 | 8 | 4 | 4 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,969 | €2,582 | €634 | €4,906 | €5,690 |
| Financial fixed assets | - | - | - | - | €453 |
| Depreciation and write-downs of the year | €25,380 | €23,988 | €22,846 | €5,434 | €2,089 |
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 | €398,946 | €378,656 | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €33,699 | €53,391 | €44,239 | €22,597 | €20,283 | ▼ 10.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €49,921 | €22,257 | €25,460 | €25,380 | €23,988 | €22,846 | €5,434 | €2,089 | ▼ 61.6% |
| Other operating charges640/8 | - | - | - | €1,818 | €5,725 | €7,707 | €7,136 | €4,848 | ▼ 32.1% |
| Gross operating margin9900 | €138,007 | €116,267 | €56,209 | €66,910 | €43,021 | €31,437 | €1,073 | -€5,136 | - |
| Operating profit (loss)9901 | €7,702 | €15,368 | -€5,882 | €6,014 | -€40,083 | -€43,356 | -€34,094 | -€32,355 | ▲ 5.1% |
| Financial income75/76B | - | - | - | €362 | €0 | €0 | €145 | - | - |
| Recurring financial income75 | €153 | €2 | €6 | €362 | €0 | €0 | €145 | - | - |
| Financial charges65/66B | - | - | - | €3,209 | €3,154 | €4,066 | €3,706 | €5,359 | ▲ 44.6% |
| Recurring financial charges65 | €5,603 | €6,595 | €2,724 | €3,209 | €3,154 | €4,066 | €3,706 | €5,359 | ▲ 44.6% |
| Profit (loss) for the period before taxes9903 | €2,252 | €8,776 | -€8,600 | €3,167 | -€43,236 | -€47,421 | -€37,655 | -€37,714 | ▼ 0.2% |
| Income taxes67/77 | -€79 | €3,311 | - | €362 | - | €239 | €234 | €246 | ▲ 5.1% |
| Profit (loss) for the period9904 | €2,331 | €5,465 | -€8,600 | €2,805 | -€43,236 | -€47,660 | -€37,889 | -€37,960 | ▼ 0.2% |
| Profit (loss) for the period to be appropriated9905 | €2,331 | €5,465 | -€8,600 | €2,805 | -€43,236 | -€47,660 | -€37,889 | -€37,960 | ▼ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €157,870 | €145,910 | €106,994 | €109,924 | €93,042 | €65,196 | €31,198 | €27,405 | ▼ 12.2% |
| Fixed assets21/28 | €99,968 | €80,318 | €75,807 | €53,396 | €31,990 | €9,778 | €9,249 | €13,304 | ▲ 43.8% |
| Intangible fixed assets21 | €85,500 | €68,400 | €51,300 | €34,200 | €17,100 | - | - | - | - |
| Tangible fixed assets22/27 | €13,818 | €11,268 | €23,857 | €18,546 | €14,240 | €9,128 | €8,599 | €12,201 | ▲ 41.9% |
| Plant, machinery and equipment23 | - | - | - | €15,354 | €11,139 | €6,724 | €2,830 | €7,604 | ▲ 169% |
| Furniture and vehicles24 | - | - | - | €3,191 | €3,101 | €2,404 | €5,769 | €4,597 | ▼ 20.3% |
| Financial fixed assets28 | €650 | €650 | €650 | €650 | €650 | €650 | €650 | €1,103 | ▲ 69.8% |
| Current assets29/58 | €57,902 | €65,593 | €31,187 | €56,528 | €61,052 | €55,419 | €21,949 | €14,101 | ▼ 35.8% |
| Stocks and contracts in progress3 | €33,084 | €31,586 | €14,273 | €11,461 | €19,718 | €21,550 | €11,088 | €6,044 | ▼ 45.5% |
| Stocks30/36 | - | - | - | €11,461 | €19,718 | €21,550 | €11,088 | €6,044 | ▼ 45.5% |
| Amounts receivable within one year40/41 | €6,432 | €2,133 | €1,715 | €5,521 | €1,548 | €4,319 | €1,548 | - | - |
| Trade receivables40 | - | - | - | €1,676 | €1,548 | €4,319 | €1,548 | - | - |
| Other amounts receivable41 | - | - | - | €3,846 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €17,440 | €30,898 | €13,193 | €36,945 | €37,186 | €29,550 | €9,314 | €4,364 | ▼ 53.1% |
| Deferred charges and accrued income490/1 | - | - | - | €2,601 | €2,600 | - | - | €3,693 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €157,870 | €145,910 | €106,994 | €109,924 | €93,042 | €65,196 | €31,198 | €27,405 | ▼ 12.2% |
| Equity10/15 | €30,877 | €36,342 | €27,742 | €30,547 | -€12,689 | -€60,349 | -€98,237 | -€136,197 | ▼ 38.6% |
| Contributions10/11 | €25,000 | €25,000 | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €5,877 | €11,342 | €11,342 | €11,342 | €11,342 | €11,342 | €11,342 | €11,342 | = |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves not available under the articles1311 | - | - | - | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Distributable reserves133 | - | - | - | €8,842 | €8,842 | €8,842 | €8,842 | €8,842 | = |
| Profit (loss) carried forward14 | - | - | -€8,600 | -€5,795 | -€49,031 | -€96,691 | -€134,580 | -€172,539 | ▼ 28.2% |
| Amounts payable17/49 | €126,993 | €109,568 | €79,252 | €79,377 | €105,731 | €125,545 | €129,436 | €163,602 | ▲ 26.4% |
| Amounts payable after more than one year17 | €43,145 | €37,326 | €42,399 | €46,090 | €44,154 | €45,140 | €50,528 | €78,026 | ▲ 54.4% |
| Financial debts170/4 | - | - | - | €4,261 | - | - | €4,423 | - | - |
| Other amounts payable178/9 | - | - | - | €41,829 | €44,154 | €45,140 | €46,105 | €78,026 | ▲ 69.2% |
| Amounts payable within one year42/48 | €83,848 | €72,242 | €36,854 | €33,286 | €61,577 | €80,405 | €78,908 | €85,576 | ▲ 8.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,553 | €4,261 | €8,520 | €9,896 | €4,423 | ▼ 55.3% |
| Financial debts43 | - | - | - | €647 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €647 | - | - | - | - | - |
| Trade debts44 | €57,820 | €34,959 | €18,878 | €14,534 | €45,192 | €51,729 | €66,297 | €57,988 | ▼ 12.5% |
| Suppliers440/4 | - | - | - | €14,534 | €45,192 | €51,729 | €66,297 | €57,988 | ▼ 12.5% |
| Advances received on contracts in progress46 | - | - | - | €830 | €1,405 | €1,405 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,723 | €10,719 | €18,752 | €2,715 | €23,165 | ▲ 753% |
| Taxes450/3 | - | - | - | - | €3,534 | €9,549 | €2,511 | €22,977 | ▲ 815% |
| Remuneration and social security454/9 | - | - | - | €4,723 | €7,185 | €9,203 | €204 | €188 | ▼ 8.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,331 | €5,465 | -€8,600 | €2,805 | -€43,236 | -€47,660 | -€37,889 | -€37,960 | ▼ 0.2% |
| + Depreciation and write-downs630 | €49,921 | €22,257 | €25,460 | €25,380 | €23,988 | €22,846 | €5,434 | €2,089 | ▼ 61.6% |
| Operating cash flow (approximation) | €52,253 | €27,722 | €16,861 | €28,185 | -€19,248 | -€24,813 | -€32,454 | -€35,871 | ▼ 10.5% |
| Investment in fixed assets (approximation) | - | -€2,607 | -€20,950 | -€2,969 | -€2,582 | -€634 | -€4,906 | -€6,143 | ▼ 25.2% |
| Change in cash | - | €13,457 | -€17,704 | €23,752 | €241 | -€7,636 | -€20,237 | -€4,950 | ▲ 75.5% |
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, 6,619 companies had the same profile as MIDI has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MIDI itself: 2.7% 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 6,619 companies, not a prediction for MIDI. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-06-2026 | 2026-00140186 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00472822 | |
| 31-12-2023 | micro format | 20-09-2024 | 2024-00467261 | |
| 31-12-2022 | micro format | 14-11-2023 | 2023-00513726 | |
| 31-12-2021 | micro format | 27-09-2022 | 2022-20438930 | |
| 31-12-2020 | micro format | 28-09-2021 | 2021-68900569 | |
| 31-12-2019 | micro format | 05-10-2020 | 2020-58700587 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57700397 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-32400189 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-60100107 |